Garware Marine Industries Ltd (509563) — FY26 Annual Report | 31 August 2026

Garware Marine Industries Limited reported a 6.54% decline in revenue to Rs 112.55 lakhs for FY2025-26, with profit falling sharply to Rs 14.72 lakhs from Rs 43.14 lakhs in the prior year. The company maintained a debt-free balance sheet but faced a qualified audit opinion due to unrecognised expected credit loss provisions of Rs 355.15 lakhs on trade receivables exceeding three years. The 48th AGM is scheduled for 23 September 2026 via video conference, featuring reappointment of Shyamsunder V. Atre as Executive Director and appointment of Hasan Alibhai Bhinderwala as Independent Director. No dividend is recommended for FY2025-26. Key risks include heavy reliance on a single customer, declining profitability ratios, and litigation exposure related to Integrated Finance Company disputes.