Board Meeting Details

The Board of Directors meeting was held on Tuesday, August 4, 2026. The meeting commenced at 04:25 PM IST and concluded at 04:53 PM IST.

Board Approvals

The Board:

  • Considered and approved the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ended June 30, 2026.
  • Took on record the Limited Review Reports issued by the Statutory Auditors, Bhattacharya Das & Co., on these financial results.

Standalone Financial Results (Q1 June 2026)

  • Total Income: ₹185.23 lakh
  • Total Expenditure: ₹222.72 lakh (Employee Cost: ₹75.53 lakh, Operation and Administration Cost: ₹82.20 lakh, Finance Cost: ₹3.36 lakh, Depreciation: ₹61.63 lakh)
  • Loss Before Tax: ₹37.49 lakh
  • Tax Expense: Nil
  • Loss After Tax: ₹37.49 lakh
  • Total Comprehensive Income: ₹(37.49) lakh
  • Paid-up Equity Share Capital: ₹1,496.69 lakh (Face Value ₹10 each)
  • Earnings Per Share (Basic & Diluted): ₹(0.25)

Consolidated Financial Results (Q1 June 2026)

  • Total Income: ₹307.70 lakh (Revenue from Operations: ₹282.89 lakh, Other Income: ₹24.81 lakh)
  • Total Expenditure: ₹394.45 lakh (Employee Cost: ₹90.96 lakh, Operation and Administration Cost: ₹163.60 lakh, Finance Cost: ₹35.28 lakh, Depreciation: ₹104.61 lakh)
  • Loss Before Tax: ₹86.75 lakh
  • Tax Expense: ₹(0.65) lakh (Deferred Tax)
  • Loss After Tax: ₹87.40 lakh
  • Profit Attributable to Owners: ₹(86.07) lakh
  • Profit Attributable to Non-controlling Interests: ₹(1.33) lakh
  • Total Comprehensive Income: ₹(87.40) lakh
  • Paid-up Equity Share Capital: ₹1,496.69 lakh
  • Earnings Per Share (Basic & Diluted): ₹(0.58)

Auditor's Key Observations (Standalone)

1. Investment in South West Port Limited (SWPL) Discrepancy: The company shows an investment of ₹12.01 crore (26% equity) in SWPL. However, SWPL's financial statements show the company's holding as only 10%. The differential 16% has been transferred by SWPL to entities having credit balances with the company for share purchases. The company continues to show the investment at original cost citing lack of necessary approvals from SWPL to justify the change.

2. Axis Bank Legal Dispute: Axis Bank, a lender to subsidiary Kandla Container Terminal Private Limited (KCTPL), obtained a Recovery Certificate (RC) from the Debts Recovery Tribunal (DRT), Mumbai for ₹6,627.20 lakhs (₹662.72 crore) based on a Shortfall Undertaking by the company. The company has appealed the RC before the Debts Recovery Appellate Tribunal (DRAT), Mumbai with interim applications seeking waiver of pre-deposit, condonation of delay, and stay of recovery proceedings. The company has also filed a Writ Petition before the Bombay High Court challenging the order on the pre-deposit waiver application. The Bombay High Court has extended the time for making the pre-deposit pending adjudication of the Writ Petition. The matter is sub judice.

Auditor's Key Observations (Consolidated)

The consolidated results include Starlog Enterprises Limited (Holding), Starport Logistics Limited (Subsidiary), Starlift Services Private Limited (Subsidiary), and Kandla Container Terminal Pvt Ltd (Subsidiary).

Additional observations beyond the standalone report:

3. Missing Associate Results: The company has not received financial results from South West Port Limited (Associate Company) and Alba Asia Pvt Ltd (Associate Company) for the quarter ended June 30, 2026. The financial impact on the carrying value and consolidated P&L is presently unascertainable.

4. Service Tax Issue at KCTPL: Service tax payable of ₹251.87 lakhs pertaining to KCTPL is net-off against service tax input of ₹77.36 lakhs. The input credit was not claimed within the stipulated time per service tax regulations, and there is reasonable doubt about its future availability for setoff. KCTPL continues to show it as an asset pending arbitration proceedings with Kandla Port Trust & Ors.

5. Management Accounts Basis: The unaudited interim financial results and other unaudited financial information are based on management accounts. The financial impact of losses on carrying values could vary, and the consequent impact on consolidated profit and loss is presently unascertainable.

Additional Information

The company operates in one reportable segment. The financial results are available on the company website (www.starlog.in) and BSE website (www.bseindia.com).