Financial Results Overview

The company reported consolidated and standalone financial results showing continued losses:

Consolidated Results (Quarter Ended June 30, 2026):

  • Revenue from operations: ₹1,178.50 lakh
  • Other income: ₹16.83 lakh
  • Total revenue: ₹1,195.33 lakh
  • Total expenses: ₹1,477.18 lakh
  • Loss before tax: ₹(281.85) lakh
  • Tax expense: ₹4.95 lakh
  • Net loss for the quarter: ₹(286.80) lakh
  • Total comprehensive income: ₹(293.38) lakh
  • Basic and diluted EPS: ₹(0.93)

Standalone Results (Quarter Ended June 30, 2026):

  • Revenue from operations: ₹1,178.50 lakh
  • Other income: ₹16.83 lakh
  • Total revenue: ₹1,195.33 lakh
  • Total expenses: ₹1,475.95 lakh
  • Loss before tax: ₹(280.62) lakh
  • Tax expense: ₹4.95 lakh
  • Net loss for the quarter: ₹(285.57) lakh
  • Total comprehensive income: ₹(289.14) lakh
  • Basic and diluted EPS: ₹(0.93)

Operational Highlights

During the quarter:

  • One vessel completed a contract with Vedanta Limited
  • One vessel commenced a short-term contract with Afcons Infrastructure Limited on India's east coast
  • The same vessel received a "Letter of award" for a four-year charter contract plus one-year extension option upon completion of the short-term contract

Capital Structure Changes

  • 27,000 convertible warrants (out of 7,69,500 total) issued to non-promoters were converted into equity shares
  • Warrant holders paid balance of ₹69 per warrant
  • Paid-up share capital increased from ₹30.74 crores to ₹30.77 crores
  • Face value per share: ₹10

Corporate Governance

  • 48th Annual General Meeting scheduled for September 24, 2026, at 11:30 AM via video conferencing
  • Board meeting duration: 12:15 PM to 3:20 PM
  • Audit Committee reviewed the financial results

Subsidiary Information

The consolidated results include:

  • Garware Offshore International Services Pte. Ltd. (Singapore subsidiary) - reported revenue of ₹Nil, net loss of ₹(1.24) lakh, comprehensive income of ₹(4.24) lakh
  • Mahanadi Offshore Services Private Limited (incorporated January 17, 2026) - not commenced operations
  • Kamet Offshore Services Private Limited (incorporated February 17, 2026) - not commenced operations

Auditor Review

D. Kothary & Co., Chartered Accountants, issued limited review reports for both standalone and consolidated financial results, stating nothing came to their attention suggesting material misstatement. The review was conducted under SRE 2410 standards.