| Scrip Code | 523204 |
|---|---|
| NSE Symbol | ABAN |
| MSEI Symbol | NA |
| ISIN | INE421A01028 |
| Name of company | ABAN OFFSHORE LIMITED |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 13-02-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 28-01-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Third quarter |
| Nature of report standalone or consolidated | Standalone |
| Whether results are audited or unaudited for the quarter ended | Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Unaudited |
| Segment Reporting | Single segment |
| Description of single segment | DRILLING SERVICES |
| Start date and time of board meeting | 13-02-2026 15:30:00 |
| End date and time of board meeting | 13-02-2026 16:30:00 |
| Whether cash flow statement is applicable on company | |
| Type of cash flow statement | |
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? | No |
| No. of times funds raised during the quarter | |
| Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? | Yes |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| 1 | Income | ||
| Revenue from operations | 2,651.80 | 8,239.70 | |
| Other income | 263.80 | 931.30 | |
| Total income | 2,915.60 | 9,171.00 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 0.50 | 32.20 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 |
| (d) | Employee benefit expense | 226.80 | 809.50 |
| (e) | Finance costs | 0.00 | 3,267.20 |
| (f) | Depreciation, depletion and amortisation expense | 22.80 | 50.50 |
| (f) | Other Expenses | ||
| 1 | Exchange Diffrtence Net | 0.00 | 2,013.60 |
| 2 | Other Expenditure | 141.40 | 749.90 |
| Total other expenses | 141.40 | 2,763.50 | |
| Total expenses | 391.50 | 6,922.90 | |
| 3 | Total profit before exceptional items and tax | 2,524.10 | 2,248.10 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | 2,524.10 | 2,248.10 |
| 6 | Tax expense | ||
| 7 | Current tax | 0.00 | 0.00 |
| 8 | Deferred tax | 157.40 | 473.20 |
| 9 | Total tax expenses | 157.40 | 473.20 |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0.00 | 0.00 |
| 11 | Net Profit Loss for the period from continuing operations | 2,366.70 | 1,774.90 |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 14 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 15 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0.00 | 0.00 |
| 16 | Total profit (loss) for period | 2,366.70 | 1,774.90 |
| 17 | Other comprehensive income net of taxes | 0.00 | 0.00 |
| 18 | Total Comprehensive Income for the period | 2,366.70 | 1,774.90 |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | |||
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | |||
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 1,167.30 | 1,167.30 | |
| Face value of equity share capital | 2 | 2 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | ||
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | 4.05 | 3.04 | |
| Diluted earnings (loss) per share from continuing operations | 4.05 | 3.04 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | 4.05 | 3.04 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | 4.05 | 3.04 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | 0 | 2.1700 |
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | 1. Pursuant to petition filed by Punjab National Bank (‘Financial Creditor’) before the National Company Law Tribunal (‘NCLT’) Chennai bench, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (‘the Rules’), the NCLT admitted the petition and vide its order dated 01st September 2025 initiated Corporate Insolvency Resolution Process (‘CIRP’) against Aban Offshore Limited (‘Corporate Debtor / the Company’). The NCLT appointed, vide its order dated 10th October 2025 Mr. Shailesh Bhalchandran Desai as the Resolution Professional (‘RP’). Committee of Creditors(“COC”) at its first meeting held on 26th November 2025 in terms of section 22(3) (a) of the code resolved with the requisite voting appointed Mr Sailesh Bhalchandran Desai as the Resolution Professional. 2. The unaudited Standalone financial results were taken on record on 13th February 2026. 3. The Company has continued as a going concern. Since, under CIRP, the business operations of the Company are managed under supervision of the RP (Resolution Professional) in accordance with objective of IBC 2016 to ensure that going concern is continued for maximising the value of the Company. Hence the Financial results are prepared as going concern basis. 4. The unaudited Standalone financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules 2015 (IND AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting principles and policies to the extent applicable. 5. The Company operates in only one business segment i.e. Offshore Drilling. 6. Clause 52 (6) of LODR disclosure –The Company hasn’t redeemed its non-convertible redeemable preference shares amounting to INR 2,810 million on due dates and paid no dividend. 7. The unaudited standalone financial results have been subjected to limited review by the statutory auditors of the Company. 8. The Company has investments of INR 94.34 Million in Preference Shares outstanding as at 31st December 2025 which are overdue. Management is of the opinion, considering the business of the investee that the invested amounts will be recovered and considering whether the investments as good and recoverable. 9. Based on the claims received by the RP from the financial creditors the company has not provided for interest on bank borrowings and dividend on cumulative redeemable preference shares for the period October 2025 to December 2025. As per the Provisions of IBC, the liability are crystalised on CIRP commencement date. 10. Similarly, the Company has not reinstated the foreign currency bank borrowings for the three months period ended 31st December 2025 as the claims have been crystallized on 30th September 2025. 11. The company has accrued the interest income on inter corporate loan at a rate which was reset from 1st October 2025 which stands at 7.50% p.a. 12. The company has accrued the revenue from support services from its wholly owned foreign subsidiary based on actual cost incurred to provide such services instead of at the agreed rate for the quarter ended 31st December 2025. 13. The RP has signed the unaudited Standalone financial results solely for the purpose of ensuring compliance by the Company with applicable laws, and subject to the following disclaimers: a. The RP has signed the financials results in good faith and accordingly, no suit, prosecution or other legal proceedings shall lie against the RP in terms of Section 233 of the Code; b. No Statement, fact, information (whether current or historical) or opinion contained therein should be construed as representation or warranty, express or implied, of the RP; c. The RP, in review of the financial results and while signing the financial results, has relied upon the assistance provided by the erstwhile Management of the Company. The unaudited standalone financial results of the Company for the quarter and nine months ended 31st December 2025 have been taken on record by the RP solely on the basis of and on relying on the certifications, representations and statements of the directors and the erstwhile management of the company. For all such information and data, the RP has assumed that such information and data are in conformity with the Companies Act, 2013 and other applicable laws with respect to the preparation of the financial results and that they give a true and fair view of the position of the Company as of the dates and period indicated therein. Accordingly, the RP is not making any representations regarding accuracy, veracity or completeness of the data or information in the financial results. d. In terms of the Code’s provisions, the RP is under process to determine avoidance transactions. e. Claims were submitted by the financial creditors, operations creditors, other creditors including claims of employees to the RP. The overall liabilities shall be determined during the CIRP and accounting impact if any shall be considered on completion of CIRP. |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|---|
| Date of start of reporting period | 01-10-2025 | 01-04-2025 | |||||
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |||||
| Whether results are audited or unaudited | Unaudited | Unaudited | |||||
| Nature of report standalone or consolidated | Standalone | Standalone | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| Total Segment Revenue | |||||||
| Less: Inter segment revenue | |||||||
| Revenue from operations | |||||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| Total Profit before tax | |||||||
| i. Finance cost | |||||||
| ii. Other Unallocable Expenditure net off Unallocable income | |||||||
| Profit before tax | |||||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| Total Segment Asset | |||||||
| Un-allocable Assets | null | null | |||||
| Net Segment Asset | null | null | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| Total Segment Liabilities | |||||||
| Un-allocable Liabilities | null | null | |||||
| Net Segment Liabilities | null | null | |||||
| Disclosure of notes on segments | |||||||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| Total Amount of items that will not be reclassified to profit and loss | |||
| 2 | Income tax relating to items that will not be reclassified to profit or loss | ||
| 3 | Amount of items that will be reclassified to profit and loss | ||
| Total Amount of items that will be reclassified to profit and loss | |||
| 4 | Income tax relating to items that will be reclassified to profit or loss | ||
| 5 | Total Other comprehensive income | ||
| Whether results are audited or unaudited | Unaudited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Auditor's opinion | Disclaimer of opinion |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | FORD RHODES PARKS & CO. LLP | Yes | 30-09-2027 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 2,915.60 | 2,915.60 |
| 2 | Total Expenditure | 391.50 | 391.50 |
| 3 | Net Profit/(Loss) | 2,366.70 | 2,366.70 |
| 4 | Earnings Per Share | 4.05 | 4.05 |
| 5 | Total Assets | 0.00 | 0.00 |
| 6 | Total Liabilities | 0.00 | 0.00 |
| 7 | Net Worth | 0.00 | 0.00 |
| Sr. | Details of Audit Qualification | Type of Audit Qualification | Frequency of qualification | For Audit Qualification(s) where the impact is quantified by the auditor | For Audit Qualification(s) where the impact is not quantified by the auditor | ||
|---|---|---|---|---|---|---|---|
| Management's Views | (i) Management's estimation on the impact of audit qualification | (ii) If management is unable to estimate the impact, reasons for the same | Auditors' Comments on (i) or (ii) above | ||||
| 1 | Textual Information(1) | Disclaimer of opinion | Repetitive | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| Textual Information(1) | Non-Receipt of Bank Balance Confirmations: Though the Company authorized its bankers to send balance confirmation to us directly, we did not receive any direct confirmations. The company is unable to obtain and provide bank balance confirmations for the Companys bank balances including deposits of INR 130.92 million and the Companys outstanding bank borrowings from 2 banks (term loans) amounting to INR 4,197.92 million as of 31st December 2025. In our opinion, there are no other practicable review procedures available to us to verify these bank balances and transactions. In view of the non-confirmation of bank current, deposit and loan account balances and non-availability of bank statements of bank loan accounts, we are not in a position to ascertain and comment on the correctness of the above-mentioned balances and the resultant impact of the same on the unaudited standalone financial statements of the Company. Material uncertainty relating to Going Concern: The Company has accumulated losses on account of which the net worth is eroded. Also, current liabilities exceeded current assets. The company has defaulted in respect of installments and payment of interest on term loans. On petition filed by a financial creditor, the NCLT Chennai Bench admitted the Company into Corporate Insolvency Resolution Process (CIRP) and appointed an RP. These situations indicate that material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. (Refer Note 3 to the unaudited standalone financial statements). The appropriateness of assumption of going concern is dependent upon improvement in cash flows from normal operations, timely monetization of assets, and ongoing CIRP processes. Investments overdue: As mentioned in Note 8 of the unaudited standalone financial statements, the company has investments of INR 94.34 Million in preference shares outstanding as at 31st December 2025 which are overdue. The management is of the opinion that the amounts will be recovered. Page 2 of 4 Claims submitted by creditors: As mentioned in Note 13 e of the unaudited standalone financial statements, claims were submitted by the financial creditors, operational creditors, other creditors including claims of employees to the RP. The overall liabilities shall be determined during the CIRP and accounting impact if any shall be considered on completion of CIRP. We have not been provided with information pertaining to the proceedings of CIRP process including the minutes of meetings of the Committee of Creditors (COC), and the outcome of procedures carried out as a part of the CIRP, citing confidentiality reasons. Non provision of Interest on bank borrowings and dividend on cumulative redeemable preference shares: As mentioned in Note 9 of the unaudited standalone financial statements, based on the claims received by the RP from financial creditors, the Company has not provided for interest on bank borrowings and dividend on cumulative redeemable preference shares for the quarter ended 31st December 2025 since the liabilities are crystalized on CIRP commencement date. Non reinstatement of foreign currency bank borrowings: As mentioned in Note 10 of the unaudited standalone financial statements, the Company has not reinstated the foreign currency bank borrowing as at 31st December 2025 as the claims have been crystalized. Accrual of Interest income at reduced rate on inter-corporate loan: As mentioned in Note 11 of the unaudited standalone financial statements, the Company has accrued for interest income on inter corporate loan at a lower rate which was reset from 01st October 2025. Revenue support services accrued at cost instead of at agreed rate: As mentioned in Note 12 of the unaudited standalone financial statements, the Company has accrued the revenue from support services from its wholly owned foreign subsidiary at a rate lesser than the agreed rate. 6. Disclaimer Conclusion In view of the significance of the matters described in paragraph 5 above and the uncertainties involved, we have not been able to obtain sufficient and appropriate evidence thereon, unable to conclude as to whether the Statement has been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant Rules and other recognized accounting practices and policies or state whether the Statement has disclosed the information required to be disclosed in terms of the Listing Regulations, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement. Thus, we do not express a conclusion on the accompanying financial results. |
|---|---|
| Textual Information(2) | Company is undergoing CIRP |
| Textual Information(3) | Company is undergoing CIRP |
| Textual Information(4) | Under CIRP. |
| Textual Information(5) | Company is Under CIRP. Hence management is swifted to RP. |
| Name of CEO / Managing director | Reji Abraham |
|---|---|
| Name of CFO | Narayan Venkat Ramanan |
| Name of audit committee chairman | Company is under IBC |
| Name of statutory auditor | R SUBRAMANIAN |
| Name of other signatory, if any, with designation | Shailesh Desai, Resolution Professional |
| Place | Chennai |
| Date | 13-02-2026 |
| Sr. No. | Particulars | Amount | Remarks |
| 1. | Loans / revolving facilities like cash credit from banks / financial institutions | ||
| A | Total amount outstanding as on date | 6,940.80 | |
|---|---|---|---|
| B | Of the total amount outstanding, amount of default as on date | 6,940.80 | |
| 2. | Unlisted debt securities i.e. NCDs and NCRPS | ||
| A | Total amount outstanding as on date | 461.50 | |
| B | Of the total amount outstanding, amount of default as on date | 461.50 | |
| 3. | Total financial indebtedness of the listed entity including short-term and long-term debt | 7,402.30 | |