GLOBOFFS

GARWARE OFFSHORE SERVICES financials

Market cap
₹133 Cr
Sector
Services

What GARWARE OFFSHORE SERVICES LIMITED does

Garware Offshore Services (formerly Global Offshore Services) owns, operates and crews offshore support vessels — Platform Supply Vessels (PSVs) and Anchor Handling Tug Supply Vessels (AHTSVs) — chartered to oil & gas exploration & production companies for rig positioning, anchor handling/towing, supply runs, tanker support operations and buoy-maintenance/construction-support activities. It has operated across India, the North Sea, Brazil, Africa and Europe for over 40 years, working with clients such as ONGC, Vedanta, BP, Shell, Petrobras and Total. Vessel technical and commercial management is run through a wholly-owned Singapore subsidiary.

Segments

  • Offshore Support Vessel (OSV) chartering
Present fleet size
3 vessels — 1 PSV (M.V. Kamet) and 2 AHTSVs (M.V. Mahanadi, M.V. Mahananda)
Vessel operating experience
Over 40 years owning/operating/crewing/managing OSVs
Historical fleet peak (2005–2014)
15+ vessels — 8 Platform Supply Vessels and 7 Anchor Handling Tug Supply Vessels
Vessel-years client track record
150 years with ONGC, 20 years with Vedanta, 10 years with British Gas, 6 years with Shell
Average fleet age
~18 years (vs ~27-year average sustainable life of offshore assets)
Contracted vessels
2 of 3 vessels currently on term contract
Headquarters Mumbai, Maharashtra Company website

Quarterly results

Q1 FY27: revenue up 177.4%, net profit down 51.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue7 8 9 4 7 −7%12 +51%12 +39%12 +177%
EBITDA2 1 1 -2 2 +20%4 +307%3 +91%4 +267%
Net profit-2 10 -2 -2 0 +109%-2 −121%-6 −202%-3 −51%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −17.4% YTD

₹7.0₹8.0₹9.0₹10.0JanFebMar

YTD: ₹9.5 on 1 Jan 2021 → ₹7.85. High ₹10.1 (8 Jan 2021), low ₹6.5 (5 Feb 2021).

Financials, as filed

Revenue fell 4.6% a year over 2 years, FY24 to FY26. Operating margin widened to 18.3%.

Year endingFY24FY25FY26
Revenue₹39 Cr₹33 Cr₹36 Cr
Operating profit₹-1 Cr₹6 Cr₹7 Cr
Operating margin-3.3%17.2%18.3%
Interest₹6 Cr₹2 Cr₹4 Cr
Depreciation₹15 Cr₹14 Cr₹18 Cr
Net profit₹38 Cr₹4 Cr₹-9 Cr
Net margin96.1%11.1%-26.0%
Cash from operations₹12 Cr₹9 Cr₹8 Cr
Free cash flow₹93 Cr₹-1 Cr₹-67 Cr
ROCE-6.0%-5.0%-6.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹25 Cr₹25 Cr₹25 Cr₹25 Cr₹31 Cr₹31 Cr
Reserves₹-212 Cr₹-280 Cr₹23 Cr₹58 Cr₹102 Cr₹94 Cr
Borrowings₹678 Cr₹699 Cr₹157 Cr₹37 Cr₹62 Cr₹65 Cr
Other liabilities₹89 Cr₹103 Cr₹46 Cr₹23 Cr₹18 Cr₹17 Cr
Total liabilities₹580 Cr₹546 Cr₹250 Cr₹143 Cr₹213 Cr₹206 Cr
Fixed assets₹522 Cr₹495 Cr₹194 Cr₹120 Cr₹179 Cr₹173 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹58 Cr₹51 Cr₹56 Cr₹22 Cr₹34 Cr₹32 Cr
Total assets₹580 Cr₹546 Cr₹250 Cr₹143 Cr₹213 Cr₹206 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.65 pp while the public trimmed −0.49 pp. The shareholder count shrank 2% to 17,582.

Promoters
30.3%
FIIs
0.0%
DIIs
0.8%
Public
68.8%

Since Jun 2025

  • DIIs +0.65 pp
  • Public −0.49 pp
  • FIIs −0.11 pp

How it drifted, 12 quarters

Over this window the public went from 63.3% to 68.8% — +5.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 33.3%, FIIs 1.5%, DIIs 1.9%, Public 63.3%.Dec '23: Promoters 33.3%, FIIs 0.6%, DIIs 0.2%, Public 65.9%.Mar '24: Promoters 33.3%, FIIs 0.4%, DIIs 0.2%, Public 66.1%.Jun '24: Promoters 32.5%, FIIs 0.3%, DIIs 0.2%, Public 67.1%.Sep '24: Promoters 34.0%, FIIs 0.3%, DIIs 0.2%, Public 65.6%.Dec '24: Promoters 33.9%, FIIs 0.3%, DIIs 0.1%, Public 65.7%.Mar '25: Promoters 30.5%, FIIs 0.2%, DIIs 0.1%, Public 69.2%.Jun '25: Promoters 30.4%, FIIs 0.1%, DIIs 0.1%, Public 69.3%.Sep '25: Promoters 30.4%, FIIs 0.2%, DIIs 0.8%, Public 68.7%.Dec '25: Promoters 30.4%, FIIs 0.2%, DIIs 0.8%, Public 68.7%.Mar '26: Promoters 30.4%, FIIs 0.0%, DIIs 0.8%, Public 68.8%.Jun '26: Promoters 30.3%, FIIs 0.0%, DIIs 0.8%, Public 68.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of GARWARE OFFSHORE SERVICES LIMITED above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Sushma Ashok Garware 7.89%unchanged
Garware Marine Industries Ltd. 4.72%unchanged
Universal Investment Services Pvt. Ltd. 4.68%unchanged
Rondor Overseas Ltd 3.87%unchanged
Aditya Ashok Garware 3.75%unchanged
Shri Krishna Welfare Trust 2.54%unchanged
Manoj Mittal 2.04%unchanged
Ramesh Singhal 1.98%unchanged
Adsu Trading And Investment Company Private Limited 1.71%unchanged
Mauve Trading Company Pvt Ltd 1.20%unchanged
Shesu Trading And Investment Company Pvt Ltd 1.07%unchanged
Investor Education And Protection Fund Authority Minitry Of Corporate Affairs 1.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Learn to analyse GARWARE OFFSHORE SERVICES LIMITED

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