Kindly take on your record the enclosed unaudited financial results for the quarter and six months ended 30th September, 2025 as approved by the Board of Directors in their meeting held ....
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Garware Marine Industries submitted its unaudited financial results for Q2 FY26 and the six months ended September 30, 2025, approved by the Board on October 31, 2025. Statutory auditor D. Kothary & Co. issued a clean (unqualified) limited review report with no qualifications. Profit before tax for H1 FY26 stood at Rs. 15.44 lakhs, down sharply from Rs. 31.08 lakhs in H1 FY25, indicating a meaningful decline in profitability. The company disclosed that it has issued a Rs. 10 crore corporate guarantee on behalf of Global Offshore Services Ltd (GOSL) against a term loan from Kotak Mahindra Bank, and will earn guarantee commission from GOSL. Net cash from operating activities was negative at Rs. (2.50) lakhs for H1 FY26, and cash and cash equivalents fell to Rs. 2.07 lakhs from Rs. 2.88 lakhs at the start of the year. The balance sheet remains small with total assets of around Rs. 17.68 crore and total equity of Rs. 16.48 crore.
The Rs. 10 crore corporate guarantee for GOSL is a large exposure relative to the company's small balance sheet (total assets ~Rs. 17.68 crore), making it a notable contingent obligation for shareholders to watch. Falling profits and negative operating cash flow point to operational stress, even though the auditor's review report is clean.