Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10.75 | 7.89 | 7.73 | 8.39 | 7.26 | 8.13 | 8.97 | 4.25 | 6.74 | 12.24 | 12.48 | 11.79 |
| Expenses | 6.10 | 7.62 | 9.10 | 6.85 | 5.69 | 7.05 | 7.54 | 6.72 | 4.85 | 7.84 | 9.75 | 7.66 |
| Operating Profit | 4.65 | 0.27 | -1.37 | 1.54 | 1.57 | 1.08 | 1.43 | -2.47 | 1.89 | 4.40 | 2.73 | 4.13 |
| OPM % | 43.26% | 3.42% | -17.72% | 18.36% | 21.63% | 13.28% | 15.94% | -58.12% | 28.04% | 35.95% | 21.88% | 35.03% |
| Other Income | 7.60 | 0.28 | 56.20 | 0.13 | 0.16 | 12.42 | 0.83 | 4.11 | 2.54 | 0.52 | 0.38 | 0.17 |
| Interest | 1.26 | 0.84 | 1.00 | 0.49 | 0.39 | 0.40 | 0.65 | 0.48 | 0.61 | 1.73 | 1.62 | 1.51 |
| Depreciation | 3.98 | 3.15 | 3.12 | 3.17 | 3.41 | 3.49 | 3.44 | 2.95 | 3.55 | 5.08 | 6.51 | 5.61 |
| Profit before tax | 7.01 | -3.44 | 50.71 | -1.99 | -2.07 | 9.61 | -1.83 | -1.79 | 0.27 | -1.89 | -5.02 | -2.82 |
| Tax % | 0.29% | 0.29% | 3.79% | 1.01% | 0.97% | 0.31% | 1.09% | 5.59% | 33.33% | 5.82% | 11.16% | 1.77% |
| Net Profit | 6.98 | -3.45 | 48.79 | -2.00 | -2.08 | 9.58 | -1.85 | -1.90 | 0.18 | -2.00 | -5.58 | -2.87 |
| EPS in Rs | 1.73 | -1.29 | 18.94 | -0.78 | -0.80 | 3.64 | -0.60 | -0.62 | 0.06 | -0.65 | -1.82 | -0.93 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 391 | 162 | 136 | 128 | 122 | 78 | 65 | 51 | 39 | 33 | 36 | 43 |
| Expenses | 284 | 206 | 195 | 196 | 97 | 86 | 62 | 64 | 40 | 27 | 29 | 30 |
| Operating Profit | 107 | -44 | -59 | -69 | 25 | -8 | 3 | -13 | -1 | 6 | 7 | 13 |
| OPM % | 27% | -27% | -43% | -54% | 20% | -10% | 4.9% | -26% | -3.0% | 18% | 18% | 30% |
| Other Income | 1 | 16 | -78 | -487 | 71 | 391 | -15 | 437 | 62 | 14 | 8 | 4 |
| Interest | 62 | 69 | 65 | 81 | 74 | 23 | 24 | 9 | 6 | 2 | 4 | 5 |
| Depreciation | 71 | 68 | 61 | 59 | 31 | 30 | 35 | 31 | 15 | 14 | 18 | 21 |
| Profit before tax | -25 | -165 | -263 | -696 | -9 | 330 | -71 | 384 | 40 | 4 | -8 | -9 |
| Tax % | 1% | 0% | -0% | 0% | -21% | 0% | 0% | 0% | 5% | 2% | 10% | |
| Net Profit | -25 | -165 | -262 | -696 | -7 | 329 | -71 | 383 | 38 | 4 | -9 | -10 |
| EPS in Rs | -4.55 | -46.17 | -77.89 | -199.69 | -14.08 | 88.20 | -25.16 | 127.65 | 14.49 | 1.19 | -3.02 | -3.34 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | -21% | -14% | -11% | 51% | ||
| Compounded Profit Growth | -6% | 10% | 18% | -72% | ||
| Stock Price CAGR | -10% | 5% | 6% | -45% | ||
| Return on Equity | % | % | -13% | -13% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 31 | 31 |
| Reserves | 435 | 442 | 314 | 121 | -369 | -438 | -212 | -280 | 23 | 58 | 103 | 94 |
| Borrowings | 1,017 | 1,133 | 1,123 | 1,086 | 1,155 | 1,043 | 678 | 699 | 157 | 37 | 30 | 64 |
| Other Liabilities | 192 | 195 | 228 | 247 | 174 | -1 | 89 | 103 | 46 | 23 | 15 | 17 |
| Total Liabilities | 1,669 | 1,795 | 1,689 | 1,478 | 986 | 629 | 580 | 546 | 250 | 143 | 179 | 206 |
| Fixed Assets | 1,427 | 1,584 | 1,395 | 1,305 | 839 | 514 | 522 | 495 | 194 | 120 | 116 | 173 |
| CWIP | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 237 | 211 | 295 | 173 | 146 | 116 | 58 | 51 | 56 | 22 | 63 | 32 |
| Total Assets | 1,669 | 1,795 | 1,689 | 1,478 | 986 | 629 | 580 | 546 | 250 | 143 | 179 | 206 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 110 | 105 | 35 | 0 | 20 | 16 | 23 | 18 | 8 | 12 | 9 | 8 |
| Cash from Investing Activity | 19 | -199 | 0 | 34 | -1 | 47 | -10 | -6 | 65 | 81 | -11 | -72 |
| Cash from Financing Activity | -110 | 70 | -35 | -44 | -19 | -73 | -18 | -9 | -77 | -94 | 39 | 33 |
| Net Cash Flow | 19 | -24 | -0 | -9 | 0 | -9 | -5 | 3 | -4 | -1 | 37 | -31 |
| Free Cash Flow | 148 | -59 | 34 | 33 | 12 | 61 | 13 | 12 | 73 | 93 | -1 | -67 |
| CFO/OP | 66% | 98% | -84% | -4% | -28% | 62% | -262% | 598% | -64% | -642% | 172% | 126% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 39 | 68 | 81 | 82 | 53 | 82 | 102 | 73 | 77 | 43 | 59 | 86 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 39 | 68 | 81 | 82 | 53 | 82 | 102 | 73 | 77 | 43 | 59 | 86 |
| Working Capital Days | -48 | -104 | -155 | -738 | -1,806 | -2,237 | -3,125 | -4,653 | -1,240 | -332 | -148 | -111 |
| ROCE % | 7% | 2% | -7% | -9% | -13% | -1% | -9% | -8% | -17% | -6% | -5% | -6% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 33.29% | 33.29% | 33.29% | 32.47% | 33.98% | 33.86% | 30.46% | 30.40% | 30.35% | 30.35% | 30.35% | 30.34% |
| FIIs | 1.50% | 0.62% | 0.41% | 0.28% | 0.27% | 0.27% | 0.23% | 0.14% | 0.16% | 0.16% | 0.03% | 0.03% |
| DIIs | 1.95% | 0.16% | 0.16% | 0.16% | 0.16% | 0.15% | 0.13% | 0.13% | 0.78% | 0.78% | 0.78% | 0.78% |
| Public | 63.27% | 65.94% | 66.14% | 67.07% | 65.59% | 65.71% | 69.18% | 69.34% | 68.70% | 68.70% | 68.82% | 68.85% |
| No. of Shareholders | 17,805 | 17,858 | 17,782 | 17,996 | 18,002 | 17,894 | 17,956 | 17,990 | 17,886 | 17,777 | 17,588 | 17,582 |
Fundamentals
Market Cap₹ 133 Cr.
Current Price₹ 43.1
Book Value₹ 40.6
ROCE-5.85 %
ROE-12.6 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)51%
Compounded Profit Growth (TTM)-72%
Consolidated figures.
Valuation
Market capRs 123 Cr
Enterprise valueRs 179 Cr
Price to book0.99x
Price to sales2.85x
EV / EBITDA10.66x
EV / sales4.13x
Price to cash flow16.20x
Earnings yield-8.32%
P/E, 3-year average41.03x
P/B, 3-year average1.43x
P/E, 5-year average27.41x
P/B, 5-year average0.98x
Profitability
Operating margin (excl. other income)18.42%
Operating margin (incl. other income)39.56%
EBITDA margin38.75%
Pre-tax margin-21.87%
Net profit margin-23.75%
Net margin, latest quarter-24.34%
ROE-7.17%
ROCE-2.25%
ROA-4.82%
ROE, 3-year average17.13%
ROCE, 3-year average10.05%
ROA, 3-year average5.24%
ROE, 5-year average-44.83%
ROCE, 5-year average28.30%
ROA, 5-year average16.79%
ROIC (approx.)-2.44%
Tax rate-10.07%
Other income / net worth6.04%
Growth
Sales growth (latest year)9.07%
Profit growth (latest year)-354.52%
Sales CAGR, 3 years-11.20%
Sales CAGR, 5 years-14.39%
Sales growth QoQ-5.53%
Sales growth YoY (latest quarter)177.41%
Per share
EPS (TTM)Rs -3.34
EPS (latest year)Rs -3.02
EPS (latest quarter)Rs -0.93
EPS, 3-year averageRs 4.22
EPS, 5-year averageRs 23.03
Book value per shareRs 40.63
Sales per shareRs 14.07
Cash flow per shareRs 2.48
Free cash flow per shareRs -21.79
Efficiency
Asset turnover0.17x
Fixed asset turnover0.21x
Inventory turnover1.75x
Inventory days208 days
Debtor days86 days
Debtors turnover4.27x
Cash conversion cycle86 days
Working capital days-111 days
Leverage
Total debtRs 64 Cr
Cash and bankRs 9 Cr
Net debtRs 55 Cr
Debt to equity0.52x
Net debt / EBITDA3.29x
Interest coverage-0.73x
Owners' fund to total sources60.58%
Debt to assets31.28%
Cash flow
Cash from Operating Activity (latest year)Rs 8 Cr
Cash from Investing Activity (latest year)Rs -72 Cr
Cash from Financing Activity (latest year)Rs 33 Cr
Net Cash Flow (latest year)Rs -31 Cr
Free cash flow (latest year)Rs -67 Cr
FCFE (approx.: FCF + change in debt)Rs -32 Cr
Cash from ops / profit, 5 years0.16x
Sales to cash flow4.69x
Statement figures
Net sales (TTM)Rs 43 Cr
Net sales (latest year)Rs 36 Cr
Sales (latest quarter)Rs 12 Cr
Operating profit excl. other income (latest year)Rs 7 Cr
Operating profit (latest quarter)Rs 4 Cr
Other income (TTM)Rs 4 Cr
EBITDA (TTM)Rs 17 Cr
PBDT (TTM)Rs 11 Cr
Profit before tax (TTM)Rs -9 Cr
Tax (latest year)Rs 1 Cr
Net profit (TTM)Rs -10 Cr
Net profit (latest year)Rs -9 Cr
Net profit (latest quarter)Rs -3 Cr
Depreciation (TTM)Rs 21 Cr
Depreciation (latest quarter)Rs 6 Cr
Interest (TTM)Rs 5 Cr
Cost of goods sold (latest year)Rs 16 Cr
Total expenditure (latest year)Rs 29 Cr
Total income (latest year)Rs 43 Cr
Share capitalRs 31 Cr
ReservesRs 94 Cr
Shareholders' fundsRs 125 Cr
Total assetsRs 206 Cr
Net blockRs 173 Cr
InvestmentsRs 0 Cr
ReceivablesRs 8 Cr
InventoryRs 9 Cr
Other liabilitiesRs 17 Cr
Shares outstanding (crore)3.07
Ownership
Promoter holding30.34% (-0.06 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 0.99 is at the 40th percentile (median 1.19).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | 501848 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -10.0% | -2.8% | -7.2 pts |
| 1 month | -18.5% | -6.8% | -11.7 pts |
| 3 months | -25.8% | -7.6% | -18.1 pts |
| 3 years | +10.5% | +14.2% | -3.7 pts |
| 5 years | +17.8% | +27.9% | -10.1 pts |
Red flags
F-score 4 of 8| explain | Receivables outrunning sales Receivables grew 58% vs sales +9% in 2026 |
| explain | Debt up, profit down Borrowings up 118% while net profit fell in 2026 |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹12 Cr +177.4% vs Jun 2025.
Net loss ₹3 Cr.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Great Eastern Shipping Company Ltd | 21,955 | 5.86 | 15.8 % |
| Shipping Corporation of India Ltd | 12,712 | 7.86 | 13.9 % |
| Shreeji Shipping Global Ltd | 12,436 | 77.8 | 26.4 % |
| SEAMEC Ltd | 4,199 | 16.4 | 19.7 % |
| ABS Marine Services Ltd | 782 | 9.95 | 20.7 % |
| Transworld Shipping Lines Ltd | 358 | -4.53 % | |
| Essar Shipping Ltd | 347 | % | |
| Sadhav Shipping Ltd | 177 | 12.1 | 8.89 % |
| Chowgule Steamships Ltd | 75 | 342 | 2.52 % |
| Arvind Port & Infra Ltd | 56 | 68.0 | 2.20 % |
| Fly-Hi Maritime Travels Ltd | 52 | 6.09 | 49.7 % |
| Datiware Maritime Infra Ltd | 30 | 0.96 % | |
| Shahi Shipping Ltd | 16 | -14.6 % |
No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Garware Offshore Services Ltd?
Garware Offshore Services Ltd (501848) has a market capitalisation of Rs 133 Cr. at the 2026-10-01 close.
What were Garware Offshore Services Ltd's latest quarterly results?
In the Jun 2026 quarter, Garware Offshore Services Ltd sales was Rs 12 Cr (+177.4% vs Jun 2025) with a net loss of Rs 3 Cr.