Garware Marine Industries Ltd (509563)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Garware Marine's revenue was ₹0.3 Cr (+20.5% year on year, +20.5% on the previous quarter), and net profit ₹0.1 Cr (+22.8% year on year); the operating margin was 23.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.3 | +20.5% | +20.5% |
| Operating profit | ₹0.1 | +24.2% | from loss |
| Net profit | ₹0.1 | +22.8% | from loss |
| EPS (₹) | 0.13 | +30.0% | from loss |
| Operating margin | 23.8% | — | — |
📢 Recent Corporate Announcements
Garware Marine Industries held an EGM on October 7, 2026, where shareholders approved increasing the Section 185 transaction limit from ₹40 Crores to up to ₹50 Crores. The approval includes material related-party transactions and the charging of guarantee commission on corporate guarantees provided to Garware Offshore Services Limited (GOSL). This ₹50 Crore exposure is massive compared to the company's financial base, representing ~5x its net worth of ₹10 Crore and ~4.5x its market cap of ₹11 Crore. Voting scrutinizer results will be finalized and disclosed in due course.
- Approved raising the Section 185 limit from ₹40 Crores up to ₹50 Crores via Special Resolution
- Sanctioned material related-party transaction with Garware Offshore Services Limited (GOSL) including corporate guarantee and guarantee commission
- Limit of ₹50 Crore dwarfs company's annual revenue of ₹1.08 Crore and net worth of ₹10 Crore
- Chairman Aditya A. Garware recused himself from chairing Items 1 and 2 due to common directorship/promoter interest
Garware Marine Industries Limited held its 48th Annual General Meeting on September 23, 2026, with 99 members present via video conferencing. Key resolutions considered included the adoption of FY26 financial statements, the reappointment of Chairman Aditya A. Garware, the reappointment of Executive Director Shyamsunder V. Atre for two years from October 31, 2026, and the appointment of Hasan Alibhai Bhinderwala as Independent Director for five years from August 12, 2026. The meeting noted that there were qualifications or adverse remarks in the Auditor's and Secretarial Audit Reports which were addressed by the Chairman. Detailed voting results will be declared separately after scrutinizer verification.
- 48th AGM conducted on September 23, 2026, with a quorum of 99 members present
- Special resolution proposed for appointment of Shyamsunder V. Atre as Executive Director for 2 years effective October 31, 2026
- Special resolution proposed for Hasan Alibhai Bhinderwala as Independent Director for a 5-year term starting August 12, 2026
- Chairman noted presence of qualifications, observations, or adverse remarks in the Statutory and Secretarial Audit Reports
- Remote e-voting was held from September 20 to September 22, 2026, based on the September 16, 2026 record date
Garware Marine Industries has released the notice for its 48th Annual General Meeting (AGM) scheduled for September 23, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements (FY26 revenue of Rs 1.13 cr, profit of Rs 0.15 cr) and the re-appointment of Mr. Shyamsunder V. Atre as Executive Director for two years starting October 31, 2026. Additionally, shareholders will vote on appointing Mr. Hasan Alibhai Bhinderwala as an Independent Director for a five-year term ending August 11, 2031.
- 48th AGM scheduled for Wednesday, September 23, 2026, at 11:30 AM via VC/OAVM
- Re-appointment of Mr. Shyamsunder V. Atre as Executive Director for 2 years w.e.f. October 31, 2026 (last drawn remuneration: Rs 15,47,040/year)
- Appointment of Mr. Hasan Alibhai Bhinderwala as Independent Director for a 5-year term ending August 11, 2031
- Disclosed FY26 revenue of Rs 112.55 lakhs (Rs 1.13 cr) and net profit of Rs 14.72 lakhs (Rs 0.15 cr)
Garware Marine Industries Limited has submitted its Annual Report for FY 2025-26 under Regulation 34(1). The 48th Annual General Meeting is scheduled to be held on September 23, 2026, via Video Conferencing. Key resolutions include the reappointment of Executive Director Mr. Shyamsunder V. Atre for a 2-year term and the appointment of Mr. Hasan Alibhai Bhinderwala as an Independent Director for 5 years. Notes to accounts disclose a corporate guarantee of Rs. 40,00,00,000 provided against a term loan sanctioned to common controlled entity Garware Offshore Services Limited.
- 48th AGM scheduled for Wednesday, 23rd September, 2026 at 11:30 AM via VC/OAVM
- Special resolution proposed for re-appointment of Mr. Shyamsunder V. Atre as Executive Director for 2 years from 31st October, 2026
- Appointment of Mr. Hasan Alibhai Bhinderwala as Non-Executive Independent Director for a 5-year term till 11th August, 2031
- Contingent exposure via a corporate guarantee of Rs. 40,00,00,000/- provided to Kotak Mahindra Bank for a loan to Garware Offshore Services Limited
Garware Marine Industries has appointed Mr. Hasan Bhinderwala as an Independent Director for a five-year term effective August 12, 2026. Mr. Bhinderwala brings over 22 years of experience in the industrial, safety, and sports netting sectors, which aligns with the company's textile focus. The appointment is subject to shareholder approval at the upcoming 48th Annual General Meeting. Given the company's micro-cap status and small TTM revenue of Rs 1.08 Cr, this adds specialized industry expertise to the board.
- Appointment of Mr. Hasan Bhinderwala for a 5-year term starting August 12, 2026, to August 11, 2031.
- The appointee has over 22 years of leadership experience in manufacturing and marketing of netting solutions.
- Shareholder approval for the appointment must be obtained within three months at the 48th AGM.
- The company currently operates at a small scale with TTM revenue of Rs 1.08 Cr and a market cap of Rs 12 Cr.
Garware Marine Industries reported a 28.9% YoY increase in revenue from operations to ₹33.53 Lakhs for Q1 FY27. Net profit grew to ₹7.37 Lakhs from ₹5.69 Lakhs in the same quarter last year, despite a very small revenue base. The company also appointed Mr. Hasan A. Bhinderwala as an Independent Director for a five-year term. However, Total Comprehensive Income was negative at ₹(13.19) Lakhs due to a ₹20.56 Lakhs loss in the fair value of equity instruments.
- Revenue from operations grew 28.9% YoY to ₹33.53 Lakhs in Q1 FY27.
- Net profit increased to ₹7.37 Lakhs compared to ₹5.69 Lakhs in Q1 FY26.
- Total Comprehensive Income reported a loss of ₹13.19 Lakhs due to fair value adjustments on equity instruments.
- Mr. Hasan A. Bhinderwala appointed as Independent Director for a 5-year term starting August 12, 2026.
- 48th Annual General Meeting scheduled for September 23, 2026, via video conferencing.
Garware Marine Industries has scheduled a board meeting for August 12, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company is a micro-cap with a market capitalization of just ₹12 Cr and a very low TTM revenue of ₹1 Cr. Recent performance has been weak, with the company reporting a net loss of ₹0.05 Cr in the March 2026 quarter. Investors will be looking for signs of recovery from the previous quarter's negative EPS of ₹-0.09.
- Board meeting scheduled for August 12, 2026, at 12:00 noon via Video Conferencing.
- Meeting to consider and approve unaudited financial results for the quarter ended June 30, 2026.
- Company reported a TTM revenue of only ₹1 Cr, highlighting its small scale of operations.
- Previous quarter (March 2026) resulted in a net loss of ₹0.05 Cr against a revenue of ₹0.26 Cr.
Garware Marine Industries has issued a revised outcome for its May 12, 2026, board meeting following instructions from the stock exchange. The revision specifically addresses a rectified management reply to an auditor's qualification, which is currently described as 'not quantifiable.' The company, which has a small scale of operations with FY26 revenue of ₹1.08 crore, also confirmed the re-appointment of Kirtane & Pandit LLP as internal auditors for FY 2026-27. This filing follows a period of declining stock performance, with a 12-month price return of -18.4%.
- Revised outcome of the Board Meeting originally held on 12th May 2026 to rectify auditor qualification responses
- Management reply to Auditor's Qualification is officially stated as 'not quantifiable'
- Audited FY26 revenue confirmed at ₹1.08 crore, representing approximately 9% of the current ₹12 crore market cap
- Re-appointment of Messrs. Kirtane & Pandit LLP as Internal Auditors for the F.Y. 2026-27 approved
- Secretarial Audit Report for F.Y. 2025-26 taken on record by the Board
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