In , Antelopus Selan Energy Ltd (Oil Drilling & Exploration) is outperforming Nifty 500 with +22.2% relative strength. Fundamentals: Strong. On a 4-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: Amortization period extension: 10 years
Impact: ₹7.52 Cr reduction in quarterly depreciation
“the amortization period for Bakrol, Lohar and Cambay fields has been extended by 10 years... This is fully compliant with applicable Indian Accounting Standards”
What: EBITDA Margin: 63.8%
Impact: ₹14.86 Cr QoQ EBITDA increase
“Strong Q-o-Q Volume driven growth (c.35%) coupled with strong EBITDA growth”
What: New well drilling: C-78 well
Impact: 40-50 bopd incremental
“New well, C-78, was drilled in the eastern part of the field - flowed gas... incremental production of c. 40 – 50 bopd from Dec’25 onwards”
What: Sales volume of 1497 boepd vs 1107 boepd in Q2
“Strong Q-o-Q Volume driven growth (c.35%) coupled with strong EBITDA growth... Average sales for the Quarter @ c.1500 boepd”
What: Not explicitly quantified in Q2 → 1800+ boepd
“We are well positioned to achieve an exit rate of 1800+ boepd in March 2026”
Earnings deceleration risks from management commentary
Trigger: Global volatility in crude and gas prices impacting net realizations.
Management view: Focusing on volume-driven growth to offset price declines.
Monitor: commodity
Trigger: Regulatory compliance for expanding drilling activities beyond current approvals.
Management view: Preparation of a new Field Development Plan is currently in progress.
Monitor: regulatory
Key quotes from recent conference calls
“New 10 well drilling campaign to commence in early Q4 FY’26 and will continue into FY’27 [Previous Drilling Timeline guidance]”
“2 of the 10 new wells drilled. Production ramp up expected from end February onwards... Remaining 8 wells to be drilled by mid FY’27 [Initiative: Bakrol 10-well campaign]”
“blended price (Oil and Gas) realizations down by c.17%... Volume driven QoQ growth, despite price realizations lower by 9% [Risk (commodity): MEDIUM]”
“Preparation of a new Field Development Plan in progress, plan to drill further new wells [Risk (regulatory): LOW]”
Headline numbers from the latest earnings call
Revenue
₹73.02 Cr
Why: Growth was driven by a 35% quarter-on-quarter increase in sales volumes despite lower oil and gas price realizations.
Revenue growth was volume-led as the company ramped up production from new wells.
EBITDA
₹46.61 Cr
Why: Strong volume growth and operational efficiencies led to a significant increase in EBITDA margins despite lower commodity prices.
EBITDA margins expanded significantly to 63.8% from 55.3% in the previous quarter.
PAT
₹28.50 Cr
Why: PAT was boosted by higher EBITDA and a reduction in amortization costs following the extension of the PSC tenure.
The extension of the PSC life by 10 years reduced the quarterly amortization charge, directly benefiting the bottom line.
Other Highlights
• Average sales for the quarter reached 1497 boepd, a 35% increase over Q2 FY26.
• Oil and Gas product mix shifted to 86% Oil and 14% Gas compared to 80/20 in the previous quarter.
• The Oilfields Amendment Act 2025 enabled a 10-year extension of tenure for Production Sharing Contracts.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Average Sales (boepd)
1498 boepd
Why: Driven by new wells coming onstream in Karjisan and workovers in Cambay.
Karjisan Field Production
818 boepd
Why: Three of four new wells are now on production.
Bakrol Field Production
551 boepd
Why: Initial impact from the first 2 wells of the 10-well campaign.
Oil Revenue Mix %
86%
Why: Higher contribution from oil-producing wells in Karjisan.
Price Realization Change (QoQ)
-9%
Why: Lower global benchmark prices for oil and gas.
March 2026 Exit Rate Target
1800+ boepd
Why: Anticipated full impact from Karjisan and Bakrol drilling campaigns.
Depreciation & Amortization
₹8.27 Cr
Why: Extension of PSC tenure by 10 years reduced the amortization rate.
Cambay Incremental Production
40-50 bopd
Why: Successful workovers on existing wells.
Forward-looking targets from management
Exit rate target of 1800+ boepd by March 2026
Guidance Changes
Production Exit Rate: Not explicitly quantified in Q2 → 1800+ boepd
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +65% | +33% | Inflection Up |
| PAT (Net Profit) | +153% | +43% | Inflection Up |
| OPM | 57.0% | +700 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Antelopus Selan Energy Ltd's latest quarterly results (Mar 2026) show
Antelopus Selan Energy Ltd's profit is growing with an turning around (inflection up) trend.
Antelopus Selan Energy Ltd's revenue growth trend is turning around (inflection up).
Antelopus Selan Energy Ltd's operating margin is volatile.
Antelopus Selan Energy Ltd's long-term compounding rates
Antelopus Selan Energy Ltd's earnings growth is turning around (inflection up) with positive momentum on a sequential basis.
Antelopus Selan Energy Ltd's trailing twelve month (TTM) performance
Antelopus Selan Energy Ltd appears fairly valued based on our fair value analysis.
Antelopus Selan Energy Ltd's current PE ratio is 26.0x.
Antelopus Selan Energy Ltd's current PE is 26.0x.
Antelopus Selan Energy Ltd's price-to-book ratio is 3.6x.
Antelopus Selan Energy Ltd is rated Strong with a fundamental score of 65/100. This score is calculated from objective financial metrics
Antelopus Selan Energy Ltd has a debt-to-equity ratio of N/A.
Antelopus Selan Energy Ltd's return ratios over recent years
Antelopus Selan Energy Ltd's operating cash flow is positive (FY2026).
Antelopus Selan Energy Ltd currently does not pay a significant dividend (yield 0.00%).
Antelopus Selan Energy Ltd's shareholding pattern (Mar 2026)
Antelopus Selan Energy Ltd's promoter holding has remained stable recently.
Antelopus Selan Energy Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Antelopus Selan Energy Ltd is an established outperformer with 4 weeks of consecutive Nifty 500 outperformance.
Antelopus Selan Energy Ltd has 5 key growth catalysts identified from recent earnings analysis
Antelopus Selan Energy Ltd has 2 key risks worth monitoring
In Q3 FY26, Antelopus Selan Energy Ltd's management highlighted
Antelopus Selan Energy Ltd's management has provided the following forward guidance
Antelopus Selan Energy Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Antelopus Selan Energy Ltd may be worth studying
Antelopus Selan Energy Ltd investment thesis summary:
Antelopus Selan Energy Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
