Garware Offshore Services Share Price & Earnings Call Analysis

Financials of Garware Offshore Services

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Garware Offshore Services

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +6.4011.9112.8310.757.897.738.397.268.138.974.256.7412.24
Expenses +16.1415.0217.696.107.629.106.855.697.057.546.724.857.84
Operating Profit-9.74-3.11-4.864.650.27-1.371.541.571.081.43-2.471.894.40
OPM %-152.19%-26.11%-37.88%43.26%3.42%-17.72%18.36%21.63%13.28%15.94%-58.12%28.04%35.95%
Other Income +-158.25616.30-2.457.600.2856.200.130.1612.420.834.112.540.52
Interest2.37-4.262.901.260.841.000.490.390.400.650.480.611.73
Depreciation8.055.104.423.983.153.123.173.413.493.442.953.555.08
Profit before tax-178.41612.35-14.637.01-3.4450.71-1.99-2.079.61-1.83-1.790.27-1.89
Tax %0.01%0.21%0.14%0.29%0.29%3.79%1.01%0.97%0.31%1.09%5.59%33.33%5.82%
Net Profit +-178.44611.06-14.656.98-3.4548.79-2.00-2.089.58-1.85-1.900.18-2.00
EPS in Rs-71.59218.98-4.891.73-1.2918.94-0.78-0.803.64-0.60-0.620.06-0.65

Financials of Garware Offshore Services

Profit & Loss

Annual income statement trend

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +369.77406.56391.02161.77135.75127.79121.9477.6764.9751.0139.2132.7532.20
Expenses +205.47238.42283.93206.14194.54196.3797.3885.5061.7664.3640.3726.9526.95
Operating Profit164.30168.14107.09-44.37-58.79-68.5824.56-7.833.21-13.35-1.165.805.25
OPM %44.43%41.36%27.39%-27.43%-43.31%-53.67%20.14%-10.08%4.94%-26.17%-2.96%17.71%16.30%
Other Income +3.798.890.6716.34-78.02-486.5170.88390.83-14.77437.3261.6213.548.00
Interest53.6354.0362.2768.5864.9081.0473.6522.9424.098.896.142.103.47
Depreciation67.3465.8470.6368.3460.8359.4430.7730.4935.1031.1514.6713.5115.02
Profit before tax47.1257.16-25.14-164.95-262.54-695.57-8.98329.57-70.75383.9339.653.73-5.24
Tax %1.57%3.45%0.99%0.15%-0.02%0.01%-20.60%0.18%0.41%0.35%4.99%2.14%
Net Profit +46.3855.18-25.39-165.20-262.50-695.64-7.13328.98-71.04382.5737.673.65-5.57
EPS in Rs15.4417.95-4.55-46.17-77.89-199.69-14.0888.20-25.16127.6514.491.19-1.81
Dividend Payout %7.77%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Financials of Garware Offshore Services

Balance Sheet

Capital structure and asset base

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital24.7324.7324.7324.7324.7324.7324.7324.7324.7324.7324.7330.6430.74
Reserves361.79435.25441.91314.24120.77-368.74-438.11-211.83-280.1322.7557.66103.44102.07
Borrowings +1,099.411,017.111,133.291,122.641,085.611,155.481,043.41677.85698.87156.6037.3729.5562.30
Other Liabilities +198.21191.81195.43227.68246.99174.03-0.8788.92102.9545.6322.9915.4918.19
Total Liabilities1,684.141,668.901,795.361,689.291,478.10985.50629.16579.67546.42249.71142.75179.12213.30
Fixed Assets +1,489.571,427.051,583.821,394.561,305.18839.40513.53521.80494.93193.87120.12115.62178.60
CWIP0.004.660.000.000.000.000.000.000.000.000.000.000.00
Investments0.380.380.380.110.060.040.030.060.150.080.140.360.38
Other Assets +194.19236.81211.16294.62172.86146.06115.6057.8151.3455.7622.4963.1434.32
Total Assets1,684.141,668.901,795.361,689.291,478.10985.50629.16579.67546.42249.71142.75179.12213.30

Financials of Garware Offshore Services

Cash Flows

Operating, investing and financing cash movement

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +175.93110.17104.5135.150.2119.8316.1922.6018.258.1211.789.41
Cash from Investing Activity +-367.7219.12-198.740.1234.12-0.9147.26-9.54-5.7964.6181.42-10.23
Cash from Financing Activity +208.38-109.8470.04-35.41-43.62-18.64-72.68-18.15-9.02-76.84-94.3938.85
Net Cash Flow16.5919.45-24.20-0.14-9.290.28-9.23-5.083.44-4.11-1.1938.03
Free Cash Flow-197.38148.35-58.8233.5032.6911.5760.8612.9112.4172.7393.20-1.26
CFO/OP107%66%98%-84%-4%-28%62%-262%598%-64%-642%172%

Financials of Garware Offshore Services

Ratios

Working capital efficiency and return ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days54.9139.1768.2681.4781.6353.2182.23102.4572.6477.0642.7358.96
Inventory Days
Days Payable
Cash Conversion Cycle54.9139.1768.2681.4781.6353.2182.23102.4572.6477.0642.7358.96
Working Capital Days-133.07-47.94-104.44-154.60-738.17-1,805.78-2,236.70-3,125.32-4,652.92-1,240.18-332.42-147.45
ROCE %7.06%6.56%2.23%-6.77%-8.55%-13.47%-0.69%-8.83%-8.07%-16.79%-5.54%-5.07%

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