Garware Marine Industries reported its audited standalone financial results for the quarter and year ended March 31, 2026, approved by the Board of Directors at its meeting held on May 12, 2026. The results were prepared in accordance with Indian Accounting Standards (Ind AS) under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company recorded a notable decline in profitability and revenue on an annual basis, while the final quarter of FY26 posted a pre-tax loss.

Annual Financial Performance

For the full year ended March 31, 2026, Garware Marine Industries reported revenue from operations of ₹108.36 lakhs, compared to ₹120.18 lakhs in the year ended March 31, 2025. Total income, including other income of ₹4.19 lakhs (versus ₹0.24 lakhs in the prior year), stood at ₹112.55 lakhs against ₹120.42 lakhs previously. Total expenses rose significantly to ₹96.80 lakhs from ₹76.97 lakhs, driven primarily by higher other expenses of ₹59.55 lakhs (up from ₹41.21 lakhs) and employee benefit expenses of ₹36.96 lakhs (up from ₹35.54 lakhs).

The following table summarises the key annual financial metrics:

Quarterly Performance — Q4 FY26

For the quarter ended March 31, 2026, the company reported revenue from operations of ₹26.11 lakhs, compared to ₹23.54 lakhs in the corresponding quarter of the previous year and ₹30.30 lakhs in the preceding quarter ended December 31, 2025. Total income for Q4 FY26 stood at ₹27.33 lakhs. However, total expenses of ₹31.91 lakhs resulted in a loss before tax of ₹(4.58) lakhs for the quarter, compared to a profit of ₹4.77 lakhs in Q4 FY25. Net loss for the quarter from continuing operations was ₹(4.84) lakhs, against a net profit of ₹10.51 lakhs in the same quarter of the prior year.

Balance Sheet Highlights

As at March 31, 2026, total assets stood at ₹1,062.41 lakhs, compared to ₹1,917.22 lakhs as at March 31, 2025. The decline was primarily driven by a reduction in non-current investments to ₹489.00 lakhs from ₹1,367.54 lakhs. Total equity declined to ₹1,035.57 lakhs from ₹1,795.48 lakhs, with other equity at ₹458.95 lakhs versus ₹1,218.86 lakhs in the prior year. Equity share capital remained unchanged at ₹576.62 lakhs. Total current liabilities stood at ₹26.84 lakhs as at March 31, 2026, compared to ₹36.76 lakhs in the prior year.

Cash Flow Summary

For the year ended March 31, 2026, net cash used in operating activities was ₹(5.66) lakhs, compared to net cash generated of ₹0.09 lakhs in the prior year. Net cash generated from investing activities was ₹4.19 lakhs (versus cash used of ₹(0.75) lakhs previously), primarily on account of interest income. Net cash used in financing activities was ₹(0.04) lakhs. Cash and cash equivalents at the end of the year stood at ₹1.37 lakhs, down from ₹2.88 lakhs at the beginning of the year.

Auditor's Qualified Opinion and Management Response

The statutory auditors, D. Kothary & Co., Chartered Accountants, issued a qualified opinion on the standalone financial results. The qualification pertains to the company's non-recognition of Expected Credit Loss (ECL) provision on trade receivables outstanding for more than three years, amounting to ₹355.15 lakhs, as required under Ind AS 109 – Financial Instruments. The auditors noted they were unable to comment on the extent of realisability of such receivables and the consequential impact on the financial statements.

In its management reply, Garware Marine Industries stated that these receivables primarily relate to transactions from the erstwhile fishing nets business segment, involving customers with over a decade of association with the company. The management indicated that recoveries are being pursued progressively, with approximately ₹7.00 lakhs recovered from these customers during the current year. Additionally, the company wrote down debtors of approximately ₹20.00 lakhs during the year as a matter of prudence. The management maintained that recognising the entire amount as an ECL provision would not be appropriate given the historical business relationships and ongoing recovery efforts.

Corporate Actions and Other Developments

The Board also approved the following at its meeting held on May 12, 2026:

• Re-appointment of Messrs. Kirtane & Pandit LLP, Chartered Accountants (erstwhile M/s. R. U. Kamath & Co., Chartered Accountants), as Internal Auditors for FY 2026-27
• Corporate Guarantee of ₹10,00,00,000/- issued on behalf of Garware Offshore Services Ltd. (erstwhile Global Offshore Services Ltd.) against a Term Loan of ₹40,00,00,000/- from Kotak Mahindra Bank, with the company to receive a guarantee commission as agreed
• The Secretarial Audit Report (SEBI Compliance) for FY 2025-26 was taken on record and directed to be uploaded on BSE Ltd.

No dividend — interim or final — was declared for the period under review.

Garware Marine Industries has informed BSE Ltd. of an upcoming Board of Directors meeting, scheduled in compliance with Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting is set to take place on Tuesday, 12th May, 2026, at 12:00 noon, via Video Conferencing (Hybrid Mode), with the venue presumed to be at 3rd Floor, Prospect Chambers, D.N. Road, Fort, Mumbai – 400001.

Board Meeting Details

The key details of the scheduled board meeting are outlined below:

Agenda and Regulatory Compliance

The primary agenda of the meeting is to consider and approve the audited financial results for the quarter and year ended 31st March, 2026. The intimation has been filed pursuant to Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates listed companies to notify stock exchanges in advance of board meetings where financial results are to be considered.

The notice was signed by Pallavi P. Shedge, Company Secretary & Compliance Officer of Garware Marine Industries, and was communicated to BSE Ltd. on 4th May, 2026.