Aban Offshore Limited has informed the Exchange regarding Board meeting held on August 11, 2025.
Awaiting price reaction for this filing.
Aban Offshore's board approved its unaudited Q1 FY26 (quarter ended June 30, 2025) standalone and consolidated results. Standalone total income fell to Rs 281.73 million (from Rs 458.34 million in Q1 FY25), with a small standalone net profit of Rs 40.19 million. On a consolidated basis, the company reported a steep net loss of Rs 2,528.12 million, with negative net worth of Rs 25,402 million and a deeply negative EPS of Rs (43.32). The statutory auditor issued a qualified opinion on the standalone results (non-receipt of bank confirmations for Rs 88.47 million balances and Rs 4,005.95 million borrowings) and a disclaimer of conclusion on the consolidated results, flagging material going concern uncertainty. The Singapore subsidiary Aban Holdings Pte Ltd alone posted a US$330.9 million net loss with US$2.98 billion in net current liabilities. The AGM was rescheduled from September 22 to September 24, 2025. The preference share credit rating is CARE D (default category) and Rs 2,810 million of preference shares remain unredeemed.
This is a deeply negative filing for shareholders. The consolidated business is loss-making, technically insolvent (negative net worth), and the auditors have raised serious going concern doubts with lenders already issuing recall notices. Expect continued stock price pressure and heightened risk; the debt resolution plan outcome is the key catalyst to watch.