Board Meeting Details

The Board of Directors meeting was held on August 12, 2026, commencing at 1:45 PM and concluding at 3:45 PM, based on the recommendation of the Audit Committee.

Key Board Decisions

1. Approved the unaudited standalone and consolidated financial results as per Indian Accounting Standards (IND-AS) for the quarter ended June 30, 2026

2. Took on record the Limited Review Reports issued by the auditors on the unaudited financial results

3. Approved an increase in borrowing limits of the company not exceeding ₹1,000 crores in terms of Section 180(1)(c) of the Companies Act, 2013, subject to shareholder approval at the ensuing AGM

4. Approved an increase in the threshold for loans/guarantees/providing securities/making investments under section 186 of the Companies Act, 2013 for an amount not exceeding ₹300 Crores, subject to shareholder approval at the ensuing AGM

Financial Results - Standalone (Quarter Ended June 30, 2026)

  • Total Income: ₹7,294.27 lakhs
  • Total Expenses: ₹11,445.07 lakhs
  • Profit Before Tax: ₹1,253.72 lakhs
  • Profit for the Period: ₹1,253.72 lakhs
  • Other Comprehensive Income: ₹16.96 lakhs
  • Total Comprehensive Income: ₹1,270.64 lakhs
  • Basic EPS: ₹0.95 (not annualized)
  • Diluted EPS: ₹0.95 (not annualized)
  • Paid-up Equity Share Capital: ₹13,225.93 lakhs

Financial Results - Consolidated (Quarter Ended June 30, 2026)

  • Total Income: ₹7,486.76 lakhs
  • Total Expenses: ₹12,778.98 lakhs
  • Profit Before Tax and Exceptional Items: ₹655.16 lakhs
  • Profit for the Period: ₹623.55 lakhs
  • Other Comprehensive Income: ₹16.96 lakhs
  • Total Comprehensive Income: ₹640.51 lakhs
  • Basic EPS: ₹0.47 (not annualized)
  • Diluted EPS: ₹0.47 (not annualized)

Significant Accounting Matters

1. Block B-80 Acquisition: During the year ended March 31, 2025, the Company acquired the remaining 40% Participating Interest in Block B-80. The application was deemed approved on July 29, 2025. During the current quarter, the company completed the final fair valuation exercise relating to this acquisition, recognizing a differential gain of ₹230.80 lakhs as "Other Income".

2. HPCL Crude Oil Dispute: During Q2 FY25, the Company entered into a Crude Offtake and Sale Agreement (COSA) with HPCL, recognizing revenue of ₹25,878.15 lakhs. In October 2025, HPCL raised quality issues. In April 2026, the Company mutually agreed with HPCL to cancel the original arrangement and identified new buyers. During Q4 FY25, the Company reversed sales to HPCL and recognized inventory of ₹27,262.85 lakhs at estimated net realizable value. As of June 30, 2026, this inventory continues to be held at HPCL's premises. Conciliation proceedings are ongoing with no material developments in Q2 FY26. No provision is considered necessary.

Segment Reporting

The company operates as a single business segment - acquisition, exploration, development and production of crude oil and natural gas in India.

Entities Included in Consolidation

The consolidated results include Hindustan Oil Exploration Company Limited (Parent), HOEC India Field Services Limited, GeoEnpro Petroleum Limited, and GeoMauritius Limited.