Pipan Oils Limited appointed new secretarial and internal auditors during its board meeting held on September 1, 2026. The appointments were made to ensure compliance with regulatory requirements for the upcoming financial years.

The Board of Directors approved the appointments on the recommendation of the Audit Committee. The meeting commenced at 1:00 pm and concluded at 1:30 pm.

Auditor Appointments

The company appointed M/s Mayuri Sinha & Co as its Secretarial Auditor for the Financial Year 2025-26. The firm holds Membership Number A48931 and Certificate of Practice Number 20036. The appointment date is recorded as September 1, 2026.

Additionally, Pipan Oils appointed M/s STM & Associates as its Internal Auditor for the Financial Year 2026-27. The Chartered Accountants firm holds Firm Registration Number 026252N. The appointment date for this role is August 31, 2026.

Firm Profiles

Mayuri Sinha & Co provides integrated secretarial advisory services, including legal due diligence, corporate governance compliance, and audit services. The firm also handles board management and corporate restructuring.

STM & Associates is a professionally managed Chartered Accountancy firm with over 38 years of experience. It offers comprehensive financial, audit, taxation, and advisory services to individuals and organizations.

Pipan Oils Limited reported a net loss of ₹66.56 lakh for the quarter ended June 30, 2026, marking a continuation of its non-operational status following the management takeover. With no revenue from operations or other income recorded during the period, the entire loss was attributable to operating expenses. The unaudited standalone financial results were approved by the Board of Directors at their meeting held on August 14, 2026, following a limited review by statutory auditors Singhi Chugh & Kumar LLP.

Financial performance: loss widens on operating costs

With zero topline, the company's financial position was defined by its expenditure profile. Employee benefit expenses of ₹47.45 lakh and other expenditure of ₹19.11 lakh together constituted total expenses of ₹66.56 lakh. No exceptional items, tax expense, or other comprehensive income were recorded in the quarter.

The following table presents the key financial metrics across reporting periods (₹ in lakh):

The weighted average number of equity shares stood at 17,528,007 for the quarter ended June 30, 2026, compared to 15,130,747 for the quarter ended March 31, 2026, and 5,028,007 for the quarter ended June 30, 2025. EPS figures are not annualised for quarterly results.

Farm-in agreement for Dipling Cluster oil block

During the quarter, Pipan Oils entered into a farm-in agreement to acquire a 90% participating interest in the Dipling Cluster (DSF - 2016 Block) from a seller consortium comprising M/s Ramayna Ispat Private Limited, M/s Duggar Fiber Private Limited, M/s BDN Enterprises Private Limited, and M/s Mahendra Infratech Private Limited. The consideration is a lump-sum of ₹13.10 crore toward physical assets and a 7.5% sellers revenue share on production. The transfer of participating interest is subject to necessary approvals from the Directorate General of Hydrocarbons and shareholders, as applicable.

Corporate developments and operational status

Pursuant to an order passed by the National Company Law Tribunal, Principal Bench, New Delhi, on February 29, 2024, the resolution applicant was required to recommence full-fledged operations after taking over the corporate debtor. Commercial operations have not yet resumed due to ongoing transitionary activities. The management, which took over on August 22, 2025, is working on resuming operations in minerals, natural gas, petroleum, and other forms of solid, liquid, and gaseous hydrocarbons and other minerals.

On the funding side, an Inter-Corporate Deposit of ₹262 lakh was approved under the company's plan for expansion and business development. As on June 30, 2026, management had infused ₹142.61 lakh by way of an interest-free unsecured loan.

Additionally, during the quarter, the company applied for reclassification of M/s Raconteur Granite Limited, holding 5,00,000 equity shares representing 2.85%, from the 'Promoter/Promoter Group' category to the 'Public' category. BSE Limited approved this reclassification vide its letter dated August 4, 2026.