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Asian Energy Services Limited
NSE: ASIANENE BSE: 530355 INE276G01015 Energy Oil 🔎 Screen
₹2 Cr
Market Cap
33.0
P/E
0.63
PEG
16.5%
ROCE
12.9%
ROE
0.32
D/E
11.3%
OPM
+2.9%
% from 52W High
83
α RS
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Asian Energy Services Ltd is an oilfield service and reservoir imaging company, offering a suite of geophysical services specializing in land and well seismic services and operation and maintenance services for oilfields. It is one of the few companies providing end-to-end services in the upstream oil segment.

✓ Strengths 2
  • Company is expected to give good quarter
  • Company's median sales growth is 46.7% of last 10 years
! Concerns 3
  • Promoter holding has decreased over last quarter: -4.61%
  • Company has a low return on equity of 12.4% over last 3 years.
  • Company has high debtors of 160 days.
Key Ratios Snapshot
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📈 Growth Pattern
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Strong consolidated beat (+57% YoY revenue) driven by Kuiper consolidation and oil & gas segment, but standalone revenue declined (-3.4% YoY) due to supply chain disruptions. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹338.2 Cr
+57.0% YoY (consolidated Q4FY26)
EBITDA Margin
14.6%
Down 100 bps YoY (15.6% in Q4FY25); absolute EBITDA +46.6%
PAT
₹32.6 Cr
+44.8% YoY; adjusted PAT ₹34.6 Cr (+53.8% YoY) excluding exceptional items
Order Book (Standalone)
₹1,750 Cr
Excludes Kuiper; 68% from oil & gas, 32% from mineral services
What Went Right
  • Consolidated revenue surged 57% YoY to ₹338.2 Cr, largely from Kuiper’s integration (from Sep 2025) and oil & gas segment revenue of ₹256 Cr (+141% YoY).
  • EBITDA rose 46.6% YoY to ₹49.4 Cr, and adjusted PAT (excl. exceptional items) grew 53.8% YoY to ₹34.6 Cr.
  • Order book remained robust at ₹1,750 Cr (standalone), providing multi-year revenue visibility; Kuiper annualized revenue run-rate ~USD 60-65 Mn (~₹540 Cr).
  • Successful oil discovery in Mewad (NM-01 producing ~100 BOPD) with block-level production target of ~1,000 BOPD by FY27.
  • Net debt-zero company; ₹92 Cr raised via warrant conversion strengthening balance sheet.
What to Watch
  • Standalone Q4 revenue fell 3.4% YoY to ₹207.1 Cr, impacted by ~₹75 Cr in supply chain disruptions (West Asia conflict) and client delays.
  • Consolidated EBITDA margin contracted to 14.6% from 15.6% in Q4FY25, partly due to lower-margin Kuiper revenue and higher project costs.
  • Mineral & other energy services segment revenue dropped 24.6% YoY to ₹82.2 Cr (from ₹109.1 Cr), with segment profit down 55.9% to ₹18.4 Cr.
  • Exceptional items of ₹9.4 Cr for FY26 (acquisition costs and write-offs) reduced reported PAT; Q4 had ₹2.8 Cr in exceptions.
  • Oilmax merger still pending (expected completion Sep/Oct 2026); near-term earnings contribution from Oilmax remains absent.
Management Guidance
  • Standalone India services business expected to grow 30-40% in FY27 with improved margins.
  • Kuiper revenue target of USD 60-65 million (~₹540 Cr) in FY27 with improved margins.
  • Oilmax assets targeted to reach peak production of ~10,000 BOPD by FY29/FY30 (from ~2,500 BOPD currently).
  • Dividend declared at ₹1.25 per share (subject to shareholder approval).
Investor Lens
The thesis of a multi-engine growth platform (standalone services + Kuiper + Oilmax) remains intact, supported by a ₹1,750 Cr order book, Kuiper's USD 60-65 Mn run-rate, and low-debt balance sheet. However, Q4 standalone revenue weakness and margin compression highlight near-term execution risk from geopolitical disruptions. The key catalysts for FY27 are: (1) standalone recovery to 30-40% growth, (2) Kuiper margin improvement and scaling, and (3) Oilmax merger closure. Watch Q1FY27 standalone revenue trajectory, Kuiper margin trend, and progress on regulatory approvals for the merger.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Revenue jumps 57% YoY to ₹338 Cr; PAT up 43.5%.
Revenue
Revenue surged 57.2% YoY and 43.8% QoQ to ₹338.0 Cr, indicating robust demand. Operating profit also grew 54.8% YoY, reflecting scalable growth.
Profitability
Net profit rose 43.5% YoY to ₹33.0 Cr, with EPS improving to ₹7.11 from ₹5.03. PBT stood at ₹40.0 Cr, and a lower tax rate of 18% boosted bottom line.
Margins
OPM narrowed to 14% from 15% YoY but expanded from 12% QoQ. Operating profit grew slower than revenue, suggesting cost pressures. Interest and depreciation remained contained.
Cash Flow
No cash flow data provided. Quality of earnings cannot be assessed from available numbers.
Balance Sheet
Borrowings at ₹159 Cr against reserves of ₹449 Cr result in a low debt-to-equity of 0.01. Total assets of ₹918 Cr indicate a healthy balance sheet with ample equity cushion.
Key Risks
OPM contraction despite revenue growth signals margin pressure. High PE of 29.4 implies elevated growth expectations. Absence of cash flow data makes earnings quality uncertain.
Outlook
Strong topline and profit momentum are positive. Focus on margin recovery and sustainable cash generation will be critical for long-term performance.
Generated by AI · Mar 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Mineral and other energy services
26
EBIT 5
82
EBIT 18
Oil and Gas
256
EBIT 42
Oil & Gas
210
EBIT 26
Total 235 338

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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Investment Risk:
Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This report does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a SEBI-registered investment adviser or other qualified financial professional before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities or financial instruments discussed in this report. Any such positions, if material, are disclosed to the best of the author's knowledge and are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company, institution, or third party.

Information Sources:
The analysis and opinions expressed herein are based on publicly available information, including but not limited to company filings with the BSE/NSE, annual reports, management commentary, investor presentations, data from the Reserve Bank of India (RBI), SEBI, industry publications, and other reliable financial data sources. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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