Aban Offshore Ltd: Audited FY26 Results Filed Amidst CIRP, Auditors Issue Disclaimer of Opinion
Aban Offshore Limited filed audited standalone and consolidated financial results for FY26. The company is under CIRP. Auditors issued a disclaimer of opinion for both due to material uncertainties, including going concern issues and inability to verify bank balances. Accumulated losses stand at ₹9,744.68 million.
The disclaimer of opinion from the auditors on the financial results, coupled with the ongoing CIRP and significant financial uncertainties, has a high impact on the company's financial standing, investor confidence, and future prospects.
The auditors have issued a disclaimer of opinion on both standalone and consolidated financial results, citing significant uncertainties and inability to obtain sufficient audit evidence. The company continues to operate under CIRP with accumulated losses and a negative net worth, indicating severe financial distress.
Aban Offshore Limited has filed its audited standalone and consolidated financial results for the year ended March 31, 2026. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated September 1, 2025. The Resolution Professional has approved these results.
The independent auditors, Ford Rhodes Parks & Co. LLP, have issued a disclaimer of opinion for both the standalone and consolidated financial results. This disclaimer is due to significant uncertainties and the inability to obtain sufficient appropriate audit evidence. Key issues highlighted include the non-receipt of bank balance confirmations, material uncertainty relating to the going concern assumption due to accumulated losses and negative net worth, and overdue investments.
Furthermore, the auditors noted non-provision of interest on bank borrowings and dividends on cumulative redeemable preference shares, non-reinstatement of foreign currency bank borrowings, accrual of interest income at a reduced rate, and revenue from support services at a rate lower than agreed. The company also did not provide for Corporate Social Responsibility (CSR) expenses as it is under CIRP.
In the standalone financial results, the company reported total income of ₹340.51 million and total expenses of ₹186.59 million for the quarter ended March 31, 2026. For the year ended March 31, 2026, total income was ₹1,285.74 million and total expenses were ₹1,394.38 million, resulting in a net loss. The company's net worth is negative, with accumulated losses of ₹9,744.68 million.
The consolidated financial results also carry a disclaimer of opinion, stemming partly from a similar disclaimer issued by the auditors of its wholly-owned foreign subsidiary, Aban Holdings Pte Ltd, Singapore. This foreign subsidiary and its group incurred significant net losses and had net current liabilities and net liabilities as of March 31, 2026. The group also defaulted on borrowings and received recall notices from lenders.
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