Key Financial Performance (Consolidated)

Q2 FY27 Performance (YoY Comparison)

  • Revenue from Operations: INR 266.7 crore, increased by 161% from INR 102.0 crore in Q2FY26.
  • EBITDA: INR 30.3 crore, increased by 235% from INR 9.1 crore in Q2FY26. EBITDA margin improved to 11% from 9%.
  • Profit After Tax (PAT): INR 17.1 crore, compared to a loss of INR 4.0 crore in Q2FY26, representing 530% growth.
  • Earnings Per Share (EPS): INR 3.41, compared to negative INR 0.87 in Q2FY26.
  • Profit Before Tax (PBT): INR 24.0 crore, compared to a loss of INR 2.7 crore in Q2FY26, representing 1004% growth. PBT margin was 9%.
  • Tax Expense: INR 6.9 crore, compared to INR 1.3 crore in Q2FY26.
  • Exceptional Item: None in Q2FY27, compared to INR -6.5 crore in Q2FY26.

H1 FY27 Performance (YoY Comparison)

  • Revenue from Operations: INR 537.9 crore, increased by 148% from INR 217.4 crore in H1FY26.
  • EBITDA: INR 52.3 crore, increased by 148% from INR 21.1 crore in H1FY26. EBITDA margin remained at 10%.
  • Profit After Tax (PAT): INR 29.8 crore, increased by 1697% from INR 1.7 crore in H1FY26. PAT margin improved to 6% from 1%.
  • Earnings Per Share (EPS): INR 5.94, compared to INR 0.37 in H1FY26.
  • Profit Before Tax (PBT): INR 41.1 crore, increased by 694% from INR 5.2 crore in H1FY26. PBT margin improved to 8% from 2%.
  • Tax Expense: INR 11.2 crore, compared to INR 3.5 crore in H1FY26.
  • Exceptional Item: None in H1FY27, compared to INR -6.5 crore in H1FY26.

Q2 FY27 Performance (QoQ Comparison)

  • Revenue decreased by 2% from INR 271.2 crore in Q1FY27.
  • EBITDA increased by 38% from INR 21.9 crore in Q1FY27.
  • PAT increased by 34% from INR 12.8 crore in Q1FY27.
  • PBT increased by 40% from INR 17.1 crore in Q1FY27.

Standalone Financial Performance

Q2 FY27 Performance (YoY Comparison)

  • Revenue from Operations: INR 129.6 crore, increased by 112% from INR 61.0 crore in Q2FY26.
  • EBITDA: INR 24.8 crore, increased by 310% from INR 6.0 crore in Q2FY26.
  • Profit After Tax (PAT): INR 15.1 crore, increased by 720% from INR 1.8 crore in Q2FY26.

Operational and Business Highlights

Oilmax Merger Update

  • Received approval from the National Company Law Tribunal (NCLT) for the merger.
  • Received in-principle approval from the Ministry of Petroleum and Natural Gas (MoPNG).
  • Awaiting final government approval for scheme implementation.

Asset Addition and Development

  • Oilmax secured the Kutch Offshore block under Discovered Small Fields (DSF) Round IV.
  • Formal execution of the Revenue Sharing Contract completed for the GK Offshore block.

Segment Performance

Oil & Gas Segment
  • Kuiper's operations normalized during Q2FY27 after earlier disruptions.
  • Execution of existing projects strengthened opportunities in integrated field development.
  • Geopolitical environment in West Asia remains a key monitorable for Kuiper operations.
Mineral and Other Energy Segment
  • Work started on GSECL's Ukai project (first order beyond Coal India).
  • Execution of other projects gaining momentum with stronger H2 delivery expected.

Order Book and Visibility

  • Standalone order book of INR 1,633 crore (includes third-party orders only, excludes Kuiper and Oilmax orders).
  • Provides 2-3 years of revenue visibility.

Production Targets

  • Current oil & gas production: ~2,000 barrels of oil equivalent per day (BOE/day).
  • Targeting ~10,000 BOE/day by FY29/30.
  • Mewad field (first producing E&P asset) targeting scale up to ~1,000 BOE through phased development.

Financial Position (Consolidated Balance Sheet as of September 2026)

  • Total Assets: INR 983.3 crore (vs. INR 918.4 crore in March 2026)
  • Property, Plant and Equipment: INR 153.4 crore (vs. INR 113.5 crore in March 2026)
  • Trade Receivables: INR 404.4 crore (vs. INR 347.8 crore in March 2026)
  • Cash and Cash Equivalents: INR 67.2 crore (vs. INR 108.7 crore in March 2026)
  • Total Equity: INR 622.4 crore (vs. INR 495.0 crore in March 2026)
  • Borrowings (Current + Non-current): INR 156.7 crore (vs. INR 158.1 crore in March 2026)
  • Gross Debt-to-Equity Ratio: 0.25x

Management Commentary

Kapil Garg, Managing Director
  • Delivered strong performance in H1FY27 with focused execution across business verticals.
  • Revenue Sharing Contract of GK Offshore block marks significant milestone in growth journey.
  • Committed to building stronger, integrated energy platform.
Sumit Maheshwari, Group CFO
  • Q2FY27 reflected continued progress with robust financial position.
  • Strong execution across all verticals despite volatile global environment.
  • Confident of achieving FY27 guidance.
  • Strong balance sheet and prudent leverage position provide solid foundation for strategic growth opportunities.

Forward Guidance

  • Targeting approximately INR 3,000 crore revenue and INR 700 crore EBITDA by FY29/30.
  • H2 typically averages ~63% of full-year standalone revenue compared to ~37% in H1.

Additional Information

  • Kuiper's acquisition was integrated from 1st September 2025 (mentioned in comparative figures).
  • Investor presentation available at: https://www.asianenergy.com/investor-relations.html#financial