NSE: HINDOILEXP · BSE: 500186
HINDUSTAN OIL EXPLORATION
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
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. | 2,89,158 | 6.6 | 0.71 | 3.7 | 12.2 | 10.4 | 12.9 | 9.1 |
| OIL INDIA LTD | 74,393 | 8.9 | 1.17 | 8.8 | 11.8 | 7.9 | 10.5 | 47.7 |
| ANTELOPUS SELAN ENRGY LTD | 3,815 | 28.7 | 5.82 | — | 13.7 | 15.8 | — | 63.5 |
| PRABHA ENERGY LIMITED | 2,634 | 2045.0 | 6.06 | 2981.8 | 0.1 | 0.1 | — | 25.0 |
| HINDUSTAN OIL EXPLORATION ◆ | 2,063 | 82.1 | 1.49 | 14.4 | 4.5 | 3.8 | 18.2 | 20.4 |
| GUJARAT NATURAL RES L | 1,311 | 112.4 | 6.29 | 64.8 | 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) | 82.1 | 21.8 | 12 of 15 | 21% |
| P/B | 1.5 | 1.5 | 8 of 15 | 50% |
| 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 | 2063 | 2000 | 8 of 16 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Non-promoter group buys 1.2 lakh HOEC shares, stake rises to 8.14% | ownership changes | medium | — | — |
| 14 Oct 2026 · HOEC takes over Assam Gas Plant at Dirok from Expro North Sea | strategic transactions | high | — | — |
| 13 Oct 2026 · CFO Allen Joseph Andrade resigns; Debabrata Das named successor | management changes | high | — | — |
| 13 Oct 2026 · HOEC appoints Debabrata Das as new CFO; Allen Andrade steps down | management changes | medium | — | — |
| 13 Oct 2026 · HOEC announces CFO change: Debabrata Das appointed, Allen Andrade resigns | board shareholder meetings | medium | — | — |
| 9 Oct 2026 · Routine SEBI compliance certificate for Q2 FY27 securities dematerialisation filed | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure for Insiders from Oct 1, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · HOEC AGM 2026 voting results - all 6 resolutions passed | compliance | minimal | — | — |
| 25 Sept 2026 · 42nd AGM held via video conference; six resolutions transacted | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · HOEC issues corrigendum to FY26 Annual Report for clerical errors | results | 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.