Aban Offshore Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2017 • Drilling: 99.2% • Wind Energy: 0.8%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company is almost debt free
- Operating margins have improved to 19.4% from -161.4%
- Latest quarter profit grew 100.7% YoY, showing strong momentum
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Company has a low return on capital employed of 0.0%
- Company has a low return on equity of 0.0% over last 3 years
- Interest coverage is weak at 0.2x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.06x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ONGC | 234.85 | 6.79 | 295447.86 | 5.64 | 6554.44 | -43.27 | 204987.35 | 25.68 | 15.96 | 7.85 |
| OIL | 488.30 | 9.51 | 79427.26 | 2.36 | 4026.83 | -80.32 | 12886.27 | 47.27 | 12.43 | 46.35 |
| DEEPINDS | 787.00 | 24.39 | 5036.80 | 0.32 | 89.15 | 44.48 | 278.92 | 39.81 | 7.44 | 38.77 |
| ANTELOPUS | 964.75 | 25.56 | 3392.29 | 0.00 | 543.20 | 4741.35 | 1310.40 | 2488.19 | 22.91 | 70.18 |
| DOLPHIN | 674.25 | 37.45 | 2697.31 | 0.00 | 14.81 | 30.72 | 42.85 | 160.62 | 14.92 | 59.07 |
| ASIANENE | 517.95 | 43.77 | 2519.68 | 0.24 | 12.76 | 126.51 | 271.19 | 135.06 | 16.63 | 8.09 |
| HINDOILEXP | 185.25 | 97.57 | 2449.81 | 0.00 | 6.24 | -85.79 | 114.18 | 45.17 | 12.33 | 4.82 |
| JINDRILL | 663.60 | 10.03 | 1923.19 | 0.15 | 47.14 | -28.69 | 275.39 | 8.38 | 15.30 | 35.72 |
| GNRL | 99.59 | 79.10 | 1527.74 | 0.00 | 11.35 | 488.84 | 5.72 | 70.36 | -0.56 | 202.01 |
| AAKASH | 8.75 | 17.48 | 88.59 | 0.00 | 0.26 | -36.86 | 23.35 | 7.11 | 5.39 | 9.38 |
| ABAN | 14.98 | 2.76 | 87.43 | 0.00 | 1.80 | 100.69 | 99.11 | -14.34 | 0.00 | 42.42 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 73 | 105 | 63 | 94 | 137 | 128 | 115 | 116 | 116 | 114 | 105 | 91 | 99 | |
| 166 | 147 | 114 | 134 | 170 | 98 | 73 | 83 | 69 | 79 | 87 | 50 | 102 | |
| Operating Profit | -93 | -42 | -51 | -39 | -33 | 30 | 42 | 33 | 47 | 35 | 18 | 42 | -3 |
| OPM % | -128.16% | -40.37% | -80.34% | -41.84% | -23.72% | 23.52% | 36.62% | 28.28% | 40.71% | 30.84% | 17.40% | 45.73% | -2.71% |
| 20 | 14 | 12 | 12 | 10 | 25 | 158 | 4 | 5 | 2 | 3 | 8 | 11 | |
| Interest | 287 | 276 | 265 | 274 | 277 | 273 | 277 | 279 | 280 | 280 | 289 | 3 | 0 |
| Depreciation | 11 | 21 | 12 | 22 | 31 | 13 | 33 | 27 | 25 | 4 | 25 | 25 | 44 |
| Profit before Tax | -370 | -325 | -316 | -324 | -330 | -231 | -110 | -270 | -253 | -246 | -293 | 22 | 7 |
| Tax % | -2.15% | -2.48% | -0.48% | -0.83% | -2.55% | -2.86% | -4.71% | -2.48% | -2.51% | -2.60% | -4.90% | -36.42% | 75.64% |
| Net Profit | 0 | 0 | 0 | 0 | -340 | -238 | -115 | -277 | -260 | -253 | -307 | 30 | 2 |
| -64.85 | -57.10 | -54.44 | -56.00 | -58.28 | -40.72 | -19.76 | -47.39 | -44.53 | -43.32 | -52.68 | 5.06 | 0.31 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,335 | 1,758 | 1,467 | 848 | 974 | 1,069 | 598 | 397 | 400 | 476 | 410 | |
| 1,443 | 851 | 2,053 | 4,366 | 8,339 | 2,018 | 1,579 | 528 | 602 | 384 | 317 | |
| Operating Profit | 1,892 | 907 | -586 | -3,518 | -7,365 | -949 | -981 | -131 | -202 | 92 | 93 |
| OPM % | 56.74% | 51.57% | -39.95% | -414.72% | -756.15% | -88.71% | -163.87% | -33.01% | -50.54% | 19.37% | 22.61% |
| 19 | 15 | 14 | 113 | 13 | 257 | 69 | 228 | 48 | 192 | 24 | |
| Interest | 1,038 | 1,090 | 1,282 | 1,137 | 1,203 | 1,106 | 1,097 | 1,110 | 1,092 | 1,110 | 572 |
| Depreciation | 902 | 701 | 665 | 675 | 845 | 195 | 145 | 47 | 50 | 38 | 98 |
| Profit before Tax | -27 | -870 | -2,518 | -5,220 | -9,401 | -1,992 | -2,154 | -1,060 | -1,297 | -865 | -510 |
| Tax % | -806.17% | -19.64% | -3.50% | -1.03% | 4.55% | 0.99% | -1.07% | -2.66% | -1.60% | -2.87% | -3.62% |
| Net Profit | -241 | -1,041 | -2,606 | -5,273 | -8,973 | -1,973 | -2,177 | -1,088 | -1,318 | -889 | -529 |
| EPS | -41.30 | -178.35 | -446.62 | -903.61 | -1537.46 | -337.99 | -373.04 | -186.90 | -225.81 | -152.40 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -19%
- 5 Years:
- -13%
- 3 Years:
- -7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -23%
- 5 Years:
- -19%
- 3 Years:
- -32%
- 1 Year:
- -67%
RETURN ON EQUITY
- 10 Years:
- -23%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| 3,682 | 2,624 | 7 | -5,320 | -15,332 | -16,834 | -19,524 | -22,308 | -23,884 | -25,414 | |
| 14,435 | 13,724 | 13,439 | 14,051 | 15,388 | 14,885 | 14,949 | 14,835 | 281 | 281 | |
| Trade Payables | 813 | 750 | 676 | 948 | 936 | 605 | 337 | 392 | 392 | 175 |
| 1,288 | 1,618 | 2,803 | 3,967 | 4,966 | 5,888 | 7,137 | 8,750 | 24,671 | 26,439 | |
| Total Liabilities | 20,229 | 18,728 | 16,938 | 13,657 | 5,970 | 4,556 | 2,910 | 1,680 | 1,472 | 1,493 |
| 17,197 | 16,203 | 14,369 | 11,262 | 4,052 | 3,191 | 704 | 693 | 669 | 651 | |
| Capital Work in Progress | 0 | 9 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 0 |
| 16 | 27 | 27 | 26 | 23 | 23 | 23 | 23 | 22 | 22 | |
| 409 | 377 | 378 | 417 | 461 | 290 | 196 | 97 | 112 | 115 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 139 | 81 | |
| Cash & Bank | 133 | 94 | 83 | 72 | 46 | 74 | 88 | 149 | 44 | 192 |
| 2,474 | 2,017 | 2,080 | 1,874 | 1,386 | 978 | 1,899 | 719 | 487 | 432 | |
| Total Assets | 20,229 | 18,728 | 16,938 | 13,657 | 5,970 | 4,556 | 2,910 | 1,680 | 1,472 | 1,493 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,416 | 2,040 | 511 | 1,078 | -938 | 681 | -428 | 127 | -72 | 139 | |
| Cash from Investing | -845 | 257 | -68 | -1,590 | -629 | 11 | 206 | 1,400 | -11 | 18 |
| Cash from Financing | -452 | -2,102 | -319 | 656 | 1,635 | -620 | 253 | -1,470 | -22 | -9 |
| 3 | -43 | 9 | 44 | 30 | 70 | 26 | 61 | -105 | 147 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -41.30 | -178.35 | -446.62 | -903.61 | -1537.46 | -337.99 | -373.04 | -186.90 | -225.81 | -152.40 |
| Book Value (₹) | 632.85 | 451.59 | 3.20 | -909.64 | -2625.21 | -2882.58 | -3343.47 | -3820.56 | -4090.46 | -4352.64 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 113.23 | -58.20 | -332.72 | -788.01 | -1392.69 | -304.58 | -348.21 | -178.43 | -217.32 | -145.80 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 57.32% | 52.42% | -38.96% | -401.44% | -754.80% | -67.80% | -161.37% | 0.85% | -50.54% | 19.37% |
| Net Margin % | -7.23% | -59.21% | -177.69% | -621.67% | -921.18% | -184.44% | -363.85% | -274.34% | -329.74% | -186.98% |
| ROE % | -5.29% | -32.89% | -196.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| ROCE % | 5.30% | 1.26% | -8.13% | -35.81% | -174.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| -1.17% | -5.34% | -14.62% | -34.47% | -91.43% | -37.48% | -58.32% | -47.42% | -83.60% | -59.99% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 214 | 433 | 464 | 642 | 414 | 279 | 292 | 343 | 213 | 84 |
| Inventory Days | 43 | 82 | 94 | 171 | 165 | 128 | 148 | 135 | 95 | 87 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 257 | 515 | 558 | 813 | 579 | 407 | 440 | 477 | 308 | 171 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 3.98x | 5.31x | 735.51x | -2.70x | -1.02x | -0.90x | -0.78x | -0.68x | -0.64x | -0.62x |
| Interest Coverage (x) | 0.97x | 0.20x | -0.96x | -3.59x | -6.81x | -0.80x | -0.96x | 0.04x | -0.19x | 0.22x |
| 1.03x | 0.63x | 0.15x | 0.12x | 0.09x | 0.06x | 0.04x | 0.03x | 0.02x | 0.02x | |
| GROWTH | ||||||||||
| Revenue Growth % | -17.48% | -47.28% | -16.56% | -42.17% | 14.83% | 9.80% | -44.05% | -33.70% | 0.74% | 19.01% |
| Operating Profit Growth % | -21.13% | -51.79% | -162.03% | -495.82% | -115.90% | 90.14% | -33.16% | 100.35% | -4673.97% | 284.80% |
| Net Profit Growth % | -144.60% | -331.84% | -150.42% | -102.32% | -70.15% | 78.01% | -10.37% | 50.01% | -21.08% | 32.51% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -20.82% | 32.51% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -0.01x | -0.01x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -101.07x | 55.27x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-21 - Aban Offshore Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q_ FY 20__-__
2026-08-15 - Aban Offshore Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-08-15 - Aban Offshore Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-14 - AUDITED FINANCIALS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2026
2026-08-13 - Aban Offshore Limited has informed the Exchange about reasons for Delayed/Non-submission of Financial Results
2026-07-28 - Aban Offshore Limited has informed the Exchange about Change in Company Secretary/Compliance Officer
2026-07-23 - Aban Offshore Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-07-23 - Aban Offshore Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-07-23 - Aban Offshore Limited has informed the Exchange regarding Resignation of Mr ID as Non- Execut of the company w.e.f. July 22, 2026.
News
Recent coverage and analyst commentary for ABAN
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Aban Offshore Ltd.
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