Garware Offshore Services Ltd.
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ABOUT
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company has a healthy return on capital (ROCE) of 51.3%
- Company has a good return on equity (ROE) track record: 3 Years ROE 20.5%
- Operating margins have improved to 17.7% from 6.7%
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.07x)
- Company's sales have been declining over the last five years
- Working capital days have increased from -283 to 336 days
- Equity base is being diluted - shares outstanding up 23.9%
- Effective tax rate is unusually low at 2.1% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GESHIP | 1410.95 | 5.38 | 20143.73 | 2.49 | 1308.84 | 159.43 | 2005.36 | 66.91 | 18.37 | 66.71 |
| SCI | 280.20 | 8.07 | 13051.69 | 2.68 | 619.34 | 74.87 | 1846.56 | 40.31 | 14.64 | 45.35 |
| SHREEJISPG | 690.15 | 70.37 | 11243.80 | 0.00 | 44.29 | 19.03 | 208.85 | 29.57 | 33.77 | 29.54 |
| SEAMECLTD | 1787.25 | 17.69 | 4544.08 | 0.11 | 81.34 | 7.32 | 296.92 | 40.77 | 10.08 | 41.74 |
| DREDGECORP | 1039.90 | 77.55 | 2911.72 | 0.00 | 11.23 | 148.16 | 355.43 | 46.72 | 4.28 | 17.41 |
| SCILAL | 38.14 | 62.34 | 1776.56 | 1.44 | 140.20 | -2.23 | 78.60 | 37.65 | 1.31 | -13.74 |
| ESSARSHPNG | 16.27 | 3.70 | 336.75 | 0.00 | 230.41 | 742.14 | 0.04 | -97.63 | 0.00 | -7475.00 |
| GLOBOFFS | 43.20 | 0.00 | 132.93 | 0.00 | -2.87 | -51.27 | 11.79 | 177.29 | 4.19 | 35.10 |
| HRYNSHP | 99.75 | 14.91 | 61.51 | 0.00 | 4.42 | 546.41 | 0.00 | — | 3.20 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13 | 11 | 8 | 8 | 8 | 7 | 8 | 9 | 4 | 7 | 12 | 12 | 12 | |
| 18 | 6 | 8 | 9 | 7 | 6 | 7 | 8 | 7 | 5 | 8 | 10 | 15 | |
| Operating Profit | -5 | 5 | 0 | -1 | 2 | 2 | 1 | 1 | -2 | 2 | 4 | 3 | -3 |
| OPM % | -37.88% | 43.31% | 3.18% | -18.31% | 18.47% | 21.76% | 13.16% | 15.94% | -58.35% | 28.04% | 35.87% | 21.88% | -25.35% |
| -2 | 8 | 0 | 56 | 0 | 0 | 12 | 1 | 4 | 3 | 1 | 0 | 0 | |
| Interest | 3 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 2 | 2 | 2 |
| Depreciation | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 5 | 7 | 6 |
| Profit before Tax | -15 | 7 | -3 | 51 | -2 | -2 | 10 | -2 | -2 | 0 | -2 | -5 | -3 |
| Tax % | -0.14% | 0.29% | -0.29% | 3.79% | -1.01% | -0.97% | 0.31% | -1.09% | -5.56% | 33.33% | -5.82% | -11.16% | -1.77% |
| Net Profit | 0 | 0 | 0 | 0 | -2 | -2 | 10 | -2 | -2 | 0 | -2 | -6 | -3 |
| -4.89 | 1.74 | -1.29 | 18.94 | -0.81 | -0.82 | -3.66 | -0.63 | -0.62 | 0.06 | -0.65 | -1.90 | -0.93 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 372 | 162 | 136 | 128 | 122 | 78 | 65 | 51 | 39 | 33 | 43 | |
| 265 | 206 | 195 | 196 | 97 | 85 | 62 | 64 | 40 | 27 | 37 | |
| Operating Profit | 107 | -44 | -59 | -69 | 25 | -8 | 3 | -13 | -1 | 6 | 6 |
| OPM % | 28.78% | -27.43% | -43.30% | -53.67% | 20.14% | -10.08% | 4.94% | -26.18% | -2.96% | 17.69% | 13.93% |
| 1 | 16 | -78 | -487 | 71 | 391 | -15 | 437 | 62 | 14 | 4 | |
| Interest | 62 | 69 | 65 | 81 | 74 | 23 | 24 | 9 | 6 | 2 | 5 |
| Depreciation | 71 | 68 | 61 | 59 | 31 | 30 | 35 | 31 | 15 | 14 | 21 |
| Profit before Tax | -25 | -165 | -263 | -696 | -9 | 330 | -71 | 384 | 40 | 4 | -9 |
| Tax % | -0.98% | -0.15% | 0.02% | -0.01% | 20.62% | 0.18% | -0.41% | 0.35% | 4.98% | 2.15% | -8.56% |
| Net Profit | -25 | -165 | -262 | -696 | -7 | 329 | -71 | 383 | 38 | 4 | -10 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -14.09 | 88.20 | -25.16 | 127.65 | 14.49 | 1.19 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -22%
- 5 Years:
- -23%
- 3 Years:
- -20%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -22%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -51%
- 3 Years:
- -34%
- 1 Year:
- 131%
RETURN ON EQUITY
- 10 Years:
- -9%
- 5 Years:
- 12%
- 3 Years:
- 20%
- Last Year:
- 3%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 31 |
| Minority Interest | 123 | 65 | -5 | -204 | -193 | -79 | -90 | -29 | 0 | 0 |
| 442 | 314 | 121 | -369 | -438 | -212 | -280 | 23 | 58 | 103 | |
| 990 | 1,180 | 1,189 | 1,341 | 1,043 | 678 | 699 | 157 | 36 | 29 | |
| Trade Payables | 26 | 44 | 50 | 45 | 41 | 24 | 27 | 35 | 10 | 7 |
| 191 | 60 | 99 | 148 | 150 | 142 | 165 | 40 | 14 | 9 | |
| Total Liabilities | 1,795 | 1,689 | 1,478 | 986 | 627 | 578 | 545 | 250 | 143 | 179 |
| 1,584 | 1,395 | 1,305 | 839 | 514 | 522 | 495 | 194 | 120 | 116 | |
| 48 | 56 | 52 | 47 | 45 | 20 | 19 | 15 | 10 | 9 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 5 | |
| Cash & Bank | 50 | 31 | 21 | 21 | 12 | 7 | 11 | 7 | 5 | 43 |
| 113 | 208 | 100 | 78 | 56 | 29 | 21 | 34 | 3 | 6 | |
| Total Assets | 1,795 | 1,689 | 1,478 | 986 | 627 | 578 | 545 | 250 | 143 | 179 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 101 | 37 | 2 | 19 | 15 | 20 | 19 | 9 | 12 | 9 | |
| Cash from Investing | -163 | 1 | 34 | -7 | 47 | -10 | -6 | 65 | 81 | -10 |
| Cash from Financing | 70 | -35 | -44 | -19 | -73 | -18 | -9 | -77 | -94 | 39 |
| 11 | 1 | -9 | -6 | -10 | -5 | 3 | -4 | -1 | 38 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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