kindly take on your record the outcome of the Board Meeting held today, 12th May, 2026 as per the enclosed file.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.9 pts less than Nifty Microcap 250 and 0.2 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Garware Marine Industries reported a qualified audit opinion from D. Kothary & Co. due to non-recognition of Expected Credit Loss (ECL) provision on Rs. 355.15 lakhs of trade receivables outstanding over 3 years. For FY26, revenue declined 9.8% to Rs. 10,836 lakhs from Rs. 12,018 lakhs, while net profit dropped 66% to Rs. 14.72 lakhs from Rs. 43.34 lakhs. Operating cash flow turned negative at Rs. -5.66 lakhs. Total assets nearly halved to Rs. 1,062 lakhs from Rs. 1,917 lakhs, and other equity fell significantly to Rs. 459 lakhs from Rs. 1,219 lakhs. The company also issued a Rs. 10 crore corporate guarantee for Garware Offshore Services Ltd. The board reappointed Kirtane & Pandit LLP as internal auditors for FY27.
The qualified opinion and significant decline in profits, cash flow, and asset base raise concerns about financial health. The auditor's qualification on unprovided doubtful receivables of Rs. 355 lakhs could pressure the stock negatively. Shareholders should monitor recovery of old receivables and the company's ability to service its contingent liabilities.