Key Developments

1. NCLT Approval for Merger Scheme

The Board took note of the Order dated September 29, 2026, passed by the Hon'ble National Company Law Tribunal, Mumbai Bench, sanctioning the Scheme of Merger by Absorption of Oilmax Energy Private Limited with Asian Energy Services Limited under Sections 230 to 232 read with Section 66 and other applicable provisions of the Companies Act, 2013.

  • The certified true copy of the Order was received by the Company on October 15, 2026
  • The Board authorized directors, CFO, Company Secretary & Compliance Officer, or Authorized Representative to sign, digitally execute and file Form INC-28 with ROC
  • Approval of the Ministry of Petroleum and Natural Gas (MoPNG) is currently awaited
  • The Scheme has not become effective as the NCLT order has not yet been filed with ROC
  • No accounting effect of the Scheme has been given in the financial results for quarter and half-year ended 30 September 2026

2. Financial Results for Q2 September 2026

The Board approved the un-audited Financial Results of the Company, both on standalone and consolidated basis for the quarter and half year ended 30th September, 2026 along with Limited Review Report issued by the statutory auditors.

Consolidated Financial Highlights (₹ in lakhs):

Quarter Ended September 2026:

  • Total Income: ₹27,450.46
  • Revenue from Operations: ₹26,667.45
  • Other Income: ₹179.44
  • Profit Before Tax: ₹2,396.21
  • Net Profit After Tax: ₹1,707.09
  • Basic EPS: ₹3.41
  • Diluted EPS: ₹3.36

Half Year Ended September 2026:

  • Total Income: ₹54,297.35
  • Revenue from Operations: ₹53,785.98
  • Other Income: ₹511.37
  • Profit Before Tax: ₹4,107.06
  • Net Profit After Tax: ₹2,982.74
  • Basic EPS: ₹5.94
  • Diluted EPS: ₹5.85

Segment-wise Revenue (Half Year):

  • Oil and gas: ₹48,452.61
  • Mineral and other energy services: ₹5,333.37
Standalone Financial Highlights (₹ in lakhs):

Quarter Ended September 2026:

  • Total Income: ₹13,156.29
  • Revenue from Operations: ₹12,955.40
  • Other Income: ₹200.89
  • Profit Before Tax: ₹2,080.87
  • Net Profit After Tax: ₹1,508.87
  • Basic EPS: ₹3.12
  • Diluted EPS: ₹3.07

Half Year Ended September 2026:

  • Total Income: ₹28,329.82
  • Revenue from Operations: ₹27,883.07
  • Other Income: ₹446.75
  • Profit Before Tax: ₹3,364.85
  • Net Profit After Tax: ₹2,464.15
  • Basic EPS: ₹5.14
  • Diluted EPS: ₹5.06

3. Director Appointments and Changes

Appointment of Ms. Angira Singhvi:

  • DIN: 11647313
  • Appointed as Additional Director (Non-Executive Independent)
  • Term: 5 consecutive years from 30th October, 2026 to 29th October, 2031
  • Subject to shareholder approval
  • Legal professional with B.B.A. LL.B. (Hons.) degree, qualified Company Secretary, and nearly two decades of experience
  • Currently Partner at Khaitan and Khaitan, New Delhi

Cessation of Ms. Anusha Mehta:

  • DIN: 07648883
  • Will cease to be Independent Director upon completion of her second term of 5 consecutive years at close of business hours on 2nd November, 2026
  • Will cease to be member of Audit Committee, Nomination & Remuneration Committee and ESOP Compensation Committee

4. Committee Reconstitution

Effective from 2nd November, 2026:

Audit Committee:

  • Mr. Nayan Mani Borah (Chairperson) - Non-Executive Independent Director
  • Ms. Angira Singhvi (Member) - Non-Executive Independent Director
  • Mr. Anil Kumar Jha (Member) - Non-Executive Independent Director

Nomination and Remuneration Committee:

  • Mr. Anil Kumar Jha (Chairperson) - Non-Executive Independent Director
  • Ms. Angira Singhvi (Member) - Non-Executive Independent Director
  • Mr. Nayan Mani Borah (Member) - Non-Executive Independent Director
  • Mr. Aman Garg (Member) - Non-executive Non-Independent Director

ESOP Compensation Committee:

  • Mr. Anil Kumar Jha (Chairperson) - Non-Executive Independent Director
  • Mr. Nayan Mani Borah (Member) - Non-Executive Independent Director
  • Mr. Aman Garg (Member) - Non-executive Non-Independent Director

Allotment Committee:

  • Dr. Kapil Garg (Member) - Managing Director, Non-executive Director Non-Independent
  • Dr. Rabi Narayan Bastia (Member)
  • Mr. Aman Garg (Member) - Non-executive Non-Independent Director

5. Incorporation of Section 8 Company

The Board approved the proposal for the Company to become a member of a proposed company limited by guarantee, to be incorporated as a Section 8 Company under the Companies Act, 2013, in the name and style of Asian Energy Foundation or such other name as may be approved by the Registrar of Companies.

  • Objects include promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment and CSR activities
  • The Company's participation will be by way of a guarantee contribution (49% of total guarantee amount)
  • No share subscription or share swap involved

6. Senior Management Personnel Changes

Effective 30th October, 2026:

Designation: Ms. Mukta Sharma, Group Chief Human Resources Officer (Group CHRO), designated as Senior Management Personnel

Cessation: Mr. Vilas Aade ceased from the category of Senior Management Personnel (continues in employment in existing capacity)

7. Convertible Warrants Update

The Company had allotted 47,00,000 Convertible Warrants on preferential basis on 05 November 2024.

  • Certain warrant holders did not exercise conversion option within stipulated period (by 04 May 2026)
  • 10,37,298 warrants lapsed with effect from 05 May 2026
  • Upfront amount of ₹868.74 lakhs (25% of issue price) forfeited by the Company
  • 36,62,702 Equity Shares allotted upon conversion of remaining warrants

8. Auditor's Review Report

SGCO& Co. LLP issued limited review reports on both consolidated and standalone financial results, stating that nothing has come to their attention that causes them to believe that the financial results contain any material misstatement.

Consolidated Scope Limitations:

  • 1 subsidiary not reviewed with total assets of ₹1,693.77 lakhs
  • 21 subsidiaries/step down subsidiaries not reviewed with total assets of ₹3,147.61 lakhs
  • 5 joint ventures not reviewed

9. Meeting Details

The meeting of the Board of Directors commenced at 03:15 p.m. and concluded at 03:40 p.m. on 30th October, 2026.

Financial Impact Assessment

  • Merger scheme approval: Financial impact not yet effective, awaiting MoPNG approval
  • Q2 financial results show improved performance compared to previous periods
  • Director changes: No immediate financial impact disclosed
  • Section 8 company incorporation: Guarantee contribution required, amount not quantified