Operates as an upstream oil and gas exploration and production company across multiple Indian blocks including B-80, B-15, PY-1, Dirok, Kharsang, Greater Dirok, Umatara and Cambay. Revenue comes from selling crude oil (from the B-80 block, currently sold to third-party buyers at Brent-linked pricing after a sale to HPCL was reversed), natural gas (Dirok and Kharsang fields), and condensate (Dirok block). Current production is approximately 1.5 kboe/day from these producing assets, backed by certified 3P reserves of 109 MMBOE, 2P reserves of 60 MMBOE and 1P reserves of 40 MMBOE. The company is executing a multi-year growth plan with around 20 wells in the drilling pipeline across producing, development and exploration blocks, and is targeting production scale-up to 32 kboe/day by 2029. The Dirok gas block is currently constrained by pipeline evacuation at 0.3-0.4 MMSCMD versus 1.1-1.2 MMSCMD potential, pending a 55 km replacement pipeline. Cost structure is dominated by other operating expenses at 122.1% of revenue and depreciation at 28.6%, with materials at 0%, reflecting the asset-heavy, non-manufacturing nature of upstream E&P. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Crude oil sales, Natural gas sales, Condensate sales. Asset-heavy, cyclical upstream oil and gas exploration and production
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 156 | 559 | 749 | 421 | 263 |
| EBITDA (ex other income) | 45 | 292 | 332 | 162 | 130 |
| margin % | 28.6 | 52.3 | 44.4 | 38.5 | 49.3 |
| Owners' profit | 0 | 0 | 226 | 147 | 63 |
| EPS, as reported (₹) | 1.51 | 14.67 | 17.12 | 11.13 | 4.74 |
| ROE % · ROCE % | 2.7 · 2.5 | 20.5 · 17.4 | 19.3 · 17.9 | 11.1 · 9.9 | 4.5 · 4.2 |
| Debt / equity (x) | 0.47 | 0.38 | 0.15 | 0.09 | 0.04 |
| Cash from operations | 108 | 219 | 123 | 161 | 178 |
| Capex | (265) | (72) | (18) | (33) | (175) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 95 | 147 | 43 | 79 | 315 | 75 | (206) | 114 |
| Profit before tax | 13 | 52 | 36 | 45 | 4 | 7 | 9 | 7 |
| Net profit | 11 | 43 | 51 | 44 | 3 | 8 | 8 | 6 |
| EPS (₹) | 0.82 | 3.28 | 3.87 | 3.32 | 0.21 | 0.63 | 0.59 | 0.47 |
| 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 % |
|---|---|---|---|---|
| 3 Sept 2026 · Notice of 42nd AGM, book closure, e-voting details disclosed | compliance | minimal | — | — |
| 2 Sept 2026 · 42nd AGM on Sep 25, 2026; Book Closure Sep 19-25 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 42nd AGM seeks higher borrowing and investment powers | board shareholder meetings | low | — | — |
| 2 Sept 2026 · HOEC 42nd AGM on Sep 25; seeks to raise borrowing limit to Rs 1,000 Cr | board shareholder meetings | low | — | — |
| 1 Sept 2026 · HOEC wins Mumbai Offshore contract area under DSF Round IV | business updates | high | — | — |
| 29 Aug 2026 · HOEC 42nd AGM scheduled for September 25, 2026 via video conferencing | compliance | minimal | — | — |
| 20 Aug 2026 · HOEC Q1 FY27 call: Kharsang lifts revenue, B-80 workover on track | investor communications | medium | — | — |
| 20 Aug 2026 · HOEC Q1 FY27 Earnings Call Transcript Submitted to Exchanges | investor communications | medium | — | — |
| 19 Aug 2026 · Clarification on PY-1 offshore drilling in Cauvery Basin | capex operations | medium | — | — |
| 13 Aug 2026 · Newspaper ad copies filed for Q1 FY27 results compliance | compliance | minimal | — | — |
| 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) | 97.5 | 26.6 | 13 of 16 | 20% |
| P/B | 1.8 | 2.1 | 8 of 16 | 53% |
| ROCE | 3.8 | 6.4 | 13 of 17 | 25% |
| ROE | 4.5 | 8.5 | 12 of 16 | 27% |
| Debt / Equity | 0.0 | 0.1 | 5 of 16 | 73% |
| EBITDA margin | 20.4 | 28.0 | 12 of 15 | 21% |
| Revenue growth | 45.2 | 45.2 | 8 of 15 | 50% |
| Profit growth | (85.8) | 37.6 | 15 of 16 | 7% |
| Market cap | 2449 | 2449 | 9 of 17 | 50% |
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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.
