Garware Offshore Services (BSE: GARWAOFFS) is loss-making over the last 12 months, losing ₹10 Cr, so a P/E ratio does not apply. Its share price on 6 Nov 2026 was ₹39.85, 45% below its 52-week high. Sales fell 11% a year over 3 years. Debt is 0.52× equity. It is a small-cap company with a market cap of ₹123 Cr, ranked 12th of 15 Marine Shipping companies by market cap; the shares fell 42% over the past year.
- ₹38.21
- ₹39.95
- ₹37.75
- ₹41.05
- 6.6K
Health check
- ReturnsBehind
−41.8% over a year, better than 0 of 7 peers.
- Price tagLoss-making
Earnings were negative over the last 12 months.
- GrowthShrinking
Sales −11.2% a year over 3 years.
- ProfitabilityNegative
ROCE -2.3% vs peer median 13.8%.
- Balance sheetStretched
Debt 0.52× equity, operating profit doesn’t cover interest, Piotroski 2 of 9.
- Red flags4 to check
Loss-making over the last twelve months.
Small cap
Defensive
Key metrics
- Market cap
- ₹123 Cr
- Small cap
- P/E
- n/a
- Industry 23.5
- Price to book
- 0.98
- Peers 4.36
- Dividend yield
- 0.00%
- ROE
- −7.2%
- Peers 18.8%
- ROCE
- −2.3%
- Peers 13.8%
- Debt to equity
- 0.52
- Debt ₹65 Cr
- EPS (TTM)
- −₹3.42
- OPM (TTM)
- −27.9%
- Net margin −23.7%
- Sales growth
- +177.0%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 2.83
- EV/EBITDA 15.1
Strengths and risks
Strengths
- Quarterly sales up 177.0% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Loss-making over the last twelve months.
- Return on equity is low at −7.2%.
- 45% below its 52-week high.
- Interest coverage of only 2.1×.
About Garware Offshore Services
Garware Offshore Services Limited engages in the owning, operation, and charter of offshore support vessels in India. Its vessels provide support services for oil and gas exploration activities, including transporting personnel to rigs and platforms from onshore bases; delivering cargo, material to rigs, and platforms; anchor handling. The company also offers towing rigs, as well as providing support services for offshore and underwater construction…
- Headquarters
- Mumbai
- Employees
- 16
- Sector
- Industrials
- ISIN
- INE446C01013
- Website
- globaloffshore.in
Price range
- Avg volume (3M)
- 17.4K
- 1-year return
- minus 41.8%
- From 52-week high
- minus 45.3%
Peers · Marine Shipping
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPORTSAdani Ports and Special Economic Zone | 1,936.60 | plus 2.76% | 4,46,185 | 32.3 | 4.36 | 11.0% | 15.6% | 44.0% | 22.9% | 34.1% | 0.39% | plus 30.5% |
| JSWINFRAJSW Infrastructure | 338.30 | minus 2.31% | 78,692 | 50.3 | 4.42 | 12.0% | 9.9% | 36.2% | 19.0% | 27.2% | 0.27% | plus 19.5% |
| GESHIPGreat Eastern Shipping Co. | 1,428.70 | minus 2.14% | 19,236 | 4.6 | 1.20 | 17.4% | 18.8% | 42.5% | −1.6% | 4.5% | 4.03% | plus 38.6% |
| SHREEJISPGShreeji Shipping Global | 884.55 | plus 2.40% | 14,411 | 88.7 | 18.71 | – | 21.1% | 24.4% | −5.4% | 8.7% | 0.23% | plus 219.9% |
| SCIShipping Corporation of India | 261.07 | minus 0.90% | 12,161 | 6.1 | 1.34 | 14.1% | 15.5% | 23.5% | −0.1% | 15.8% | 2.80% | plus 5.3% |
| KMEWKnowledge Marine & Engineering Works | 652.80 | minus 79.23% | 8,279 | 60.7 | 14.00 | 13.4% | 20.0% | 39.9% | 7.6% | 18.8% | 0.00% | plus 125.5% |
| GPPLGujarat Pipavav Port | 166.49 | plus 3.23% | 8,052 | 14.6 | 3.37 | 26.7% | 21.8% | 52.0% | 6.6% | 18.0% | 6.06% | minus 0.9% |
| GARWAOFFSGarware Offshore Services | 39.85 | minus 2.92% | 123 | – | 0.98 | −2.3% | −7.2% | −27.9% | −11.2% | – | 0.00% | minus 41.8% |
| Median of 7 peers | – | −0.90% | 14,411 | 32.3 | 4.36 | 13.8% | 18.8% | 39.9% | 6.6% | 18.0% | 0.39% | 30.5% |
Quarterly results
| ₹ Cr | Mar 25 | Jun 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 9 | 4.3 | 12.2 | 12.5 | 11.8 | |
| – | – | – | +39.1% | +177.0% | |
| 11 | 9.7 | 12.9 | 16.3 | 13.3 | |
| −2 | −5.4 | −0.7 | −3.8 | −1.5 | |
| −22.4% | −127.5% | −5.6% | −30.3% | −12.5% | |
| 0.1 | 0.4 | 0.3 | 0.3 | 0.2 | |
| 0.6 | 0.5 | 1.7 | 1.6 | 1.5 | |
| 0.7 | 3.7 | 0.2 | 0.1 | – | |
| −1.8 | −1.8 | −1.9 | −5 | −2.8 | |
| −0.9% | −5.5% | −5.7% | −11.1% | −1.8% | |
| −1.8 | −1.9 | −2 | −5.6 | −2.9 | |
| -0.63 | -0.62 | -0.65 | -1.90 | -0.93 |
Profit & loss
- Sales CAGR 3Y
- −11.2%
- ROE
- −7.2%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 51 | 32.1 | 32.7 | 35.7 | |
| – | minus 37.1% | +2.0% | +9.1% | |
| 63.4 | 33.1 | 26.7 | 26.4 | |
| −12.4 | −1 | 6.1 | 9.3 | |
| −24.3% | −3.1% | 18.6% | 26.1% | |
| −0 | 4.7 | −0.3 | −1.7 | |
| 8.7 | 5.8 | 1.6 | 4.3 | |
| 31.2 | 14.7 | 13.5 | 18.1 | |
| 436 | 56.4 | 13.1 | 6.4 | |
| 384 | 39.6 | 3.7 | −8.4 | |
| 0.4% | 5.0% | 2.1% | −10.1% | |
| 316 | 35.8 | 3.6 | −9.3 | |
| – | minus 88.6% | minus 89.8% | minus 354.5% | |
| 127.65 | 14.49 | 1.37 | -3.02 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 24.7 | 24.7 | 30.6 | 30.7 | |
| 22.8 | 57.7 | 103 | 94.2 | |
| 157 | 37.4 | 29.5 | 73.9 | |
| 45.6 | 23 | 15.5 | 7.4 | |
| 250 | 143 | 179 | 206 | |
| 194 | 120 | 117 | 173 | |
| – | – | 1.7 | – | |
| 0.1 | 0.1 | 0.4 | 0.3 | |
| 4.4 | 3.2 | 40.6 | 9.3 | |
| 51.3 | 19.3 | 19.3 | 23.1 | |
| 250 | 143 | 179 | 206 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 8.1 | 11.8 | 9.4 | 7.6 | |
| 64.6 | 81.4 | −11 | −72.6 | |
| −76.8 | −94.4 | 38.8 | 33.5 | |
| −4.1 | −1.2 | 37.2 | −31.6 | |
| −12.5 | −4.8 | −10.7 | −74.3 | |
| −4.3 | 7 | −1.3 | −66.7 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
No recent news coverage found.