Hindustan Oil Exploration Company Limited has informed the Exchange about Transcript
HINDOILEXP · price
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Hindustan Oil Exploration Company (HOEC) filed the transcript of its Q3 FY26 earnings call held on February 18, 2026. Consolidated EBITDA for Q3 rose to Rs. 31 crore from Rs. 25 crore in the previous quarter, with consolidated profit after tax at Rs. 8.28 crore vs Rs. 2.83 crore. Standalone revenue was Rs. 77.32 crore (lower than Rs. 321.51 crore in the prior quarter, which had a one-time Rs. 259 crore crude oil sale to HPCL). The company is in active drilling across multiple blocks — Kharsang (8 wells drilled, targeting 1,000+ barrels/day), Dirok (production expected to triple in FY27 once gas grid connects by end of March 2026), and B-80 (current quarter production of 45,742 barrels of oil). Management guided for EBITDA margins of around 60% for FY27-28 and outlined a drilling plan of 18 shallow plus 3 deep wells in Kharsang, 4 in Dirok, and 10 offshore wells. India Ratings reaffirmed IND-A rating on Rs. 500 crore bank loan; net debt stands at Rs. 55 crore with Rs. 30 crore cash.
Positive long-term story as grid connectivity unlock could triple Dirok production and move stock from 'stranded gas' to premium pricing, but near-term overhang remains — Rs. 259 crore is stuck with HPCL over a contamination dispute, which may delay the offshore drilling campaign. Management transition is underway as MD R. Jeevanandam steps down once a new CEO is appointed, adding some uncertainty. Shareholders should watch for HPCL resolution and March-end grid hook-up as key near-term catalysts.