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Garware Marine Industries Limited (509563) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Garware Marine Industries Limited ₹3.76, price ₹18.99, upside -80.2%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Thin data
Sep 24, 2026
Garware Marine Industries Limited
509563 · BSEWeakest SetupStrongly overvalued and low quality.
!Fair value ₹3.76 · Strongly overvalued (−80.2%)
!Quality 49/100
!Weak Growth (revenue 5y −3.6 %/yr)
!Loss over the last twelve months · -10.4% net margin (TTM) · fiscal year 2026 13.6%
!negative free cash flow
!Trails peers (1/9)
!Narrow moat 0/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹4.07 – ₹57.01 · fair‑value band ₹2.82 – ₹4.70 · the ₹18.99 price screens above the ₹3.76 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Company profile
Garware Marine Industries Limited provides ship repair services in India. The company's services include pump overhauls, engine overhaul/repairs, hydraulic and gear box repair, and pipeline and other marine fabrication jobs.
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Garware Marine Industries Limited provides ship repair services in India. The company's services include pump overhauls, engine overhaul/repairs, hydraulic and gear box repair, and pipeline and other marine fabrication jobs. It also assists OEM engineers in day dockings, shaft removal and renewal, propeller hub overhaul, bow thruster, and stern thruster overhauls. The company was formerly known as Modern Nets Limited and changed its name to Garware Marine Industries Limited in December 1981. Garware Marine Industries Limited was incorporated in 1975 and is based in Mumbai, India.
Stock analysis
Garware Marine Industries Limited (509563) currently trades at ₹18.99, while our model-based Fair Value estimate is ₹3.76, 80.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of ₹12.03 per share, and 0 of the 12 models we run sit above the ₹18.99 price.
Bear case: the Earnings-Based group reads lowest at ₹1.93, and 12 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹2.82 (bear) to ₹4.70 (bull), the price of ₹18.99 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Industrial Goods sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Garware Marine Industries Limited reported revenue of ₹10.8M in FY2026 versus ₹15.8M in FY2022, a compound −9.0%/yr. Reported net income was ₹1.5M in FY2026, compounding +79.4%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹20.8M (≈ $216K) · P/E ratio 9.2 · P/S ratio 1.25 · EPS (TTM) ₹0.1312 · Net margin 13.6% · Return on assets (EBIT) 0.8% · Operating margin −11.8% · Revenue (TTM) ₹9.6M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 43% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrial Goods peers we cover trades at −22% fair-value upside, at −80%, 509563 screens richer than that median.
Fair Value models
Bear ₹2.82
Fair Value ₹3.76
Bull ₹4.70
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.0669 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income
₹12.37
₹11.80
₹11.51
71
EPV
₹1.67
₹1.93
₹2.15
70
ROIC Compounder
₹1.67
₹1.93
₹2.15
70
All 12 models by family
Earnings-Based
Graham-Dodd
₹1.74
₹2.12
₹2.39
67
EPV
₹1.67
₹1.93
₹2.15
70
Multiples
P/E Multiple
₹4.02
₹5.36
₹6.70
63
P/S Multiple
₹2.82
₹3.76
₹4.70
58
P/B Multiple
₹3.25
₹4.34
₹5.42
55
EV/EBIT
₹2.59
₹3.44
₹4.30
63
EV/EBITDA
₹2.03
₹2.70
₹3.36
64
EV/Revenue
₹1.85
₹2.64
₹3.42
51
Asset-Based
NCAV (Graham)
₹8.98
₹12.03
₹17.96
51
Economic Profit
Residual Income
₹12.37
₹11.80
₹11.51
71
ROIC Compounder
₹1.67
₹1.93
₹2.15
70
Growth Earnings
Growth-Adj P/E
₹2.84
₹4.06
₹5.27
67
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Set up alert →Quality Score breakdown
Overall quality
49/100
Of which business quality 53 · Market factors (momentum, volatility) 25
Profitability
25
Margins and returns on capital today
Quality Growth
40
Are margins and returns improving?
Cashflow
33
Earnings quality: real cash, not paper profit
Fin. Strength
80
Balance sheet, leverage, solvency risk
Investment
70
Disciplined investing over empire-building
Low Volatility
59
Calm price path (market factor)
Momentum
14
Price trend over the last 3–12 months (market factor)
52W Momentum
4
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
14/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−9.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.6%
Start year 2021 (pandemic). Over 10 years: −0.7% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.2%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+13.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.3%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 11%
509563 screens overvalued: fair value 80% below the price. Compare with Raymond Limited →
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Aerospace/Defense - Major Diversified” was too small, so the broader sector is used.)Industrials · 5260 stocks
Beats the sector median on 1/8 measures
Overall it trails its sector peers.
Valuation Multiplesvs Industrials median · lower = cheaper
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Industrials
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Weapons
Defense
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Frequently asked questions
Is Garware Marine Industries Limited (509563) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹3.76 versus a price of ₹18.99, about −80% upside (overvalued).
What is the fair value of 509563?
Our model-based fair value for Garware Marine Industries Limited is ₹3.76 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹18.99.
What is the quality score of 509563?
Garware Marine Industries Limited has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Garware Marine Industries Limited (509563)?
Our model-based price target is the fair value of ₹3.76 (as of Sep 24, 2026) from 12 valuation models. Cautious scenario ₹2.82, optimistic scenario ₹4.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Garware Marine Industries Limited stock forecast for 2026?
Our models put fair value at ₹3.76, about −80% upside versus a price of ₹18.99 (overvalued). Cautious scenario ₹2.82, optimistic scenario ₹4.70. The calculation is refreshed regularly with new filings.
What is the revenue of Garware Marine Industries Limited (509563)?
Garware Marine Industries Limited reported trailing-twelve-month revenue of about ₹9.6M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Garware Marine Industries Limited (509563)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Garware Marine Industries Limited it is ₹3.76 per share (as of Sep 24, 2026), against a price of ₹18.99. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Garware Marine Industries Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 509563 trades above its calculated fair value: price ₹18.99, fair value ₹3.76, a gap of about −80% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 509563?
No. The price is what the market pays today (₹18.99); the fair value is what the company's own numbers justify (₹3.76). For Garware Marine Industries Limited the two are ₹15.23 per share apart. That gap is exactly why we show both numbers side by side.
How much is Garware Marine Industries Limited worth?
The market values Garware Marine Industries Limited at about ₹20.8M (market capitalisation, as of Sep 24, 2026). Per share that is ₹18.99; our models calculate a fair value of ₹3.76 per share.
What do the bullish and bearish scenarios say about 509563?
Our models span a range for Garware Marine Industries Limited: cautious scenario ₹2.82, base ₹3.76, optimistic ₹4.70 per share (as of Sep 24, 2026, price ₹18.99). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 509563?
Garware Marine Industries Limited trades at a price-to-earnings ratio of 9.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹3.76 is built from several models across several years.
How far is 509563 from its 52-week high?
Garware Marine Industries Limited trades at ₹18.99, about 43% below its 52-week high of ₹33.12 and 8% above the low of ₹17.66 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹3.76 is for.
Which stocks are comparable to Garware Marine Industries Limited?
From the same area (Industrial Goods) we also value Raymond Limited, FRONTSP, DISAQ, BATLIBOI, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Garware Marine Industries Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹18.99, calculated fair value ₹3.76 (−80%), Quality Score 49/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 509563 calculated?
We run Garware Marine Industries Limited through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹3.76, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Garware Marine Industries Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Garware Marine Industries Limited (509563)?
The closing price on Oct 1, 2026 was ₹18.99. Our model-based fair value is ₹3.76, about −80% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Garware Marine Industries Limited right now?
The price sits above even our optimistic bull case (₹4.70). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Garware Marine Industries Limited
How large is the market capitalisation of Garware Marine Industries Limited (509563)?
The market capitalisation of Garware Marine Industries Limited is ₹20.8M (≈ $216K). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Garware Marine Industries Limited (509563)?
The price-to-sales ratio of Garware Marine Industries Limited is 1.25 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Garware Marine Industries Limited (509563)?
Earnings per share at Garware Marine Industries Limited are ₹0.1312 (price ÷ EPS = P/E 9.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Garware Marine Industries Limited (509563)?
The net margin of Garware Marine Industries Limited is 13.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Garware Marine Industries Limited (509563)?
On an EBIT basis the return on assets of Garware Marine Industries Limited is 0.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Garware Marine Industries Limited (509563)?
The operating margin of Garware Marine Industries Limited is −11.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Garware Marine Industries Limited (509563)?
Revenue at Garware Marine Industries Limited is growing −48.3% versus a year earlier (3y avg −4.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Garware Marine Industries Limited (509563) generate?
The free cash flow of Garware Marine Industries Limited is −₹566K (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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