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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| OIL AND NATURAL GAS CORP. | 2,92,492 | 6.7 | 0.71 | 3.8 | 12.2 | 10.4 | 12.9 | 9.1 |
| OIL INDIA LTD | 79,671 | 9.5 | 1.25 | 9.2 | 11.8 | 7.9 | 10.5 | 47.7 |
| ANTELOPUS SELAN ENRGY LTD ◆ | 4,009 | 30.2 | 6.12 | — | 13.7 | 15.8 | — | 63.5 |
| PRABHA ENERGY LIMITED | 3,452 | 2680.0 | 7.95 | 3853.7 | 0.1 | 0.1 | — | 25.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Sept 2026 · Newspaper notice for 41st AGM on September 30, 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · AGM on Sep 30, 2026; Annual Report FY26 filed | board shareholder meetings | low | — | — |
| 4 Sept 2026 · AGM notice published in newspapers; meeting on September 30, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Antelopus Selan wins two onshore oil blocks from Government of India | business updates | high | — | — |
| 9 Aug 2026 · Independent Director Manjit Singh completes term and steps down | management changes | medium | — | — |
| 31 Jul 2026 · Promoter group member seeks reclassification to public shareholder | ownership changes | medium | — | — |
| 27 Jul 2026 · Q1 FY27 Results: EBITDA up 57% QoQ at 93.2 Cr, margin at around 70% | investor communications | medium | — | — |
| 27 Jul 2026 · Board approves reclassification of Payal Upadhyay from Promoter Group to Public | ownership changes | medium | — | — |
| 27 Jul 2026 · Q1 FY27 results: Net profit up 381 percent, revenue up 159 percent | results | high | — | — |
| 27 Jul 2026 · Promoter group member seeks reclassification to public shareholder | ownership changes | medium | — | — |
| 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 |
| HINDUSTAN OIL EXPLORATION | 2,449 | 97.5 | 1.77 | 17.0 | 4.5 | 3.8 | 18.2 | 20.4 |
| GUJARAT NATURAL RES L | 1,602 | 137.4 | 7.69 | 79.0 | 4.7 | 6.2 | 30.4 | 44.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.2 | 26.6 | 10 of 16 | 40% |
| P/B | 6.1 | 2.1 | 11 of 16 | 33% |
| 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 | 4009 | 2449 | 5 of 17 | 75% |
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| 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 |
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.
