Ashoka Refineries Limited disclosed that Aditya Sharma ceased to be an Independent Director and member of board committees effective June 27, 2026. The company submitted this clarification to the Bombay Stock Exchange on August 14, 2026, addressing a delay in reporting the change in management.

The filing references an earlier corporate announcement dated August 12, 2026. Under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company provided additional details regarding the timing of the disclosure.

Reason for Delay

Ashoka Refineries stated the delay was inadvertent and resulted from an internal oversight in completing requisite disclosure formalities within the prescribed timeline. The company asserted there was no intention to withhold or suppress information from the stock exchange or investors.

Upon identifying the issue, Ashoka Refineries took steps to ensure compliance with applicable regulatory requirements. The company noted it has taken due note of the matter and will strengthen internal monitoring processes to prevent similar delays.

Key Details

Garima Mogha, Company Secretary & Compliance Officer of Ashoka Refineries Limited, signed the intimation.

Ashoka Refineries Limited reported a standalone net loss of ₹3.90 lakh for the quarter ended June 30, 2026, widening from a loss of ₹3.71 lakh in the corresponding period of FY26. The company’s revenue from operations contracted 4% year-on-year to ₹0.81 lakh, while total expenses rose sharply by 27% to ₹4.71 lakh.

The Board of Directors approved the unaudited financial results at its meeting held on August 13, 2026. Statutory auditors Batra Deepak & Associates issued an unmodified review report on the standalone financials for the quarter and the year-to-date period ending June 30, 2026.

Financial Performance

The company’s operating dynamics in Q1FY27 reflected pressure on both top-line growth and cost management. Revenue from operations stood at ₹0.81 lakh, down from ₹0.84 lakh in Q4FY26 and significantly lower than the nil revenue reported in Q1FY25.

Total expenses surged to ₹4.71 lakh in Q1FY27, compared to ₹3.71 lakh in Q1FY26. This increase was driven primarily by higher employee benefits expenses (₹2.34 lakh vs ₹2.73 lakh in Q1FY25, though lower than Q4FY26’s ₹2.34 lakh) and other expenses (₹1.61 lakh vs ₹0.96 lakh in Q1FY25). Purchase of stock in trade remained at ₹0.76 lakh, consistent with recent quarters.

For the full fiscal year FY26, the company reported a net loss of ₹15.50 lakh against revenue of ₹3.64 lakh. The paid-up share capital remained unchanged at ₹340.19 lakh.

What the Numbers Show

The divergence between minimal revenue generation and persistent fixed costs highlights the company’s operational scale challenges. With employee benefits and other expenses constituting the bulk of the ₹4.71 lakh expenditure, the company incurred losses significantly larger than its revenue base. Other income was nil for the quarter, offering no offset to the operational deficit.

Corporate Actions

During the same board meeting, Ashoka Refineries approved the following administrative changes:

• Re-appointment of M/s Suraj Rajput & Co., Chartered Accountants, as Internal Auditor for FY27, effective August 13, 2026.
• Re-appointment of Mr. Aditya Sharma as an Independent Director for a second term of five years, subject to shareholder approval at the ensuing Annual General Meeting.