Asian Energy Services Limited has successfully concluded its postal ballot process with shareholders approving all five proposed resolutions with overwhelming majority. The company announced the voting results on January 6, 2026, following the completion of the remote e-voting process that concluded on January 5, 2026.

Postal Ballot Results Overview

The postal ballot notice, originally issued on November 14, 2025, sought shareholder approval for several significant corporate actions. All resolutions were passed with requisite majority through the remote e-voting process conducted by NSDL.

Material Related Party Transactions Approved

Shareholders approved both material related party transactions with strong support:

These transactions, totaling ₹415.00 crores, were considered material under SEBI regulations as they exceed 10% of the company's annual consolidated turnover.

Stock Option Remuneration for Directors

The company received overwhelming shareholder support for stock option remuneration proposals for non-executive directors:

Both resolutions were passed as special resolutions under the Asian Energy Services Limited Employee Stock Option Plan 2025 (AESL ESOP 2025), aligning with modern corporate governance practices.

Fund Reallocation Approved

Shareholders also approved the reallocation of ₹25.00 crores from earlier earmarked capital expenditure to working capital requirements with 99.99% approval. This adjustment involves proceeds from convertible warrants that totaled ₹157.45 crores, indicating the company's strategic shift toward operational liquidity.

Corporate Governance and Compliance

The postal ballot process was conducted in compliance with Section 110 of the Companies Act, 2013, and SEBI regulations. The scrutinizer's report confirmed that all procedural requirements were met, with the e-voting platform remaining accessible for the prescribed 32-day period.

The strong shareholder support across all resolutions reflects confidence in the company's strategic direction and governance practices. These approvals position Asian Energy Services for enhanced business opportunities while maintaining operational flexibility in its expansion phase.

Asian Energy Services Limited (AESL) reported a mixed performance for the second quarter, with revenue growth offset by temporary challenges and one-time costs. The company's strategic moves, including a significant acquisition and major contract wins, position it for stronger performance in the coming quarters.

Q2 Financial Highlights

AESL recorded revenue of INR 102.00 crores in Q2, demonstrating growth despite challenging conditions. However, the company reported a negative Profit After Tax (PAT) of INR 4.00 crores, primarily due to one-time costs associated with the Kuiper Group acquisition and the impact of prolonged monsoons on operations.

The company's EBITDA stood at INR 9.10 crores with a margin of 8.90%. The decline in EBITDA margin was attributed to lower business activity across several sites due to unseasonal monsoon conditions, which delayed field operations and impacted execution schedules.

Strategic Acquisition and Integration

A significant milestone for AESL this quarter was the successful completion of the Kuiper Group acquisition. This strategic move aims to strengthen the company's global presence and expand its integrated service capabilities across the Middle East and Southeast Asia. Kuiper's financials have been consolidated from September 1, contributing to one month of performance in Q2.

Kuiper is currently operating at a monthly revenue run rate of approximately INR 40.00 crores, with expectations of further improvement as integration progresses. The integration of teams, processes, and systems is underway, with management confident that these initiatives will drive operational efficiencies and support improved profitability in the coming quarters.

Major Contract Wins

AESL secured two significant contracts during the quarter, substantially boosting its order book:

1. A coal handling plant contract from Mahanadi Coalfields Limited valued at approximately INR 459.00 crores (including GST), to be executed over 7 years.
2. An integrated services contract from Vedanta Limited worth around INR 865.00 crores (including GST), to be executed over 57 months.

These contracts have strengthened AESL's order book, which now stands at more than INR 2,000.00 crores (excluding taxes and the Kuiper portfolio).

Order Book Composition

The company's order book remains robust and well-diversified:

Future Outlook

Despite the temporary setbacks in Q2, AESL's management remains confident about achieving their full-year guidance. The company expects a strong performance in the second half, driven by improving site conditions, the ramp-up of recently secured contracts, and the full integration of Kuiper Group.

The completion of the Kuiper acquisition, initiation of the Oilmax merger, and the addition of several large, long-duration contracts have significantly strengthened AESL's growth platform. These developments position the company to operate at a larger scale, participate in integrated opportunities, and build deeper capabilities across its business verticals.

As Asian Energy Services Limited continues to focus on disciplined execution, capability building, and value creation, it aims to capitalize on the growing opportunities in the energy services sector, both domestically and internationally.