Q1 FY27 Results Approved by Resolution Professional; Auditor Issues Disclaimer of Conclusion
Unaudited results for the quarter ended 30 June 2026, approved by the Resolution Professional — the company is under CIRP after NCLT admitted a petition by Punjab National Bank.
By ScoutQuest · · 3 min read
- Standalone Income from Operations
- Rs. 346.54 Millions vs Rs. 248.52 Millions a year ago
- Net Profit
- Rs. 330.25 Millions vs Rs. 40.19 Millions
- EPS
- Rs. 5.66
- Net Worth
- Rs. (9,627.95) Millions (negative)
- Auditor Conclusion
- Disclaimer of conclusion — material going-concern uncertainty
What was shared
Aban Offshore submitted unaudited standalone and consolidated financial results for the period ended 30 June 2026. Because the company is undergoing the Corporate Insolvency Resolution Process (CIRP), the powers of the Board are suspended and the results were approved and signed by the Resolution Professional, Shailesh Desai.
The insolvency background
The NCLT Chennai bench admitted a petition shared by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 and initiated CIRP by order dated 1 September 2025. An Interim Resolution Professional was appointed and later confirmed as Resolution Professional by the Committee of Creditors on 26 November 2025. Operations are being run on a going-concern basis under the Code. Claims from financial, operational and other creditors including employees have been submitted; overall liabilities will be determined during the CIRP.
Standalone numbers for the quarter
- Income from operations: Rs. 346.54 Millions, versus Rs. 248.52 Millions in the June 2025 quarter
- Other income: Rs. 38.24 Millions; total income Rs. 384.78 Millions
- Total expenses: Rs. 41.14 Millions, versus Rs. 225.78 Millions a year ago
- Employee benefits expense: Rs. 25.23 Millions
- Net profit for the period: Rs. 330.25 Millions, versus Rs. 40.19 Millions
- Basic and diluted EPS (not annualised): Rs. 5.66
- Paid-up equity share capital: Rs. 116.73 Millions (shares of Rs. 2 each)
A large part of the fall in expenses comes from finance costs not being charged this quarter. The company has not provided for interest on bank borrowings or dividend on cumulative redeemable preference shares, on the basis that these liabilities crystallised on the CIRP commencement date. Foreign currency bank borrowings have also not been reinstated, as claims were crystallised in INR.
What the auditors said
Ford Rhodes Parks & Co. LLP issued a disclaimer of conclusion on the standalone results — meaning they were unable to obtain sufficient evidence to form any conclusion. Their reasons:
- Material uncertainty on going concern: accumulated losses, eroded net worth, current liabilities exceeding current assets, and default in repayment of instalments and interest on term loans
- An investment of INR 94.34 Million in preference shares that is overdue, whose recoverability could not be assessed
- Inability to determine the understatement, if any, from not recognising interest and preference dividend for 1 April 2026 to 30 June 2026
- Interest income on an inter-corporate loan accrued at a rate lower than contracted, reset from 1 October 2025, with the revised rate unsupported by evidence
The earlier report for the quarter and year ended 31 March 2026 also carried a disclaimer of opinion.
Balance sheet position
Net worth stands at Rs. (9,627.95) Millions and reserves excluding revaluation reserves at Rs. (9,744.68) Millions — both negative. The company has not redeemed its non-convertible redeemable preference shares amounting to INR 2,630 million on due dates and paid no dividend on them.
Business
The company operates in a single business segment: offshore drilling.
How to read this
The reported profit for the quarter is helped by the absence of finance cost provisioning during CIRP rather than purely by operations. The auditors' disclaimer and the negative net worth mean the reported figures carry significant uncertainty, and the eventual outcome for the company depends on the resolution process.
More numbers
- Income from operations, Q ended 30.06.2026 (standalone)346.54
- Income from operations, Q ended 30.06.2025248.52
- Other income, Q ended 30.06.202638.24
- Total income, Q ended 30.06.2026384.78
- Total expenses, Q ended 30.06.202641.14
- Total expenses, Q ended 30.06.2025225.78
- Employee benefits expense, Q ended 30.06.202625.23
- Net profit for the period, Q ended 30.06.2026330.25
- Net profit, Q ended 30.06.202540.19
- Basic and diluted EPS (not annualised)5.66
- Net worth(9,627.95)
- Overdue investment in preference sharesINR 94.34 Million
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