NSE: ASIANENE · BSE: 530355
ASIAN ENERGY SERVICES LTD
Provides energy services to the oil and gas industry and runs a smaller mineral and bulk-material handling business. The Oil and Gas segment (80% of FY26 segment revenue, INR632.68 crore) covers seismic data acquisition, drilling, integrated field development contracts and crude production, while the Mineral and other energy services segment (20%, INR158.37 crore) covers coal handling plant EPC, bulk material handling and critical mineral logistics. Operationally it runs an order book of about INR1,750 crore (excluding Kuiper), is producing from the Indrora and Mevad fields with a 1,000 BOPD target by FY27, and has secured a INR187.62 crore coal handling plant EPC contract from Gujarat State Electricity Corporation. Through the Kuiper acquisition it operates an international energy services platform, and the Oilmax Energy merger (SEBI-approved, NCLT hearing pending) is set to add producing assets at Tiphuk, Amguri and Duarmara. The cost base is dominated by other operating expenses (82.6% of FY26 revenue), reflecting a service-delivery model reliant on subcontracted field operations, with employee cost at 5.3% and depreciation at 2.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oil and Gas (80%), Mineral and other energy services (20%). Project-based, service-delivery energy services company expanding into integrated field development and upstream production
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 260 | 110 | 305 | 465 | 791 |
| EBITDA (ex other income) | 66 | (25) | 40 | 66 | 86 |
| margin % | 25.5 | (22.6) | 13.1 | 14.2 | 10.9 |
| Owners' profit | 39 | (44) | 25 | 42 | 51 |
| EPS, as reported (₹) | 10.25 | (11.77) | 6.64 | 9.79 | 11.43 |
| ROE % · ROCE % | 16.1 · 16.8 | (22.3) · (20.9) | 9.2 · 10.3 | 10.6 · 13.0 | 10.5 · 13.1 |
| Debt / equity (x) | 0.03 | 0.10 | 0.08 | 0.06 | 0.32 |
| Cash from operations | 48 | (3) | (50) | (11) | 53 |
| Capex | (42) | (1) | 0 | (19) | (61) |
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 | 98 | 92 | 215 | 115 | 102 | 235 | 338 | 271 |
| Profit before tax | 11 | 10 | 27 | 7 | (3) | 24 | 38 | 16 |
| Net profit | 9 | 8 | 23 | 6 | (3) | 18 | 33 | 13 |
| EPS (₹) | 2.20 | 1.85 | 5.04 | 1.24 | (0.87) | 3.92 | 7.14 | 2.53 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Oil and Gas | 256 | 32.4 |
| Mineral and other energy services | 135 | 17.1 |
| Oil & Gas | 377 | 47.6 |
| Mineral and Other Energy Services | 23 | 2.9 |
| Total, before eliminations | 791 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DEEP INDUSTRIES LIMITED | 4,384 | 21.2 | 2.08 | 21.1 | 9.3 | 6.1 | 35.7 | 47.3 |
| ASIAN ENERGY SERVICES LTD ◆ | 1,990 | 32.2 | 4.02 | 21.5 | 10.5 | 11.3 | 28.2 | 9.0 |
| DHP INDIA LTD. | 140 | 12.7 | 0.59 | — | 4.7 | 6.4 | — | 28.0 |
| DUKE OFFSHORE LTD. | — | — | — | — | (15.5) | (14.8) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.2 | 21.8 | 10 of 15 | 36% |
| P/B | 4.0 | 1.5 | 10 of 15 | 36% |
| ROCE | 11.3 | 6.4 | 4 of 17 | 81% |
| ROE | 10.5 | 8.5 | 7 of 16 | 60% |
| Debt / Equity | 0.3 | 0.1 | 11 of 16 | 33% |
| EBITDA margin | 9.0 | 28.0 | 15 of 15 | 0% |
| Revenue growth | 135.1 | 45.2 | 4 of 15 | 79% |
| Profit growth | 126.5 | 37.6 | 5 of 16 | 73% |
| Market cap | 1990 | 2006 | 9 of 16 | 47% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · CRISIL continues watch status on INR 317.5 crore bank facilities | credit debt | medium | — | — |
| 27 Oct 2026 · Earnings call set for 30 October 2026 to discuss FY27 performance | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 23 Oct 2026 · Revenue sharing contract signed for 50% operated contract area | strategic transactions | medium | — | — |
| 15 Oct 2026 · NCLT approves merger of Oilmax Energy with Asian Energy Services | regulatory legal | high | — | — |
| 9 Oct 2026 · Quarterly dematerialization compliance certificate filed with exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · NCLT approves merger of Oilmax Energy into AESL | regulatory legal | high | — | — |
| 29 Sept 2026 · Trading window closed for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · AESL 33rd AGM: all 3 resolutions passed, Re.1.25 dividend declared | compliance | minimal | — | — |
| 24 Sept 2026 · 33rd AGM held on Sep 24, 2026; dividend of Re 1.25 per share declared | board shareholder meetings | medium | — | — |
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.