GMGarware Marine Industries509563Quarterly results

Board approves Sept-quarter and half-year results; corporate guarantee of up to ~Rs. 45.35 crore issued for group firm

Board meeting on 4 November 2026 approved unaudited standalone results for the quarter and six months ended 30 September 2026, with the auditors' limited review report.

By ScoutQuest · Wed 4 Nov 2026, 3:00 PM IST · 2 min read

Revenue from operations (quarter)

23.01 (Rs. In Lakhs)

Net profit (quarter) vs same quarter last year

2.38 vs 9.30 (Rs. In Lakhs)

Corporate guarantee issued for group firm GOSL

up to ~Rs. 45.35 crore; commission 0.50% p.a.

Garware Marine Industries held its Board meeting on 4 November 2026 and approved the unaudited standalone financial results for the quarter and six months ended 30 September 2026. The statutory auditors, D. Kothary & Co., carried out a limited review, and their report carries an unmodified conclusion.

How the quarter looked

• The financial statements are printed in Rs. In Lakhs.
• Revenue from operations for the quarter was 23.01.
• Net profit for the quarter was 2.38, compared with 9.30 in the same quarter a year earlier.
• For the six months ended 30 September 2026, net profit was 9.75.
• The expense side includes employee benefit expense, finance costs, depreciation and other expenses, and the company reported other income as well as a tax expense for the period.

Corporate guarantee for a group company

• After securing the necessary approvals of the Members, the company issued a corporate guarantee of up to ~Rs. 45.35 crore in favour of Kotak Mahindra Bank, the lender to Garware Offshore Services Limited (GOSL). This supersedes the earlier corporate guarantee.
• The guarantee was issued in view of the revised enhanced financial facility sanctioned by the bank, aggregating ~Rs. 48.83 crore.
• The company will receive a guarantee commission of 0.50% p.a. on the final enforceable limit from GOSL, on terms mutually agreed between the parties.

Inter-corporate deposit to the same group company

• During the six months ended 30 September 2026, the company entered into an agreement with GOSL to provide an inter-corporate deposit to meet GOSL's working capital requirements on mutually agreed terms.
• Under that agreement, an ICD of Rs.11.5 lakh was disbursed to GOSL.

What this means for a retail reader

• The results are unaudited but have been reviewed by the statutory auditors; a review gives moderate assurance and is narrower in scope than a full audit.
• A corporate guarantee is a contingent obligation: the company has committed to pay the bank if GOSL does not. It is not money already paid out, but it is a risk to track, and the 0.50% p.a. commission is the fee the company earns for carrying that risk.
• An inter-corporate deposit is money lent to another company. It can earn interest, but it also carries the risk that the borrower does not repay on time.
• Both the guarantee and the deposit are transactions with a group company, so they are related-party items to be read alongside the results.

Points to note

• On the figures shown, net profit for the quarter and for the half year is lower than in the corresponding periods of the previous year.
• Comparative financial information for earlier periods has been regrouped and reclassified where necessary to correspond with the current period's presentation.
• The Board also took on record the limited review report issued by the statutory auditors along with the results.

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