Garware Offshore Services Ltd

BSE: 501848

₹ 36-2.25%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 111 crWebsite: www.garwareoffshore.comUpdated: 24 Oct 2026

About

Garware Offshore Services Ltd, called Global Offshore Services Limited until 18 February 2026, owns and charters offshore support vessels to the oil and gas industry. As of May 2026 its fleet was 3 vessels: one DP2 platform supply vessel (MV Kamet) and two anchor-handling tug supply vessels (MV Mahananda and MV Mahanadi). Its reported revenue for FY26 was Rs 35.72 Cr.^[1][2][3]

Fleet

As of May 2026 the fleet was 3 vessels: MV Kamet (DP2 PSV), MV Mahananda (60T AHTSV) and MV Mahanadi (80T AHTSV).^[2]
MV Mahanadi is a 2006-built 80 Tons BP DP2 vessel acquired by the company (disclosed in Q1 FY26).^[4][2]
Average fleet age was about 16 years in Q1 FY26.^[4]
As of March 2026, the vessels were valued at about USD 19 million, an estimate given by management.^[2]

Contracts and utilisation

2 out of 3 vessels were on term contract in FY26, the same count as in Q1 FY26.^[2][4]
MV Mahananda is contracted until December 2027, with a 1-year extension option (FY26).^[2]
MV Kamet's contract ends in August 2026; a 5-year contract starting August 2026 was under negotiation (Q4 FY26 call).^[2]
Q1 FY26: one vessel came off contract in April 2025, and gross income fell to Rs. 504.26 lakhs from Rs. 3349.41 lakhs.^[4]

Customers

MV Mahanadi completed a 9-month charter with Vedanta Ltd that began in September 2025. A 3- or 5-year contract starting August/September 2026 was under negotiation.^[4][2]
The company deploys its vessels in oil and gas. Management named offshore wind as an additional area for using its vessels (Q4 FY26 call).^[2]

Expansion plans

Plan to acquire 2-3 mid-size vessels (80 Ton AHTSV / 3000 DWT PSV) between 2026 and 2028; one 80 Ton AHTSV has already been acquired. In Q1 FY26 the target window was 2024-26.^[2][4]
Expansion is to be funded from internal accruals, debt and moving vessels into joint ventures with strategic partners, which would release part of the existing vessel value (Q4 FY26 call).^[2]
The FY26 annual report says the company will look at expansion once the contracts and operations of its 3 vessels are streamlined.^[1]

Debt and restructuring

Lender dues from the restructuring after the 2015 oil-price crash have been settled. As of March 2026, net debt was USD 4.24 million and INR 19 crore.^[2]
As of June 2025, total debt was Rs. 52.46 crores, of which Rs. 36.40 crores was for the newly acquired vessel.^[4]
Consolidated EBITDA was INR 1,167.92 lakhs in FY26, up from INR 719.09 lakhs in FY25. The net loss grew because of higher depreciation, higher finance costs and a forex loss on debt.^[2]

Subsidiary

The wholly owned Singapore subsidiary, Garware Offshore International Services Pte. Ltd., had no operating income in FY26 and is settling debts with private lenders.^[1]
The company recovered Rs. 322,50 lakhs (as printed in the FY26 report) of a Rs. 336.54 lakhs loan to the subsidiary that it had earlier written off.^[1]

Industry backdrop

Management said little new OSV capacity has been built in 8 to 10 years, which has improved charter rates. It cited a global OSV market forecast of USD 29 billion by 2032 (Q4 FY26 call).^[2]

Recent developments

18 February 2026: the company's name changed from Global Offshore Services Limited to Garware Offshore Services Limited.^[1]
22 June 2026: the registered office moved to A-304 Naman Midtown, Prabhadevi West, Mumbai.^[1]

Market Cap

₹111 Cr

High / Low

₹61 / 38

Stock P/E

-11.2

Price / Book

1.0

Book Value

₹41

EPS

₹-3.2

No. of Shares

3.07 Cr

ROCE

-5.9%

ROE

-7.6%

OPM

-28.1%

Debt / Equity

0.50

Sales

₹36 Cr

Net Profit

₹-9 Cr

Promoter holding

30.3%

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