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 ₹ 41.6
Dividend Yield 0.00 %
ROCE -3.72 %
ROE -8.76 %
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 -10.2% over past five years.
Promoter holding is low: 30.4%
Company has a low return on equity of -6.53% over last 3 years.
Earnings include an other income of Rs.4.41 Cr.
Debtor days have increased from 66.8 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	4.09	6.61	7.80	7.86	7.69	8.39	7.26	8.13	8.97	4.25	6.74	12.24	12.48
	9.50	7.15	5.74	6.87	7.99	6.71	5.68	7.14	6.48	6.27	4.83	7.82	9.53
Operating Profit	-5.41	-0.54	2.06	0.99	-0.30	1.68	1.58	0.99	2.49	-2.02	1.91	4.42	2.95
OPM %	-132.27%	-8.17%	26.41%	12.60%	-3.90%	20.02%	21.76%	12.18%	27.76%	-47.53%	28.34%	36.11%	23.64%
	397.17	-2.77	-0.21	0.04	-103.96	0.04	0.05	0.05	0.60	0.79	2.71	0.61	0.31
Interest	-5.54	0.75	0.11	0.49	0.68	0.47	0.37	0.37	0.63	0.48	0.61	1.73	1.61
Depreciation	3.48	2.89	3.12	3.14	3.12	3.17	3.41	3.49	3.44	2.95	3.55	5.08	6.51
Profit before tax	393.82	-6.95	-1.38	-2.60	-108.06	-1.92	-2.15	-2.82	-0.98	-4.66	0.46	-1.78	-4.86
Tax %	0.33%	0.29%	1.45%	0.38%	1.78%	1.04%	0.93%	1.06%	2.04%	2.15%	19.57%	6.18%	11.52%
	392.53	-6.97	-1.40	-2.61	-109.98	-1.94	-2.17	-2.85	-1.00	-4.76	0.37	-1.89	-5.42
EPS in Rs	158.73	-2.82	-0.57	-1.06	-44.47	-0.76	-0.83	-1.08	-0.33	-1.55	0.12	-0.61	-1.76
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	90	160	98	76	65	71	61	47	30	30	33	36
	46	89	66	64	50	48	46	46	46	28	26	28
Operating Profit	44	71	33	12	15	23	16	1	-17	2	7	7
OPM %	49%	44%	33%	16%	23%	32%	25%	2%	-56%	8%	21%	20%
	2	0	15	-119	-36	-40	12	-16	217	-107	1	4
Interest	9	19	20	21	27	25	18	19	3	2	2	4
Depreciation	13	22	23	24	23	24	26	28	24	12	14	18
Profit before tax	23	30	5	-152	-72	-67	-17	-62	173	-119	-8	-11
Tax %	8%	1%	5%	0%	0%	-3%	3%	0%	1%	2%	1%	8%
	21	30	4	-152	-72	-65	-17	-62	172	-121	-8	-12
EPS in Rs	8.36	12.14	1.74	-61.31	-29.02	-26.22	-6.96	-25.09	69.55	-48.91	-2.60	-3.81
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-14%
5 Years:	-10%
3 Years:	6%
TTM:	9%

Compounded Profit Growth
10 Years:	%
5 Years:	10%
3 Years:	20%
TTM:	-42%

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

Return on Equity
10 Years:	-13%
5 Years:	-19%
3 Years:	-7%
Last Year:	-9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	25	25	25	25	25	25	25	25	25	25	31	31
Reserves	354	386	390	238	167	102	85	23	195	74	108	97
	298	401	376	370	389	417	397	408	39	24	17	61
	31	20	25	46	62	94	106	128	26	19	12	16
Total Liabilities	708	832	816	679	642	638	612	584	285	141	169	205
	403	545	519	492	463	451	453	429	129	120	116	173
CWIP	5	0	0	0	0	0	0	0	0	0	0	0
Investments	205	205	205	113	113	113	113	113	113	0	0	0
	95	82	93	73	66	73	46	41	43	21	53	31
Total Assets	708	832	816	679	642	638	612	584	285	141	169	205

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	45	66	48	7	12	25	11	11	-1	13	-0	9
	-9	-159	-13	-1	-8	-12	-4	-5	66	12	-10	-69
	-23	87	-40	-4	-4	-7	-12	-2	-69	-25	40	38
Net Cash Flow	13	-6	-5	2	-1	5	-4	4	-4	-1	30	-23
Free Cash Flow	67	-93	47	6	3	12	7	6	65	24	-11	-66
CFO/OP	102%	93%	152%	73%	79%	105%	58%	1,244%	1%	364%	3%	118%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	104	64	81	64	60	70	92	65	44	56	59	86
Inventory Days
Days Payable
Cash Conversion Cycle	104	64	81	64	60	70	92	65	44	56	59	86
Working Capital Days	-127	-76	-207	-675	-1,239	-1,652	-2,365	-3,721	-310	-304	-135	-76
ROCE %	5%	7%	1%	-1%	-1%	-0%	-2%	-6%	-11%	-1%	-4%	-4%

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

Vessels Sold
Number of Vessels

Vessels on Term Contracts
Number of Vessels

Global OSV Utilization Benchmark
Percentage

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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