NSE: AAKASH
AAKASH EXPLORATION SER L
Provides oil and gas services focused on offshore support and drilling solutions, as indicated by its industry classification under "Offshore Support Solution Drilling." In FY26, the company earned revenue from operations of Rs 112.46 crore, up from Rs 9,819 lakhs in FY25, representing the 14.5% growth reported in its annual results. Profit after tax rose to Rs 350 lakhs in FY26 from Rs 184 lakhs in FY25, with EBITDA margin expanding to 14.5% from 11.7%. The segment composition of revenue is not broken out in the filings, so the company appears to operate as a single-line oilfield services business serving upstream exploration and drilling customers. It spent Rs 1,929 lakhs on property, plant and equipment in FY26, more than double the Rs 909 lakhs in the prior year, suggesting ongoing investment in drilling/service assets. The cost structure is dominated by other operating expenses (36.6% of revenue) and employee costs (34.6%), with materials at 15.4% and depreciation at 8.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oil and gas services. Asset-heavy, small-cap oilfield services provider with offshore drilling exposure
Exhibit 1: Financial summary, FY24–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 |
|---|---|
| Revenue | 92 |
| EBITDA (ex other income) | 17 |
| margin % | 18.6 |
| Owners' profit | 6 |
| EPS, as reported (₹) | 0.61 |
| ROE % · ROCE % | 10.6 · 15.3 |
| Debt / equity (x) | 0.31 |
| Cash from operations | 10 |
| Capex | 0 |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 |
|---|---|---|---|---|---|
| Revenue | 22 | 31 | 26 | 23 | 23 |
| Profit before tax | 1 | 5 | 2 | 0 | 0 |
| Net profit | 0 | 4 | 1 | 0 | 0 |
| EPS (₹) | 0.04 | 0.35 | 0.12 | 0.01 | 0.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DOLPHIN OFF ENT (IND) L | 2,360 | 32.8 | 6.68 | 28.4 | 19.4 | 10.8 | — | 59.1 |
| JINDAL DRILLING IND. LTD | 1,460 | 7.6 | 0.80 | 4.0 | 11.6 | 11.1 | 20.2 | 40.3 |
| ALPHAGEO (INDIA) LIMITED | 148 | — | 0.58 | — | (5.5) | (7.4) | (4.8) | 27.6 |
| AAKASH EXPLORATION SER L ◆ | 81 | 15.6 | 1.35 | 5.5 | 2.2 | 2.6 | — | 10.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.6 | 21.8 | 6 of 15 | 64% |
| P/B | 1.4 | 1.5 | 7 of 15 | 57% |
| ROCE | 2.6 | 6.4 | 14 of 17 | 19% |
| ROE | 2.2 | 8.5 | 13 of 16 | 20% |
| Debt / Equity | 0.2 | 0.1 | 10 of 16 | 40% |
| EBITDA margin | 10.7 | 28.0 | 13 of 15 | 14% |
| Revenue growth | 7.1 | 45.2 | 15 of 15 | 0% |
| Profit growth | (36.7) | 37.6 | 13 of 16 | 20% |
| Market cap | 81 | 2006 | 15 of 16 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · NSE approves Deval Energy's reclassification from promoter to public shareholder | ownership changes | medium | — | — |
| 7 Oct 2026 · SEBI Reg 74(5) certificate for Q2 FY26 - no physical share certificates for demat | compliance | minimal | — | — |
| 30 Sept 2026 · 20th AGM voting results: All 4 resolutions passed with over 99.99 percent majority | compliance | minimal | — | — |
| 29 Sept 2026 · Aakash Exploration Services Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 29, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from October 1 for Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · Promoter Vihan Haria acquires 7.19% shares as gift from Navinchandra Haria | ownership changes | medium | — | — |
| 9 Sept 2026 · Promoter Navinchandra Haria acquires 7.19% stake via inter se gift transfer from Pravin Haria | ownership changes | medium | — | — |
| 2 Sept 2026 · Newspaper publication for 20th AGM via video conferencing and e-voting info | compliance | minimal | — | — |
| 31 Aug 2026 · AGM on Sep 29, 2026; MD re-appointment and new WTD addition on agenda | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper ad published for 20th AGM via video conferencing | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.