The Board, based on the recommendation of the Audit Committee, approved the following items of business:

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

2. Took on record the Limited Review Reports issued by the Statutory Auditors on these unaudited financial results.

Standalone Financial Highlights (Amount in ₹ lakhs, except EPS)

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹14,747.95
  • Less: Profit petroleum/Revenue Sharing to Govt. of India: ₹(127.28)
  • Other Income: ₹867.01
  • Total Income: ₹12,851.68
  • Total Expenses: ₹9,046.54
  • Profit Before Tax: ₹3,805.14
  • Profit for the Period: ₹3,805.14
  • Basic EPS: ₹2.88 (not annualized)
  • Diluted EPS: ₹2.88 (not annualized)

Half-Year Ended September 30, 2026:

  • Revenue from Operations: ₹26,486.71
  • Less: Profit petroleum/Revenue Sharing to Govt. of India: ₹(3,739.54)
  • Other Income: ₹2,803.70
  • Total Income: ₹25,550.87
  • Total Expenses: ₹20,491.61
  • Profit Before Tax: ₹5,058.86
  • Profit for the Period: ₹5,058.86
  • Basic EPS: ₹3.82 (not annualized)
  • Diluted EPS: ₹3.82 (not annualized)

Comparative Figures (Quarter Ended September 30, 2025):

  • Revenue from Operations: ₹32,150.69
  • Profit for the Period: ₹1,903.91
  • Basic EPS: ₹1.44 (not annualized)

Consolidated Financial Highlights (Amount in ₹ lakhs, except EPS)

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹15,177.89
  • Less: Profit petroleum/Revenue Sharing to Govt. of India: ₹(2,757.28)
  • Other Income: ₹519.57
  • Total Income: ₹12,940.18
  • Total Expenses: ₹11,019.88
  • Profit Before Tax: ₹1,920.30
  • Tax Expense: ₹34.03
  • Profit for the Period: ₹1,886.27
  • Basic EPS: ₹1.43 (not annualized)
  • Diluted EPS: ₹1.43 (not annualized)

Half-Year Ended September 30, 2026:

  • Revenue from Operations: ₹27,578.44
  • Less: Profit petroleum/Revenue Sharing to Govt. of India: ₹(3,739.94)
  • Other Income: ₹2,535.82
  • Total Income: ₹26,374.32
  • Total Expenses: ₹23,798.86
  • Profit Before Tax: ₹2,575.46
  • Tax Expense: ₹65.64
  • Profit for the Period: ₹2,509.82
  • Basic EPS: ₹1.90 (not annualized)
  • Diluted EPS: ₹1.90 (not annualized)

Comparative Figures (Half-Year Ended September 30, 2025):

  • Revenue from Operations: ₹41,081.39
  • Profit for the Period: ₹4,670.15 (includes exceptional item)
  • Basic EPS: ₹3.53 (not annualized)

Key Notes to the Financial Results

1. The financial results were reviewed by the Audit Committee and approved by the Board on November 06, 2026. The statutory auditors, BSR & Co. LLP, issued an unmodified limited review report.

2. The results are prepared in accordance with Indian Accounting Standards (Ind AS) and SEBI Listing Regulations.

3. Expenses are net of amounts charged to Unincorporated Joint Operations (UJO) where the company is the operator.

4. Exceptional Item - Acquisition of Participating Interest (PI):

  • During the year ended March 31, 2025, the company acquired the remaining 40% PI in Block B-80 from the other joint operator.
  • Government approval was deemed granted on July 29, 2025.
  • In Q2 June 2025, a provisional fair value gain of ₹3,251.87 lakhs was recognized as an exceptional item.
  • In Q2 June 2026, a final fair valuation exercise was completed, resulting in an additional gain of ₹230.80 lakhs, recognized as "Other Income" in the current period.

5. Dispute with HPCL:

  • In Q2 September 2025, the company entered a Crude Offtake and Sale Agreement (COSA) with Hindustan Petroleum Corporation Limited (HPCL).
  • Revenue of ₹25,878.15 lakhs was recognized upon transfer of control on September 25, 2025.
  • In October 2025, HPCL raised quality-related issues regarding the crude oil delivered.
  • In April 2026, the company and HPCL mutually agreed to cancel the original arrangement. New buyers were identified for the crude oil stored at HPCL's premises.
  • The matter was referred for conciliation before a former Chief Justice of a High Court.
  • As of September 30, 2026, a portion of the inventory remains stored at HPCL's premises on behalf of the company.
  • Based on management's assessment, no adjustments or provisions are considered necessary in the financial results.

6. Segment Reporting: The company operates as a single segment: acquisition, exploration, development, and production of crude oil and natural gas in India.

7. Cash Flows (Standalone, Half-Year Ended September 30, 2026):

  • Net cash from operating activities: ₹3,913.17 lakhs
  • Net cash used in investing activities: ₹(5,902.80) lakhs
  • Net cash from financing activities: ₹16,389.33 lakhs
  • Net increase in cash: ₹14,399.70 lakhs
  • Cash and cash equivalents at period end: ₹15,820.03 lakhs

8. Paid-up Equity Share Capital: ₹13,225.93 lakhs (face value ₹10 per share) remained unchanged.

The above information is also available on the company's website at www.hoec.com.