Financial Performance Highlights

Full Year FY26 Performance:

  • Revenue from operations: ₹791 crores (70% YoY growth from ₹465 crores in FY25)
  • EBITDA: ₹99 crores (37% YoY growth)
  • EBITDA margin: 12.5%
  • Adjusted PAT: ₹60.6 crores (compared to ₹42.2 crores in FY25)
  • Adjusted PAT margin: 7.7%
  • PAT figure adjusted for one-time exceptional item of ₹9 crores related to Kuiper acquisition costs and write-off

Q4 FY26 Performance:

  • Revenue from operations: ₹338 crores (57% YoY growth from ₹215 crores in Q4 FY25)
  • EBITDA: ₹49 crores (47% YoY growth from ₹34 crores)
  • EBITDA margin: 14.6%

Segment-wise Performance

Oil and Gas Segment:

  • Q4 FY26 revenue: ₹256 crores with segment profit of ₹42 crores
  • FY26 revenue: ₹633 crores with profit of ₹102 crores

Minerals Segment:

  • Q4 FY26 revenue: ₹82 crores with segment profit of ₹18 crores
  • FY26 revenue: ₹158 crores with profit of ₹32 crores

Operational and Strategic Updates

Order Book and Visibility:

  • Robust order book of approximately ₹1,750 crores (excluding taxes and Kuiper portfolio)
  • Strong revenue visibility for FY27 including deferred revenue from FY26 due to timing issues
  • Company remains net zero debt with strong balance sheet
  • Recent receipt of ₹92 crores from warrants conversion further strengthened balance sheet

Oilmax Energy Merger:

  • SEBI approval received for proposed merger with Oilmax Energy
  • NCLT convened shareholders' meeting scheduled for June 2026
  • Expected completion of merger process by September or October 2026
  • Oilmax FY26 revenue similar to FY25 levels (approximately ₹130 crores)
  • Long-term revenue guidance for Oilmax: ₹800-900 crores by FY29-FY30

Production Updates:

  • Commencing production from Tiphuk field in coming months (pipeline connectivity expected soon)
  • Increasing production from Amguri field once connection with Numaligarh refinery and national grid established (expected next few months)
  • Production expected to start from Duarmara field in current year
  • Work commenced in CBM block after receiving necessary permissions
  • Mevad field currently producing in excess of 200 barrels, plan to drill 6 more new wells
  • Target of 1,000 barrels of oil equivalent per day from Indrora and Mevad fields by FY27
  • Plan to ramp up Indrora production to 1,500 BOPD in next 2-3 years

Kuiper Acquisition:

  • Kuiper contributed for 7 months in FY26 on standalone basis
  • FY27 guidance: Kuiper top line of $60-65 million for full year
  • Current EBITDA margins: 7%, target to increase by 100-200 bps
  • Long-term target: Scale business to $100 million revenue by FY29 with 11-12% EBITDA margins
  • Diversification strategy: Expanding into marine services, offshore construction services, cable link, and new geographies including Africa

Guidance and Outlook

FY27 Guidance:

  • Revenue growth guidance: 30-40% YoY
  • Standalone EBITDA margin improvement target: 100-200 bps from 16% in FY26
  • Consolidated EBITDA margins expected: 12-13%
  • Long-term growth rate guidance for standalone business: 25-30% CAGR

Long-term Targets:

  • FY29 PAT guidance: ₹450-500 crores (unchanged)
  • Oilmax revenue target: ₹800-900 crores by FY29-FY30
  • Kuiper revenue target: $100 million by FY29

Market Environment and Strategy

Macro Developments:

  • West Asia conflict creating near-term volatility but reshaping global energy investment cycle
  • India's crude import dependence: 85-90%, gas import dependence: ~50%
  • India committed nearly $100 billion investment into oil and gas sector by 2030
  • Policy tailwinds: HELP, OALP, DSF bid rounds, royalty rationalizations
  • Company submitted bid for 3 contracts under discovered small field round 4

Strategic Positioning:

  • Transformation from domestic energy services player to integrated international energy platform
  • Only listed energy services company in India capable of self-delivering across value chain post-Kuiper merger
  • Diversification into minerals infrastructure space (bulk material handling, logistics, processing)
  • Targeting opportunities in coal gasification projects and critical mining projects
  • Shift towards multi-year recurring revenue streams and predictable cash flows

Dividend Declaration

  • Proposed dividend of ₹1.25 per share, subject to shareholders' approval
  • Reflects commitment to shareholder value while maintaining financial flexibility

Operational Challenges

  • Q4 challenges due to supply chain disruptions from West Asia conflict and client-side delays
  • Impact largely timing-related rather than loss of revenue
  • Deferred revenue expected to recognize in FY27 as operating environment normalizes

Capital Allocation

  • Remain disciplined on capex deployment and timing
  • No committed large capex from Oilmax side
  • Sufficient banking support from 2 nationalized banks and private sector banks including Citibank
  • Adequate working capital limits available for future growth

Governance and Reporting

  • Post-merger reporting in 3 segments: oilfield ownership model (Oilmax), services model (Asian), global Kuiper model
  • Strong corporate governance system with Independent Directors on Board