Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · GARWARE OFFSHORE SERVICES LIMI · 9 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
GARWARE OFFSHORE SERVICES LIMI
BSE: 501848
BSE: 501848
Services › Services › Transport Services › Shipping
GARWARE OFFSHORE SERVICES LIMI
StateQ4 FY26 filed
Last close · 8 Oct 2026₹40.85
Market cap₹0.1k cr
TTM P/E · P/B · EV/EBITDA— · 1.01 · 13.2
GARWARE OFFSHORE SERVICES LIMI is a Transport Services company. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 65 | 51 | 39 | 33 | 36 |
| EBITDA (ex other income) | (13) | 424 | 53 | 19 | 13 |
| margin % | (19.8) | 830.4 | 134.3 | 56.9 | 36.1 |
| Owners' profit | 0 | 303 | 35 | 4 | (10) |
| EPS, as reported (₹) | (25.16) | 127.65 | 15.23 | 1.37 | (3.02) |
| ROE % · ROCE % | 20.6 · 14.6 | 2121.7 · 634.7 | 45.7 · 50.6 | 5.3 · 3.8 | (7.4) · (2.3) |
| Debt / equity (x) | (2.02) | 8.68 | 0.42 | 0.20 | 0.50 |
| Cash from operations | 18 | 8 | 12 | 10 | 8 |
| Capex | (6) | (12) | 0 | (11) | (74) |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GARWARE OFFSHORE SERVICES LIMI · 9 October 2026Page 2 of 3
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 | 8 | 7 | 8 | 9 | 4 | 7 | 12 | 12 |
| Profit before tax | (2) | (2) | 10 | (2) | (2) | 0 | (2) | (5) |
| Net profit | (2) | (2) | 10 | (4) | (2) | 0 | (2) | (6) |
| EPS (₹) | (0.81) | (0.82) | 3.66 | (0.63) | (0.62) | 0.06 | (0.65) | (1.90) |
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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. % |
|---|---|---|---|---|---|---|---|---|
| THE GE SHPG.LTD | 21,822 | 5.8 | 1.29 | 4.6 | 17.3 | 16.7 | 10.1 | 80.7 |
| SHREEJI SHIPPING GLOBAL L | 13,050 | 80.3 | 16.97 | 54.8 | 19.9 | 22.4 | — | 33.6 |
| SHIPPING CORP OF INDIA LT | 12,949 | 8.0 | 1.42 | 5.8 | 14.9 | 12.5 | 9.3 | 53.8 |
| SEAMEC LIMITED | 3,960 | 15.4 | 3.04 | 9.4 | 19.4 | 17.3 | 30.0 | 48.5 |
| ESSAR SHIPPING LTD | 334 | 3.9 | — | — | 5.4 | 20.7 | (67.3) | 638250.0 |
| TRANSWORLD SHIP LINES LTD | 334 | — | 0.50 | 11.0 | (11.1) | (7.7) | (0.4) | 54.5 |
| GARWARE OFFSHORE SERVICES LIMI ◆ | 126 | — | 1.01 | 13.2 | (7.4) | (4.8) | (14.4) | 24.9 |
| CHOWGULE STEAMSHIPS LTD. | 73 | 20.8 | 4.09 | — | 28.8 | 20.8 | — | 70.4 |
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.0 | 2.2 | 2 of 8 | 86% |
| ROCE | (4.8) | 12.5 | 6 of 9 | 38% |
| ROE | (7.4) | 16.1 | 6 of 8 | 29% |
| Debt / Equity | 0.5 | 0.4 | 6 of 8 | 29% |
| EBITDA margin | 24.9 | 51.1 | 8 of 10 | 22% |
| Revenue growth | 39.1 | 39.1 | 5 of 9 | 50% |
| Profit growth | (48.1) | 73.0 | 9 of 10 | 11% |
| Market cap | 126 | 334 | 7 of 10 | 33% |
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GARWARE OFFSHORE SERVICES LIMI · 9 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · IBC demand notice to Afcons Infrastructure for Rs 3.04 crore unpaid dues | regulatory legal | high | — | — |
| 1 Sept 2026 · Annual Report FY26: Revenue up 9 percent, Net Loss widens to Rs 11.7 Cr | results | high | — | — |
| 24 Aug 2026 · BSE trading approval for 27000 shares from warrant conversion | capital market events | low | — | — |
| 18 Aug 2026 · Vessel commences operations under 4 year charter award | business updates | medium | — | — |
| 12 Aug 2026 · Listing approval for 27,000 shares issued on warrant conversion to non-promoters | capital market events | low | — | — |
| 10 Aug 2026 · Q1 FY27 results: revenue up sharply YoY but loss widens | results | high | — | — |
| 3 Aug 2026 · Board meeting on 10 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 8 Jul 2026 · Routine RTA compliance certificate filed for quarter ended June 2026 | compliance | minimal | — | — |
| 25 Jun 2026 · Warrants Converted: 27,000 Equity Shares Allotted to Non-Promoters | fund raising | low | — | — |
| 19 Jun 2026 · Registered office shifted to Prabhadevi, Mumbai | general | low | — | — |
Source: exchange announcements; reaction = close-to-close from the filing's session.
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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in