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Garware Offshore Services Q2 FY27 results: net loss of ₹3.71 crore vs ₹0.18 crore profit, revenue up 60.1%
Garware Offshore Services Limited reported consolidated revenue of ₹10.79 crore in Q2 FY27, up 60.1% from Q2 FY26, alongside a net loss of ₹3.71 crore compared with a net profit of ₹0.18 crore. EBITDA rose to ₹3.41 crore and the margin was 31.6%, while basic EPS was a loss of ₹1.21.
Key points
- Consolidated revenue was ₹10.79 crore in Q2 FY27, up 60.1% from ₹6.74 crore in Q2 FY26 but down 8.5% from ₹11.79 crore in Q1 FY27.
- EBITDA was ₹3.41 crore, up 80.4% year on year from ₹1.89 crore, while the margin rose 3.6 percentage points to 31.6%.
- The company reported a net loss of ₹3.71 crore in Q2 FY27, against a net profit of ₹0.18 crore a year earlier and a net loss of ₹2.87 crore in Q1 FY27.
- Basic EPS was a loss of ₹1.21 in Q2 FY27, compared with a loss of ₹0.93 in Q1 FY27.
- For H1 FY27, revenue rose 105.2% to ₹22.57 crore, while the company reported a net loss of ₹6.58 crore against a net loss of ₹1.71 crore in H1 FY26.
How did Garware Offshore Services perform in Q2 FY27?
Garware Offshore Services reported consolidated revenue of ₹10.79 crore for Q2 FY27, compared with ₹6.74 crore in Q2 FY26 and ₹11.79 crore in Q1 FY27. EBITDA was ₹3.41 crore, up from ₹1.89 crore a year earlier but down from ₹4.14 crore in the previous quarter. The EBITDA margin rose 3.6 percentage points year on year to 31.6%, while it fell 3.5 percentage points sequentially from 35.1%.
The company reported a net loss of ₹3.71 crore in Q2 FY27, against a net profit of ₹0.18 crore in Q2 FY26 and a net loss of ₹2.87 crore in Q1 FY27. Loss attributable to owners was ₹3.38 crore, and basic EPS was a loss of ₹1.21, compared with a loss of ₹0.93 in the previous quarter. Standalone revenue was also ₹10.79 crore, with a net loss of ₹3.71 crore and profit before tax of ₹0.37 crore before exceptional items.
Total income was ₹11.23 crore, up ₹4.27 crore from ₹6.96 crore in Q2 FY26 but down ₹0.72 crore from ₹11.95 crore in Q1 FY27. Loss before tax was ₹3.66 crore, compared with profit before tax of ₹0.27 crore a year earlier and a loss of ₹2.82 crore in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 10.79 | 11.79 | 6.74 | +60.1% | −8.5% |
| Other income | 0.44 | 0.17 | 0.21 | +109.5% | +158.8% |
| Total expenses | 14.91 | 14.77 | 9.02 | +65.3% | +0.9% |
| EBITDA | 3.41 | 4.14 | 1.89 | +80.4% | −17.6% |
| EBITDA margin | 31.6% | 35.1% | 28.0% | +3.6 pp | −3.5 pp |
| Profit before tax | −3.66 | −2.82 | 0.27 | turned to loss | |
| Tax | 0.05 | 0.05 | 0.09 | −44.4% | +0.0% |
| Net profit | −3.71 | −2.87 | 0.18 | turned to loss | |
| EPS (₹) | −1.21 | −0.93 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Garware Offshore Services' costs and profit?
Total expenses rose ₹5.89 crore to ₹14.91 crore in Q2 FY27 from ₹9.02 crore in Q2 FY26, exceeding the increase in total income. Depreciation and amortisation increased ₹2.36 crore to ₹5.91 crore, other expenditure rose ₹2.72 crore to ₹6.40 crore, and finance costs increased ₹1.01 crore to ₹1.62 crore. Employee benefit expenses fell ₹0.19 crore to ₹0.98 crore, while other income rose ₹0.23 crore to ₹0.44 crore.
Q2 FY27 included an exceptional gain of ₹0.02 crore, compared with an exceptional gain of ₹2.33 crore in Q2 FY26. Tax expense was ₹0.05 crore, down ₹0.04 crore from ₹0.09 crore. Fleet operating expenses included ₹52.51 lakhs towards foreign exchange loss on restatement of a foreign currency loan, and the company said it had no foreign exchange derivatives exposure.
Sequentially, total expenses rose ₹0.14 crore from ₹14.77 crore in Q1 FY27. Depreciation increased ₹0.30 crore and finance costs rose ₹0.11 crore, while other expenses fell ₹0.24 crore, employee cost fell ₹0.03 crore and other income rose ₹0.27 crore. Tax remained unchanged at ₹0.05 crore, and there was no exceptional item in Q1 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 0.98 | 1.17 | −0.19 | −16.2% |
| Finance costs | 1.62 | 0.61 | +1.01 | +165.6% |
| Depreciation | 5.91 | 3.55 | +2.36 | +66.5% |
| Other expenses | 6.40 | 3.68 | +2.72 | +73.9% |
| Total expenses | 14.91 | 9.02 | +5.89 | +65.3% |
| Other income | 0.44 | 0.21 | +0.23 | +109.5% |
| Tax | 0.05 | 0.09 | −0.04 | −44.4% |
| Exceptional items | +0.02 (gain) | +2.33 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹22.57 crore, up 105.2% from ₹11.0 crore in H1 FY26. Total income rose 100.2% to ₹23.18 crore from ₹11.58 crore. Loss before tax widened to ₹6.48 crore from ₹1.53 crore, while the net loss increased to ₹6.58 crore from ₹1.71 crore.
Basic EPS for H1 FY27 was a loss of ₹2.14, compared with a loss of ₹0.56 in H1 FY26. The company’s unaudited results for the quarter and half year ended 30 September 2026 were reviewed by the audit committee and approved by the board on 5 November 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 22.57 | 11 | +105.2% |
| Profit before tax | −6.48 | −1.53 | |
| Net profit | −6.58 | −1.71 | |
| EPS (₹) | −2.14 | −0.56 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹213.21 crore, compared with ₹206.2 crore at 31 March 2026, while total equity fell to ₹118.78 crore from ₹124.86 crore. Borrowings increased to ₹67.09 crore from ₹62.79 crore, and cash declined to ₹1.55 crore from ₹2.51 crore. Inventories rose to ₹12.03 crore from ₹9.22 crore, trade receivables to ₹11.54 crore from ₹8.37 crore and trade payables to ₹11.05 crore from ₹8.62 crore.
For H1 FY27, operating cash flow was ₹4.63 crore, compared with an outflow of ₹2.72 crore in H1 FY26. Investing cash flow was an outflow of ₹7.48 crore against an outflow of ₹67.82 crore, and financing cash flow was ₹0.21 crore against ₹37.2 crore. Capital expenditure was ₹7.48 crore, compared with ₹67.82 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 213.21 | 206.20 |
| Total equity | 118.78 | 124.86 |
| Borrowings | 67.09 | 62.79 |
| Cash and equivalents | 1.55 | 2.51 |
| Inventories | 12.03 | 9.22 |
| Trade receivables | 11.54 | 8.37 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 4.63 | −2.72 |
| Cash from investing | −7.48 | −67.82 |
| Cash from financing | 0.21 | 37.20 |
| Capital expenditure | 7.48 | 67.82 |
Source: Company's results filing (XBRL).
How has Garware Offshore Services done over the last 8 quarters?
Revenue rose year on year in each of the last four quarters. It reached its highest level of ₹12.48 crore in Q4 FY26 before declining to ₹11.79 crore in Q1 FY27 and ₹10.79 crore in Q2 FY27. Profit was highest in Q3 FY25 at ₹9.58 crore and moved to a net loss of ₹3.71 crore in the latest quarter.
The EBITDA margin bottomed at -58.1% in Q1 FY26, then reached 35.9% in Q3 FY26 before easing to 31.6% in Q2 FY27. In the latest quarter, revenue, profit and margin were all lower than in Q1 FY27, although revenue remained higher than in Q2 FY26.
What did the auditors point out?
The auditors’ review report included an emphasis of matter concerning Garware Offshore International Services Pte. Limited. The auditors stated that the subsidiary’s net worth had eroded and was negative Rs. 418.77 Lakhs, which “may cast significant doubt on the subsidiary’s ability to continue as a going concern.” Their conclusion was not modified in respect of this matter.
How did Garware Offshore Services shares react?
After the filing appeared, the share price was unchanged at the five-minute mark and rose 2.0% after 15 minutes. On the reaction day, the stock closed 0.2% lower from its pre-results close of ₹41.59, while the median move for the Shipping industry was 1.6% lower. The stock’s reaction-day move was 1.4 percentage points higher than the industry median.
Earlier reaction-day moves were mixed: the stock fell 1.2% on 10 August 2026, fell 2.9% on 28 May 2026 and rose 0.5% on 12 February 2026. Earlier declines were recorded on 12 August 2025, 23 May 2025 and 29 May 2024, while it rose on 30 October 2024 and 9 August 2024.
| After the filing | Stock | Shipping median |
|---|---|---|
| 5 minutes | +0.0% | |
| 15 minutes | +2.0% | |
| Reaction day | −0.2% | −1.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 August 2026 | −1.2% |
| 28 May 2026 | −2.9% |
| 12 February 2026 | +0.5% |
| 12 August 2025 | −2.5% |
| 23 May 2025 | −2.1% |
| 30 October 2024 | +2.0% |
| 9 August 2024 | −3.0% |
| 29 May 2024 | −2.7% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Garware Offshore Services' revenue in Q2 FY27?
Revenue from operations was ₹10.79 crore, up 60.1% from ₹6.74 crore in Q2 FY26 (consolidated).
Did Garware Offshore Services make a profit in Q2 FY27?
No. It reported a net loss of ₹3.71 crore, against a net profit of ₹0.18 crore in Q2 FY26.
What was Garware Offshore Services' EPS in Q2 FY27?
Basic loss per share was ₹1.21.
How did Garware Offshore Services shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.2% from the previous close; the median Shipping stock moved −1.6%.
When did Garware Offshore Services announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Dated November 05, 2026 (BSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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