Antelopus Selan Q1 FY27 PAT Up 42% QoQ

Date: July 27, 2026

Q1 FY'27 Performance (INR Crore):

Revenue from Operations: ₹133.1 Cr (Q4 FY'26: ₹103.9 Cr)
Less: Profit Petroleum paid to GOI: ₹2.1 Cr (Q4 FY'26: ₹1.9 Cr)
Revenue from Operations (Net): ₹131.0 Cr (Q4 FY'26: ₹102.0 Cr)
Other Income: ₹1.2 Cr (Q4 FY'26: ₹1.7 Cr)
Total Income: ₹132.2 Cr (Q4 FY'26: ₹103.7 Cr)

Expenses (INR Crore):

Operating Expenses: ₹6.3 Cr (Q4 FY'26: ₹6.4 Cr)
Handling and processing charges: ₹1.2 Cr (Q4 FY'26: ₹1.1 Cr)
Changes in inventories of finished goods: -₹0.7 Cr (Q4 FY'26: ₹2.3 Cr)
Employee benefits expense: ₹4.6 Cr (Q4 FY'26: ₹9.8 Cr)
Royalty and Cess: ₹21.0 Cr (Q4 FY'26: ₹12.0 Cr)
Other expenses: ₹6.6 Cr (Q4 FY'26: ₹12.8 Cr)
Total Expenses: ₹39.1 Cr (Q4 FY'26: ₹44.4 Cr)

Profitability (INR Crore):

EBITDA: ₹93.2 Cr (Q4 FY'26: ₹59.4 Cr), representing a 57% quarter-on-quarter increase
EBITDA Margin: c. 70%
Finance cost: ₹0.1 Cr (Q4 FY'26: ₹0.2 Cr)
Depreciation and Amortisation: ₹10.3 Cr (Q4 FY'26: ₹8.7 Cr)
Profit Before Tax: ₹82.7 Cr (Q4 FY'26: ₹50.5 Cr)
Exceptional Items: ₹10.0 Cr (Q4 FY'26: Not applicable)
Provision for Current Tax: ₹9.1 Cr (Q4 FY'26: -₹1.6 Cr)
Deferred tax: ₹9.3 Cr (Q4 FY'26: ₹14.3 Cr)
Taxes Relating to earlier years: Not applicable (Q4 FY'26: -₹0.3 Cr)
Net Profit for the period: ₹54.3 Cr (Q4 FY'26: ₹38.1 Cr)
Other comprehensive income/(loss) (net of tax): -₹0.5 Cr (Q4 FY'26: -₹0.1 Cr)
Total comprehensive income for the year, net of tax: ₹53.8 Cr (Q4 FY'26: ₹38.0 Cr)

Operational Metrics:

Q1 FY'27 Average Sales: c. 1,705 boepd (Q4 FY'26: 1,758 boepd)
Oil and Gas Product mix: c. 80% Oil and c. 20% Gas
Guidance of reaching 2,500 boepd in FY'27 remains intact
Custody transfer to IOCL ran for only ~86-87 days this quarter, resulting in a build-up of c. 6,500 bopd of crude inventory during the Quarter

Corporate Updates:

Won 2 highly contested onshore licenses in DSF Bid Round IV, in Cambay & KG basin. Awaiting formal award
In June 2026, obtained a credit rating of IND A / Stable / IND A1 from India Ratings
Commissioner (Appeals) allowed the Company's refund claim for excess Cess paid in FY21–FY23, of c. ₹6.56 Cr which was earlier expense. To be recognized upon receipt of final order

Asset Updates: Cambay Basin - Bakrol Field (Area: 36 Sq. Km):

Q1 FY'27 Total Sales: 701 boepd (Q4 FY'26: 596 boepd)
Drilling ahead of schedule: 9 of 10 planned FDP wells drilled so far
Continuous frac campaign set to commence early August - full productivity expected to flow through in Q2
Material production uplift anticipated post-frac as new wells reach full potential
Bakrol exploitation approach: Block divided into 9 aerial segments with phased drilling
Bakrol Phase 1 drilling (2023 campaign): Moved to Eastern areas with 6 wells drilled
Bakrol Phase 2 drilling (Current 10 well campaign): Maximize infill drilling potential and extend into Northern segments
Northern area partially de-risked by BK-40
Large portion of the Block remains undrilled post Phase 2

Asset Updates: Cambay Basin - Karjisan Field (Area: 5 Sq. Km):

Q1 FY'27 Total Sales: 834 boepd (Q4 FY'26: 991 boepd)
New wells performing as per expectations, with production settling in-line with plan
FDP for 7 new wells in final stages of approval
All tangibles stocked and in place for seamless continuation of drilling
Drilling to commence by end FY'27
Phase 2 Surface facilities being scaled up: Crude Oil storage and produced water handling being augmented

Asset Updates: Cambay Basin - Cambay Field (Area: 161 Sq. Km):

Continues to produce c. 140-150 boepd primarily from wells on Western side of the Block
One new well planned for H2 FY'27, targeting Western/Central area of the Block
Monetized additional gas by laying new MDPE pipelines in Western/Central areas
Primary reservoirs: MBS (Miocene), OS-II (Oligocene), and EP-IV (Eocene)
Phase 1 activities: Drilled one new well (C-78) in eastern flank and revived multiple wells

Asset Updates: Assam Basin - Duarmara Field (Area: 9 Sq. Km):

Reservoirs of Interest: Tipam Reservoirs with TS-1, TS-2 and TS-3 reservoir zones
DMR#4z well drilled and tested; established TS-1 as zone of interest flowing light oil (up to 37° API)
TS-3 and TS-2 showed gas influx, but lower than discovery wells
Injectivity test indicated minimal communication between well bore and TS-1 reservoir
Forward plan: Conduct Re-perforation and reservoir potential testing at TS-1 and TS-2 zones through workovers post monsoon