NSE: ANTELOPUS · BSE: 530075
ANTELOPUS SELAN ENRGY LTD
An onshore oil and gas exploration and production company earning revenue from the sale of crude oil and natural gas produced from its fields at Bakrol, Karjisan, Cambay and Dangeru. FY26 average sales volumes rose 14% to 1,355 boepd (barrels of oil equivalent per day), with an exit rate of 1,800+ boepd recorded in March 2026. The company drilled 4 new wells across these fields during FY26 and is executing a 10-well Field Development Plan, of which 9 had been drilled by Q1 FY27, when average sales reached 1,705 boepd. Realised oil prices fell to $66/boe in FY26 from $75/boe in FY25, with volume growth offsetting the price decline. The cost structure is dominated by other operating expenses (34.9% of FY26 revenue) and depreciation (17.0% of revenue), while capital expenditure ran at 78.5% of revenue, reflecting the asset-heavy, capital-intensive nature of upstream operations. The company is targeting 2,500 boepd in FY27 and is fully self-funding that growth. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Crude oil and natural gas production. Asset-heavy, cyclical, upstream oil and gas exploration and production
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 77 | 118 | 166 | 258 | 279 |
| EBITDA (ex other income) | 7 | 32 | 39 | 89 | 159 |
| margin % | 9.6 | 26.7 | 23.3 | 34.3 | 56.9 |
| Owners' profit | 10 | 31 | 33 | 74 | 90 |
| EPS, as reported (₹) | 13.06 | 20.29 | 21.54 | 48.67 | 8.11 |
| ROE % · ROCE % | 3.0 · 3.4 | 8.6 · 10.0 | 8.3 · 10.3 | 15.7 · 18.0 | 13.7 · 15.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (18) | 69 | 72 | 126 | 125 |
| Capex | (1) | (5) | (12) | (7) | (219) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 69 | 64 | 62 | 51 | 55 | 71 | 102 | 131 |
| Profit before tax | 28 | 25 | 20 | 15 | 16 | 38 | 50 | 73 |
| Net profit | 21 | 19 | 16 | 11 | 12 | 29 | 38 | 54 |
| EPS (₹) | 14.05 | 12.17 | 10.48 | 3.19 | 3.36 | 8.11 | 10.83 | 15.45 |
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. % |
|---|---|---|---|---|---|---|---|---|
| OIL AND NATURAL GAS CORP. | 2,82,239 | 6.5 | 0.69 | 3.7 | 12.2 | 10.4 | 12.9 | 9.1 |
| OIL INDIA LTD | 72,693 | 8.7 | 1.14 | 8.7 | 11.8 | 7.9 | 10.5 | 47.7 |
| ANTELOPUS SELAN ENRGY LTD ◆ | 3,693 | 27.8 | 5.63 | — | 13.7 | 15.8 | — | 63.5 |
| PRABHA ENERGY LIMITED | 2,612 | 2027.8 | 6.01 | 2958.2 | 0.1 | 0.1 | — | 25.0 |
| HINDUSTAN OIL EXPLORATION | 2,022 | 80.5 | 1.46 | 14.1 | 4.5 | 3.8 | 18.2 | 20.4 |
| GUJARAT NATURAL RES L | 1,364 | 117.0 | 6.55 | 67.3 | 4.7 | 6.2 | 30.4 | 44.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.8 | 21.8 | 9 of 15 | 43% |
| P/B | 5.6 | 1.5 | 11 of 15 | 29% |
| ROCE | 15.8 | 6.4 | 2 of 17 | 94% |
| ROE | 13.7 | 8.5 | 2 of 16 | 93% |
| Debt / Equity | 0.0 | 0.1 | 1 of 16 | 87% |
| EBITDA margin | 63.5 | 28.0 | 2 of 15 | 93% |
| Revenue growth | 158.8 | 45.2 | 2 of 15 | 93% |
| Profit growth | 384.1 | 37.6 | 2 of 16 | 93% |
| Market cap | 3693 | 2006 | 5 of 16 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Audio recording of Q2 FY2026-27 earnings call made available | investor communications | low | — | — |
| 26 Oct 2026 · Q2 FY27 results and FY29 production growth plan | investor communications | medium | — | — |
| 26 Oct 2026 · Quarterly profit jumps 385% as revenue more than doubles | results | medium | — | — |
| 22 Oct 2026 · Q2 FY27 earnings call scheduled for October 26, 2026 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting to approve September 2026 unaudited results | results | low | — | — |
| 17 Oct 2026 · Allotment of 51,530 shares under ESOP 2022 | capital market events | low | — | — |
| 6 Oct 2026 · RTA submits dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Antelopus Selan Energy 41st AGM Proceedings - All Resolutions Passed | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · AGM Voting Results: All Resolutions Passed with Overwhelming Majority | compliance | low | — | — |
| 29 Sept 2026 · Trading window closure from October 1, 2026 until Q2 FY26 results | 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.