Event Type: This was the company's inaugural quarterly earnings conference call, hosted by Equirus Securities Pvt. Ltd., to discuss the unaudited financial results for Q2 and H1 FY27.
Date and Time: The call was held on October 26, 2026. A specific start time was not disclosed in the transcript.
Purpose: The stated purpose was to discuss the quarterly performance, provide a strategic update on operations and growth, and outline the company's outlook. The management committed to making these calls a regular occurrence after future quarterly board meetings.
Earnings Announcement Timing: The call was held after the earnings announcement, as it discusses the results for the quarter ended September 30, 2026.
Management Participants: The following management members participated:
Mr. Suniti Kumar Bhat – Managing Director & CEO
Mr. Siva Kumar Pothepalli – Director & Chief Operating Officer (COO)
Mr. Raajeev Tirupati – Chief Financial Officer (CFO)
Presentation Availability: Management referenced an "Investor Pack" that was uploaded to the stock exchange websites. The transcript itself is the disclosed document; no separate presentation deck or recording was mentioned as being made available.
UPSI Statement: The document is a disclosure of the call transcript itself, pursuant to Regulation 30 of SEBI LODR Regulations, 2015. The transcript contains no explicit statement confirming that no Unpublished Price Sensitive Information (UPSI) was shared.
Financial and Operational Highlights (As Disclosed on the Call)
Financial Period Discussed: Q2 FY 2026-27 (Quarter ended September 30, 2026) and H1 FY27.
Q2 FY27 Financials:
Revenue from Operations: Rs. 121.7 crores
Total Income: Rs. 127.2 crores (includes a one-off Other Income of Rs. 6.5 crores refund)
EBITDA: Rs. 90 crores (3x YoY growth). Excluding the one-off item, EBITDA was Rs. 83 crores.
EBITDA Margin: 71% (69% excluding one-off income)
Net Profit: Rs. 57.3 crores (5x growth YoY from Rs. 11.8 crores in Q2 FY26)
Realized Oil Price: Averaged $88.2/bbl in Q2 ($95.3/bbl in Q1), with volatility ($76 in July, $84 in August, $100+ in September).
Realized Gas Price: $8.84/MMBtu (down from $10.33/MMBtu in Q1)
OPEX & Handling Costs: Reduced to Rs. 6.1 crores from Rs. 7.5 crores in Q1.
Royalty & Cess: Rs. 20.5 crores (~16% of revenue).
Depreciation: Rose to Rs. 13.2 crores due to new Bakrol wells coming online.
H1 FY27 Financials:
Average Production: ~1,700 Barrels of Oil Equivalent Per Day (BOEPD)
Revenue: Rs. 254.8 crores
EBITDA: ~Rs. 180 crores
Net Profit: ~Rs. 112 crores
Balance Sheet (as of Sept 30, 2026):
Shareholder Equity: Rs. 780 crores
Cash & Liquid Investments: ~Rs. 100 crores
Debt: Zero. The company remains debt-free.
CWIP: Rs. 190 crores (Rs. 100 crores attributed to the Duarmara asset).
FY27 Guidance: Exit production rate of 2,500 BOEPD.
Forward Guidance: Building towards 3,500 BOEPD exit in FY28 and 5,000 BOEPD by FY29.
Operational Updates:
Bakrol Field (Cambay Basin): A 10-well drilling campaign is complete. Fracking operations faced delays but are finished. October average production was ~950 BOEPD. The field is described as being in a "factory mode."
Karjisan Field (Cambay Basin): A 7-well drilling campaign is underway and ahead of plan. Two wells are drilled with promising logs; perforation was expected within a week of the call. This field has concessional fiscal terms, making each barrel more profitable.
Cambay Field (Southern): Plans to drill 1-2 "optionality wells" by late Feb/early March FY27. This is a 50% JV with Synergia. Success could make this field as large as Bakrol.
KG Onshore Basin: The company signed Revenue Sharing Contracts (RSCs) with the Government of India on October 22, 2026, for seven new fields, adding to its existing portfolio. The resource base is stated to be potentially larger than its offshore portfolio. A detailed exploitation plan is being formulated.
Duarmara Field (Assam): The drilled well (Duarmara-4Z) found light oil in the TIPAM-1 zone instead of the expected gas. Oil has been circulated to surface twice. The company is formulating an integrated plan with old wells to assess oil development potential, which could be monetized faster than gas given Assam's gas evacuation challenges. Well cost is estimated at Rs. 60-70 crores.
