Financial Performance FY 2025-26
Standalone Results
- Revenue from operations: ₹109.72 crore (up 20.6% from ₹90.96 crore in FY25)
- Net loss: ₹14.29 crore (wider from ₹7.63 crore loss in FY25)
- Loss per share: ₹22.46 (versus ₹11.99 in FY25)
- Cash and bank balances: ₹71.27 crore (up from ₹60.89 crore)
- Debt-free status maintained
Consolidated Results
- Revenue from operations: ₹112.17 crore (down 10.7% from ₹125.68 crore in FY25)
- Net loss: ₹13.95 crore (wider from ₹5.82 crore loss in FY25)
- Total equity: ₹254.30 crore (down from ₹269.44 crore)
- Cash and cash equivalents: ₹74.32 crore
Operational Performance
Alphageo completed several significant projects in FY26 including:
- Oil India Limited, Rajasthan: >250 sq. km of 3D and 60 LKM of 2D seismic data in Baghewala
- ONGC, Jorhat: 120 sq. km of 3D seismic data acquisition in Tichna area
- ONGC, Jorhat: >300 LKM of 2D seismic data acquisition in Tripura area
The company also secured a new project from Oil India Limited for 190 LKM of 2D and 250 sq. km of 3D seismic data acquisition in Cambay Basin, Gujarat.
Regulatory and Legal Matters
FEMA Proceedings
The Directorate of Enforcement provisionally seized fixed deposits aggregating ₹160.11 crore during FY23 alleging FEMA contraventions. The company received a show cause notice dated January 29, 2026, from the adjudicating authority. Based on legal opinion, management believes the company has a strong case and no provision has been recognized.
Income Tax Disputes
The company faces significant tax demands:
- ₹60.15 crore demand from FY22 for depreciation disallowance on imported machinery
- ₹164.48 crore demand received by Managing Director in his personal capacity for the same matter, indemnified by the company
Total contingent liability of ₹224.63 crore has been disclosed. Management believes the matters are defensible based on external legal opinions.
Other Contingencies
Claims against the company not acknowledged as debts: ₹38.47 crore (FY25: ₹22.46 crore)
Corporate Actions
The Board recommended a final dividend of ₹5 per equity share (50% of face value) for FY26, subject to shareholder approval at the 39th AGM on September 18, 2026. The dividend payout would amount to ₹3.18 crore.
Subsidiaries and Corporate Structure
- Alphageo International Limited (Dubai): Wholly-owned foreign subsidiary with net worth of USD 1.30 million
- Alphageo Offshore Services Private Limited: 70% owned Indian subsidiary with net worth of ₹3.00 crore, secured ₹34.98 crore order from Oil India
- AGIL Seismic Services Private Limited: 26.32% associate company
Outlook and Risk Factors
The company faces operational risks including project-based revenue lumpiness, terrain challenges, and seasonal monsoon disruptions. Market risks include crude oil price volatility affecting E&P budgets and competitive pressures. The near-term focus remains on converting pending tender pipeline into confirmed projects while maintaining cost discipline and exploring opportunities in Middle East and Africa through the UAE subsidiary.