Outcome of Board Meeting
Awaiting price reaction for this filing.
Aban Offshore's board approved its unaudited Q1 FY26 (June 2025) results, which show a sharp deterioration. Standalone total income fell to INR 281.73 million from INR 458.34 million a year ago, while standalone net profit slipped to INR 40.19 million from INR 57.36 million. On a consolidated basis, the company reported a massive net loss of INR 2,528.12 million (vs loss of INR 2,376.46 million last year) with negative EPS of INR 43.32 and negative net worth of about INR 25,402 million. Finance costs remain very high at INR 2,798 million on a consolidated basis. The statutory auditor issued a qualified opinion on standalone results and a disclaimer of conclusion on consolidated results, flagging non-receipt of bank balance confirmations and material uncertainty over going concern. The company's credit rating on preference shares is CARE D (default grade), and INR 2,810 million of preference shares remain unredeemed since 2014–2016. The AGM has been rescheduled from 22 September 2025 to 24 September 2025.
This is a deeply negative filing — the auditor has raised a going concern doubt, the company has defaulted on loans, interest, dividends and preference share redemption, and consolidated losses continue to widen with negative net worth. Shareholders should expect continued pressure on the stock and high refinancing risk until the debt resolution plan with lenders is concluded.