Garware Offshore Services reports net loss for FY26
Garware Offshore Services Limited reported a consolidated net loss of ₹92.89 crore for FY26 against a net profit of ₹36.50 crore in FY25, while revenue increased to ₹369.14 crore. The Board approved the audited financial results for the year ended March 31, 2026, which included exceptional items for interest written off and debt settlement gains.
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Garware Offshore Services Limited reported a consolidated net loss of ₹92.89 crore for the financial year ended March 31, 2026, a significant decline from the net profit of ₹36.50 crore recorded in the previous year. The company's revenue from operations rose to ₹369.14 crore for FY26, up from ₹332.75 crore in FY25. For the quarter ended March 31, 2026, the company posted a net loss of ₹5.58 crore on revenue of ₹12.79 crore.
The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 28, 2026. The statutory auditors, D. Kothary & Co., issued an unmodified opinion on the financial results. The company noted that exceptional items for the consolidated results included interest written off and a gain on the settlement of debt at a discounted price.
Financial Performance
The company's total expenditure for the year increased, driven by higher finance costs and depreciation. Finance costs for the year stood at ₹85.55 crore, compared to ₹81.20 crore in the previous year. Depreciation and amortisation expenses rose to ₹180.98 crore from ₹137.50 crore in FY25. The company reported a forex loss of ₹2.56 crore for the year on loans availed in USD for the acquisition of a vessel.
Operational Metrics
During the quarter under review, two out of the company's three vessels were on long-term charter. The company provided for tax amounting to ₹0.55 crore for the quarter and ₹0.85 crore for the year in view of the recovery of a loan previously provided for and written off. Additionally, depreciation increased by ₹1.44 crore compared to the previous quarter due to a short provision identified in prior periods.
Key Financial Figures
| Metric | Consolidated FY26 (₹ in Lakhs) | Consolidated FY25 (₹ in Lakhs) |
|---|---|---|
| Revenue from Operations | 3,691.36 | 3,327.53 |
| Total Expenses | 5,171.48 | 4,256.43 |
| Net Profit / (Loss) | (928.93) | 364.95 |
| Earnings Per Share (Basic) | (3.02) | 1.37 |
The company's equity share capital remained unchanged at ₹30.74 crore. The total comprehensive income for the year attributable to owners of the parent was a loss of ₹117.30 crore. The company stated that it does not have any foreign exchange derivatives exposure and is engaged in only one business segment: the charter of offshore support vessels.
Historical Stock Returns for Garware Offshore Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.94% | -0.67% | -13.96% | -35.36% | -49.09% | +393.43% |
What strategic measures will the company take to reduce the soaring finance costs and depreciation expenses that contributed to the net loss?
How will the recent debt settlement at a discounted price impact the company's leverage ratios and future borrowing capacity?
Are there plans to secure a long-term charter for the third vessel to improve operational revenue and utilization rates?
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