Financial results for the quarter ended September 2025.
Awaiting price reaction for this filing.
Aban Offshore reported a standalone net loss of Rs. 98.37 million for Q2 FY26, reversing a profit of Rs. 1,640.59 million in the same quarter last year, with operating income falling to Rs. 310.27 million from Rs. 392.84 million. On a consolidated basis, the company posted a net loss of Rs. 5,602.54 million for H1 FY26, with a total comprehensive loss of Rs. 14,737.63 million and EPS of negative Rs. 96. The standalone net worth is deeply negative at Rs. (9,943.59) million against total assets of only Rs. 5,672.49 million, and current liabilities of Rs. 15,675.24 million far exceed current assets. The company is currently under Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated 1 September 2025, with an Interim Resolution Professional (Shailesh Desai) now exercising powers of the Board. The statutory auditor issued a Qualified Opinion on standalone results due to non-receipt of bank balance confirmations covering deposits of Rs. 147.21 million and term loan borrowings of Rs. 4,148.03 million, and a Disclaimer Conclusion on consolidated results. The auditor explicitly flagged material uncertainty on the company's ability to continue as a going concern, citing eroded net worth, defaulted term loans, and current liabilities exceeding current assets.
This is a deeply negative filing for shareholders - the company is in formal insolvency, has fully eroded net worth, and faces material going-concern doubts. Existing equity holders face substantial risk of dilution or wipeout depending on the resolution plan outcome under CIRP, and the stock should be treated as a high-risk distressed name.