Olympic Oil Industries has scheduled its 46th Annual General Meeting (AGM) for September 30, 2026. The event will take place at 3:00 pm through video conferencing or other audio-visual means.

The company issued a notice on September 5, 2026, informing shareholders about the upcoming meeting and the availability of the Annual Report for the Financial Year 2025-26. This communication was sent in compliance with Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

AGM Details and Access

Shareholders can access the complete details of the Annual Report via the company’s website. The specific path for the report is provided on the official portal. The notice was primarily directed at members who have not registered their email addresses with the company, its Registrar and Share Transfer Agent (RTA), or Depository Participants.

Regulatory Compliance and KYC Updates

The company reminded shareholders to update their Know Your Customer (KYC) details as per SEBI Master Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May 7, 2024. Shareholders holding physical securities are required to record their PAN, address with PIN code, mobile number, bank account details, specimen signature, and choice of nomination.

Payments including dividends, interest, or redemption amounts for physical folios without updated KYC details will be made only through electronic mode effective from April 1, 2024. The company encouraged shareholders to register their email IDs to avail online services and support green initiatives.

Contact and Support

Shareholders with queries or service requests can contact the RTA, MUFG Intime India Private Limited, through the designated helpdesk link or by calling +91 810 811 6767. The company also urged members to update their email addresses through depository participants or directly with the RTA to ensure continued receipt of important information.

Olympic Oil Industries reported a widened net loss of ₹22.35 lakh for the financial year ended March 31, 2026, compared to a loss of ₹24.94 lakh in the previous year. The company generated zero revenue from operations as it continues to have no active business activities since FY20.

Financial Performance

The company’s total expenses for FY26 stood at ₹22.35 lakh, driven primarily by administrative and other expenses of ₹20.96 lakh. Employee benefit expenses decreased significantly to ₹1.33 lakh from ₹3.27 lakh in FY25, reflecting a reduction in staffing or remuneration costs. Depreciation expenses rose slightly to ₹0.05 lakh from ₹0.04 lakh in the prior year. Finance costs remained negligible at ₹0.01 lakh.

The earnings per share deteriorated to (₹0.78) from (₹0.42) in the previous year. No dividend was declared, and no amount was transferred to reserves due to the accumulated losses.

Balance Sheet and Going Concern

As of March 31, 2026, the company’s equity share capital remained unchanged at ₹28.54 crore. However, other equity showed a deficit of ₹258.67 crore, resulting in a fully eroded net worth. Total assets stood at ₹365.69 crore, comprising non-current assets of ₹41.65 crore and current assets of ₹361.53 crore.

Current liabilities totaled ₹388.52 crore, significantly outstripping current assets of ₹361.53 crore, leading to a current ratio of 0.93. Short-term borrowings remained static at ₹107.22 crore, while trade payables stood at ₹208.91 crore. Notably, the company holds trade receivables of ₹316.52 crore, which are classified as unsecured and considered doubtful, with no provision made for impairment.

What the Numbers Show

The divergence between the company’s asset base and its operational reality is stark. While the balance sheet shows total assets of ₹365.69 crore, nearly 87% of this value consists of trade receivables (₹316.52 crore) and other financial assets (₹44.55 crore), both of which are flagged as doubtful or subject to confirmation. This indicates that the reported asset value may not be realizable in cash, reinforcing the auditors’ emphasis on the material uncertainty regarding the company’s ability to continue as a going concern.

Governance and Regulatory Matters

The Board of Directors recommended the re-appointment of Mr. Nipun Verma as Whole-Time Director for three years, with an annual remuneration ceiling of ₹12 lakh. The secretarial audit report highlighted non-compliance with several provisions of the Companies Act, 2013, including the failure to appoint an internal auditor, a Chief Financial Officer, and a Company Secretary. Additionally, the Audit Committee and Nomination, Remuneration, and Compensation Committee were not duly constituted as per statutory requirements.

The independent auditor’s report included an emphasis of matter paragraph noting that credit facilities from banks became non-performing accounts (NPA) in previous years, and interest has not been provided since August 2018. The auditor also stated that the net worth of the company has been fully eroded, casting significant doubt on its viability.