Garware Marine Industries Ltd

GARWAMAR

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Market Cap

₹ 16 Cr

P/E

51.98

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

LOW MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Garware Marine Industries Ltd (GMIL) is primarily engaged in ship repairs and previously manufactured and marketed fishing nets.

Originally incorporated as Modern Nets Ltd in 1975, the company has undergone significant changes, ceasing fishing net production to focus on ship repair.

The company operates its ship repair division, assisting OEM engineers with various marine engineering tasks, enhancing its niche capabilities in marine services.

Previously, GMIL increased its fish knitted fabric production capacity by 50%, indicating its historical focus on fishing industry support.

As of its recent focus, the company operates mainly from its headquarters in Mumbai with facilities in Ahmednagar, Maharashtra.

Sector

Ship Building

Industry

Ship - Breaking / Repairing

Market Cap

16 Cr

Volatility

Low Risk

P/E Ratio

52.0

Industry P/E

45.6

PEG Ratio

0.2

P/B Ratio

1.0

52W High

36.29

52W Low

20.33

Sales CAGR

81.82%

-8.79%

1.43%

10Y

0.39%

Profit CAGR

714.29%

211.30%

40.43%

10Y

110.75%

ROE

TTM

1.94%

1.30%

1.18%

10Y

0.39%

ROCE

TTM

1.68%

1.29%

1.21%

10Y

1.02%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GRSE	2289.50	26,920 Cr	43.67	11.73	0.59	26.85	36.26	5.61
SWANDEF	1322.65	6,968 Cr	—	28.45	0.00	-51.60	-4.09	-4.34
KMEW	3693.20	4,374 Cr	88.71	8.58	0.00	20.56	19.05	11.36
LAXMIPATI	349.95	201 Cr	30.97	23.48	0.00	81.10	38.74	11.95
VMS	27.50	67 Cr	10.43	0.69	0.00	6.59	8.09	3.61
HRYNSHP	105.55	65 Cr	17.08	0.43	0.00	2.54	4.39	2.26
GARWAMAR	28.49	16 Cr	51.98	1.00	0.00	1.94	1.68	1.81

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.20	0.16	0.15	0.15	0.41	0.29	0.27	0.24	0.26	0.26
Expenses	0.20	0.18	0.19	0.21	0.18	0.20	0.19	0.19	0.21	0.18
Operating Profit	0.00	-0.02	-0.04	-0.06	0.23	0.09	0.08	0.05	0.05	0.08
OPM %	0.00	-12.50	-26.67	-40.00	56.10	31.03	29.63	20.83	19.23	30.77
Other Income	0.00	0.00	0.05	0.00	0.00	0.00	0.00	0.00	0.00	0.01
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.01	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	0.00	-0.02	0.02	-0.07	0.23	0.09	0.08	0.05	0.06	0.10
Tax %	—	0.00	0.00	0.00	17.39	11.11	12.50	-120.00	0.00	0.00
Net Profit	0.00	-0.02	0.02	-0.07	0.19	0.07	0.06	0.11	0.06	0.09
EPS in Rs	0.00	-0.04	0.03	-0.11	0.33	0.12	0.11	0.18	0.10	0.16

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.88	1.15	1.25	1.12	1.30	1.58	1.22	0.66	1.20	1.06
Expenses	1.36	0.96	1.02	1.03	1.15	1.57	1.11	0.77	0.77	0.79
Operating Profit	-0.48	0.20	0.23	0.09	0.15	0.01	0.12	-0.11	0.43	0.27
OPM %	-54.88	17.02	18.23	7.86	11.32	0.92	9.70	-16.96	36.14	25.47
Other Income	0.00	0.14	0.02	0.02	0.01	0.01	0.00	0.05	0.00	NaN
Interest	0.05	0.03	0.02	0.01	0.01	0.00	0.00	0.00	0.00	-0.01
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-0.53	0.30	0.22	0.09	0.15	0.02	0.12	-0.07	0.43	0.28
Tax %	-14.97	91.75	2.67	11.39	3.67	8.92	0.26	0.00	0.71	-7.14
Net Profit	-0.61	0.03	0.22	0.08	0.14	0.01	0.12	-0.07	0.43	0.30
EPS in Rs	-1.05	0.05	0.37	0.13	0.25	0.02	0.20	-0.12	0.74	0.55
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.77	5.77	5.77	5.77	5.77	5.77	5.77	5.77	5.77	5.77
Reserves	-0.13	4.84	1.73	0.50	-0.72	-0.02	5.42	2.14	5.28	12
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	0.60	0.63	0.93	0.85	0.69	0.70	0.29	0.31	0.44	1.22
Total Liabilities	6.24	11	8.43	7.11	5.74	6.44	11	8.22	11	19
Fixed Assets	0.02	0.01	0.02	0.02	0.01	0.01	0.02	0.02	0.01	0.02
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.89	6.33	3.09	1.64	0.38	0.93	6.54	2.95	6.32	14
Other Assets	5.33	4.90	5.32	5.46	5.35	5.50	4.92	5.25	5.15	5.48
Total Assets	6.24	11	8.43	7.11	5.74	6.44	11	8.22	11	19

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.43	-0.42	-0.18	0.26	-0.01	0.22	0.10	-0.08	-0.02	0.00
Cash from Investing Activity	0.65	0.15	0.04	0.20	0.02	0.01	-0.00	0.00	0.00	-0.01
Cash from Financing Activity	-0.07	-0.05	0.23	-0.14	-0.14	-0.02	-0.50	-0.00	-0.00	-0.00
Net Cash Flow	0.16	-0.32	0.09	0.32	-0.14	0.21	-0.41	-0.08	-0.03	-0.01

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	37.72%	37.72%	37.72%	37.72%	37.72%	37.72%	37.72%	37.20%	37.55%	37.55%	37.55%	37.55%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	2.43%	2.43%	2.43%	2.43%	2.43%	2.43%	2.43%	2.43%	2.43%	2.43%	2.43%	2.43%
Public	59.85%	59.85%	59.85%	59.85%	59.85%	59.85%	59.85%	60.37%	60.02%	60.02%	60.02%	60.02%
Total Shareholders	6,775	6,786	6,762	6,843	6,818	7,144	7,245	9,389	10,146	10,811	11,271	11,456

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 26, 2024	Prashant gupta	Bulk	Sell	34.79	0.16 Cr	47,315	0.82
Dec 20, 2024	Prashant gupta	Bulk	Buy	32.80	0.12 Cr	36,341	0.63
Sep 17, 2024	Multiplier share & stock advi...	Bulk	Sell	55.87	0.36 Cr	64,329	1.11
Sep 13, 2024	Multiplier share & stock advi...	Bulk	Buy	55.90	0.17 Cr	29,569	0.51
Sep 02, 2024	Multiplier share & stock advi...	Bulk	Sell	46.80	0.30 Cr	64,334	1.11
Aug 30, 2024	Multiplier share & stock advi...	Bulk	Sell	44.10	0.31 Cr	70,429	1.22
Aug 30, 2024	Multiplier share & stock advi...	Bulk	Buy	44.11	0.22 Cr	50,000	0.86
Aug 20, 2024	Multiplier share & stock advi...	Bulk	Sell	39.20	0.36 Cr	91,319	1.58
Aug 20, 2024	Multiplier share & stock advi...	Bulk	Buy	39.21	0.04 Cr	10,873	0.18
Aug 19, 2024	Multiplier share & stock advi...	Bulk	Buy	36.95	0.18 Cr	50,000	0.86

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

No documents found!

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.20	0.16	0.15	0.15	0.41	0.29	0.27	0.24	0.26	0.26
Expenses	0.20	0.18	0.19	0.21	0.18	0.20	0.19	0.19	0.21	0.18
Operating Profit	0.00	-0.02	-0.04	-0.06	0.23	0.09	0.08	0.05	0.05	0.08
OPM %	0.00	-12.50	-26.67	-40.00	56.10	31.03	29.63	20.83	19.23	30.77
Other Income	0.00	0.00	0.05	0.00	0.00	0.00	0.00	0.00	0.00	0.01
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.01	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	0.00	-0.02	0.02	-0.07	0.23	0.09	0.08	0.05	0.06	0.10
Tax %	—	0.00	0.00	0.00	17.39	11.11	12.50	-120.00	0.00	0.00
Net Profit	0.00	-0.02	0.02	-0.07	0.19	0.07	0.06	0.11	0.06	0.09
EPS in Rs	0.00	-0.04	0.03	-0.11	0.33	0.12	0.11	0.18	0.10	0.16

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.88	1.15	1.25	1.12	1.30	1.58	1.22	0.66	1.20	1.06
Expenses	1.36	0.96	1.02	1.03	1.15	1.57	1.11	0.77	0.77	0.79
Operating Profit	-0.48	0.20	0.23	0.09	0.15	0.01	0.12	-0.11	0.43	0.27
OPM %	-54.88	17.02	18.23	7.86	11.32	0.92	9.70	-16.96	36.14	25.47
Other Income	0.00	0.14	0.02	0.02	0.01	0.01	0.00	0.05	0.00	NaN
Interest	0.05	0.03	0.02	0.01	0.01	0.00	0.00	0.00	0.00	-0.01
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-0.53	0.30	0.22	0.09	0.15	0.02	0.12	-0.07	0.43	0.28
Tax %	-14.97	91.75	2.67	11.39	3.67	8.92	0.26	0.00	0.71	-7.14
Net Profit	-0.61	0.03	0.22	0.08	0.14	0.01	0.12	-0.07	0.43	0.30
EPS in Rs	-1.05	0.05	0.37	0.13	0.25	0.02	0.20	-0.12	0.74	0.55
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.77	5.77	5.77	5.77	5.77	5.77	5.77	5.77	5.77	5.77
Reserves	-0.13	4.84	1.73	0.50	-0.72	-0.02	5.42	2.14	5.28	12
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	0.60	0.63	0.93	0.85	0.69	0.70	0.29	0.31	0.44	1.22
Total Liabilities	6.24	11	8.43	7.11	5.74	6.44	11	8.22	11	19
Fixed Assets	0.02	0.01	0.02	0.02	0.01	0.01	0.02	0.02	0.01	0.02
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.89	6.33	3.09	1.64	0.38	0.93	6.54	2.95	6.32	14
Other Assets	5.33	4.90	5.32	5.46	5.35	5.50	4.92	5.25	5.15	5.48
Total Assets	6.24	11	8.43	7.11	5.74	6.44	11	8.22	11	19

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.43	-0.42	-0.18	0.26	-0.01	0.22	0.10	-0.08	-0.02	0.00
Cash from Investing Activity	0.65	0.15	0.04	0.20	0.02	0.01	-0.00	0.00	0.00	-0.01
Cash from Financing Activity	-0.07	-0.05	0.23	-0.14	-0.14	-0.02	-0.50	-0.00	-0.00	-0.00
Net Cash Flow	0.16	-0.32	0.09	0.32	-0.14	0.21	-0.41	-0.08	-0.03	-0.01

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Garware Marine Industries Ltd (GMIL) is primarily engaged in ship repairs and previously manufactured and marketed fishing nets.

Originally incorporated as Modern Nets Ltd in 1975, the company has undergone significant changes, ceasing fishing net production to focus on ship repair.

The company operates its ship repair division, assisting OEM engineers with various marine engineering tasks, enhancing its niche capabilities in marine services.

Previously, GMIL increased its fish knitted fabric production capacity by 50%, indicating its historical focus on fishing industry support.

As of its recent focus, the company operates mainly from its headquarters in Mumbai with facilities in Ahmednagar, Maharashtra.

Sector

Ship Building

Industry

Ship - Breaking / Repairing

Market Cap

16 Cr

Volatility

Low Risk

P/E Ratio

52.0

Industry P/E

45.6

PEG Ratio

0.2

P/B Ratio

1.0

52W High

36.29

52W Low

20.33

Sales CAGR

81.82%

-8.79%

1.43%

10Y

0.39%

Profit CAGR

714.29%

211.30%

40.43%

10Y

110.75%

ROE

TTM

1.94%

1.30%

1.18%

10Y

0.39%

ROCE

TTM

1.68%

1.29%

1.21%

10Y

1.02%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GRSE	2289.50	26,920 Cr	43.67	11.73	0.59	26.85	36.26	5.61
SWANDEF	1322.65	6,968 Cr	—	28.45	0.00	-51.60	-4.09	-4.34
KMEW	3693.20	4,374 Cr	88.71	8.58	0.00	20.56	19.05	11.36
LAXMIPATI	349.95	201 Cr	30.97	23.48	0.00	81.10	38.74	11.95
VMS	27.50	67 Cr	10.43	0.69	0.00	6.59	8.09	3.61
HRYNSHP	105.55	65 Cr	17.08	0.43	0.00	2.54	4.39	2.26
GARWAMAR	28.49	16 Cr	51.98	1.00	0.00	1.94	1.68	1.81