Key Financial Figures - Standalone (₹ crore)
Quarterly Performance:
- Quarter Ended June 30, 2026: Total income ₹0.31 crore (Operations: ₹0.04 crore, Other income: ₹0.27 crore)
- Quarter Ended March 31, 2026: Total income ₹1.43 crore (Operations: ₹0.04 crore, Other income: ₹1.39 crore)
- Quarter Ended June 30, 2025: Total income ₹52.03 crore (Operations: ₹4.25 crore, Other income: ₹47.78 crore)
Expenses Breakdown (Q1 FY27):
- Employee benefit expenses: ₹1.02 crore
- Finance costs: ₹3.77 crore
- Depreciation and amortization: ₹0.19 crore
- Other expenses: ₹0.77 crore
- Total expenses: ₹5.75 crore
Profit/Loss Position:
- Loss before exceptional items and tax (Q1 FY27): ₹(5.44) crore
- Exceptional items (Q1 FY27): Income of ₹0.93 crore
- Loss after exceptional items and before tax (Q1 FY27): ₹(4.52) crore
- Tax expenses: Nil
- Loss after tax (Q1 FY27): ₹(4.52) crore
- Other comprehensive income: ₹0.10 crore
- Total comprehensive loss: ₹(4.42) crore
Capital Structure:
- Paid-up equity share capital: ₹206.98 crore (face value ₹10 each)
- Reserves excluding revaluation reserves: Not quantified in disclosure
- Accumulated losses: ₹5,972.55 crore
- Net worth: Eroded
Earnings Per Share (EPS):
- Before exceptional items (Q1 FY27): Basic and diluted ₹(0.26)
- After exceptional items (Q1 FY27): Basic and diluted ₹(0.22)
Key Financial Figures - Consolidated (₹ crore)
Quarterly Performance:
- Quarter Ended June 30, 2026: Total income ₹0.31 crore
- Quarter Ended March 31, 2026: Total income ₹31.78 crore
- Quarter Ended June 30, 2025: Total income ₹49.51 crore
Profit/Loss Position:
- Loss before exceptional items and tax (Q1 FY27): ₹(27.61) crore
- Exceptional items (Q1 FY27): Income of ₹258.02 crore
- Profit after exceptional items and before tax (Q1 FY27): ₹230.41 crore
- Tax expenses: Nil
- Profit after tax (Q1 FY27): ₹230.41 crore
- Other comprehensive income: ₹0.10 crore
- Total comprehensive profit: ₹230.51 crore
Capital Structure:
- Paid-up equity share capital: ₹206.98 crore
- Total reserves: Negative ₹2,280.13 crore (as of March 31, 2026)
- Accumulated losses: ₹4,816.25 crore
- Net worth: Eroded
Earnings Per Share (EPS):
- Before exceptional items (Q1 FY27): Basic and diluted ₹(1.33)
- After exceptional items (Q1 FY27): Basic and diluted ₹11.13
Material Uncertainty Related to Going Concern
The auditor's report highlights a material uncertainty regarding the company's ability to continue as a going concern. As of June 30, 2026, the net worth of the Company is eroded as it has been incurring operating losses for several years. The Company has accumulated losses of ₹5,972.55 crore against share capital and reserves of ₹5,218.23 crore.
Management has taken several measures to improve liquidity position and address the mismatch between current assets and current liabilities, including generating cash flow from TUG operations and obtaining comfort letters from Group Companies confirming deferment of payment of accrued interest for at least 2 years. Due to these measures, current assets exceed current liabilities by ₹8.09 crore. Based on these representations, the financials have been prepared on a going concern basis.
Exceptional Items
Standalone:
- Q1 FY27: Exceptional gain of ₹0.93 crore comprising:
- Reversal of provision for impairment of loans and advances receivable from subsidiary: ₹0.75 crore
- Foreign exchange gain on reversal of provision for impairment: ₹0.18 crore
Consolidated:
- Q1 FY27: Exceptional gain of ₹258.02 crore on account of reversal of impairment on receivables from a foreign subsidiary company
Regulatory and Legal Matters
SFIO Investigation:
During the preceding financial year, the Ministry of Corporate Affairs (MCA) initiated an investigation against the company under the Serious Fraud Investigation Office (SFIO). The company has been fully complying with all requirements, including submission of requisite documents and information from time to time. The matter has been duly intimated to stock exchanges.
Receivables/Payables Netting:
The receivables from one foreign subsidiary company have been set off against payables to the same subsidiary, subject to approval from relevant statutory authorities. The amount involved is ₹331.26 crore.
Segment Information
Revenue by Segment (Q1 FY27):
- Fleet operating and chartering: ₹0.04 crore
- Rig operating and chartering: Nil
- Total segment revenue: ₹0.04 crore
- Other income unallocated: ₹0.27 crore
- Total income: ₹0.31 crore
Segment Results (Q1 FY27):
- Fleet operating and chartering: ₹(1.67) crore
- Rig operating and chartering: ₹(1.24) crore
- Total segment results: ₹(2.91) crore
- Less: Unallocated interest and finance costs: ₹(24.69) crore
- Loss before tax: ₹(27.61) crore
Subsidiaries and Consolidation
The consolidated results include:
- Holding Company: Essar Shipping Limited
- Subsidiaries: OGD Services Holding Limited, Essar Shipping FZCO (Dubai UAE), Corporation Gargnano, S.A. de C.V. (Mexico)
Entities not consolidated:
- OGD Services Limited (under liquidation)
- Seros Oilfields Services India Limited (associate, not consolidated as immediate parent is under liquidation)
- Seros Drilling Private Limited (joint venture, not consolidated as immediate parent is under liquidation)
Dates and Approvals
- Board Meeting Date: August 12, 2026
- Results approved by Audit Committee and Board of Directors on August 12, 2026
- Limited Review Report date: August 12, 2026
- Resubmission to exchanges: August 22, 2026
Auditor Information
- Statutory Auditors: Manohar Chowdhry & Associates, Chartered Accountants
- Firm Registration No.: 0019978
- Partner: Simran M. Vishwakarma (Membership No.: 616407)