Garware Offshore Services Limited has submitted the scrutinizer's report for its 48th Annual General Meeting (AGM), held on September 24, 2026. The report confirms that both ordinary resolutions proposed at the meeting were passed with the requisite majority.

Voting results and resolutions

The consolidated scrutinizer's report, prepared by Taher Sapatwala & Associates, details the voting outcomes for the two items on the agenda. For Item No. 1, regarding the adoption of audited standalone and consolidated financial statements for FY26, a total of 152 members cast valid votes representing 10,947,177 votes. Of these, 147 members voted in favor, accounting for 100.00% of the valid votes. Five members cast votes against, totaling 230 votes, which constituted 0.00% of the total valid votes. No invalid votes were recorded.

Similarly, for Item No. 2, concerning the reappointment of Mr. Aditya Ashok Garware (DIN: 00019816), who retired by rotation, the voting pattern was identical. 147 members voted in favor with 100.00% support, while 5 members voted against with 0.00% opposition. The resolution was passed with the requisite majority.

Meeting proceedings and attendance

The AGM commenced at 11:30 am and concluded at 12:15 pm via video conferencing. Mr. Aditya A. Garware, Chairman and Managing Director, presided over the session. The requisite quorum was present, with authorized representation accounting for 58,81,624 shares, or 19.12% of the total shareholding. Of this, 42,95,686 shares (13.98%) were represented in favor of directors, while 15,85,938 shares (5.15%) were represented by others.

The following directors attended the meeting:

Key managerial personnel and auditors also attended, including Company Secretary A.C. Chandarana and CFO Pradip S. Shah. Ms. Debjani Maji represented statutory auditors D. Kothary & Co., while Mr. Rajkumar Tiwari served as secretarial auditor.

Compliance and e-voting details

The company utilized the e-voting facility provided by Central Depository Services (India) Limited (CDSL). Remote e-voting commenced on September 21, 2026, at 10:00 am and ended on September 23, 2026, at 5:00 pm. Shareholders holding shares as on the cut-off date of September 17, 2026, were eligible to vote. Additionally, e-voting facilities were available during the AGM for members who had not participated remotely.

Mr. Taher Sapatwala, a practicing company secretary, served as the scrutinizer. The electronic data and relevant records relating to electronic voting remain in his safe custody until the Chairman approves and signs the minutes of the AGM. Since there were no qualifications or adverse remarks in the Auditor's Report or Secretarial Audit Report, these documents were not read out during the meeting.

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.