Shipping · Founded 1976 · www.globaloffshore.in · BSE 501848 · NSE GARWAOFFS · ISIN INE446C01013
No Notes Added Yet
Business
Garware Offshore Services Ltd., as represented by its historical ticker GLOBOFFS (Great Offshore Ltd.), was primarily engaged in providing comprehensive offshore oilfield services. Its core business involved the ownership, operation, and chartering of a diverse fleet of offshore support vessels (OSVs) to support the exploration, development, and production activities of the upstream oil and gas industry. The company made money by providing these vessels and associated specialized services (like anchor handling, platform supply, diving support, rig moves, etc.) to oil and gas exploration and production (E&P) companies on a contractual basis, ranging from short-term spot charters to long-term contracts.
Revenue Mix
Historically, the company's services could be broadly categorized by the type of vessels and specialized operations. These included:
Anchor Handling Tug Supply (AHTS) Vessels: For towing drilling rigs, assisting in anchor handling, and supplying materials.
Platform Supply Vessels (PSVs): For transporting personnel and supplies to offshore platforms and rigs.
Diving Support Vessels (DSVs): Equipped for subsea inspection, maintenance, and repair work using divers or ROVs (Remotely Operated Vehicles).
Offshore Construction and Maintenance Vessels: For various construction, installation, and maintenance tasks.
Jack-up Rigs: For drilling and workover operations in shallow to medium water depths.
Specific current revenue mix is not publicly available due to the company's delisted status.
Industry
The offshore oil and gas services industry is highly capital-intensive, cyclical, and directly linked to global crude oil prices and E&P spending by oil majors. It operates globally, with major hubs in regions with significant offshore oil and gas reserves. Historically, Great Offshore Ltd. was one of the prominent Indian players in this segment, competing with both domestic and international vessel operators. Its positioning was characterized by its fleet size and diversification, catering primarily to the Indian offshore market (e.g., ONGC, Reliance) and potentially some international clients in the Middle East or Southeast Asia. However, the industry is prone to oversupply, leading to intense competition and pressure on day rates.
MOAT
Historically, the company's competitive advantages stemmed from:
Capital Intensity: The high cost of acquiring and maintaining a specialized offshore fleet acted as a barrier to entry for new players.
Fleet Scale & Specialization: Having a diverse and modern fleet of AHTS, PSV, DSV, and possibly rig assets provided operational flexibility and ability to cater to varied client needs.
Operational Expertise: Specialized skills in managing complex offshore operations, crew management, and adherence to stringent safety and environmental regulations.
Client Relationships: Established relationships and long-term contracts with major E&P companies in India.
However, these advantages did not prevent the company's financial distress, highlighting the significant cyclical and financial risks inherent in the sector.
Growth Drivers
Historically, potential growth drivers for an offshore services company like Garware Offshore (Great Offshore) included:
Increased Global Energy Demand: Leading to higher E&P spending for new offshore discoveries and existing field development.
India's Energy Security Needs: Government push for increasing domestic oil and gas production to reduce import dependence.
Aging Global Fleet: Demand for newer, more technologically advanced, and fuel-efficient vessels to replace older ones.
Technological Advancements: Adoption of new technologies for deepwater exploration and production, requiring specialized vessels.
Risks
Key risks for a company in this sector include:
Extreme Cyclicality: Direct correlation with volatile crude oil prices. Prolonged periods of low oil prices severely impact demand for offshore services, utilization rates, and day rates.
High Financial Leverage: The capital-intensive nature necessitates significant debt, making companies vulnerable during downturns, as evidenced by Great Offshore Ltd.'s financial troubles.
Operational Risks: Accidents, breakdowns, extreme weather conditions leading to vessel downtime, safety incidents, and environmental liabilities.
Intense Competition & Oversupply: A global oversupply of offshore vessels can lead to aggressive pricing and pressure on profitability.
Regulatory & Environmental Compliance: Stringent and evolving maritime, safety, and environmental regulations can increase operating costs and compliance burden.
Geopolitical Risks: Instability in oil-producing regions can impact oil prices and global E&P investments.
Management & Ownership
Historically, the company (Great Offshore Ltd.) was promoted by the Garware family. Later, significant ownership and control shifted, notably with ABG Shipyard acquiring a controlling stake. The financial challenges and eventual delisting suggest difficulties in navigating the highly cyclical and capital-intensive industry, despite operational experience within the sector. Detailed assessment of specific management quality after delisting is not feasible from public records. Ownership structure evolved significantly over time, with various promoter groups and institutional/public shareholding until its delisting.
Outlook
The historical trajectory of Garware Offshore (Great Offshore Ltd.) serves as a stark reminder of the high risks associated with the offshore oil and gas services sector. While the sector remains critical for meeting global energy demands, it is characterized by extreme volatility, high capital requirements, and sensitivity to macroeconomic factors like crude oil prices. Companies that thrive in this environment typically possess strong balance sheets, modern and efficient fleets, diversified geographical presence, and robust risk management strategies. For entities like the historical GLOBOFFS, despite operating in an essential industry, the inability to manage financial leverage and navigate prolonged industry downturns led to severe consequences. The long-term outlook for the broader offshore services industry depends on global energy policies, the pace of energy transition, and continued investment in conventional oil and gas, particularly for deepwater and complex projects.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 8 | 8 | 7 | 8 | 9 | 4 | 7 | 12 | 12 | 12 |
| Other Income | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 15 | 8 | 7 | 8 | 9 | 5 | 7 | 13 | 13 | 12 |
| Total Expenditure | 9 | 7 | 6 | 7 | 8 | 7 | 5 | 8 | 10 | 8 |
| Operating Profit | 6 | 2 | 2 | 1 | 2 | -2 | 2 | 5 | 3 | 4 |
| Interest | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 2 | 2 | 2 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 5 | 7 | 6 |
| Exceptional Income / Expenses | 49 | 0 | 0 | 12 | 1 | 4 | 2 | 0 | 0 | 0 |
| Profit Before Tax | 51 | -2 | -2 | 10 | -2 | -2 | 0 | -2 | -5 | -3 |
| Provision for Tax | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Profit After Tax | 49 | -2 | -2 | 10 | -2 | -2 | 0 | -2 | -6 | -3 |
| Adjustments | -2 | 0 | -0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | 47 | -2 | -2 | 10 | -2 | -2 | 0 | -2 | -6 | -3 |
| Adjusted Earnings Per Share | 18.9 | -0.8 | -0.8 | 3.6 | -0.6 | -0.6 | 0.1 | -0.7 | -1.8 | -0.9 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 399 | 372 | 162 | 136 | 128 | 122 | 78 | 65 | 51 | 39 | 33 | 43 |
| Other Income | 9 | 1 | 3 | 2 | 5 | 3 | 1 | 1 | 0 | 8 | 1 | 0 |
| Total Income | 408 | 373 | 164 | 138 | 132 | 125 | 78 | 66 | 51 | 47 | 33 | 45 |
| Total Expenditure | 231 | 265 | 206 | 195 | 196 | 97 | 85 | 62 | 64 | 40 | 27 | 31 |
| Operating Profit | 177 | 108 | -42 | -57 | -64 | 27 | -7 | 4 | -13 | 7 | 6 | 14 |
| Interest | 54 | 62 | 69 | 65 | 81 | 74 | 23 | 24 | 9 | 6 | 2 | 7 |
| Depreciation | 66 | 71 | 68 | 61 | 59 | 31 | 30 | 35 | 31 | 15 | 14 | 22 |
| Exceptional Income / Expenses | 0 | 0 | 14 | -80 | -491 | 68 | 390 | -16 | 437 | 54 | 13 | 2 |
| Profit Before Tax | 57 | -25 | -165 | -263 | -696 | -9 | 330 | -71 | 384 | 40 | 4 | -10 |
| Provision for Tax | 2 | 0 | 0 | -0 | 0 | -2 | 1 | 0 | 1 | 2 | 0 | 1 |
| Profit After Tax | 55 | -25 | -165 | -262 | -696 | -7 | 329 | -71 | 383 | 38 | 4 | -11 |
| Adjustments | -11 | 14 | 51 | 70 | 202 | -28 | -111 | 9 | -67 | -2 | 0 | 0 |
| Profit After Adjustments | 44 | -11 | -114 | -193 | -494 | -35 | 218 | -62 | 316 | 36 | 4 | -11 |
| Adjusted Earnings Per Share | 18 | -4.6 | -46.2 | -77.9 | -199.7 | -14.1 | 88.2 | -25.2 | 127.7 | 14.5 | 1.2 | -3.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -15% | -20% | -23% | -22% |
| Operating Profit CAGR | -14% | 14% | -26% | -29% |
| PAT CAGR | -89% | 0% | 0% | -23% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -46% | 2% | -3% | -12% |
| ROE Average | 3% | 20% | 12% | -7% |
| ROCE Average | 4% | 51% | 41% | 13% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 460 | 467 | 339 | 145 | -344 | -413 | -187 | -255 | 47 | 82 | 134 |
| Minority's Interest | 129 | 123 | 65 | -5 | -204 | -193 | -79 | -90 | -29 | 0 | 0 |
| Borrowings | 862 | 932 | 938 | 853 | 627 | 390 | 131 | 25 | 9 | 5 | 12 |
| Other Non-Current Liabilities | 1 | 1 | 58 | 103 | 186 | -2 | -1 | -1 | 0 | 2 | 2 |
| Total Current Liabilities | 216 | 273 | 289 | 381 | 721 | 845 | 714 | 867 | 222 | 53 | 31 |
| Total Liabilities | 1669 | 1795 | 1689 | 1478 | 986 | 627 | 578 | 545 | 250 | 143 | 179 |
| Fixed Assets | 1427 | 1584 | 1395 | 1305 | 839 | 514 | 522 | 495 | 194 | 120 | 116 |
| Other Non-Current Assets | 5 | 0 | 44 | 46 | 36 | 4 | 0 | 0 | 0 | 0 | 2 |
| Total Current Assets | 237 | 211 | 251 | 127 | 110 | 110 | 56 | 50 | 42 | 22 | 61 |
| Total Assets | 1669 | 1795 | 1689 | 1478 | 986 | 627 | 578 | 545 | 250 | 143 | 179 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 54 | 74 | 31 | 31 | 21 | 21 | 12 | 7 | 11 | 7 | 5 |
| Cash Flow from Operating Activities | 110 | 105 | 35 | 0 | 20 | 16 | 23 | 18 | 8 | 12 | 9 |
| Cash Flow from Investing Activities | 40 | -163 | 1 | 34 | -7 | 47 | -10 | -6 | 65 | 81 | -10 |
| Cash Flow from Financing Activities | -110 | 70 | -35 | -44 | -19 | -73 | -18 | -9 | -77 | -94 | 39 |
| Net Cash Inflow / Outflow | 40 | 11 | 1 | -9 | -6 | -10 | -5 | 3 | -4 | -1 | 38 |
| Closing Cash & Cash Equivalent | 74 | 50 | 31 | 21 | 21 | 12 | 7 | 11 | 7 | 5 | 43 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 17.95 | -4.55 | -46.17 | -77.89 | -199.69 | -14.09 | 88.2 | -25.16 | 127.65 | 14.49 | 1.19 |
| CEPS(Rs) | 48.94 | 18.3 | -39.17 | -81.55 | -257.27 | 9.56 | 145.37 | -14.53 | 167.3 | 21.17 | 5.6 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 186.01 | 188.7 | 137.08 | 58.84 | -139.12 | -167.17 | -75.66 | -103.28 | 19.2 | 33.32 | 43.66 |
| Core EBITDA Margin(%) | 42.17 | 28.78 | -27.43 | -43.3 | -53.67 | 20.14 | -10.08 | 4.94 | -26.18 | -2.96 | 17.69 |
| EBIT Margin(%) | 27.89 | 9.98 | -59.58 | -145.59 | -480.89 | 53.03 | 453.86 | -71.81 | 770.01 | 116.78 | 17.79 |
| Pre Tax Margin(%) | 14.34 | -6.76 | -101.97 | -193.39 | -544.31 | -7.37 | 424.32 | -108.89 | 752.59 | 101.11 | 11.39 |
| PAT Margin (%) | 13.84 | -6.82 | -102.12 | -193.36 | -544.37 | -5.85 | 423.57 | -109.33 | 749.93 | 96.08 | 11.14 |
| Cash Profit Margin (%) | 30.36 | 12.16 | -59.87 | -148.56 | -497.86 | 19.39 | 462.82 | -55.31 | 810.99 | 133.5 | 52.4 |
| ROA(%) | 3.29 | -1.47 | -9.48 | -16.57 | -56.47 | -0.88 | 54.58 | -12.65 | 96.27 | 19.2 | 2.27 |
| ROE(%) | 13.04 | -5.48 | -41.01 | -108.36 | 0 | 0 | 0 | 0 | 0 | 58.02 | 3.38 |
| ROCE(%) | 7.5 | 2.41 | -6.3 | -14.68 | -60.17 | 8.97 | 62.91 | -9.99 | 121.33 | 28.53 | 4.19 |
| Receivable days | 45.44 | 57.27 | 123.23 | 89.36 | 69.98 | 68.99 | 115.75 | 97.53 | 84.77 | 71.49 | 55.07 |
| Inventory Days | 39.19 | 46.75 | 118.22 | 145.27 | 140.51 | 137.32 | 152.88 | 108.75 | 121.54 | 115.71 | 101.31 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 35.89 | 0 | 0 | 0 | 0 | 0 | 0.07 | 0 | 0.16 | 3 | 79.07 |
| Price/Book(x) | 3.46 | 0.97 | 0.32 | 0.36 | -0.08 | -0.02 | -0.08 | -0.44 | 1.06 | 1.31 | 2.16 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 6.36 | 4.13 | 7.41 | 8.23 | 9.09 | 8.51 | 8.84 | 12.31 | 3.93 | 3.49 | 8.32 |
| EV/Core EBITDA(x) | 14.33 | 14.24 | -28.75 | -19.72 | -18.14 | 38.18 | -98.06 | 182.83 | -15.21 | 21 | 43.12 |
| Net Sales Growth(%) | 10.52 | -6.68 | -56.52 | -16.09 | -5.87 | -4.57 | -36.31 | -16.34 | -21.49 | -23.14 | -16.48 |
| EBIT Growth(%) | 10.36 | -66.6 | -359.56 | -105.06 | -210.94 | 110.52 | 445.1 | -113.24 | 941.92 | -88.34 | -87.28 |
| PAT Growth(%) | 18.97 | -146.01 | -550.7 | -58.89 | -165.01 | 98.97 | 4712.83 | -121.59 | 638.54 | -90.15 | -90.31 |
| EPS Growth(%) | 16.29 | -125.36 | -914.43 | -68.7 | -156.37 | 92.95 | 726.18 | -128.53 | 607.34 | -88.65 | -91.78 |
| Debt/Equity(x) | 2.21 | 2.43 | 3.31 | 7.46 | -3.36 | -2.52 | -3.62 | -2.74 | 3.3 | 0.42 | 0.2 |
| Current Ratio(x) | 1.09 | 0.77 | 0.87 | 0.33 | 0.15 | 0.13 | 0.08 | 0.06 | 0.19 | 0.42 | 1.97 |
| Quick Ratio(x) | 0.88 | 0.6 | 0.67 | 0.2 | 0.09 | 0.08 | 0.05 | 0.04 | 0.12 | 0.24 | 1.69 |
| Interest Cover(x) | 2.06 | 0.6 | -1.41 | -3.05 | -7.58 | 0.88 | 15.37 | -1.94 | 44.19 | 7.46 | 2.78 |
| Total Debt/Mcap(x) | 0.64 | 2.51 | 10.46 | 20.66 | 41.42 | 162.29 | 42.9 | 6.27 | 3.11 | 0.32 | 0.09 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 32.47 | 33.98 | 33.86 | 30.46 | 30.39 | 30.35 | 30.35 | 30.36 | 30.33 | 30.33 |
| FII | 0.28 | 0.27 | 0.27 | 0.23 | 0.14 | 0.16 | 0.16 | 0.03 | 0.03 | 0.03 |
| DII | 0.16 | 0.16 | 0.16 | 0.13 | 0.13 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 |
| Public | 67.09 | 65.59 | 65.71 | 69.18 | 69.34 | 68.7 | 68.7 | 68.83 | 68.85 | 68.85 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.83 | 0.89 | 0.89 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 |
| FII | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 1.71 | 1.71 | 1.73 | 2.12 | 2.13 | 2.11 | 2.11 | 2.12 | 2.12 | 2.12 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.55 | 2.61 | 2.63 | 3.06 | 3.07 | 3.07 | 3.07 | 3.07 | 3.08 | 3.08 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -15% | -20% | -23% | -22% |
| Operating Profit CAGR | -14% | +14% | -26% | -29% |
| PAT CAGR | -89% | — | — | -23% |
| Share Price CAGR | -46% | +2% | -3% | -12% |
| ROE Average | +3% | +20% | +12% | -7% |
| ROCE Average | +4% | +51% | +41% | +13% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 32.47 | 33.98 | 33.86 | 30.46 | 30.39 | 30.35 | 30.35 | 30.36 | 30.33 | 30.33 |
| FII | 0.28 | 0.27 | 0.27 | 0.23 | 0.14 | 0.16 | 0.16 | 0.03 | 0.03 | 0.03 |
| DII | 0.16 | 0.16 | 0.16 | 0.13 | 0.13 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 |
| Public | 67.09 | 65.59 | 65.71 | 69.18 | 69.34 | 68.7 | 68.7 | 68.83 | 68.85 | 68.85 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.83 | 0.89 | 0.89 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 |
| FII | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 1.71 | 1.71 | 1.73 | 2.12 | 2.13 | 2.11 | 2.11 | 2.12 | 2.12 | 2.12 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.55 | 2.61 | 2.63 | 3.06 | 3.07 | 3.07 | 3.07 | 3.07 | 3.08 | 3.08 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.
Your relationship manager will connect with you shortly.