Date: September 25, 2026

Financial Results (Standalone)

Quarter Ended 30 June 2026 (Unaudited)

  • Total Income: ₹384.78 million
  • Total Expenses: ₹41.14 million
  • Cost of Materials Consumed: ₹0.67 million
  • Employee Benefits Expense: ₹25.23 million
  • Finance Costs: Not provided (disclosed as ~)
  • Depreciation and Amortisation Expenses: ₹1.36 million
  • Exchange Difference Net: ₹13.88 million
  • Profit from Ordinary Activities Before Tax: ₹343.64 million
  • Tax Expenses: ₹13.39 million (all deferred tax)
  • Net Profit for the Period: ₹330.25 million
  • Total Comprehensive Income: ₹330.25 million
  • Paid Up Equity Share Capital: ₹116.73 million (Equity Shares of ₹2 each)
  • Basic and Diluted EPS: Not provided

Financial Ratios (Standalone)

  • Current Ratio: 0.22 times (30.06.2026), 0.21 times (31.03.2026), 0.17 times (30.06.2025)
  • Debt-Equity Ratio: Negative
  • Non-Convertible Cumulative Redeemable Preference Shares: 263 million shares / ₹2,630.00 million
  • Capital Redemption Reserve: ₹2,630.00 million
  • Debt Service Coverage Ratio: Not Applicable
  • Return on Equity Ratio: Not Applicable
  • Trade Receivables Turnover Ratio: 0.05 times (30.06.2026), 0.22 times (31.03.2026)
  • Net Profit Ratio: 0.86 (30.06.2026), 0.45 (31.03.2026), 0.16 (30.06.2025)

Financial Results (Consolidated)

Quarter Ended 30 June 2026 (Unaudited)

  • Total Income: ₹1,782.63 million
  • Total Expenses: ₹873.41 million
  • Cost of Materials Consumed: ₹39.76 million
  • Employee Benefits Expense: ₹123.80 million
  • Finance Costs: Not provided (disclosed as ~)
  • Depreciation: ₹108.01 million
  • Amortisation of Contract Assets: ₹343.33 million
  • Profit from Ordinary Activities Before Tax: ₹909.22 million
  • Tax Expenses: ₹72.02 million (₹58.63 million current tax, ₹13.39 million deferred tax)
  • Net Profit for the Period: ₹837.20 million
  • Share of Profit/(Loss) of Associate: Not provided
  • Other Comprehensive Income: (₹4,504.72) million
  • Total Comprehensive Income for the Period: (₹3,667.52) million
  • Paid Up Equity Share Capital: ₹116.73 million
  • Basic and Diluted EPS: ₹14.35

Financial Ratios (Consolidated)

  • Current Ratio: 0.03 times (30.06.2026), 0.02 times (31.03.2026), 0.03 times (30.06.2025)
  • Debt-Equity Ratio: Negative
  • Non-Convertible Cumulative Redeemable Preference Shares: 263 million shares / ₹2,630.00 million
  • Capital Redemption Reserve: ₹2,630.00 million
  • Debt Service Coverage Ratio: Not Applicable
  • Trade Receivables Turnover Ratio: 0.57 times (30.06.2026), 1.11 times (31.03.2026)
  • Net Profit Ratio: 0.47 (30.06.2026), 1.82 (31.03.2026)

Basis for Disclaimer of Conclusion

Ford Rhodes Parks & Co. LLP issued a disclaimer of conclusion on both standalone and consolidated financial results due to:

1. Material uncertainty relating to going concern: The company has accumulated losses, eroded net worth, current liabilities exceed current assets, and has defaulted on loan repayments. The NCLT admitted the company into CIRP on 1 September 2025.

2. Overdue investment: Investment of ₹94.34 million in preference shares is overdue as of 30 June 2026. Management considers it recoverable but auditors couldn't verify recoverability.

3. Non-recognition of interest and dividends: Company hasn't recognized interest on bank borrowings and dividend on cumulative redeemable preference shares for April-June 2026 period, citing liabilities crystallized on CIRP commencement date.

4. Accrual of interest income at reduced rate: Company recognized interest income on inter-corporate loan at lower than contracted rate following reset from 1 October 2025. Auditors couldn't verify revised rate.

Additional Matters for Consolidated Results

For foreign subsidiary Aban Holdings Pte. Ltd. and its entities:

  • Component auditor CLA Global TS Public Accounting Corporation issued disclaimer due to going concern issues, incomplete bank confirmations for $1,761.279 million borrowings, recoverability of $1.179 million investments in associates, and accuracy of $22.207 million tax receivables.
  • Foreign subgroup reported net loss of $24.328 million for three months ended 30 June 2026, with net current liabilities of $3,092.559 million and net liabilities of $3,014.077 million.

Corporate Insolvency Resolution Process (CIRP) Details

Background

  • NCLT Chennai admitted insolvency petition filed by Punjab National Bank under Section 7 of IBC 2016
  • Order dated 1 September 2025 initiated CIRP against Aban Offshore Limited
  • Mr. Shailesh Bhalchandran Desai appointed as Interim Resolution Professional on 10 October 2025
  • Committee of Creditors appointed him as Resolution Professional at first meeting on 26 November 2025

CIRP Impact on Financial Reporting

  • Powers of Board of Directors suspended, exercised by Resolution Professional
  • Liabilities crystallized on CIRP commencement date (1 September 2025)
  • Company hasn't provided for interest on bank borrowings and preference dividends post-commencement
  • Foreign currency bank borrowings not reinstated as claims crystallized in INR
  • Overall liabilities to be determined during CIRP process

Key Disclosures

  • Company operates in single business segment: Offshore Drilling
  • Non-convertible redeemable preference shares of ₹2,630 million not redeemed on due dates, no dividends paid
  • Investment of ₹94.34 million in preference shares overdue as of 30 June 2026
  • Interest income on inter-corporate loan accrued at reduced rate effective 1 October 2025
  • Claims received from financial creditors, operational creditors, and employees as of 24 December 2025

Signatories and Certifications

Resolution Professional Disclaimer

Shailesh Desai signed the financial results with the following disclaimers:

  • Signed in good faith for compliance purposes only
  • No legal proceedings shall lie against RP under Section 23 of IBC
  • Relied on certifications and representations from erstwhile management
  • No representations regarding accuracy, veracity or completeness of data
  • RP process to determine avoidance transactions ongoing
  • Overall liabilities to be determined during CIRP

Company Officials

  • Shailesh Desai, Resolution Professional (IP Reg No: IBBI/IPA-001/IP-P00183/2017-18/10362)
  • Narayan Venkat Ramanan, Chief Financial Officer