GARWARE MARINE INDUSTRIES LTD. (GARWAMAR) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of GARWARE MARINE INDUSTRIES LTD. ₹3.76, price ₹18.99, upside -80.2%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 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. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
Follow GARWARE MARINE INDUSTRIES in your weekly email
Every Wednesday you see whether GARWARE MARINE INDUSTRIES is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Garware Marine Industries Limited engages in the provision of ship repair services in India. The company's services comprise pump overhauls, engine overhaul/repairs, hydraulic and gear box repair, and pipeline and other marine fabrication jobs.
Show more
Garware Marine Industries Limited engages in the provision of ship repair services in India. The company's services comprise 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 LTD. (GARWAMAR) 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.
Show more
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 53/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
GARWARE MARINE INDUSTRIES LTD. 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 +79.1%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹109M (≈ $1.1M) · P/E ratio 65.5 · P/S ratio 8.90 · EPS (TTM) ₹0.2900 · Net margin 13.6% · Return on equity 1.0% · Return on assets (EBIT) 2.1% · Operating margin 23.6%.
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 Industrials peers we cover trades at −23% fair-value upside, at −80%, GARWAMAR screens richer than that median.
Fair Value models
Bear ₹2.82Fair Value ₹3.76Bull ₹4.70
Price ₹18.99 · Upside -80.2%
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 (₹0.1486 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.
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.19/100
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)
Revenue growth 7 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.
−2.0%
’19
’20
’21
’22
’23
’24
’25
’26
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 2020 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.8% → 11%
⚠ Revenue per share shrinking 2.8%/yr over ~5Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Compare GARWARE MARINE INDUSTRIES LTD. with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Aerospace & Defense · 230 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−80.2% · Bottom 25%
Profitability
Return on equity (TTM)1.0% · Bottom 25%
Return on assets0.5% · Bottom 25%
Net margin (TTM)14.4% · Top 25%
Operating margin (TTM)23.6% · Top 25%
Growth and dividend
Revenue growth20.5% · Above median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (TTM)65.5× · Priciest 25%
P/B1.06× · Cheapest 25%
P/S (TTM)9.63× · Priciest 25%
EV/EBITDA78.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 63
PAST (return on equity)4· sector 39
HEALTH (low debt)0· sector 94
DIVIDEND (yield)0· sector 19
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is GARWARE MARINE INDUSTRIES LTD. (GARWAMAR) overvalued or undervalued?
As of Oct 3, 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 GARWAMAR?
Our model-based fair value for GARWARE MARINE INDUSTRIES LTD. is ₹3.76 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹18.99.
What is the quality score of GARWAMAR?
GARWARE MARINE INDUSTRIES LTD. has a Quality Score of 53/100. 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 LTD. (GARWAMAR)?
Our model-based price target is the fair value of ₹3.76 (as of Oct 3, 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 LTD. 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 LTD. (GARWAMAR)?
GARWARE MARINE INDUSTRIES LTD. reported trailing-twelve-month revenue of about ₹11.4M (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of GARWARE MARINE INDUSTRIES LTD. (GARWAMAR)?
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 LTD. it is ₹3.76 per share (as of Oct 3, 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 LTD. stock overvalued or undervalued in 2026?
As of Oct 3, 2026, GARWAMAR 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 GARWAMAR?
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 LTD. 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 LTD. worth?
The market values GARWARE MARINE INDUSTRIES LTD. at about ₹109M (market capitalisation, as of Oct 3, 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 GARWAMAR?
Our models span a range for GARWARE MARINE INDUSTRIES LTD.: cautious scenario ₹2.82, base ₹3.76, optimistic ₹4.70 per share (as of Oct 3, 2026, price ₹18.99). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GARWAMAR?
GARWARE MARINE INDUSTRIES LTD. trades at a price-to-earnings ratio of 65.5 (as of Oct 3, 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. Other multiples: P/B 1.1, P/S 9.6, EV/EBITDA 78.9.
How solid is the balance sheet of GARWARE MARINE INDUSTRIES LTD. (GARWAMAR)?
Balance-sheet figures for GARWARE MARINE INDUSTRIES LTD. (as of Oct 3, 2026): return on equity 1.0%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is GARWAMAR from its 52-week high?
GARWARE MARINE INDUSTRIES LTD. 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 LTD.?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Safran SA, 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 LTD. stock attractive at the current price?
The data as of Oct 3, 2026: price ₹18.99, calculated fair value ₹3.76 (−80%), Quality Score 53/100, 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 GARWAMAR calculated?
We run GARWARE MARINE INDUSTRIES LTD. 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 14.9 % above its aggregate fair value. GARWARE MARINE INDUSTRIES LTD. 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 LTD. (GARWAMAR)?
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 LTD. 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 (53/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of GARWARE MARINE INDUSTRIES LTD.
How large is the market capitalisation of GARWARE MARINE INDUSTRIES LTD. (GARWAMAR)?
The market capitalisation of GARWARE MARINE INDUSTRIES LTD. is ₹109M (≈ $1.1M). 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 LTD. (GARWAMAR)?
The price-to-sales ratio of GARWARE MARINE INDUSTRIES LTD. is 8.90 (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 LTD. (GARWAMAR)?
Earnings per share at GARWARE MARINE INDUSTRIES LTD. are ₹0.2900 (price ÷ EPS = P/E 65.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of GARWARE MARINE INDUSTRIES LTD. (GARWAMAR)?
The net margin of GARWARE MARINE INDUSTRIES LTD. 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 return on equity of GARWARE MARINE INDUSTRIES LTD. (GARWAMAR)?
The return on equity (ROE) of GARWARE MARINE INDUSTRIES LTD. is 1.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of GARWARE MARINE INDUSTRIES LTD. (GARWAMAR)?
On an EBIT basis the return on assets of GARWARE MARINE INDUSTRIES LTD. is 2.1% (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 LTD. (GARWAMAR)?
The operating margin of GARWARE MARINE INDUSTRIES LTD. is 23.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GARWARE MARINE INDUSTRIES LTD. (GARWAMAR)?
Revenue at GARWARE MARINE INDUSTRIES LTD. is growing +20.5% 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 fast are earnings growing at GARWARE MARINE INDUSTRIES LTD. (GARWAMAR)?
Earnings per share at GARWARE MARINE INDUSTRIES LTD. are growing +30.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does GARWARE MARINE INDUSTRIES LTD. (GARWAMAR) generate?
The free cash flow of GARWARE MARINE INDUSTRIES LTD. is −₹566K (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
Free · no account needed
Watch GARWARE MARINE INDUSTRIES LTD. in the live analysis
One click puts GARWARE MARINE INDUSTRIES LTD. on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
