Garware Offshore Services Limited held its 48th Annual General Meeting (AGM) on September 24, 2026, via video conferencing. The meeting focused on the adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026, and the reappointment of key leadership.

Meeting proceedings and attendance

The AGM commenced at 11:30 am and concluded at 12:15 pm. 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.

Resolutions passed

The members adopted two ordinary resolutions during the session:

1. Adoption of audited standalone and consolidated financial statements for FY26, along with reports from the Directors and Auditors.
2. Reappointment of Mr. Aditya Ashok Garware (DIN: 00019816), who retired by rotation and offered himself for reappointment.

Since there were no qualifications, observations, or adverse remarks in the Auditor's Report or Secretarial Audit Report, these documents were not read out during the meeting. The Chairman noted that due to the virtual nature of the meeting, resolutions did not require formal proposing and seconding.

Voting and compliance

Mr. Taher Sapatwala, a practicing company secretary, was appointed as scrutinizer to conduct electronic voting. Members who had not cast votes electronically prior to the meeting were given an opportunity to do so during the AGM. The final results, along with the scrutinizer’s report, are to be posted on the company website and communicated to stock exchanges within permissible legal timelines.

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.