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Aban Offshore Limited (ABAN)

₹16.03 -1.96% last close, 16 Oct

📊 NSE: ABAN 🏢 Oil Drilling / Allied Services 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Aban Offshore's revenue was ₹99.1 Cr (-14.6% year on year, +8.9% on the previous quarter), and net profit ₹1.0 Cr (-96.6% year on year); the operating margin was 20.1%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹99.1	-14.6%	+8.9%
Operating profit	₹19.9	-57.6%	-52.5%
Net profit	₹1.0	-96.6%	-96.6%
EPS (₹)	0.31	from loss	-93.9%
Operating margin	20.1%	—	—

Full quarterly financials → Results calendar →

ABAN exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at its lower price band (circuit) on 16 Oct, one of 16 band closes in about the last 20 sessions.

₹16.03NSE close · -1.96%

Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Aban Offshore Submits Regulation 74(5) Demat Compliance Certificate for Q2 ended September 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Oct 2026, 04:26 PM

Aban Offshore Limited has submitted its quarterly compliance certificate pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited on October 12, 2026, confirms that securities received for dematerialisation were processed and listed within stipulated timelines. The filing also notes that the company remains under the Corporate Insolvency Resolution Process (CIRP), managed by Resolution Professional Shailesh Desai.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter ended September 30, 2026
Issued by RTA Cameo Corporate Services Limited on October 12, 2026
Filing confirms company is currently undergoing CIRP under Resolution Professional Shailesh Desai

💡 Track progress and regulatory disclosures related to the Corporate Insolvency Resolution Process (CIRP) rather than routine demat filings.

Aban Offshore Reports Q1 FY27 Net Profit of ₹33.03 Cr; Auditor Issues Disclaimer of Conclusion

🔵 WATCH ⭐ 6/10

EARNINGS 📅 25 Sep 2026, 04:11 PM

Aban Offshore reported standalone revenue from operations of ₹34.65 crore (INR 346.54 million) for the quarter ended June 30, 2026, up from ₹24.85 crore in Q1 FY26. Standalone net profit stood at ₹33.03 crore (INR 330.25 million), compared to ₹4.02 crore in the prior-year period. However, statutory auditors issued a 'Disclaimer of Conclusion' due to severe going concern uncertainties, insolvency proceedings (CIRP), and non-provisioning of interest on bank borrowings. Additionally, the company has overdue unredeemed preference shares of INR 2,630 million.

Standalone total income rose to INR 384.78 million in Q1 FY27 from INR 281.73 million in Q1 FY26
Reported standalone net profit after tax reached INR 330.25 million, heavily driven by zero recognized finance costs under CIRP
Auditor issued a Disclaimer of Conclusion citing material uncertainty around going concern and unprovided interest liabilities
Company failed to redeem non-convertible redeemable preference shares amounting to INR 2,630 million on due dates
Overdue investment in preference shares stands at INR 94.34 million without an impairment provision

💡 Track the ongoing Corporate Insolvency Resolution Process (CIRP) proceedings at NCLT Chennai, particularly resolution applicant bids or liquidation risks.

Aban Offshore Reports Q1 FY27 Results; Auditor Issues Disclaimer of Conclusion Under CIRP

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 25 Sep 2026, 04:09 PM

Aban Offshore reported its unaudited standalone financial results for the quarter ended June 30, 2026, recording total income of Rs 38.48 cr (up from Rs 28.17 cr in Q1 FY26) and a reported net profit of Rs 33.03 cr. However, statutory auditors issued a 'Disclaimer of Conclusion' due to severe material uncertainties regarding going concern status, non-provisioning of interest on bank borrowings, and unassessed recoverability of Rs 9.43 cr in overdue preference shares. Additionally, the company has defaulted on redeeming non-convertible preference shares worth Rs 263.0 cr. The company remains under the Corporate Insolvency Resolution Process (CIRP) under NCLT order dated September 1, 2025.

Standalone total income stood at Rs 38.48 cr (Rs 384.78 million) in Q1 FY27 versus Rs 28.17 cr (Rs 281.73 million) in Q1 FY26
Reported standalone net profit was Rs 33.03 cr (Rs 330.25 million), assisted by not providing for bank interest during CIRP
Statutory auditor issued a Disclaimer of Conclusion citing going concern uncertainty and unprovided finance costs
Parent company failed to redeem non-convertible redeemable preference shares worth Rs 263.0 cr (INR 2,630 million) on due dates
Overdue investment of Rs 9.43 cr (INR 94.34 million) in preference shares remains without impairment provisioning

💡 Track the ongoing NCLT Corporate Insolvency Resolution Process (CIRP) proceedings and resolution plan submissions to gauge recovery prospects for shareholders.

Aban Offshore Clarifies Governance Filing Exemption Due to Ongoing CIRP

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 21 Aug 2026, 04:25 PM

Aban Offshore Limited responded to exchange queries regarding its Corporate Governance Report for the quarter ended June 2026. The Resolution Professional clarified that Part A of the integrated corporate governance filing is not applicable as the company is undergoing the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated pursuant to the Hon'ble NCLT Chennai order dated September 1, 2025.

Clarification submitted in response to exchange query dated 20.08.2026 regarding June 2026 quarter governance filing.
Company confirmed ongoing CIRP under NCLT Chennai order dated 1st September 2025.
Part A of integrated filing related to Corporate Governance confirmed as not applicable.

💡 Track the ongoing NCLT Corporate Insolvency Resolution Process milestones, creditor claims, and any submitted resolution plans.

Aban Offshore FY26 Results Filed Under CIRP; Auditors Issue Disclaimer of Opinion

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 15 Aug 2026, 02:54 PM

Aban Offshore submitted its audited standalone and consolidated financial results for the year ended March 31, 2026, approved by the Resolution Professional (RP) under ongoing Corporate Insolvency Resolution Process (CIRP). The statutory auditors issued a 'Disclaimer of Opinion' citing multiple material uncertainties, including the inability to obtain bank balance confirmations for deposits of INR 592.98 million and term loan borrowings of INR 4,148.03 million. On a standalone basis, reported turnover was INR 1,265.71 million with an unadjusted net profit of INR 386.83 million, though post-qualification adjusted figures remain unascertainable and standalone net worth stands eroded at INR -9,627.95 million.

Statutory auditor Ford Rhodes Parks & Co. LLP issued a Disclaimer of Opinion due to extensive scope limitations and going concern uncertainties.
Unconfirmed bank balances include INR 592.98 million in deposits and INR 4,148.03 million in term loans across 2 banks.
Standalone FY26 turnover reported at INR 1,265.71 million, with unadjusted net worth eroded at INR -9,627.95 million.
Company is currently under CIRP pursuant to NCLT Chennai order dated September 1, 2025, with powers of the board vested in the RP.

💡 Track the ongoing CIRP proceedings and resolution plan submissions before the NCLT Chennai, as equity value remains deeply at risk given negative net worth and auditor disclaimers.

Auditors Issue Disclaimer of Opinion on FY26 Results; ₹414.8 Cr Bank Borrowings Unconfirmed

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 15 Aug 2026, 02:30 PM

Aban Offshore, currently undergoing Corporate Insolvency Resolution Process (CIRP) since September 1, 2025, submitted its audited financial results for the year ended March 31, 2026. Statutory auditors Ford Rhodes Parks & Co. LLP issued a Disclaimer of Opinion citing non-receipt of balance confirmations for ₹414.80 crore in bank borrowings and ₹59.30 crore in bank deposits. The report also highlights severe going concern uncertainties driven by negative net worth (₹-963 crore as of FY26), debt defaults, and non-provisioning of interest liabilities post-CIRP admission.

Auditors issued a Disclaimer of Opinion on the standalone financial results for FY26.
Bank balance confirmations missing for ₹592.98 million in deposits and ₹4,148.03 million in term loan borrowings across 2 banks.
Material uncertainty on Going Concern highlighted due to eroded net worth, payment defaults, and ongoing CIRP under NCLT Chennai.
Company halted provisioning for interest on bank borrowings and preference share dividends from October 2025 following CIRP debt crystallization.
Reclassified land valued at ₹123.45 million from 'Assets held for sale' back to PPE following the IBC moratorium.

💡 Monitor developments regarding the Corporate Insolvency Resolution Process (CIRP), resolution plan submissions by prospective bidders, and NCLT Chennai proceedings.

Aban Offshore Reports FY26 Audited Financials; Auditors Issue Disclaimer of Opinion Under CIRP

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 05:14 PM

Aban Offshore Limited has submitted its audited standalone and consolidated financial results for the year ended March 31, 2026, approved by the Resolution Professional as the company remains under the Corporate Insolvency Resolution Process (CIRP). The statutory auditors issued a 'Disclaimer of Opinion', citing multiple unresolved accounting issues and material uncertainties over going concern. The auditors were unable to obtain balance confirmations for bank deposits of INR 592.98 million and term loans of INR 4,148.03 million. Standalone reported turnover stood at INR 1,265.71 million with a standalone reported net profit before adjustments of INR 386.83 million, though adjusted figures remain unascertainable.

Auditors issued a Disclaimer of Opinion due to lack of bank confirmations for INR 592.98 million in deposits and INR 4,148.03 million in term loans
Standalone reported turnover reached INR 1,265.71 million, with reported net profit of INR 386.83 million before audit qualification adjustments
Reported standalone net worth stands eroded at INR (9,627.95) million as of March 31, 2026
Company is operating under CIRP pursuant to NCLT Chennai order dated September 1, 2025
Overdue preference share investments amount to INR 94.34 million with unprovided CSR dues of INR 4.62 million

💡 Track the ongoing NCLT CIRP resolution proceedings, bidding/resolution plan submissions by creditors, and Appellate Tribunal hearing outcomes.

Aban Offshore Delays Q1 FY27 Results Due to Ongoing Insolvency Process (CIRP)

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 13 Aug 2026, 04:47 PM

Aban Offshore Limited has informed exchanges of a delay in submitting its financial results for the quarter ended June 30, 2026. The company, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), cited the need for extensive data reconciliation and management changes as primary reasons. While FY26 (March 2026) results are expected within 2-3 working days, the delay in finalizing those figures has pushed back the Q1 FY27 reporting timeline. This administrative hurdle comes as the company grapples with a negative net worth of Rs 1,000 Cr and TTM losses of Rs 500 Cr.

FY26 financial results are expected to be submitted to exchanges within 2-3 working days.
The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the IBC 2016.
Net worth is significantly eroded at Rs -1,000 Cr as per latest financial context.
TTM losses stand at Rs 500 Cr, reflecting severe financial distress.
Debt levels remain high at Rs 696 Cr against a market capitalization of only Rs 70 Cr.

💡 Investors should monitor the exchange for the promised FY26 results within the next 3 days and watch for the subsequent Q1 FY27 filing to gauge the progress of the insolvency resolution.

Aban Offshore Appoints D. Suresh as Company Secretary Effective August 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Jul 2026, 04:41 PM

Aban Offshore Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has announced the appointment of Mr. D. Suresh as Company Secretary and Compliance Officer effective August 1, 2026. This follows the superannuation of the previous secretary, Mr. S.N. Balaji, on July 31, 2026. Mr. Suresh brings over 10 years of experience in corporate governance and 15 years in finance and accounts. Given the company's severe financial distress, including a negative net worth of Rs -1000 Cr and TTM PAT of Rs -500 Cr, this is a routine administrative transition.

Appointment of Mr. D. Suresh as Company Secretary effective August 1, 2026
Superannuation of outgoing Company Secretary Mr. S.N. Balaji on July 31, 2026
Incoming officer possesses 10 years of experience in corporate governance and 15 years in finance
Company remains under Corporate Insolvency Resolution Process (CIRP) with a debt of Rs 696 Cr

💡 Investors should focus on the progress of the Corporate Insolvency Resolution Process (CIRP) and the resolution professional's updates, as administrative personnel changes do not alter the company's fundamental insolvency status.

Resignation of Independent Director Mr. Krishnamurthy Vijayan effective July 22, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Jul 2026, 12:15 PM

Mr. Krishnamurthy Vijayan has resigned from his position as an Independent Director of Aban Offshore Limited effective July 22, 2026. The resignation is attributed to personal reasons and other professional commitments, with no other material reasons cited. This change occurs while the company is undergoing a Corporate Insolvency Resolution Process (CIRP), managed by a Resolution Professional. Given the company's severe financial distress, including a negative net worth of ₹1,000 cr and TTM losses of ₹500 cr, board changes are secondary to the insolvency outcome.

Resignation of Mr. Krishnamurthy Vijayan (DIN: 00589406) effective from July 22, 2026.
Company is currently under Corporate Insolvency Resolution Process (CIRP) as of the announcement date.
The resigning director holds a directorship in one other listed entity, Neueon Corporation Limited.
Aban Offshore reports a negative net worth of ₹1,000 cr and total debt of ₹696 cr.
TTM net loss stands at ₹500 cr against a market capitalization of only ₹55 cr.

💡 Investors should focus on the progress of the Corporate Insolvency Resolution Process (CIRP) and any updates regarding the resolution plan rather than board-level resignations.

Aban Offshore Submits Quarterly Compliance Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jul 2026, 04:08 PM

Aban Offshore Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ended June 30, 2026. The document confirms that the Registrar and Share Transfer Agent, Cameo Corporate Services, has processed all dematerialization requests and updated the register of members within the stipulated time limits. The filing is notably signed by the Resolution Professional, as the company remains under the Corporate Insolvency Resolution Process (CIRP). This is a standard procedural disclosure required for all listed companies in India.

Confirmation of compliance for the quarter ended June 30, 2026
Registrar and Share Transfer Agent (RTA) issued the certificate on July 6, 2026
Company is currently undergoing Corporate Insolvency Resolution Process (CIRP)
All security certificates received for dematerialization were mutilated and cancelled as per regulations

💡 Investors should focus on updates regarding the Corporate Insolvency Resolution Process (CIRP) rather than this routine administrative filing.

Aban Offshore: Trading Window Closed for Q1 June 2026 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 03:42 PM

Aban Offshore Limited has notified the stock exchanges that its trading window for dealing in company securities will remain closed for the quarter ending June 30, 2026. The window, which has been closed since April 1, 2026, for previous financial declarations, will continue to be shut until 48 hours after the Q1 results are announced. This is a standard regulatory requirement under SEBI Prohibition of Insider Trading Regulations. The company remains under the Corporate Insolvency Resolution Process (CIRP) managed by a Resolution Professional.

Trading window closed for financial results of the quarter ended June 30, 2026
Window has been continuously closed since April 1, 2026
Reopening scheduled 48 hours after the official declaration of financial results
Company is currently undergoing Corporate Insolvency Resolution Process (CIRP)

💡 This is a routine regulatory filing with no impact on company fundamentals; investors should focus on the upcoming financial results and CIRP developments.

Aban Offshore NCLAT Appeal Deferred to July 13; Interim Order to Continue

🔵 WATCH ⭐ 7/10

LEGAL 📅 04 Jun 2026, 04:40 PM

The National Company Law Appellate Tribunal (NCLAT) at Chennai has deferred the hearing of an appeal filed by the suspended Managing Director of Aban Offshore against Punjab National Bank. The matter, originally scheduled for June 2026, has been moved to July 13, 2026, to consider subsequent developments in the case. Significantly, the interim order dated January 21, 2026, will remain in effect until the next hearing, maintaining the current legal status quo. This proceeding is a critical component of the company's ongoing insolvency and debt resolution challenges.

NCLAT Chennai has adjourned the Company Appeal (AT) (CH) (Ins) No. 477/2025 to July 13, 2026.
The interim order issued on January 21, 2026, continues to operate, providing temporary relief or stay.
The appeal involves suspended Managing Director Reji Abraham and primary respondent Punjab National Bank.
The court noted that subsequent developments have taken place which are relevant for the final adjudication.

💡 Investors should exercise extreme caution as the company remains under legal scrutiny regarding insolvency; the July 13 hearing will be a key pivot point. Avoid fresh positions until there is more clarity on the NCLAT's final decision regarding the management and debt status.

Aban Offshore CIRP: NCLAT Adjourns Appeal to June 2, 2026; Interim Orders to Continue

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 16 Apr 2026, 05:01 PM

Aban Offshore Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP) due to ongoing debt defaults. The National Company Law Appellate Tribunal (NCLAT), Chennai, has adjourned an appeal filed by the suspended Managing Director against Punjab National Bank. The next hearing is now scheduled for June 2, 2026, for further orders. Existing interim orders will remain in force until the next hearing, maintaining the current status quo of the insolvency proceedings.

NCLAT Chennai has adjourned the insolvency-related appeal (No. 477/2025) until June 2, 2026.
The legal challenge was initiated by Reji Abraham, the suspended Managing Director of Aban Offshore.
Punjab National Bank is the primary respondent in this litigation involving the insolvency process.
The Tribunal directed that all existing interim orders shall continue to remain in effect until the next hearing.

💡 Investors should remain extremely cautious as CIRP proceedings typically result in significant equity dilution or delisting. It is advisable to wait for the final resolution plan approval before making any investment decisions.

Aban Offshore Submits SEBI Compliance Certificate for Quarter Ended March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 05:04 PM

Aban Offshore Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending March 31, 2026. The certificate, issued by Registrar Cameo Corporate Services Limited, confirms that all dematerialization requests were processed and securities were listed on the exchanges. The filing also notes that the company is currently undergoing the Corporate Insolvency Resolution Process (CIRP). This is a standard administrative filing required by all listed entities in India.

Compliance confirmed for the quarter ended March 31, 2026
Dematerialization requests were processed and confirmed within stipulated time limits
Physical security certificates were mutilated and cancelled after verification
Company remains under Corporate Insolvency Resolution Process (CIRP) as of April 2026

💡 This is a routine regulatory filing with no impact on the company's valuation. Investors should focus on developments regarding the Corporate Insolvency Resolution Process (CIRP) for material updates.

View All ABAN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 19.01% YoY to INR 4,756.55 million in FY25 from INR 3,996.65 million in FY24, primarily driven by offshore drilling services under long-term contracts.

Geographic Revenue Split

Not disclosed in exact percentages, but the Middle East is a major region of operation, previously accounting for a significant receivable write-off of INR 2,318.22 million.

Profitability Margins

Consolidated Operating Margin improved to 11.28% in FY25 from -62.96% in FY24. Net Profit Margin remained deeply negative at -321.67% due to massive finance costs and insolvency-related adjustments.

EBITDA Margin

Consolidated Operating Profit Margin reached 11.28% in FY25, a recovery from the previous year's negative margin, as EBIT became positive at INR 536.34 million.

Capital Expenditure

Not disclosed in available documents; however, the company is focusing on optimizing depreciated assets and diversifying into offshore wind farms.

Credit Rating & Borrowing

Liquidity is rated as 'Poor' by CARE Ratings due to low fleet utilization and debt defaults. Finance costs for FY25 included a INR 182 million translation loss due to adverse USD/INR exchange rates.

⚙️ Operational Drivers

Raw Materials

Fuel, spare parts, and drilling consumables (specific names not disclosed), representing the primary operational costs for offshore drilling rigs.

Import Sources

Middle East and international markets, where the company's offshore assets are deployed.

Capacity Expansion

Current capacity consists of 4 operational assets (offshore drilling rigs). Planned expansion includes entering the offshore wind farm sector to align with global energy transition trends.

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, the company mitigates price volatility by securing assets under medium- and long-term contracts.

Manufacturing Efficiency

Low fleet utilization is a critical constraint, contributing to poor liquidity and delays in debt servicing.

📈 Strategic Growth

Growth Strategy

Growth is targeted through diversification into renewable energy sectors like offshore wind farms and forming strategic alliances to access new regions and technological capabilities.

Products & Services

Offshore drilling services for oil and gas exploration and production companies.

Brand Portfolio

Aban Offshore.

New Products/Services

Offshore wind farm services, aligning with global energy transition trends to access new markets.

Market Expansion

Targeting new regions and markets through strategic partnerships and alliances.

Market Share & Ranking

Largest private player in India in the offshore drilling industry and one of the largest globally.

Strategic Alliances

Partnerships with leading international firms to strengthen competitive edge and access new technological capabilities.

🌍 External Factors

Industry Trends

The industry is evolving toward renewable energy; Aban is positioning itself for the future by exploring offshore wind farm opportunities.

Competitive Landscape

Intense competition from international drilling firms; Aban mitigates this by fostering long-term partnerships and optimizing asset costs.

Competitive Moat

Moat is based on being the largest Indian private player with an optimized fleet of depreciated assets, but sustainability is currently threatened by insolvency.

Macro Economic Sensitivity

Highly sensitive to global crude oil prices and exploration budgets of E&P companies, which dictate demand for drilling rigs.

Consumer Behavior

Global shift in energy demand from fossil fuels to renewables is affecting long-term demand for traditional offshore drilling.

Geopolitical Risks

Over-reliance on specific regions like the Middle East, which led to a prior receivable write-off of INR 2,318.22 million.

⚖️ Regulatory & Governance

Industry Regulations

Governed by the Insolvency and Bankruptcy Code, 2016, following the NCLT order dated 01.09.2025 initiating the CIRP process.

Environmental Compliance

Stringent operational and safety protocols implemented to ensure adherence to quality, health, safety, and environmental (QHSE) standards.

Taxation Policy Impact

Not disclosed in available documents; deferred tax assets stood at INR 372.28 million as of September 2025.

Legal Contingencies

Corporate Insolvency Resolution Process (CIRP) initiated by NCLT on 01.09.2025 due to defaults; total consolidated liabilities involved are INR 2,85,189.99 million.

⚠️ Risk Analysis

Key Uncertainties

Material uncertainty exists regarding the company's ability to continue as a going concern, with the Singapore subsidiary reporting net liabilities of US$2.92 billion.