Antelopus Selan Energy LimitedQ2 FY27 Results & Financial Update
Antelopus Selan Energy Limited: Q2 FY27 standalone results and company financials – revenue ₹250.12 Cr, PAT ₹111.61 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Antelopus Selan Energy Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Antelopus Selan Energy Limited reported standalone revenue from operations of INR 250.12 crore for the quarter ended September 30, 2026, marking a robust expansion compared to INR 131.04 crore in the preceding quarter ended June 30, 2026. Total income for Q2 FY27 reached INR 259.41 crore, up from INR 132.23 crore in Q1 FY27.
Profitability expanded sharply alongside top-line growth. Profit before tax (PBT) for the quarter stood at INR 149.31 crore, representing a 72.73 crore increase over the previous quarter's INR 72.73 crore. Net profit after tax (PAT) for Q2 FY27 reached INR 111.61 crore compared to INR 54.32 crore in Q1 FY27, resulting in basic earnings per share of INR 31.63 versus INR 15.36 in the preceding quarter.
The operational momentum during the quarter was underpinned by production uplift at the Bakrol field, where a 10-well drilling and hydraulic fracturing campaign was successfully completed. Post-frac production began flowing mid-quarter, supporting average sales volumes of 1,656 boepd for Q2 FY27 compared to 1,705 boepd in Q1 FY27, while October production scaled higher to 1,950 boepd.
Other income for Q2 FY27 contributed INR 9.29 crore, bolstered by the receipt of approximately INR 6.50 crore corresponding to a refund of excess cess remitted by the company across financial years 2020-21, 2021-22, and 2022-23.
Operating expenses remained well-controlled. Royalty and cess stood at INR 20.46 crore, while depreciation and amortization expenses were reported at INR 23.55 crore. The amortization charge reflects a lower quarterly run-rate following a management reassessment of the useful life of oil and gas assets initiated in the previous fiscal year following regulatory extensions.
The company strengthened its acreage position during the quarter by formally signing Revenue Sharing Contracts on October 22, 2026, for two onshore contract areas awarded under Discovered Small Field (DSF) Bid Round-IV: KG/ONDSF/KG ONLAND/2025 in the KG Basin, Andhra Pradesh, and CB/ONDSF/CAMBAY ONLAND/2025 in the Cambay Basin, Gujarat.
01 · Business model
What does Antelopus Selan Energy do?
Antelopus Selan Energy Limited (formerly known as Selan Exploration Technology Limited) is a private-sector upstream oil and gas company engaged in the exploration, development, and production of crude oil and natural gas in India. The company operates an aggregate acreage portfolio of approximately 1,600 square kilometers spanning onshore and offshore basins, bringing over four decades of operational expertise.
The company's revenue engines are anchored by its producing domestic oil and gas fields, prominently including the Bakrol, Lohar, and Karjisan fields in the Cambay Basin, alongside participating interests in the Cambay Field. Its operational strategy combines steady extraction from producing fields with brownfield development and exploration across multi-basin opportunities.
Antelopus Selan maintains a diversified footprint extending across multiple prolific sedimentary basins in India, including the Cambay Basin, KG Onshore, Mumbai High Basin, Assam Arakan Basin, and Mahanadi Basin. The enterprise benefits from favorable fiscal terms across its assets, maintaining net entitlements to the operator exceeding 60 percent.
02 · Historical context
What shaped the business before this quarter
Effective October 1, 2025, management reassessed the useful life of oil and gas assets following the enactment of the Oil Fields (Regulation and Amendment) Act, 2025 and Petroleum and Natural Gas Rules, 2025, factoring in a conservative 10-year extension for Bakrol, Lohar, and Cambay Production Sharing Contracts.
On February 14, 2024, the company entered into a Farm-in-Farm-Out Agreement to acquire a 50 percent participating interest and operatorship of the Cambay Field, with Government of India approval granted on July 19, 2024.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹250.12 Cr | ₹131.04 Cr |
| Total income | ₹259.41 Cr | ₹132.23 Cr |
| Profit before tax | ₹149.31 Cr | ₹72.73 Cr |
| Profit after tax | ₹111.61 Cr | ₹54.32 Cr |
| EPS | ₹31.63 | ₹15.36 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 44.6% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 59.7% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹9.29 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Completion of the 10-well drilling and hydraulic fracturing campaign at Bakrol unlocked post-frac production flowing from mid-Q2 FY27, driving strong volume delivery with current production exceeding 950 boepd.
Average sales volumes across producing fields registered at 1,656 boepd during Q2 FY27, comprising Bakrol (750 boepd), Karjisan (758 boepd), Cambay (57 boepd), Lohar (45 boepd), and Dangeru (46 boepd).
Other income of INR 9.29 crore for Q2 FY27 included an INR 6.50 crore refund of excess cess remitted during FY21, FY22, and FY23.
What drove margins
Depreciation and amortisation expenses for Q2 FY27 were lower by INR 16.91 crore as a direct result of the revised estimation of the amortisation period for oil and gas assets established in late FY26.
Royalty and cess expenses stood at INR 20.46 crore for the quarter, reflecting production scale and statutory levies across operating fields.
05 · Demand, customers & order book
Where demand is coming from
October 2026 production reached 1,950 boepd, positioning the company toward its exit target of 2,500 boepd for FY27.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates within a single primary business segment focused on the production of oil and natural gas, rendering segment reporting under Ind AS-108 inapplicable.
Geography and market mix
Operations span key sedimentary basins in India, with primary producing activities concentrated in the Cambay Basin alongside active development preparations in the KG Basin and Assam-Arakan Basin.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Two of the planned seven wells at Karjisan were drilled ahead of schedule, with all seven wells scheduled to be drilling by April 2027 and new production barrels expected from late November.
Projects, capex and execution
Continuous capital expenditure is underway across the Cambay Basin to sustain drilling activity over a 3 to 4-year horizon while concurrently funding cluster development in KG Onland.
08 · Reported developments
What changed operationally
Successful drilling and fracturing of all 10 wells at Bakrol was completed, with output scaling above 950 boepd.
09 · Pressure points & risks
What is not going smoothly
One key well at Karjisan encountered productivity issues alongside natural field declines, necessitating targeted workovers to restore output.
10 · Items worth noticing
The line items that can distort a quick read
Other income for Q2 FY27 includes an INR 6.50 crore refund corresponding to excess cess remitted across financial years 2020-21, 2021-22, and 2022-23.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the half year ended September 30, 2026, reached INR 166.25 crore, up from INR 43.84 crore in the corresponding period of the previous year.
Capital allocation & funding
Finance costs for Q2 FY27 remained minimal at INR 0.33 crore, reflecting a conservative debt profile with capital expenditure funded primarily through internal accruals and operating cash flows.
12 · Management guidance & targets
What management is targeting from here
Management aims to achieve an exit production rate of 2,500 boepd by the end of FY27.
Management has outlined a strategic growth plan to scale the onshore portfolio to 5,000+ boepd by FY29, supported by continued reinvestment of operating cash flows.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
ESOP Allotment
During Q2 FY27, the company allotted 1,25,462 equity shares under its Employees Stock Option Scheme - 2022, bringing total paid-up equity share capital to 3,52,67,620 shares as of September 30, 2026.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 90.87 percent quarter-on-quarter to INR 250.12 crore in Q2 FY27 from INR 131.04 crore in Q1 FY27.
15 · Key Q&A
The quarter, answered directly
What does Antelopus Selan Energy do?
Antelopus Selan Energy Limited (formerly known as Selan Exploration Technology Limited) is a private-sector upstream oil and gas company engaged in the exploration, development, and production of crude oil and natural gas in India. The company operates an aggregate acreage portfolio of approximately 1,600 square kilometers spanning onshore and offshore basins, bringing over four decades of operational expertise.
What is the clearest takeaway from Q2 FY27?
Antelopus Selan Energy Limited reported standalone revenue from operations of INR 250.12 crore for the quarter ended September 30, 2026, marking a robust expansion compared to INR 131.04 crore in the preceding quarter ended June 30, 2026. Total income for Q2 FY27 reached INR 259.41 crore, up from INR 132.23 crore in Q1 FY27.
What drove revenue or demand?
Completion of the 10-well drilling and hydraulic fracturing campaign at Bakrol unlocked post-frac production flowing from mid-Q2 FY27, driving strong volume delivery with current production exceeding 950 boepd.
What mattered most for margins or profitability?
Depreciation and amortisation expenses for Q2 FY27 were lower by INR 16.91 crore as a direct result of the revised estimation of the amortisation period for oil and gas assets established in late FY26.
What changed operationally beyond the headline numbers?
Two of the planned seven wells at Karjisan were drilled ahead of schedule, with all seven wells scheduled to be drilling by April 2027 and new production barrels expected from late November.
What is management guiding or targeting from here?
Management aims to achieve an exit production rate of 2,500 boepd by the end of FY27.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
FY27 Production Exit Rate: Track delivery against the management exit target of 2,500 boepd by the close of FY27.
- 02
Karjisan Drilling Execution: Monitor the ongoing 7-well drilling campaign at Karjisan through its targeted ramp-up by April 2027.
- 03
KG Onland Field Development: Observe the progression of field development plans and environmental clearances for the newly awarded DSF-IV blocks.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.