The Board of Directors of Olympic Oil Industries Limited held a meeting on Friday, November 13, 2026, from 6:30 P.M. to 7:00 P.M. The board considered and approved the Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026.

Financial Performance

Quarter Ended September 30, 2026:

  • Net Loss: ₹28.47 lacs
  • Basic and Diluted EPS: (₹1.00)
  • Total Income: Nil (no revenue from operations)
  • Total Expenses: ₹3.00 lacs
  • Exceptional Items: ₹25.46 lacs

Half Year Ended September 30, 2026:

  • Net Loss: ₹2,868.24 lacs
  • Basic and Diluted EPS: (₹100.50)
  • Total Income: Nil
  • Total Expenses: ₹2,842.77 lacs
  • Exceptional Items: ₹25.46 lacs

Comparative Figures:

  • Quarter Ended June 30, 2026: Net Loss ₹2,839.77 lacs
  • Quarter Ended September 30, 2025: Net Loss ₹5.51 lacs
  • Half Year Ended September 30, 2025: Net Loss ₹13.45 lacs
  • Year Ended March 31, 2026: Net Loss ₹22.35 lacs

Exceptional Items

The company recorded an exceptional item of ₹25.46 lacs during the quarter ended September 30, 2026. This represents cash balance that was applied in earlier years towards certain company expenses which could not be recorded at that time due to unavoidable reasons. Management is compiling supporting records for auditor verification.

Investment Write-off

The company wrote off outstanding advances and investments in Frost International Limited totaling ₹410 lacs during the half year. This decision was based on the Resolution Plan approved by the National Company Law Tribunal, Mumbai Bench-I, vide order dated June 5, 2026, in the matter of Bank of India vs. Frost International Limited, considering the amount irrecoverable.

Balance Sheet Position (as of September 30, 2026)

Assets:

  • Total Assets: ₹33,690.33 lacs
  • Non-current Assets: ₹6.50 lacs (Property, Plant and Equipment)
  • Current Assets: ₹33,683.83 lacs
  • Trade Receivables: ₹31,651.99 lacs
  • Cash and Cash Equivalents: ₹5.48 lacs
  • Other Financial Assets: ₹2,011.43 lacs
  • Other Current Assets: ₹14.93 lacs

Liabilities and Equity:

  • Total Equity: Negative ₹5,169.51 lacs
  • Equity Share Capital: ₹285.40 lacs
  • Other Equity: Negative ₹5,454.91 lacs
  • Non-current Liabilities: ₹18.46 lacs (Provisions)
  • Current Liabilities: ₹38,841.38 lacs
  • Borrowings: ₹10,721.33 lacs
  • Trade Payables: ₹20,880.84 lacs
  • Other Current Liabilities: ₹7,239.21 lacs

Cash Flow Statement

For the half year ended September 30, 2026:

  • Net Cash from Operating Activities: Negative ₹25.37 lacs
  • Net Cash from Investing Activities: Nil
  • Net Cash from Financing Activities: Negative ₹0.50 lac
  • Net decrease in Cash & Cash Equivalents: ₹25.87 lacs
  • Opening Cash Balance: ₹31.35 lacs
  • Closing Cash Balance: ₹5.48 lacs

Auditor's Limited Review Report

Bhatter & Associates, Chartered Accountants (FRN: 131411W), issued a qualified review report. The qualification states that the company has had no business operations since FY 2019-20, and the cash balance of ₹25.46 lacs includes amounts that management claims were applied toward certain expenses during the intervening period which could not be recorded due to unavoidable reasons. The auditors were unable to obtain sufficient appropriate audit evidence regarding the cash balance and these expenses, and any consequential adjustments to the cash balance, expenses, and accumulated losses are not presently determinable.

Additional Notes

  • The company has had no revenue from operations since FY 2019-20
  • Only one business segment, so segment reporting not applicable
  • Foreign exchange fluctuation effects will be recognized at year-end March 31, 2027
  • Previous period figures have been reclassified/rearranged/regrouped for comparability