Summary of Key Information:

Reporting Period (Quarter/Year): Quarter and Half Year Ended September 30, 2026 (Q2 FY27 / H1 FY27)

Nature of Filing / Announcement: Submission of Unaudited Financial Results pursuant to SEBI LODR Regulations

Date of Board Meeting / Approval: October 26, 2026 (Meeting Time: 3:00 PM to 4:15 PM)

Audit Opinion: Unqualified - Limited Review Report with emphasis of matter

Auditor's Comment: Attention drawn to Note 4 regarding revised estimation of amortization period of Oil and Gas Assets, lowering amortization charge by ₹1,691 lakhs for Q2 and ₹2,884 lakhs for H1. Conclusion not modified.

Key Financial Highlights [₹ in Lakhs]

Standalone Results:

Quarter Ended 30.09.2026 (Q2 FY27):

  • Revenue from Operations: ₹12,168
  • Less: Profit Petroleum/Revenue Share to GoI: ₹260
  • Revenue from Operations (Net): ₹11,908 (vs. ₹5,513 in Q2 FY26 - 116% increase YoY)
  • Other Income: ₹810
  • Total Income: ₹12,718
  • Total Expenses: ₹5,060
  • Profit before Exceptional Item and Tax: ₹7,658
  • Exceptional Item: ₹0 (vs. ₹1,000 in previous quarter)
  • Profit before Tax: ₹7,658
  • Total Tax Expenses: ₹1,929
  • Net Profit for the period: ₹5,729 (vs. ₹1,181 in Q2 FY26 - 385% increase YoY)
  • EPS (Basic): ₹16.18 per share (not annualized)
  • EPS (Diluted): ₹16.18 per share (not annualized)

Half Year Ended 30.09.2026 (H1 FY27):

  • Revenue from Operations: ₹25,481
  • Less: Profit Petroleum/Revenue Share to GoI: ₹469
  • Revenue from Operations (Net): ₹25,012 (vs. ₹10,576 in H1 FY26 - 136% increase YoY)
  • Other Income: ₹929
  • Total Income: ₹25,941
  • Total Expenses: ₹10,010
  • Profit before Exceptional Item and Tax: ₹15,931
  • Exceptional Item: ₹1,000
  • Profit before Tax: ₹14,931
  • Total Tax Expenses: ₹3,770
  • Net Profit for the period: ₹11,161 (vs. ₹2,303 in H1 FY26 - 385% increase YoY)
  • EPS (Basic): ₹31.63 per share (not annualized)
  • EPS (Diluted): ₹31.54 per share (not annualized)

Expense Breakdown for Q2 FY27:

  • Operating Expenses: ₹482
  • Handling and Processing Charges: ₹130
  • Changes in Inventories of Finished Goods: (₹27)
  • Employee Benefits Expense: ₹415
  • Royalty and Cess: ₹2,046
  • Finance Costs: ₹24
  • Depreciation and Amortisation: ₹1,322
  • Other Expenses: ₹668

Balance Sheet Position as at 30.09.2026:

  • Paid-up Equity Share Capital: ₹3,529 lakhs (3,52,67,620 equity shares of ₹10 each)
  • Other Equity: ₹73,249 lakhs
  • Total Equity: ₹76,778 lakhs
  • Cash and Cash Equivalents: ₹9,182 lakhs
  • Other Bank Balances: ₹1,021 lakhs
  • Total Assets: ₹97,836 lakhs
  • Debt: Not separately specified in current liabilities

Consolidated Results:

Not Specified - Results presented are standalone only

Segment-wise Performance:

The Company operates in a single segment of production of Oil and Natural Gas. Therefore, Ind AS-108 on Segment Reporting is not applicable.

Corporate Actions:

  • During the quarter, the Company allotted 1,25,462 equity shares under its Employees Stock Option Scheme - 2022
  • Paid-up equity share capital as on 30th September 2026 comprises 3,52,67,620 equity shares
  • 83,076 Employees Stock Options are outstanding which had completed their respective vesting period
  • No dividend declared for the period

Other Significant Information:

Cambay Field Acquisition:

  • On 14th February 2024, entered into Farm-in-Farm-Out Agreement with Oilex NL Holdings (India) Limited and Synergia Energy Limited for acquisition of 50% Participating Interest (PI) and operatorship of Cambay Field
  • Government of India approved transfer of 50% PI on 19th July 2024
  • Capitalized ₹3,048 lakhs as consideration
  • Assumed responsibility for Farmor's share of expenditure up to maximum of USD 10 million under carry clause
  • Paid ₹3,821 lakhs (equivalent to USD 4.5 million) against carry clause and capitalized

Exclusivity Agreement:

  • Executed Heads of Terms with Synergia Energy Limited on 4 July 2025 to acquire remaining 50% PI in Cambay Field
  • Six month exclusivity period till 8th February 2026
  • Initial payment of ₹473 lakhs (equivalent of USD 0.5 million) for exclusivity
  • Share Purchase Agreement remains unexecuted as of 31st March 2026
  • Exclusivity fee written off in year ended 31st March 2026

New Field Awards:

  • Received approval from Government of India for two onshore contract areas under DSF Bid Round-IV
  • Award communicated by DGH on August 31, 2026
  • KG/ONDSF/KG ONLAND/2025: Onshore field in Krishna-Godavari Basin, Andhra Pradesh
  • CB/ONDSF/CAMBAY ONLAND/2025: Onshore field in Cambay Basin, Gujarat
  • Revenue Sharing Contracts (RSCs) formally signed and awarded on 22nd October 2026

Accounting Policy Change:

  • Management revised estimation of amortization period of Oil and Gas Assets
  • Based on new Oil Fields (Regulation and Amendment) Act, 2025 and Petroleum and Natural Gas Rules, 2025
  • Extension provisions allow longer PSC periods with certain conditions
  • For Bakrol, Lohar and Cambay fields, further extension of 10 years considered
  • Change in accounting estimate effective from 1st October 2025
  • Amortization charge lower by ₹1,691 lakhs for Q2 and ₹2,884 lakhs for H1

Exceptional Items:

  • Impairment provision of ₹1,000 lakhs recognized during previous quarter (Q1 FY27) against Capital Work-in-Progress relating to Elao Field
  • Pending receipt of approval from Directorate General of Hydrocarbons (DGH) for further development work
  • Application submitted to DGH seeking requisite approval

Other Income Detail:

  • Includes ₹650 lakhs towards refund of excess Cess remitted during FY 2020-21, 2021-22 and 2022-23