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
- Operating margins have improved to 21.0% from 2.9%
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of -5.6%
- Interest coverage is weak at -2.9x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.26x)
- Company's sales have been declining over the last five years
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 8 | 8 | 8 | 8 | 7 | 8 | 9 | 4 | 7 | 12 | 12 | 12 | |
| 7 | 6 | 7 | 8 | 7 | 6 | 7 | 6 | 6 | 5 | 8 | 10 | 15 | |
| Operating Profit | -1 | 2 | 1 | -0 | 2 | 2 | 1 | 2 | -2 | 2 | 4 | 3 | -3 |
| OPM % | -8.02% | 26.54% | 12.60% | -4.03% | 20.02% | 21.63% | 12.18% | 27.65% | -47.53% | 28.49% | 36.03% | 23.64% | -25.24% |
| -3 | -0 | 0 | -104 | 0 | 0 | 0 | 1 | 1 | 3 | 1 | 0 | 0 | |
| Interest | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 2 | 2 | 2 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 5 | 7 | 6 |
| Profit before Tax | -7 | -1 | -3 | -108 | -2 | -2 | -3 | -1 | -5 | 0 | -2 | -5 | -3 |
| Tax % | -0.29% | -1.45% | -0.38% | -1.78% | -1.04% | -0.93% | -1.06% | -2.04% | -2.15% | 19.57% | -6.18% | -11.50% | -1.78% |
| Net Profit | -7 | -1 | -3 | -110 | -2 | -2 | -3 | -1 | -5 | 0 | -2 | -5 | -3 |
| -2.82 | -0.56 | -1.06 | -44.47 | -0.78 | -0.85 | -1.09 | -0.34 | -1.55 | 0.12 | -0.62 | -1.85 | -0.93 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 160 | 98 | 76 | 65 | 71 | 61 | 47 | 30 | 30 | 33 | 43 | |
| 89 | 66 | 64 | 50 | 48 | 46 | 46 | 46 | 28 | 26 | 37 | |
| Operating Profit | 71 | 33 | 12 | 15 | 23 | 16 | 1 | -17 | 2 | 7 | 6 |
| OPM % | 44.42% | 33.14% | 16.13% | 22.66% | 31.81% | 25.34% | 1.99% | -56.25% | 7.55% | 21.04% | 14.58% |
| 0 | 15 | -119 | -36 | -40 | 12 | -16 | 217 | -107 | 1 | 4 | |
| Interest | 19 | 20 | 21 | 27 | 25 | 18 | 19 | 3 | 2 | 2 | 5 |
| Depreciation | 22 | 23 | 24 | 23 | 24 | 26 | 28 | 24 | 12 | 14 | 21 |
| Profit before Tax | 30 | 5 | -152 | -72 | -67 | -17 | -62 | 173 | -119 | -8 | -9 |
| Tax % | 0.71% | 5.16% | -0.00% | -0.05% | 2.83% | -3.31% | -0.45% | 0.78% | -1.66% | -1.02% | -9.00% |
| Net Profit | 30 | 4 | -152 | -72 | -65 | -17 | -62 | 172 | -121 | -8 | -10 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -26.22 | -6.96 | -25.09 | 69.55 | -48.91 | -2.60 | — |
| 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:
- -10%
- 5 Years:
- -14%
- 3 Years:
- -12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -51%
- 3 Years:
- -34%
- 1 Year:
- 131%
RETURN ON EQUITY
- 10 Years:
- -16%
- 5 Years:
- -10%
- 3 Years:
- 15%
- Last Year:
- -7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 386 | 390 | 238 | 167 | 102 | 85 | 23 | 195 | 74 | 108 | |
| 352 | 376 | 370 | 389 | 417 | 397 | 408 | 39 | 23 | 17 | |
| Trade Payables | 6 | 7 | 8 | 8 | 9 | 7 | 7 | 12 | 8 | 6 |
| 63 | 18 | 37 | 54 | 83 | 98 | 120 | 14 | 13 | 7 | |
| Total Liabilities | 832 | 816 | 679 | 642 | 636 | 611 | 583 | 285 | 141 | 169 |
| 545 | 519 | 492 | 463 | 451 | 453 | 429 | 129 | 120 | 116 | |
| 205 | 205 | 113 | 113 | 113 | 113 | 113 | 113 | 0 | 0 | |
| 32 | 42 | 42 | 40 | 38 | 17 | 14 | 11 | 10 | 9 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 5 | |
| Cash & Bank | 9 | 5 | 7 | 6 | 11 | 7 | 11 | 6 | 5 | 35 |
| 41 | 46 | 24 | 20 | 21 | 21 | 15 | 25 | 2 | 4 | |
| Total Assets | 832 | 816 | 679 | 642 | 636 | 611 | 583 | 285 | 141 | 169 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 62 | 50 | 9 | 12 | 24 | 9 | 12 | -0 | 13 | -0 | |
| Cash from Investing | -159 | -13 | -1 | -8 | -12 | -4 | -5 | 66 | 12 | -10 |
| Cash from Financing | 87 | -40 | -4 | -4 | -7 | -12 | -2 | -69 | -25 | 40 |
| -6 | -5 | 2 | -1 | 5 | -4 | 4 | -4 | -1 | 30 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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Garware Offshore Services Ltd.
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