Antelopus Selan Energy LimitedQ1 FY27 Results & Financial Update
Antelopus Selan Energy Limited: Q1 FY27 standalone results and company financials – revenue ₹131.04 Cr, PAT ₹54.32 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 Q1 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 (net) of INR 131.04 crore for the quarter ended June 30, 2026, accompanied by total income of INR 132.23 crore. The company registered a profit before tax of INR 72.73 crore and a net profit after tax of INR 54.32 crore for the period, with basic earnings per share standing at INR 15.36.
Average sales volumes remained relatively flat at 1,705 boepd during Q1 FY27 compared to 1,758 boepd in Q4 FY26, after taking into account inventory movements. The overall product mix for the quarter comprised approximately 80% oil and 20% gas.
A key operational factor during the quarter was a temporary timing issue concerning custody transfers to Indian Oil Corporation Limited (IOCL), which operated for approximately 86 to 87 days. This created an inventory build-up of approximately 6,500 barrels of crude oil during the quarter, which management expects to normalize in the subsequent period.
Despite the inventory build-up restricting immediate sales realisation for a portion of extracted volumes, the quarter benefited from favourable commodity price realisations and tight operational expenditure control, allowing incremental revenue to flow through cleanly to operating profitability.
Total expenses for the quarter were contained at INR 39.1 crore (as presented in the investor presentation), reflecting stable operating expenses, lower employee benefit expenses compared to the preceding quarter, and manageable handling charges.
Royalty and cess obligations stood at INR 21.0 crore for the quarter, forming a significant component of statutory outlays alongside current and deferred tax provisions.
Management noted that execution across key development assets remains robust, with drilling programmes ahead of schedule and upcoming fracture stimulation campaigns scheduled to commence in early August.
01 · Business model
What does Antelopus Selan Energy do?
Antelopus Selan Energy Limited operates in the upstream oil and gas sector, focusing on the exploration, development, and production of crude oil and natural gas assets in India.
The company holds operating interests across multiple onshore blocks in the Cambay Basin (including Bakrol, Karjisan, Cambay, and Dangeru fields) and the Assam Basin (Duarmara field), generating revenue through the extraction and sale of hydrocarbons.
Its revenue model is tied directly to production volumes, prevailing crude oil and natural gas realisations, and long-term offtake arrangements with state-owned entities such as Indian Oil Corporation Limited.
The business structure relies on phased infill drilling, well workovers, surface infrastructure expansion, and disciplined reservoir management to unlock hydrocarbon reserves across its awarded acreage.
02 · Historical context
What shaped the business before this quarter
During the 2023 campaign, the company drilled 6 wells in the Eastern areas of the Bakrol block, increasing mapped-in-place volumes and de-risking the Eastern segments.
Executed a 6-well campaign in 2023 targeting the south-eastern fault block of the Karjisan field (wells KJ 5 to KJ 10).
Built upon a legacy of over 30 years of production behaviour, undertaking Phase 1 activities that included drilling new well C-78 in the eastern flank and reviving multiple wells in the western flank and central high.
Conducted a 4-well campaign in 2025 targeting 2 new infill locations and opening 2 additional fault blocks towards the south-western side (wells KJ 11 to KJ 15).
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹131.04 Cr |
| Total income | ₹132.23 Cr |
| Profit before tax | ₹72.73 Cr |
| Profit after tax | ₹54.32 Cr |
| EPS | ₹15.36 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Average sales volumes stood at 1,705 boepd for Q1 FY27, backed by production contributions from Bakrol (701 boepd), Karjisan (834 boepd), Cambay (65 boepd), Dangeru (49 boepd), and Lohar (55 boepd).
The sales volume composition remained stable at approximately 80% crude oil and 20% natural gas.
Custody transfers to IOCL operated for approximately 86 to 87 days during the quarter, resulting in a temporary inventory build-up of approximately 6,500 barrels of crude oil that will normalise in Q2 FY27.
What drove margins
Favourable pricing conditions during the quarter provided top-line support, with incremental revenues flowing through efficiently to profitability metrics.
Royalty and cess expenses totaled INR 21.0 crore for the quarter, reflecting the mandatory government and regulatory levies associated with upstream production.
Operating expenses were held at INR 6.3 crore and handling and processing charges at INR 1.2 crore, ensuring disciplined cost management alongside lower employee benefit expenses of INR 4.6 crore.
05 · Demand, customers & order book
Where demand is coming from
Crude oil and gas production is dispatched via established custody transfer mechanisms to domestic state-owned buyers such as Indian Oil Corporation Limited.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The block is divided into 9 aerial segments; Phase 2 infill drilling advanced with 9 of 10 planned FDP wells drilled so far, maintaining an ahead-of-schedule execution pace.
Divided into 6 fault blocks; new wells performed in line with expectations post Q4 flash production, and surface facilities are being scaled up to manage higher production and water handling.
Maintained production of 140 to 150 boepd primarily from the western side of the block, alongside monetising additional gas by laying new MDPE pipelines in western and central areas.
Drilled and tested well DMR#4z, establishing TS-1 as a zone of interest with light oil flow up to 37° API; injectivity tests indicated potential near-wellbore damage, prompting a workover plan post-monsoon.
Geography and market mix
Active development across Bakrol (36 sq. km), Karjisan (5 sq. km), and Cambay (161 sq. km) fields in Gujarat, focusing on reservoir mapping and infill drilling.
Operations centered on the 9 sq. km Duarmara field, with preparations for re-perforation and reservoir testing across accessible wells following the monsoon season.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
9 out of 10 planned FDP wells have been successfully drilled at the Bakrol field, with strong execution efficiency noted ahead of schedule.
Crude oil storage and produced water handling facilities at Karjisan are being augmented to accommodate anticipated volume increases.
Projects, capex and execution
Scheduled to commence in early August, with full productivity expected to flow through into Q2 FY27 and drive a material production uplift.
FDP for 7 new wells at Karjisan is in the final stages of approval, with all tangibles stocked and in place for drilling continuation.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Won 2 highly contested onshore licenses in DSF Bid Round IV in the Cambay and KG basins, with formal awards currently awaited.
Expanded local gas monetisation infrastructure by laying new MDPE pipelines in the western and central areas of the Cambay field.
09 · Reported developments
What changed operationally
The Commissioner (Appeals) allowed the company's refund claim for excess cess paid in FY21–FY23 amounting to approximately INR 6.56 crore, which will be recognised upon receipt of the final order.
10 · Pressure points & risks
What is not going smoothly
Injectivity tests at well DMR#4z indicated minimal communication between the wellbore and the TS-1 reservoir, pointing to potential near-wellbore damage requiring post-monsoon workovers.
Limited custody transfer days during the quarter led to temporary crude oil inventory accumulation.
11 · Items worth noticing
The line items that can distort a quick read
Recorded exceptional items of INR 10.0 crore during the quarter.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Q1 FY27 experienced an inventory build-up of approximately 6,500 barrels of crude oil due to custody transfer operations running for roughly 86-87 days, representing a temporary timing variance.
Capital allocation & funding
Obtained a credit rating of IND A / Stable / IND A1 from India Ratings in June 2026.
13 · Management guidance & targets
What management is targeting from here
Management's guidance of reaching 2,500 boepd in FY27 remains intact, supported by anticipated production uplifts from the upcoming frac campaign starting in Q2.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Fastest-Growing Companies Recognition
The company was featured among India's Fastest-Growing Companies 2026 by Statista and Time.
Reported update
New Onshore Licenses
Secured 2 highly contested onshore blocks in DSF Bid Round IV across the Cambay and KG basins, expanding future exploration acreage.
15 · Previous-quarter changes
What changed since the previous quarter
Average sales moved from 1,758 boepd in Q4 FY26 to 1,705 boepd in Q1 FY27, reflecting regularised production flows following previous flash production spikes.
16 · Key Q&A
The quarter, answered directly
What does Antelopus Selan Energy do?
Antelopus Selan Energy Limited operates in the upstream oil and gas sector, focusing on the exploration, development, and production of crude oil and natural gas assets in India.
What is the clearest takeaway from Q1 FY27?
Antelopus Selan Energy Limited reported standalone revenue from operations (net) of INR 131.04 crore for the quarter ended June 30, 2026, accompanied by total income of INR 132.23 crore. The company registered a profit before tax of INR 72.73 crore and a net profit after tax of INR 54.32 crore for the period, with basic earnings per share standing at INR 15.36.
What drove revenue or demand?
Average sales volumes stood at 1,705 boepd for Q1 FY27, backed by production contributions from Bakrol (701 boepd), Karjisan (834 boepd), Cambay (65 boepd), Dangeru (49 boepd), and Lohar (55 boepd).
What mattered most for margins or profitability?
Favourable pricing conditions during the quarter provided top-line support, with incremental revenues flowing through efficiently to profitability metrics.
What changed operationally beyond the headline numbers?
9 out of 10 planned FDP wells have been successfully drilled at the Bakrol field, with strong execution efficiency noted ahead of schedule.
What is management guiding or targeting from here?
Management's guidance of reaching 2,500 boepd in FY27 remains intact, supported by anticipated production uplifts from the upcoming frac campaign starting in Q2.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Frac Campaign Execution: Monitor the commencement and operational impact of the continuous frac campaign starting in early August 2026.
- 02
Production Target Realisation: Track progress toward the stated FY27 exit guidance of 2,500 boepd as new wells reach full potential.
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