MSME (Udyam registered) Ministry of MSME
- Udyam number
- UDYAM-MH-19-0002716
Market Cap
₹108 Cr
GARWAOFFS · BSE
Share Price
₹35.01
-0.37% today
Revenue
₹35.72 Cr
FY 2025-26 · +9.1% YoY
EBITDA
₹6.54 Cr
Margin 18.3%
Net Profit
−₹15.02 Cr
FY 2025-26 · -61.7% YoY
Authorised capital
₹50 Cr
Registered with MCA
Paid-up capital
₹30.77 Cr
Issued & subscribed
Open charges
₹65.57 Cr
Satisfied ₹2,006.98 Cr
About Garware Offshore Services Limited
Data last updated:
Garware Offshore Services Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the shipping and maritime services segment of the transport and logistics sector. It was incorporated on 20 September 1976 and has been in existence for over 50 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L61100MH1976PLC019229. Its GSTIN is 27AAACG2204K1ZX (Maharashtra). It is a listed company as per MCA records. Its shares are listed on BSE: 501848. Its shares were delisted from NSE on 22 Mar 2021 · voluntary delisting.
The company has an authorised share capital of ₹50 Cr and a paid-up capital of ₹30.77 Cr. It was formerly known as Garware Shipping Corporation Limited. It is led by directors including Mukund Madhav Honkan (Whole-Time Director) and Maneesha Shatul Shah.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Mumbai, Maharashtra.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹35.72 Cr, a growth of 9.1% compared to the previous year. For the same year it recorded a net loss of ₹15.02 Cr (net margin -42%) and EBITDA of ₹6.54 Cr (EBITDA margin 18.3%). The net worth stands at ₹124.92 Cr (down 6.8% YoY). Total assets are valued at ₹189.47 Cr (up 15.8% YoY).
The company has about 16 employees on its provident fund (EPFO) records.
The company is associated with 2 brands: Global Offshore Services and Garware Offshore Services. As per MCA filings, the company has open charges of ₹65.57 Cr and satisfied charges of ₹2,006.98 Cr on record. Court records list 66 cases involving the company, including 26 filed by the company and 40 filed against it; 4 cases are pending. The company has 56 deals on record (50 market trades, 3 funding rounds, 2 secondary share transfers), with disclosed funding of ₹204.93 Cr; the latest was in June 2024. The company has 1 MSME Form 1 return on record for the period ending Mar 2020, listing 13 overdue payments to 5 micro and small suppliers.
Garware Offshore Services Limited is registered as an MSME under the Udyam registration framework (Reg. No. UDYAM-MH-19-0002716). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website globaloffshore.in.
Company details
CIN L61100MH1976PLC019229
Registration Number 019229
Incorporation Date 20 September 1976
ROC Mumbai
Listing Status Listed - Listed on BSE (501848); Delisted from NSE on 22 Mar 2021 · voluntary delisting
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
MSME Classification MSME
Udyam Registration UDYAM-MH-19-0002716
Name history
Garware Offshore Services has undergone 2 name changes throughout its history. The company was previously known as Garware Offshore Services Limited, and Garware Shipping Corporation Limited. The current legal name is Garware Offshore Services Limited.
| Company Name | Status |
|---|---|
| Garware Offshore Services Limited | Current |
| Garware Shipping Corporation Limited | Previous |
CIN history
Garware Offshore Services has one previous CIN (Corporate Identification Number): U61100MH1976PLC019229. The current CIN is L61100MH1976PLC019229, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L61100MH1976PLC019229 | Current |
| U61100MH1976PLC019229 | Previous |
Key People
Mukund Madhav Honkan Whole-Time Director Maneesha Shatul Shah Director Aditya Ashok Garware Director Recognitions & Rankings of Garware Offshore Services
Contact details
Garware Offshore Services Limited's registered office is in Mumbai, Maharashtra. Its website is globaloffshore.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressUnit No. A – 304 3rd Floor Naman Midtown, Senapati Bapat Marg Prabhadevi West, Mumbai, Maharashtra, India – 400013
- IndustryTransport and Logistics, Shipping & Maritime Services
To see the full contact details of Garware Offshore Services Limited, buy the company report.
Comprehensive company report
Garware Offshore Services Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Secure checkout · GST invoice included
Brands
Garware Offshore Services operates two associated brands: Global Offshore Services and Garware Offshore Services. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Interior, HVAC, electrical, and fire system contracting services are provided. | globaloffshore.in | |
| Offshore support services are delivered to oil and gas exploration. | garwareoffshore.com |
Business activity
The main business activity of Garware Offshore Services is support service to organizations. In detail, this covers other support services to organizations.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| N | Support service to Organizations | N7 | Other support services to organizations |
To see the full business activity and turnover split of Garware Offshore Services Limited, buy the company report.
Financials of Garware Offshore Services Limited
FY 2025-26 filings availableGarware Offshore Services Limited reported revenue of ₹35.72 Cr (up 9.1% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹35.72 Cr
+9.1% YoY
EBITDA
₹6.54 Cr
+38.9% YoY
Profit After Tax
−₹15.02 Cr
-61.7% YoY
Net Worth
₹125 Cr
-6.8% YoY
Total Assets
₹189 Cr
+15.8% YoY
Total Debt
₹64.50 Cr
+118.3% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 35.72 | 32.75 | 39.21 | 51.01 | 64.97 | 77.67 | 122 |
| Revenue growth | +9.1% | -16.5% | -23.1% | -21.5% | -16.4% | -36.3% | - |
| EBITDA | 6.54 | 4.71 | (4.22) | (215) | (12.96) | (7.83) | (308) |
| EBITDA margin | +18.3% | +14.4% | -10.8% | -422.0% | -20.0% | -10.1% | -252.6% |
| Profit before tax | (8.45) | 3.73 | 39.65 | 384 | (70.75) | 330 | (8.98) |
| Net profit | (15.02) | (9.29) | (17.51) | (121) | (46.53) | (171) | (102) |
| Net profit margin | -42.1% | -28.4% | -44.7% | -237.6% | -71.6% | -220.6% | -83.8% |
| EPS (₹) | (3.02) | 1.19 | 14.49 | 127.65 | (25.16) | 88.20 | (14.09) |
| Balance sheet | |||||||
| Total assets | 189 | 164 | 120 | 175 | 353 | 412 | 437 |
| Net worth | 125 | 134 | 82.39 | 47.48 | (255) | (187) | (413) |
| Total debt | 64.50 | 29.55 | 37.37 | 157 | 699 | 678 | 1,043 |
| Cash & bank | 9.32 | 40.56 | 5.32 | 6.51 | 10.62 | 7.18 | 12.26 |
| Net working capital | 13.30 | 42.86 | (0.84) | (19.45) | (143) | (111) | (81.93) |
| Cash flow | |||||||
| Cash from operations | 7.62 | 9.41 | 11.78 | 8.12 | 18.25 | 22.60 | 16.19 |
| Cash from investing | (72.32) | (10.93) | 81.42 | 64.61 | (5.79) | (9.54) | 47.26 |
| Cash from financing | 33.46 | 38.85 | (94.39) | (76.84) | (9.02) | (18.15) | (72.68) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.79 | 12.48 | 12.24 | 6.74 | 4.25 | 8.97 | 8.13 | 7.26 |
| Revenue growth (YoY) | +177.4% | +39.1% | +50.6% | -7.2% | -49.3% | - | - | - |
| Other income | 0.17 | 0.38 | 0.52 | 2.54 | 4.11 | 0.83 | 12.42 | 0.16 |
| EBITDA | 4.14 | 2.73 | 4.39 | 1.89 | (2.48) | 1.43 | 1.07 | 1.58 |
| EBITDA margin | +35.1% | +21.9% | +35.9% | +28.0% | -58.4% | +15.9% | +13.2% | +21.8% |
| Depreciation | 5.61 | 6.51 | 5.08 | 3.55 | 2.95 | 3.44 | 3.49 | 3.41 |
| Interest | 1.51 | 1.62 | 1.73 | 0.61 | 0.48 | 0.65 | 0.40 | 0.39 |
| Profit before tax | (2.81) | (5.02) | (1.90) | 0.27 | (1.80) | (1.83) | 9.60 | (2.06) |
| Tax | 0.05 | 0.56 | 0.11 | 0.09 | 0.10 | 0.02 | 0.03 | 0.02 |
| Net profit | (2.86) | (5.58) | (2.01) | 0.18 | (1.90) | (1.85) | 9.57 | (2.08) |
| EPS (₹) | (0.93) | (1.90) | (0.65) | 0.06 | (0.62) | (0.63) | 3.66 | (0.82) |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 35.72 | 32.75 | 29.96 | 29.61 | 47.35 | 61.20 | 70.80 |
| Revenue growth | +9.1% | +9.3% | +1.2% | -37.5% | -22.6% | -13.6% | - |
| EBITDA | 7.26 | 6.89 | (112) | (214) | (15.22) | 15.51 | (18.70) |
| EBITDA margin | +20.3% | +21.0% | -374.9% | -723.8% | -32.1% | +25.3% | -26.4% |
| Profit before tax | (10.86) | (7.89) | (119) | 173 | (61.76) | (16.67) | (66.70) |
| Net profit | (11.71) | (8.25) | (6.94) | (45.00) | (46.13) | (29.04) | (24.09) |
| Net profit margin | -32.8% | -25.2% | -23.2% | -152.0% | -97.4% | -47.5% | -34.0% |
| EPS (₹) | (3.81) | (2.60) | (48.91) | 69.55 | (25.09) | (6.96) | (26.22) |
| Balance sheet | |||||||
| Total assets | 189 | 156 | 123 | 259 | 456 | 507 | 544 |
| Net worth | 128 | 139 | 98.63 | 220 | 47.61 | 110 | 127 |
| Total debt | 60.88 | 17.26 | 23.98 | 39.14 | 408 | 397 | 417 |
| Cash & bank | 9.05 | 32.08 | 5.31 | 6.25 | 10.54 | 6.93 | 11.43 |
| Net working capital | 12.75 | 35.50 | 2.02 | 16.40 | (88.45) | (61.03) | (22.48) |
| Cash flow | |||||||
| Cash from operations | 8.55 | (0.40) | 12.53 | (1.01) | 10.74 | 11.04 | 24.57 |
| Cash from investing | (69.42) | (11.01) | 11.97 | 66.02 | (4.73) | (3.58) | (12.25) |
| Cash from financing | 37.83 | 40.27 | (25.44) | (69.29) | (2.40) | (11.96) | (6.97) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.79 | 12.48 | 12.24 | 6.74 | 4.25 | 8.97 | 8.13 | 7.26 |
| Revenue growth (YoY) | +177.4% | +39.1% | +50.6% | -7.2% | -49.3% | - | - | - |
| Other income | 0.17 | 0.31 | 0.61 | 2.71 | 0.79 | 0.60 | 0.05 | 0.05 |
| Total expenses | 7.64 | 9.53 | 7.83 | 4.82 | 6.27 | 6.49 | 7.14 | 5.69 |
| EBITDA | 4.15 | 2.95 | 4.41 | 1.92 | (2.02) | 2.48 | 0.99 | 1.57 |
| EBITDA margin | +35.2% | +23.6% | +36.0% | +28.5% | -47.5% | +27.6% | +12.2% | +21.6% |
| Depreciation | 5.61 | 6.51 | 5.08 | 3.55 | 2.95 | 3.44 | 3.49 | 3.41 |
| Interest | 1.51 | 1.61 | 1.73 | 0.61 | 0.48 | 0.63 | 0.37 | 0.37 |
| Profit before tax | (2.80) | (4.86) | (1.79) | 0.47 | (4.66) | (0.99) | (2.82) | (2.16) |
| Tax | 0.05 | 0.56 | 0.11 | 0.09 | 0.10 | 0.02 | 0.03 | 0.02 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 27 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.79 | 12.48 | 12.24 | 6.74 | 4.25 | 8.97 | 8.13 | 7.26 |
| Revenue growth (YoY) | +177.4% | +39.1% | +50.6% | -7.2% | -49.3% | - | - | - |
| Other income | 0.17 | 0.38 | 0.52 | 2.54 | 4.11 | 0.83 | 12.42 | 0.16 |
| EBITDA | 4.14 | 2.73 | 4.39 | 1.89 | (2.48) | 1.43 | 1.07 | 1.58 |
| EBITDA margin | +35.1% | +21.9% | +35.9% | +28.0% | -58.4% | +15.9% | +13.2% | +21.8% |
| Depreciation | 5.61 | 6.51 | 5.08 | 3.55 | 2.95 | 3.44 | 3.49 | 3.41 |
| Interest | 1.51 | 1.62 | 1.73 | 0.61 | 0.48 | 0.65 | 0.40 | 0.39 |
| Profit before tax | (2.81) | (5.02) | (1.90) | 0.27 | (1.80) | (1.83) | 9.60 | (2.06) |
| Tax | 0.05 | 0.56 | 0.11 | 0.09 | 0.10 | 0.02 | 0.03 | 0.02 |
| Net profit | (2.86) | (5.58) | (2.01) | 0.18 | (1.90) | (1.85) | 9.57 | (2.08) |
| EPS (₹) | (0.93) | (1.90) | (0.65) | 0.06 | (0.62) | (0.63) | 3.66 | (0.82) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 35.72 | 32.75 | 39.21 | 51.01 | 64.97 | 77.67 | 122 |
| Revenue growth | +9.1% | -16.5% | -23.1% | -21.5% | -16.4% | -36.3% | - |
| Other income | 7.55 | 14.63 | 64.68 | 639 | 1.40 | 391 | 403 |
| Total expenses | 29.18 | 28.04 | 43.43 | 266 | 77.93 | 85.50 | 430 |
| Employee cost | 0.00 | 3.81 | 5.12 | 4.95 | 26.11 | 31.38 | 37.77 |
| EBITDA | 6.54 | 4.71 | (4.22) | (215) | (12.96) | (7.83) | (308) |
| EBITDA margin | +18.3% | +14.4% | -10.8% | -422.0% | -20.0% | -10.1% | -252.6% |
| Depreciation | 18.10 | 13.51 | 14.67 | 31.15 | 35.10 | 30.49 | 30.77 |
| Interest | 4.44 | 2.10 | 6.14 | 8.89 | 24.09 | 22.94 | 73.65 |
| Profit before tax | (8.45) | 3.73 | 39.65 | 384 | (70.75) | 330 | (8.98) |
| Tax | 0.85 | 0.08 | 1.98 | 1.36 | 0.29 | 0.59 | (1.85) |
| Net profit | (15.02) | (9.29) | (17.51) | (121) | (46.53) | (171) | (102) |
| Net profit margin | -42.1% | -28.4% | -44.7% | -237.6% | -71.6% | -220.6% | -83.8% |
| EPS (₹) | (3.02) | 1.19 | 14.49 | 127.65 | (25.16) | 88.20 | (14.09) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 30.74 | 30.64 | 24.73 | 24.73 | 24.73 | 24.73 | 24.73 |
| Reserves & surplus | 94.12 | 103 | 57.66 | 22.75 | (280) | (212) | (438) |
| Shareholders' funds (net worth) | 125 | 134 | 82.39 | 47.48 | (255) | (187) | (413) |
| Minority interest | 0.00 | 0.00 | 0.00 | (29.45) | (90.25) | (78.61) | (193) |
| Secured loans | 57.96 | 0.00 | 0.97 | 73.00 | 541 | 536 | 985 |
| Unsecured loans | 6.54 | 29.55 | 36.40 | 83.60 | 158 | 141 | 57.92 |
| Total debt | 64.50 | 29.55 | 37.37 | 157 | 699 | 678 | 1,043 |
| Total liabilities | 189 | 164 | 120 | 175 | 353 | 412 | 437 |
| Assets | |||||||
| Gross block | 281 | 212 | 203 | 606 | 977 | 959 | 934 |
| Net block | 173 | 116 | 120 | 194 | 495 | 522 | 514 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.30 | 0.36 | 0.14 | 0.08 | 0.15 | 0.06 | 0.03 |
| Inventories | 9.22 | 8.61 | 9.57 | 15.29 | 18.69 | 20.03 | 45.03 |
| Sundry debtors | 8.37 | 5.29 | 4.59 | 10.77 | 12.93 | 21.80 | 27.47 |
| Cash & bank balances | 9.32 | 40.56 | 5.32 | 6.51 | 10.62 | 7.18 | 12.26 |
| Loans & advances | 3.12 | 3.88 | 2.66 | 23.05 | 7.60 | 7.29 | 25.48 |
| Total current assets | 30.03 | 58.34 | 22.14 | 55.62 | 49.84 | 56.30 | 110 |
| Total current liabilities | 16.73 | 15.48 | 22.98 | 75.07 | 193 | 167 | 192 |
| Net working capital | 13.30 | 42.86 | (0.84) | (19.45) | (143) | (111) | (81.93) |
| Total assets | 189 | 164 | 120 | 175 | 353 | 412 | 437 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 40.56 | 3.23 | 6.51 | 10.62 | 7.18 | 12.26 | 21.49 |
| Net cash from operating activities | 7.62 | 9.41 | 11.78 | 8.12 | 18.25 | 22.60 | 16.19 |
| Net cash from investing activities | (72.32) | (10.93) | 81.42 | 64.61 | (5.79) | (9.54) | 47.26 |
| Net cash from financing activities | 33.46 | 38.85 | (94.39) | (76.84) | (9.02) | (18.15) | (72.68) |
| Net change in cash | (31.24) | 37.33 | (1.19) | (4.11) | 3.44 | (5.08) | (9.23) |
| Closing cash | 9.32 | 40.56 | 5.32 | 6.51 | 10.62 | 7.18 | 12.26 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +9.1% | -16.5% | -23.1% | -21.5% | -16.4% | -36.3% | - |
| EBITDA growth | +38.9% | +211.6% | +98.0% | -1560.8% | -65.5% | +97.5% | - |
| PBT growth | - | -90.6% | -89.7% | +9998.0% | - | +9998.0% | +98.7% |
| Net income growth | -61.7% | +46.9% | +85.6% | -160.5% | +72.8% | -67.6% | - |
| Revenue CAGR (3Y) | -11.2% | -20.4% | -20.4% | -25.2% | -20.2% | -17.0% | -9.0% |
| EBITDA CAGR (3Y) | - | - | -18.6% | -11.3% | -71.8% | -63.7% | +90.7% |
| Profitability & leverage | |||||||
| Net income margin | -26.0% | +11.2% | +96.1% | +750.0% | -109.3% | +423.6% | -5.9% |
| Return on capital employed | - | -2.1% | -2.2% | -10.3% | 0.0% | -4.7% | 0.0% |
| Return on net worth | - | -3.1% | -5.8% | -3308.7% | 0.0% | +89.0% | 0.0% |
| Debt / equity | - | 0.31 | 1.49 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-term debt / equity | - | 0.10 | 0.62 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | -38.41 | -23.86 | -32.50 | -3.61 | -50.12 | -59.86 | -21.74 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 0.16 | 0.10 | 0.06 | 0.07 | 0.08 | 0.10 |
| Inventory turnover | - | 3.60 | 3.15 | 3.00 | 3.36 | 2.39 | 2.66 |
| Debtors turnover | - | 6.63 | 5.11 | 4.30 | 3.74 | 3.15 | 5.29 |
| EPS (₹) | (3.02) | 1.19 | 14.49 | 127.65 | (25.16) | 88.20 | (14.09) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 43.66 | 33.32 | 19.20 | (103.28) | (75.66) | (167.17) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.79 | 12.48 | 12.24 | 6.74 | 4.25 | 8.97 | 8.13 | 7.26 |
| Revenue growth (YoY) | +177.4% | +39.1% | +50.6% | -7.2% | -49.3% | - | - | - |
| Other income | 0.17 | 0.31 | 0.61 | 2.71 | 0.79 | 0.60 | 0.05 | 0.05 |
| Total expenses | 7.64 | 9.53 | 7.83 | 4.82 | 6.27 | 6.49 | 7.14 | 5.69 |
| EBITDA | 4.15 | 2.95 | 4.41 | 1.92 | (2.02) | 2.48 | 0.99 | 1.57 |
| EBITDA margin | +35.2% | +23.6% | +36.0% | +28.5% | -47.5% | +27.6% | +12.2% | +21.6% |
| Depreciation | 5.61 | 6.51 | 5.08 | 3.55 | 2.95 | 3.44 | 3.49 | 3.41 |
| Interest | 1.51 | 1.61 | 1.73 | 0.61 | 0.48 | 0.63 | 0.37 | 0.37 |
| Profit before tax | (2.80) | (4.86) | (1.79) | 0.47 | (4.66) | (0.99) | (2.82) | (2.16) |
| Tax | 0.05 | 0.56 | 0.11 | 0.09 | 0.10 | 0.02 | 0.03 | 0.02 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 35.72 | 32.75 | 29.96 | 29.61 | 47.35 | 61.20 | 70.80 |
| Revenue growth | +9.1% | +9.3% | +1.2% | -37.5% | -22.6% | -13.6% | - |
| Other income | 4.41 | 0.74 | 7.69 | 415 | 0.42 | 12.30 | 0.92 |
| Total expenses | 28.46 | 25.86 | 142 | 244 | 62.57 | 45.69 | 89.50 |
| Employee cost | 0.00 | 3.81 | 4.29 | 4.51 | 20.27 | 20.16 | 20.61 |
| EBITDA | 7.26 | 6.89 | (112) | (214) | (15.22) | 15.51 | (18.70) |
| EBITDA margin | +20.3% | +21.0% | -374.9% | -723.8% | -32.1% | +25.3% | -26.4% |
| Depreciation | 18.10 | 13.51 | 12.27 | 24.14 | 28.24 | 26.41 | 24.32 |
| Interest | 4.43 | 2.01 | 2.07 | 3.23 | 18.72 | 18.07 | 24.60 |
| Profit before tax | (10.86) | (7.89) | (119) | 173 | (61.76) | (16.67) | (66.70) |
| Tax | 0.85 | 0.08 | 1.97 | 1.35 | 0.28 | 0.55 | (1.89) |
| Net profit | (11.71) | (8.25) | (6.94) | (45.00) | (46.13) | (29.04) | (24.09) |
| Net profit margin | -32.8% | -25.2% | -23.2% | -152.0% | -97.4% | -47.5% | -34.0% |
| EPS (₹) | (3.81) | (2.60) | (48.91) | 69.55 | (25.09) | (6.96) | (26.22) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 30.74 | 30.64 | 24.73 | 24.73 | 24.73 | 24.73 | 24.73 |
| Reserves & surplus | 97.20 | 108 | 73.90 | 195 | 22.88 | 84.82 | 102 |
| Shareholders' funds (net worth) | 128 | 139 | 98.63 | 220 | 47.61 | 110 | 127 |
| Secured loans | 57.96 | 0.00 | 0.00 | 13.20 | 395 | 384 | 404 |
| Unsecured loans | 2.92 | 17.26 | 23.98 | 25.94 | 13.16 | 12.73 | 13.05 |
| Total debt | 60.88 | 17.26 | 23.98 | 39.14 | 408 | 397 | 417 |
| Total liabilities | 189 | 156 | 123 | 259 | 456 | 507 | 544 |
| Assets | |||||||
| Gross block | 282 | 206 | 197 | 194 | 597 | 592 | 564 |
| Net block | 173 | 116 | 120 | 129 | 429 | 453 | 451 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.30 | 0.36 | 0.14 | 113 | 113 | 113 | 113 |
| Inventories | 9.22 | 8.61 | 9.57 | 11.10 | 14.45 | 16.59 | 38.42 |
| Sundry debtors | 8.37 | 5.29 | 4.59 | 3.61 | 8.49 | 15.46 | 13.50 |
| Cash & bank balances | 9.05 | 32.08 | 5.31 | 6.25 | 10.54 | 6.93 | 11.43 |
| Loans & advances | 2.25 | 1.95 | 1.34 | 21.47 | 6.32 | 5.83 | 7.84 |
| Total current assets | 28.89 | 47.93 | 20.81 | 42.43 | 39.80 | 44.81 | 71.19 |
| Total current liabilities | 16.14 | 12.43 | 18.79 | 26.03 | 128 | 106 | 93.67 |
| Net working capital | 12.75 | 35.50 | 2.02 | 16.40 | (88.45) | (61.03) | (22.48) |
| Total assets | 189 | 156 | 123 | 259 | 456 | 507 | 544 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 32.08 | 3.23 | 6.25 | 10.54 | 6.93 | 11.43 | 6.08 |
| Net cash from operating activities | 8.55 | (0.40) | 12.53 | (1.01) | 10.74 | 11.04 | 24.57 |
| Net cash from investing activities | (69.42) | (11.01) | 11.97 | 66.02 | (4.73) | (3.58) | (12.25) |
| Net cash from financing activities | 37.83 | 40.27 | (25.44) | (69.29) | (2.40) | (11.96) | (6.97) |
| Net change in cash | (23.03) | 28.86 | (0.94) | (4.28) | 3.61 | (4.50) | 5.35 |
| Closing cash | 9.05 | 32.08 | 5.31 | 6.25 | 10.54 | 6.93 | 11.43 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +9.1% | +9.3% | +1.2% | -37.5% | -22.6% | -13.6% | - |
| EBITDA growth | +5.4% | +106.1% | +47.6% | -1308.2% | -198.1% | +182.9% | - |
| PBT growth | -37.6% | +93.4% | - | +9998.0% | -270.5% | +75.0% | +7.0% |
| Net income growth | -41.9% | -18.9% | +84.6% | +2.5% | -58.9% | -20.6% | - |
| Revenue CAGR (3Y) | +6.5% | -11.6% | -21.2% | -25.2% | -9.9% | -7.1% | -10.4% |
| EBITDA CAGR (3Y) | - | - | - | +125.5% | -11.3% | - | - |
| Profitability & leverage | |||||||
| Net income margin | -32.8% | -24.3% | -403.7% | +580.9% | -131.0% | -28.1% | -91.5% |
| Return on capital employed | - | 0.0% | 0.0% | -10.6% | 0.0% | 0.0% | 0.0% |
| Return on net worth | - | 0.0% | 0.0% | -28.2% | 0.0% | 0.0% | 0.0% |
| Debt / equity | - | 0.17 | 0.20 | 1.67 | 5.12 | 3.45 | 2.53 |
| Long-term debt / equity | - | 0.02 | 0.02 | 0.11 | 0.59 | 0.84 | 0.95 |
| Interest cover | -40.87 | -30.36 | -1.66 | -1.35 | -43.07 | -165.78 | -57.18 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 0.16 | 0.15 | 0.07 | 0.08 | 0.11 | 0.13 |
| Inventory turnover | - | 3.60 | 2.90 | 2.32 | 3.05 | 2.23 | 1.80 |
| Debtors turnover | - | 6.63 | 7.31 | 4.89 | 3.95 | 4.23 | 5.87 |
| EPS (₹) | (3.81) | (2.60) | (48.91) | 69.55 | (25.09) | (6.96) | (26.22) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 45.27 | 39.88 | 88.79 | 19.25 | 44.30 | 51.26 |
To see the full year-wise statements and ratios of Garware Offshore Services Limited, buy the company report.
Board of directors of Garware Offshore Services Limited
Garware Offshore Services has 6 current directors and 18 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Maneesha Shatul Shah | Director | 30 Nov 1992 | 33 Years 10 Months | Current |
| Aditya Ashok Garware | Director | 31 May 1993 | 33 Years 4 Months | Current |
| Mukund Madhav Honkan | Whole-Time Director | 01 Apr 2019 | 7 Years 6 Months | Current |
| Jisupriya Madhablal Guhathakurta | Director | 05 Feb 2024 | 2 Years 8 Months | Current |
| Faisy Viju Also directs: Human Capital Accelerators LLP | Director | 10 Jan 2020 | 6 Years 9 Months | Current |
| Smita Durgadatt Gaur | Director | 29 Mar 2024 | 2 Years 6 Months | Current |
Auditor
Garware Offshore Services Limited is audited by D. Kothary & Co for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| D. Kothary & Co | FY 2023 | 105335W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 30.30%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.80% and retail and other public shareholders hold 68.90%.
Sep 2026
QUARTER
30.30% Promoters
0.80% DII (Domestic Institutional)
68.90% Retail & Others
Promoter holding - history
Now 30.30% · Sep 2026High 30.40% · Dec 2025Low 30.30% · Sep 2026
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 30.30% | 30.40% | 30.40% | 30.40% |
| Public | 69.70% | 69.60% | 69.60% | 69.60% |
Charges & borrowings
Open charges
₹65.57 Cr
Satisfied charges
₹2,006.98 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 15 Jul 2025 | 101121002 | Others | ₹2.31 Cr | Open | |
| 15 Jul 2025 | 101121004 | Others | ₹1.56 Cr | Open | |
| 26 Jun 2025 | 101112904 | Others | ₹4.62 Cr | Open | |
| 28 May 2025 | 101104181 | Others | ₹48.8 Cr | Open | |
| 21 Apr 2025 | 101083373 | Others | ₹7.08 Lakh | Open |
To see the full charge records of Garware Offshore Services Limited, buy the company report.
Total charge records: 74 View all charges
Deals & funding
Garware Offshore Services Limited has 56 deals on record (50 market trades, 3 funding rounds, 2 secondary share transfers), with disclosed funding of ₹204.93 Cr; the latest was in June 2024.
Total deals
56
Market trades
50
Funding rounds
3
Secondary share transfers
2
Acquisition
1
Disclosed funding
₹204.93 Cr
Deals on record (5 of 56)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Dec 2022 | Acquisition | ₹24.83 Cr | Buyer: GMS Mana Offshore Ltd Seller: Global Offshore Services Limited |
| Sep 2019 | Market trade | ₹15.8 Lakh | Buyer: Adsu Trading and Investment Company Private Limited Seller: Clearwell Enterprises Ltd |
| Mar 2017 | Market trade | ₹1.35 Cr | Buyer: Mc Jain Infoservices Private Limited Seller: TJ Stock Broking Services Private Limited |
| Nov 2006 | Market trade | ₹2.95 Cr | Buyer: S.P.J. Stock Brokers Private Limited Seller: S.P.J. Stock Brokers Private Limited |
| Nov 2006 | Market trade | ₹10.17 Cr | Buyer: S.P.J. Stock Brokers Private Limited , an individual Seller: S.P.J. Stock Brokers Private Limited , an individual |
To see the full deal history of Garware Offshore Services Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Garware Offshore Services Limited has 66 court cases on record: 26 filed by Garware Offshore Services, 40 filed against it. 4 cases are pending and 62 are disposed.
Total cases
66
Filed by the company
26
Filed against the company
40
Pending
4
Disposed
62
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 39 | 22 | 3 |
| District courts | 23 | 14 | 1 |
| Supreme Court | 2 | 2 | 0 |
| NCLT | 2 | 2 | 0 |
Cases on record (5 of 66)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Interim or miscellaneous application | Filed by the company against Alphatech Dredge and Offshore Services Pvt. Ltd. | Pending |
| Bombay High Court | Arbitration matter | Filed by the company against Bhambhani Shipping Limited | Disposed |
| High Court, MAHARASHTRA | Court case (COMAS) | Filed against the company by Sinai Maritime Services Private Limited | Disposed |
| High Court, MAHARASHTRA | Arbitration matter | Filed by the company against Dn5 Marine Private Limited | Disposed |
| High Court | Arbitration matter | Filed by the company against Bhambhani Shipping Limited | Disposed |
To see the full case history of Garware Offshore Services Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Garware Offshore Services Limited has 1 MSME Form 1 return on record for the period ending Mar 2020, listing 13 overdue payments to 5 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 5)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Kongsberg Maritime India Private Limited | |||
| Navicom Technology International Private Limited | |||
| Opportune Technologies Private Limited | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Garware Offshore Services Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Garware Offshore Services Limited has a workforce of 16 employees on its EPFO records as of Apr 01, 2024, across 1 active EPFO establishment.
Employee count
16
Active EPFO establishments
1
Employee growth
-30.43%
GST
Garware Offshore Services has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACG2204K1ZX | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Garware Offshore Services Limited, buy the company report.
Recent activity
Garware Offshore Services Limited has 24 board changes on record since 1992: 8 appointments and 16 cessations. The latest: Jisupriya Madhablal Guhathakurta ceased to be Additional Director on 02 May 2024.
Filing
Garware Offshore Services Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
Charges
A charge registered on 23 Feb 2001 via Charge ID 90237995 with State Bank Of Hyderabad was fully satisfied on 01 Oct 2025.
Charges
A charge registered on 19 May 2000 via Charge ID 90234659 with State Bank Of Hyderabad was fully satisfied on 01 Oct 2025.
Charges
A charge registered on 10 May 2000 via Charge ID 90234657 with State Bank Of Hyderabad was fully satisfied on 01 Oct 2025.
Charges
A charge registered on 30 Mar 2000 via Charge ID 90234642 with State Bank Of Hyderabad was fully satisfied on 01 Oct 2025.
Charges
A charge registered on 31 Dec 1999 via Charge ID 90234609 with State Bank Of Hyderabad was fully satisfied on 01 Oct 2025.
Charges
A charge registered on 27 Dec 1999 via Charge ID 90234605 with State Bank Of Hyderabad was fully satisfied on 01 Oct 2025.
Charges
A charge registered on 05 Oct 1995 via Charge ID 90237915 with State Bank Of Hyderabad was fully satisfied on 01 Oct 2025.
AGM
Garware Offshore Services Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Charges
A charge with Others amounted to Rs. 2.31 Cr with Charge ID 101121002 was registered on 15 Jul 2025.
Charges
A charge with Others amounted to Rs. 1.56 Cr with Charge ID 101121004 was registered on 15 Jul 2025.
Charges
A charge with Others of Rs. 48.80 Cr registered on 28 May 2025 with Charge ID 101104181 was modified on 15 Jul 2025.
187 earlier events are in the company report.
News
Frequently asked questions
Garware Offshore Services is an active public limited company based in Mumbai, Maharashtra, India. The company works in shipping and maritime services, within the transport and logistics industry. It was incorporated on 20 September 1976 (50+ years old) and is registered under CIN L61100MH1976PLC019229. Listed on BSE: 501848.
Garware Offshore Services reported revenue of ₹35.72 Cr for FY 2025-26 (up 9.1% YoY) based on consolidated financials.
Garware Offshore Services has 6 current directors:
- Mukund Madhav Honkan - Whole-Time Director
- Maneesha Shatul Shah - Director
- Aditya Ashok Garware - Director
- Jisupriya Madhablal Guhathakurta - Director
- Faisy Viju - Director
- Smita Durgadatt Gaur - Director
The latest financial statements of Garware Offshore Services on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Garware Offshore Services is 27AAACG2204K1ZX, registered in Maharashtra.
The CIN (Corporate Identification Number) of Garware Offshore Services is L61100MH1976PLC019229. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Garware Offshore Services is a listed company as per MCA records. Its shares are listed on BSE (code: 501848). Its shares were delisted from NSE on 22 Mar 2021 · voluntary delisting.
Garware Offshore Services has 66 court cases on record: 26 filed by the company and 40 filed against it. 4 are pending. Most are in the high courts.
Garware Offshore Services was incorporated on 20 September 1976, making it 50+ years old. It is registered with the Registrar of Companies, Mumbai.
Garware Offshore Services has 56 deals on record (50 market trades, 3 funding rounds, 2 secondary share transfers), with disclosed funding of ₹204.93 Cr; the latest was in June 2024.
Jisupriya Madhablal Guhathakurta ceased to be Additional Director on 02 May 2024. Smita Durgadatt Gaur ceased to be Additional Director on 02 May 2024. Sayeed Yusuf Mulani ceased to be Director on 31 Mar 2024. Garware Offshore Services has 24 board changes on record in total.