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.

GMD Corporate Advisors LLP has acquired a 5.6% stake in Ashoka Refineries Limited through an off-market transaction. The acquisition, which took place on May 21, 2026, involved the purchase of 1,90,800 equity shares. This transaction has increased the acquirer's holding to 5.6% of the total voting capital of the target company.

The disclosure was made under Regulation 29 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. GMD Corporate Advisors LLP confirmed that it does not belong to the promoter or promoter group of Ashoka Refineries Limited. The shares of Ashoka Refineries Limited are listed on BSE Limited.

The total equity share capital and total voting capital of Ashoka Refineries Limited stood at 3,40,19,000 both before and after the acquisition. The total diluted share/voting capital also remained unchanged at 3,40,19,000 following the transaction.

Acquisition Details

The following table outlines the specifics of the share acquisition:

Acquirer Information

GMD Corporate Advisors LLP, based in Delhi, acted as the acquirer in this transaction. The Permanent Account Number (PAN) of the acquirer is AARFG9739M. The authorized signatory for the disclosure confirmed the details of the acquisition.