Hindustan Oil Exploration Company Limited has informed the Exchange about Transcript
HINDOILEXP · price
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Hindustan Oil Exploration Company (HOEC) reported Q1 FY26 consolidated EBITDA of INR 35 crores (vs INR 39 crores in Q4 FY25, excluding one-time adjustments) and a profit after tax of INR 43.87 crores. The Kharsang block delivered strong results with 4 new wells drilled and 3 connected, adding 350 bopd, taking block production to 450 bpd (up from 351 bpd). Dirok gas sales rose to 20 mmscfd from 15 mmscfd, though realisations fell to US$7.54/MMBtu. B-80 offshore production was disrupted by monsoon in June 2025, with 410,000 barrels of oil in inventory to be auctioned via M-Junction by month-end, expected to fetch ~US$25-26 million. Management outlined a 2-2.5 year capex plan of INR 1,250 crores (funded partly by INR 250 crores long-term debt) targeting 10,000 bpd for the company's share. India Ratings revised outlook on the company to 'Positive' from 'Stable'.
Positive near-term on production ramp-up at Kharsang and Dirok, with the Northeast Gas Grid expected to ease demand constraints by Q4 FY26. Stock overhang of 410,000 barrels should clear by September. Multi-year capex of INR 1,250 crores is a significant growth bet; rating outlook upgrade and debt-free target within 2 years support fundamentals, though B-80 remains vulnerable to monsoon disruptions.