Garware Offshore Services reported a net loss of ₹117.02 crore for the financial year ended March 31, 2026, widening from a loss of ₹79.61 crore in the previous year. The offshore support vessel operator saw revenue rise 9% year-on-year to ₹357.25 crore, supported by the acquisition of the M.V. Mahanadi. However, the bottom line was pressured by higher depreciation and finance costs associated with the new asset.

Financial Performance

The company’s income from operations grew to ₹357.25 crore in FY26 from ₹327.50 crore in FY25. Other income surged significantly to ₹44.11 crore, compared to ₹4.63 crore in the prior year, largely due to the reversal of a provision on a short-term loan given to its subsidiary. Despite the top-line growth and other income boost, total expenses increased to ₹509.88 crore from ₹413.75 crore.

EBITDA expanded 62% to ₹116.75 crore, reflecting improved operational leverage. However, depreciation charges jumped to ₹180.98 crore from ₹135.11 crore, primarily due to the induction of the new vessel into the fleet. Finance costs also more than doubled to ₹44.33 crore from ₹18.42 crore, driven by interest on loans availed for the vessel acquisition.

What the Numbers Show

While EBITDA growth outpaced revenue growth, indicating operational efficiency, the net loss widened because non-operational costs rose sharply. Depreciation and finance costs together accounted for ₹225.31 crore of expenses in FY26, exceeding the EBITDA of ₹116.75 crore. This structural cost increase highlights the immediate financial impact of capital expansion before the new assets can fully contribute to profitability.

Operational Updates

The company acquired the M.V. Mahanadi during the year, which secured an eight-month contract starting September 2025. Another vessel, M.V. Kamet, remained idle for most of the year but secured a 75-day contract in May 2026 and a longer-term contract starting August 2026. The average age of the company’s fleet stood at 18.5 years.

Corporate Actions

The company changed its name from Global Offshore Services Limited to Garware Offshore Services Limited effective February 18, 2026. It also incorporated two wholly-owned subsidiaries, Mahanadi Offshore Services Private Limited and Kamet Offshore Services Private Limited, though neither commenced operations during the year. The Board did not recommend any dividend due to the losses incurred.

Garware Offshore Services Limited (formerly Global Offshore Services Limited) has secured listing approval from BSE Limited for 27,000 equity shares. The approval, received on August 11, 2026, covers shares issued to non-promoters on a preferential basis pursuant to the conversion of warrants. This issuance expands the company’s public shareholding base through the exercise of existing derivative instruments rather than a fresh capital raise.

The company disclosed the development in a letter dated August 12, 2026, addressed to the exchange. The filing was signed by A.C. Chandarana, Company Secretary & President - Legal & Admin. The communication cites Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as the regulatory framework governing the disclosure.

Share Issuance Details

The approved shares carry a face value of ₹10 each and were issued at a premium of ₹82 per share. The distinctive numbers for these equity shares range from 30743444 to 30770443. The allotment was made exclusively to non-promoter investors.

BSE Limited issued the formal approval under letter number LOD/PREF/AA/FIP/630/2026-27. The scrip code for Garware Offshore Services Limited remains 501848. The company’s registered office is located at A/304, Naman Midtown, Senapati Bapat Road, Prabhadevi (West), Mumbai.

What the Numbers Show

The issuance reflects the conversion of warrants into equity, a mechanism that converts potential future claims into permanent capital without immediate cash inflow to the firm. By issuing these shares to non-promoters, the company likely aims to meet regulatory requirements regarding public float or broaden its shareholder base. The premium of ₹82 over the ₹10 face value indicates the market valuation assigned to the warrants at the time of their conversion terms were set, distinct from the current market price of the listed equity.