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Garware Marine


Garware Marine manufactures fishing nets under the “Garware” brand. 

There is potential for growth in fishing on account of unused coastline, water, and reservoirs.  There is also demand growth in the Middle East and other South Asian countries indicating potentially higher export growth.  The company is considering adding new machines to cater to this.

The company reported marginal operating profits on reasonably stable revenues over the last five years – reporting about 65lacs of operating profits on revenues of about 11cr. 

It held shares in Global Offshore Services Limited with a market value of about 11cr and employed no debt to finance its operations. 

The company faces stiff competition from the unorganised sector and Chinese fishing nets.  Moreover, there has been a reduction in reported sale volumes and fish stocks (3%) in the recent past.  The business is also exposed to extended monsoons, raw material price increases with only partial pricing power, compliance risks with state laws over territorial waters, etc.

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