Event Type: The document is a transcript of the Q2 and H1 FY2026-27 Earnings Conference Call, which included a presentation by management followed by a Q&A session with analysts and investors.
Date and Time: The earnings call was held on November 06, 2026. A specific start time was not mentioned in the transcript.
Purpose: The stated purpose of the call was to discuss the company's financial results for the second quarter and half year ended September 30, 2026, and to provide a comprehensive operational update on all of its assets.
Earnings Timing: The company aligned the results announcement and the earnings call on the same day this quarter, a departure from its usual practice, due to the Diwali holiday period.
Management Participants: The call was led by Mr. Baroruchi Mishra, Managing Director and Chief Executive Officer and Mr. Debabrata Das, Chief Financial Officer.
Availability of Materials: The transcript of the earnings call was attached to the regulatory filing and is also available on the company's website at https://hoec.com/earnings-call/.
UPSI Statement: The transcript itself does not contain a specific compliance statement regarding Unpublished Price Sensitive Information (UPSI). The content is a record of the discussion that took place during the publicly held call.
Operational and Financial Highlights (as disclosed)
Financial Period Discussed: Q2 (July-Sept) and H1 (Apr-Sept) of FY 2026-27.
Q2 FY27 Financials: Consolidated revenue stood at ₹151.78 crores. EBITDA was ₹37.51 crores (24.71% margin). Profit After Tax (PAT) was ₹19.03 crores.
H1 FY27 Financials: Revenue was ₹275.78 crores. EBITDA was ₹63.18 crores. PAT was ₹25.10 crores.
Key Financial Drivers: The improvement in profitability was driven by an increase in gas sales and the realization of ₹80 crores from the sale of crude oil inventory that was previously disputed with HPCL. Approximately 36,103.90 metric tons of this inventory remains to be sold.
Liquidity & Debt: The company closed September 2026 with cash and cash equivalents of ₹166 crores and gross debt of ₹211.11 crores, resulting in net debt of ₹44.90 crores. Net debt to EBITDA stood at 0.71x. The company raised ₹179 crores in H1, including a ₹125 crore credit facility for funding B-80 workover capex.
Production Guidance: Management reiterated its operational targets:
Mid-2027: Target of 10,000 barrels of oil equivalent per day (net to HOEC).
FY28: Target of 22,000 BOE per day.
FY29: Target of 30,000-32,000 BOE per day.
Reserves Update: With the award of the B-174 field, the company's 2P (Proved + Probable) reserves have crossed 100 million barrels of oil equivalent (MMBOE), reaching approximately 104 MMBOE.
Asset-wise Operational Updates:
B-80 (Offshore Mumbai): Workovers on the D1 and D2 wells are planned for end-Nov/early-Dec 2026, targeting an additional 1,000-1,500 BOPD and 5-7 MMSCFD of gas. Contracts are awarded, with a rig expected by late November. Drilling of three new wells is planned thereafter.
Assam (Dirok): Current gross production is ~0.7 million SCM. Field potential is 1.2 million SCM, ramping to 2 million SCM with new wells. The increase is contingent on the debottlenecking of the DNPL pipeline, which is expected by December 2026.
PY-1 (Cauvery Offshore): Well intervention (coil tubing) is planned to increase production. Drilling of two new wells is planned for mid-2027 but is contingent on securing a firm take-or-pay gas sales agreement with IOCL or GAIL.
Kharsang (Assam): Plans to drill nine more wells, aiming to double oil production from ~700 BOPD to 1,200-1,400 BOPD. Drilling is expected to start in Jan/Feb 2027.
B-174 (Offshore Mumbai): Awarded DSF block with DGH-quoted 2P reserves of 21 MMBOE. Development planning is underway.
Additional Notes Section
The document is an enclosed transcript of the earnings call, filed pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.
The transcript contains extensive forward-looking statements regarding operational plans, production targets, and project timelines.
