Garware Offshore Services Ltd

₹ 57.6 -0.40%

19 Jun - close price

About

Incorporated in 1976, Global Offshore Services Ltd is engaged in owning, operating, and chartering of offshore support vessels.^[1]

Key Points

Business Overview:^[1]^[2]^[3]
The company manufactures various PET bottles, containers, and jars using ISBM technology:
a) General Purpose Bottle: For packing contents without internal pressure, used for liquor, water, detergent, medicine, food, etc.
b) Pressure Resistance Bottle: Designed to handle high internal CO2 pressure.
c) Heat & Pressure Resistance Bottle: Suitable for CO2-based contents and pasteurization, e.g., carbonated soft drinks with milk or fruit.
d) Heat Resistance Bottle: For high-temperature filling and sterilization, ideal for juice, tea, and sports drinks.
e) TNC PET Resin: Features low acetaldehyde content.
f) Containers & Jars: Wide range of PET-based storage solutions.

Website BSE

Market Cap ₹ 177 Cr.
Current Price ₹ 57.6
High / Low ₹ 93.5 / 31.4
Stock P/E
Book Value ₹ 40.6
Dividend Yield 0.00 %
ROCE -5.87 %
ROE -11.6 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -14.4% over past five years.
Promoter holding is low: 30.4%
Company has a low return on equity of -13.0% over last 3 years.
Earnings include an other income of Rs.7.55 Cr.
Debtor days have increased from 62.4 to 85.5 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	11.91	12.83	10.75	7.89	7.73	8.39	7.26	8.13	8.97	4.25	6.74	12.24	12.48
	15.02	17.69	6.10	7.62	9.10	6.85	5.69	7.05	7.54	6.72	4.85	7.84	9.75
Operating Profit	-3.11	-4.86	4.65	0.27	-1.37	1.54	1.57	1.08	1.43	-2.47	1.89	4.40	2.73
OPM %	-26.11%	-37.88%	43.26%	3.42%	-17.72%	18.36%	21.63%	13.28%	15.94%	-58.12%	28.04%	35.95%	21.88%
	616.30	-2.45	7.60	0.28	56.20	0.13	0.16	12.42	0.83	4.11	2.54	0.52	0.38
Interest	-4.26	2.90	1.26	0.84	1.00	0.49	0.39	0.40	0.65	0.48	0.61	1.73	1.62
Depreciation	5.10	4.42	3.98	3.15	3.12	3.17	3.41	3.49	3.44	2.95	3.55	5.08	6.51
Profit before tax	612.35	-14.63	7.01	-3.44	50.71	-1.99	-2.07	9.61	-1.83	-1.79	0.27	-1.89	-5.02
Tax %	0.21%	0.14%	0.29%	0.29%	3.79%	1.01%	0.97%	0.31%	1.09%	5.59%	33.33%	5.82%	11.16%
	611.06	-14.65	6.98	-3.45	48.79	-2.00	-2.08	9.58	-1.85	-1.90	0.18	-2.00	-5.58
EPS in Rs	218.98	-4.89	1.73	-1.29	18.94	-0.78	-0.80	3.64	-0.60	-0.62	0.06	-0.65	-1.82
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	406.56	391.02	161.77	135.75	127.79	121.94	77.67	64.97	51.01	39.21	32.75	35.72
	238.42	283.93	206.14	194.54	196.37	97.38	85.50	61.76	64.36	40.37	26.95	29.17
Operating Profit	168.14	107.09	-44.37	-58.79	-68.58	24.56	-7.83	3.21	-13.35	-1.16	5.80	6.55
OPM %	41.36%	27.39%	-27.43%	-43.31%	-53.67%	20.14%	-10.08%	4.94%	-26.17%	-2.96%	17.71%	18.34%
	8.89	0.67	16.34	-78.02	-486.51	70.88	390.83	-14.77	437.32	61.62	13.54	7.55
Interest	54.03	62.27	68.58	64.90	81.04	73.65	22.94	24.09	8.89	6.14	2.10	4.44
Depreciation	65.84	70.63	68.34	60.83	59.44	30.77	30.49	35.10	31.15	14.67	13.51	18.10
Profit before tax	57.16	-25.14	-164.95	-262.54	-695.57	-8.98	329.57	-70.75	383.93	39.65	3.73	-8.44
Tax %	3.45%	0.99%	0.15%	-0.02%	0.01%	-20.60%	0.18%	0.41%	0.35%	4.99%	2.14%	10.07%
	55.18	-25.39	-165.20	-262.50	-695.64	-7.13	328.98	-71.04	382.57	37.67	3.65	-9.29
EPS in Rs	17.95	-4.55	-46.17	-77.89	-199.69	-14.08	88.20	-25.16	127.65	14.49	1.19	-3.02
Dividend Payout %	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%

Compounded Sales Growth
10 Years:	-21%
5 Years:	-14%
3 Years:	-11%
TTM:	9%

Compounded Profit Growth
10 Years:	-4%
5 Years:	10%
3 Years:	19%
TTM:	-62%

Stock Price CAGR
10 Years:	-9%
5 Years:	40%
3 Years:	13%
1 Year:	-37%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	-13%
Last Year:	-12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	24.73	24.73	24.73	24.73	24.73	24.73	24.73	24.73	24.73	24.73	30.64	30.74
Reserves	435.25	441.91	314.24	120.77	-368.74	-438.11	-211.83	-280.13	22.75	57.66	103.44	94.18
	1,017.11	1,133.29	1,122.64	1,085.61	1,155.48	1,043.41	677.85	698.87	156.60	37.37	29.55	64.51
	191.81	195.43	227.68	246.99	174.03	-0.87	88.92	102.95	45.63	22.99	15.49	16.77
Total Liabilities	1,668.90	1,795.36	1,689.29	1,478.10	985.50	629.16	579.67	546.42	249.71	142.75	179.12	206.20
	1,427.05	1,583.82	1,394.56	1,305.18	839.40	513.53	521.80	494.93	193.87	120.12	115.62	173.46
CWIP	4.66	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00
Investments	0.38	0.38	0.11	0.06	0.04	0.03	0.06	0.15	0.08	0.14	0.36	0.30
	236.81	211.16	294.62	172.86	146.06	115.60	57.81	51.34	55.76	22.49	63.14	32.44
Total Assets	1,668.90	1,795.36	1,689.29	1,478.10	985.50	629.16	579.67	546.42	249.71	142.75	179.12	206.20

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	110.17	104.51	35.15	0.21	19.83	16.19	22.60	18.25	8.12	11.78	9.41	7.62
	19.12	-198.74	0.12	34.12	-0.91	47.26	-9.54	-5.79	64.61	81.42	-10.23	-72.64
	-109.84	70.04	-35.41	-43.62	-18.64	-72.68	-18.15	-9.02	-76.84	-94.39	38.85	33.46
Net Cash Flow	19.45	-24.20	-0.14	-9.29	0.28	-9.23	-5.08	3.44	-4.11	-1.19	38.03	-31.56
Free Cash Flow	148.35	-58.82	33.50	32.69	11.57	60.86	12.91	12.41	72.73	93.20	-1.26	-66.66
CFO/OP	66%	98%	-84%	-4%	-28%	62%	-262%	598%	-64%	-642%	172%	127%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	39.17	68.26	81.47	81.63	53.21	82.23	102.45	72.64	77.06	42.73	58.96	85.53
Inventory Days
Days Payable
Cash Conversion Cycle	39.17	68.26	81.47	81.63	53.21	82.23	102.45	72.64	77.06	42.73	58.96	85.53
Working Capital Days	-47.94	-104.44	-154.60	-738.17	-1,805.78	-2,236.70	-3,125.32	-4,652.92	-1,240.18	-332.42	-147.45	-110.77
ROCE %	6.56%	2.23%	-6.77%	-8.55%	-13.47%	-0.69%	-8.83%	-8.07%	-16.79%	-5.54%	-5.07%	-5.87%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Consolidated Fleet Size
Number of Vessels

xx	xx	xx	xx	xx	xx	x	xx	x	x	x	x
	x	x	x	x	x	x	xx	xx	xx	xx	xx
	x	x	x	x	x	x	x	x	x	x
	x	x	x	x	x	x	x	x	x	x
	xx		x	x	x	x	x	x	x		x
								xx	xx

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Average Fleet Age
Years

Vessels Acquired
Number of Vessels ・Includes some standalone data

Vessels Sold
Number of Vessels

Vessels on Term Contracts
Number of Vessels

Global OSV Utilization Benchmark
Percentage ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	33.29%	33.29%	33.29%	33.29%	32.47%	33.98%	33.86%	30.46%	30.40%	30.35%	30.35%	30.35%
	1.97%	1.50%	0.62%	0.41%	0.28%	0.27%	0.27%	0.23%	0.14%	0.16%	0.16%	0.03%
	3.21%	1.95%	0.16%	0.16%	0.16%	0.16%	0.15%	0.13%	0.13%	0.78%	0.78%	0.78%
	61.52%	63.27%	65.94%	66.14%	67.07%	65.59%	65.71%	69.18%	69.34%	68.70%	68.70%	68.82%
No. of Shareholders	17,813	17,805	17,858	17,782	17,996	18,002	17,894	17,956	17,990	17,886	17,777	17,588

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	32.90%	32.90%	33.06%	33.10%	33.29%	33.29%	33.29%	33.29%	30.46%	30.35%
	0.62%	0.58%	0.57%	0.57%	0.57%	1.06%	1.58%	0.41%	0.23%	0.03%
	5.31%	5.25%	5.25%	5.25%	5.25%	5.25%	4.00%	0.16%	0.13%	0.78%
	61.17%	61.27%	61.12%	61.08%	60.89%	60.41%	61.13%	66.14%	69.18%	68.82%
No. of Shareholders	26,303	25,164	21,494	20,832	19,866	19,160	17,959	17,782	17,956	17,588

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Garware Offshore Services Ltd

Garware Offshore Services Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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