BSE: 509563
GARWARE MARINE INDUSTRIES LTD.
Operates in the textile sector under the 'Other Textile Products' classification, though current operating scale is very small — FY26 revenue was Rs. 1.08 crore, down 9.8% from Rs. 120.18 lakhs in the prior year. Net profit for FY26 fell 66% to Rs. 14.72 lakhs from Rs. 43.34 lakhs. The company's main disclosed revenue activity is guarantee commission on a Rs. 10 crore corporate guarantee it has issued on behalf of Global Offshore Services Ltd against a Rs. 40 crore term loan from Kotak Mahindra Bank, where GOSL is the borrowing entity. Employee costs account for 34.1% of revenue and other operating expenses 55% of revenue, with negligible materials cost, indicating limited current manufacturing or trading activity. The statutory auditor issued a qualified opinion because the company did not set aside expected credit loss on Rs. 355.15 lakhs of trade receivables outstanding over 3 years. The company also recorded mark-to-market losses of Rs. (489.99) lakhs on equity instruments held through OCI in 9M FY26, and cash and cash equivalents stood at just Rs. 2.07 lakhs with negative operating cash flow in FY26. It is BSE-listed with a 6-member board (3 independent directors) and shifted its Mumbai registered office from Fort to Prabhadevi in June 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile products, Guarantee commission. Micro-cap textile-related entity with minimal current operating scale, material reliance on guarantee commission from a related offshore services party, and large mark-to-market exposure on equity investments
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 | 1 | 1 | 1 |
| EBITDA (ex other income) | 0 | 0 | (0) | — | 0 |
| margin % | 0.9 | 9.7 | (17.0) | — | 10.9 |
| Owners' profit | 0 | 0 | (0) | — | 0 |
| EPS, as reported (₹) | 0.02 | 0.20 | (0.12) | 0.75 | 0.26 |
| ROE % · ROCE % | 0.1 · 0.2 | 1.5 · 1.5 | (0.6) · (0.6) | — · 2.3 | 1.4 · 1.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | — | 0.00 |
| Cash from operations | 0 | (0) | (0) | 0 | 0 |
| Capex | (0) | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| Net profit | 0 | 0 | 0 | — | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.66 | 0.12 | 0.11 | 0.18 | 0.10 | 0.16 | 0.08 | (0.08) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 61.9 | 16.8 | 151 of 179 | 16% |
| P/B | 0.9 | 1.1 | 72 of 185 | 60% |
| ROCE | 1.5 | 4.3 | 138 of 215 | 36% |
| ROE | 1.4 | 4.7 | 128 of 188 | 32% |
| Debt / Equity | 0.0 | 0.4 | 1 of 188 | 89% |
| EBITDA margin | (17.2) | 9.8 | 191 of 198 | 4% |
| Revenue growth | 10.9 | 6.9 | 75 of 192 | 61% |
| Market cap | 9 | 61 | 200 of 223 | 10% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for 4 November 2026 to approve Q2 and H1 results | results | low | — | — |
| 12 Oct 2026 · Routine RTA certificate for Q2 FY26 dematerialization compliance | compliance | minimal | — | — |
| 7 Oct 2026 · EGM approves raising Section 185 limit to Rs.50 Cr, related party transaction with GOSL | board shareholder meetings | medium | — | — |
| 7 Oct 2026 · EGM approves increase in related party transaction limit to Rs 50 Cr | strategic transactions | medium | — | — |
| 29 Sept 2026 · Trading window closed for Q2 and H1 FY25 results | compliance | minimal | — | — |
| 23 Sept 2026 · 48th AGM held; 4 resolutions passed including director appointments | board shareholder meetings | low | — | — |
| 11 Sept 2026 · EGM notice for raising corporate guarantee limit for related party GOSL to Rs 50 Cr | general | medium | — | — |
| 9 Sept 2026 · Board approves enhanced guarantee for related party Garware Offshore | credit debt | medium | — | — |
| 9 Sept 2026 · Board approves enhanced corporate guarantee for related entity | credit debt | medium | — | — |
| 31 Aug 2026 · 48th AGM on 23 Sep 2026 via VC; director appointments on agenda | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.