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Garware Offshore Services Ltd (GLOBOFFS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 501848 NSE: GLOBOFFS Shipping | Small Cap | Garware OffshoreServ Share Price
₹43.39 1.90 (4.58%)
As on 18-Sep'26 16:59
Garware Offshore Services Ltd (GLOBOFFS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 501848 NSE: GLOBOFFS Shipping | Small Cap | Garware OffshoreServ Share Price
₹43.39 1.90 (4.58%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹134 Cr.
Current Price
₹43.4
52-Week Low / High
₹31 / 88
TTM EPS
₹-3.3
TTM Sales
₹43.3 Cr.
Book Value per Share
₹39.7
P/E Ratio
0.00
Industry PE
9.4
Price to Book (P/B)
1.09
Lower than its 5-year historical median
Price to Sales (P/S)
3.09
Lower than its 5-year historical median
EV/EBITDA
13.22
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
3.38%
In line with industry median
Return on Capital Employed (ROCE)
4.19%
Underperforms industry median
Return on Assets (ROA)
2.27%
Operating Profit Margin
18.6%
Net Profit Margin
11.14%
Gross Profit Margin
12.9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
9.31%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-90.31%
Asset Quality
Promoter Holding
30.33%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹91 Cr.
Equity
₹30.8 Cr.
Face Value
₹10
All Time Low / High
₹2.00 / 864.90
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Strong
Is Garware Offshore Services Ltd a good quality company?
Garware Offshore Services Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Garware Offshore Services Ltd performance compare with that of its Peers?
Revenue growth of Garware Offshore Services Ltd vs industry peers?
Garware Offshore Services Ltd revenue CAGR is -23.12%, compared to the industry median CAGR of 0%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Garware Offshore Services Ltd?
Promoters hold 30.33% of the Garware Offshore Services Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Garware Offshore Services Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -10.6% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Garware Offshore Services Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 6.6% | 3.1% | -18.3% | -7.4% | -7.5% | 0.3% | -9% | 49.4% | -61.8% | -4.3% | - |
| Value Creation Index ⓘ | -0.5 | -0.8 | -2.3 | -1.5 | -1.5 | -1.0 | -1.6 | 2.5 | -5.4 | -1.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 160 | 98.5 | 76.3 | 64.8 | 70.8 | 61.2 | 47.4 | 29.6 | 30 | 32.8 | 43 |
| Sales YoY Gr. | - | -38.4% | -22.6% | -15% | 9.2% | -13.6% | -22.6% | -37.5% | 1.2% | 9.3% | - |
| Adj EPS ⓘ | 15.2 | -0.1 | -61.2 | -29 | -26.3 | -10.3 | -20.6 | -3.8 | -29.7 | -2.7 | -3.2 |
| YoY Gr. | - | -100.5% | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 166.1 | 167.8 | 106.4 | 77.4 | 51.3 | 44.3 | 19.3 | 88.8 | 39.9 | 45.3 | 40.7 |
| Adj Net Profit ⓘ | 37.6 | -0.2 | -151 | -71.8 | -65 | -25.5 | -50.8 | -9.3 | -73.3 | -8.2 | -10 |
| Cash Flow from Ops. ⓘ | 65.8 | 47.7 | 7.1 | 12.1 | 24.6 | 11 | 10.7 | -1 | 12.5 | -0.4 | - |
| Debt/CF from Ops. ⓘ | 6.1 | 7.9 | 52.2 | 32.2 | 17 | 36 | 38 | -38.8 | 1.7 | -37.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -16.2% | -14.3% | -11.6% | 9.3% | ||||
| Adj EPS ⓘ | -182.4% | NA | NA | NA | ||||
| BVPSⓘ | -13.5% | -2.5% | 33% | 13.5% | ||||
| Share Price | -10.6% | 5.1% | 4.1% | -40.9% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 9.5 | -0.1 | -44.7 | -31.6 | -40.9 | -21.6 | -64.7 | -7 | -46.1 | -6.9 | -7.4 |
| Op. Profit Mgn % ⓘ | 51.2 | 40.5 | 22.4 | 22.7 | 31.8 | 25.3 | 2 | -56.3 | 8 | 21 | 31.1 |
| Net Profit Mgn % ⓘ | 23.5 | -0.2 | -198.5 | -110.8 | -91.9 | -41.7 | -107.4 | -31.5 | -244.7 | -25 | -22.6 |
| Debt to Equity ⓘ | 1 | 0.9 | 1.4 | 2 | 3.3 | 3.6 | 8.6 | 0.2 | 0.2 | 0.1 | - |
| Working Cap Days ⓘ | 174 | 298 | 370 | 355 | 308 | 292 | 260 | 322 | 236 | 188 | 158 |
| Cash Conv. Cycle ⓘ | 99 | 195 | 249 | 255 | 216 | 204 | 173 | 174 | 61 | 77 | 37 |
Valuation of Garware OffshoreServ - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 372 | 162 | 136 | 128 | 122 | 78 | 65 | 51 | 39 | 33 |
| Operating Expenses ⓘ + | 265 | 206 | 195 | 196 | 97 | 85 | 62 | 64 | 40 | 27 |
| Operating Profit ⓘ | 107 | -44 | -59 | -69 | 25 | -8 | 3 | -13 | -1 | 6 |
| Operating Profit Margin (%) | 28.8% | -27.4% | -43.3% | -53.7% | 20.1% | -10.1% | 4.9% | -26.2% | -3.0% | 17.7% |
| Other Income ⓘ + | 1 | 3 | 2 | 5 | 3 | 1 | 1 | 0 | 8 | 1 |
| Interest ⓘ | 62 | 69 | 65 | 81 | 74 | 23 | 24 | 9 | 6 | 2 |
| Depreciation ⓘ | 71 | 68 | 61 | 59 | 31 | 30 | 35 | 31 | 15 | 14 |
| Profit Before Tax ⓘ | -25 | -165 | -263 | -696 | -9 | 330 | -71 | 384 | 40 | 4 |
| Tax ⓘ | 0 | 0 | -0 | 0 | -2 | 1 | 0 | 1 | 2 | 0 |
| Profit After Tax | -25 | -165 | -262 | -696 | -7 | 329 | -71 | 383 | 38 | 4 |
| PAT Margin (%) | -6.8% | -102.0% | -193.0% | -544.0% | -5.9% | 423.6% | -109.0% | 749.9% | 96.1% | 11.1% |
| Adjusted EPS (₹) | -4.6 | -46.2 | -77.9 | -199.0 | -14.1 | 88.2 | -25.2 | 127.7 | 14.5 | 1.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 467 | 339 | 145 | -344 | -413 | -187 | -255 | 47 | 82 | 134 | |
| Debt + | 989 | 1,009 | 924 | 706 | 471 | 196 | 106 | 84 | 34 | 27 | |
| Minority Interest | 123 | 65 | -5 | -204 | -193 | -79 | -90 | -29 | 0 | 0 | |
| Trade Payables | 26 | 44 | 50 | 45 | 41 | 24 | 27 | 35 | 10 | 7 | |
| Others Liabilities ⓘ | 191 | 232 | 364 | 783 | 722 | 624 | 758 | 113 | 16 | 11 | |
| Total Liabilities ⓘ | 1,795 | 1,689 | 1,478 | 986 | 627 | 578 | 545 | 250 | 143 | 179 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,584 | 1,395 | 1,305 | 839 | 514 | 522 | 495 | 194 | 120 | 116 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 48 | 56 | 52 | 47 | 45 | 20 | 19 | 15 | 10 | 9 | |
| Trade Receivables | 73 | 36 | 30 | 19 | 27 | 22 | 13 | 11 | 5 | 5 | |
| Cash Equivalents | 50 | 31 | 21 | 21 | 12 | 7 | 11 | 7 | 5 | 43 | |
| Others Assets ⓘ | 40 | 172 | 70 | 59 | 29 | 7 | 8 | 23 | 3 | 6 | |
| Total Assets ⓘ | 1,795 | 1,689 | 1,478 | 986 | 627 | 578 | 545 | 250 | 143 | 179 | |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 105 | 35 | 0 | 20 | 16 | 23 | 18 | 8 | 12 | 9 |
| Cash Flow From Investing Activity ⓘ + | -163 | 1 | 34 | -7 | 47 | -10 | -6 | 65 | 81 | -10 |
| Cash Flow From Financing Activity ⓘ + | 70 | -35 | -44 | -19 | -73 | -18 | -9 | -77 | -94 | 39 |
| Net Cash Flow ⓘ | 11 | 1 | -9 | -6 | -10 | -5 | 3 | -4 | -1 | 38 |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -5.48 | -41.01 | -108.36 | N/A | N/A | N/A | N/A | 0 | 58.02 | 3.38 |
| ROCE (%) | 2.41 | -6.3 | -14.68 | N/A | N/A | N/A | N/A | 121.33 | 28.53 | 4.19 |
| Asset Turnover Ratio | 0.21 | 0.09 | 0.09 | 0.1 | 0.15 | 0.13 | 0.12 | 0.13 | 0.2 | 0.2 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | 0.07 | N/A | 0.02 | 0.32 | 2.25 |
| Working Capital Days | ||||||||||
| Receivable Days | 57.30 | 123.20 | 89.40 | 70 | 69 | 115.80 | 97.50 | 84.80 | 71.50 | 55.10 |
| Inventory Days | 46.80 | 118.20 | 145.30 | 140.50 | 137.30 | 152.90 | 108.80 | 121.50 | 115.70 | 101.30 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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Garware Offshore Services Ltd FAQs
The current trading price of Garware OffshoreServ on 18-Sep-2026 16:59 is ₹43.39.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Garware OffshoreServ stood at ₹133.5 Cr
The latest P/E ratio of Garware OffshoreServ as of 17-Sep-2026 is 0.00.
The latest P/B ratio of Garware OffshoreServ as of 17-Sep-2026 is 1.07.
The 52-week high of Garware OffshoreServ is ₹88.00 and the 52-week low is ₹31.36.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Garware OffshoreServ is ₹43.26 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Garware Offshore Services Ltd is a average quality company.
The key valuation ratios of Garware Offshore Services Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Garware Offshore Services Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Garware Offshore Services Ltd
Garware Offshore Services Limited was incorporated as Garware Shipping Cooperations Limited on September 20, 1976, promoted by Late Padma Bhushan B.D. Garware, founder of Garware Group of Companies.
The company presently owns and operates a fleet of six anchor handling tugs cum vesssels ( AHTSV'S) and five platform supply vessells (PSV'S). The company's vessels are working in various markets including India, Europe and Far East.
The company has a wholly owned subsidiary incorporated in Singapore, 'Garware Offshore International Shipping Pte. limited’ incorporated in 2007.
The company has placed an order for one larger PSV scheduled for delivery in the 3rd quarter of F.Y.2011. In Addition, The companys Singapure Subsidary will bareboat two assets in the 3rd Quarter of F.Y.2010.These are one work BARGE and one AHTSV.
The company’s vessels support the oil and gas exploration efforts and are presently employed with various E& P companies.
The company’s platform supply vessels are employed in India and in the North Sea. The main functions of these vessels are
- transport of personnel to rigs from onshore bases and vice versa.
- delivery of cargo / material to rigs
- anchor handling operations
- Towing of rigs from one location to another.
The company has worked with various operators E & P including: ONGC, British Gas, Transocean, Cairn Energy, Senergy, Petrofac, C N R, British Petroleum, etc.
Milestones achieved:
- October 2005- The company has contracted for the building of a ut-755l design platform supply vessel (psv) with Havyard Leirvik as a yard in Norway. The vessel was delivered in November 2006 and is on a long term contract operating in India.
- January- 2006 The company took delivery of a ut-755 design platform supply (psv) on December 12, 2005, in Norway. This vessel, is built in the year 2000 and commenced it's contract with bg exploration and production India limited ( british gas) for two years. The vessel is presently working in the west coast of India.
- February 2006The company has contracted for the building of a second ut-755l design platform supply vessel (psv) with Havyard Leirvik as . The vessel was delivered in May 2007 and is on a long term contract operating in India.
- June 2006- The company has contracted for the building of a two 755ln design platform supply vessels (psv) with Havyard Leirvik as. The vessels were delivered in June 2008 and March 2009 respectively. the vessel delivered in June 2008 is working in the north sea .the vessel delivered in march 2009, is on a long term contract operating in India.
- July 2008- The company took delivery of a new 60 ton bollard pull anchor handling tug cum supply vessel (ahtsv) viz. “m v poorna†in July 2008 at Singapore. the vessel is fitted with dynamic position system (dp1) along with external fire fighting equipment (fifi1).the vessel is working in far east waters on a term contract.
- October 2008- The company placed an order for one large psv scheduled for delivery in the 3 rd quarter of financial year 2011.
- December 2008- The company took delivery of a new 60 ton bollard pull anchor handling tug cum supply vessel (ahtsv) viz. “mv meghna†in december 2008 at china. the vessel is fitted with dynamic position system (dp1) along with external fire fighting equipment (fifi1). the vessel is working in far east waters on spot contracts.
- March 2009- The company took delivery of a new 60 ton bollard pull anchor handling tug cum supply vessel (ahtsv) viz. mv mahananda in march 2009 at singapore. the vessel is fitted with dynamic position system (dp1) along with external fire fighting equipment (fifi1). the vessel is working in asean waters on a term contract.
Recent developments
Garware Offshore Services in April 2009 has secured a firm contract for 3 years from Oil & Natural Gas Corporation (ONGC) for its newly built platform supply vessel ‘M V Makalu’. The annual revenue from this contract is expected to be in the region of Rs 350 million.
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