Asian Energy Services Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,011 Cr
- P/E
- 31.14
- ROE
- 12.85%
- PEG
- 0.61
- Price to sales
- 2.12
- Debt to equity
- 0.32
- 52W high / low
- ₹554 / ₹234
- Sales growth (5Y)
- 28.16%
- EBITDA margin
- 11.09%
- Net profit margin
- 7.35%
- Promoter holding
- 56.14%
- Sales (last year)
- ₹947 Cr
Asian Energy Services Ltd is an oilfield service and reservoir imaging company, offering a suite of geophysical services specializing in land and well seismic services and operation and maintenance services for oilfields.[1] It is one of the few companies providing end-to-end services in the upstream oil segment.[2]
Guidance scorecard · Q2 FY27 call
What Asian Energy Services Ltd's management guided
and where it ranks in Oil
Oil
RevenueQ4 FY26 call
20–40%- FY '27 top line growth is guided at 30% to 40%, largely supported (~90-95%) by existing order book of INR1,750 crores and L1 contracts.
- Revenues expected to reach INR900-950 crores by FY '29 from current annualized run rate of INR530-540 crores.
- Main growth drivers: new customers, new geographies (Africa, Nigeria, Southeast Asia, Middle East), and enhancing wallet share with existing clients.
- Kuiper business targeted to scale to around $100 million revenue by FY '29 (from $60-65 million in FY '27).
- Oilmax revenues targeted at INR800-900 crores by FY '29-FY '30, driven by ramp-up of producing assets.
- Standalone business CAGR expected at ~25%-30% over next 2-3 years.
2 more points from Asian Energy Services Ltd's call on revenue
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MarginsQ4 FY26 call
Up 2%+See what Asian Energy Services Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- No large or committed capex program for FY '27 beyond drilling wells in Indrora and Mevad fields.
- Planned drilling of additional wells at Indrora and Mevad fields with an overall block-level capex of around INR 100 crores; Asian Energy’s portion expected to be around INR 50 crores.
- No committed capex for services business or international expansion.
- Oilmax assets require capacity ramp-up with no further capex from Asian Energy; partners handling necessary capex on some blocks.
- Management remains disciplined on capex assessment, evaluating requirements based on success and opportunities.
- Exploration of capabilities in coal gasification, currently in evaluation phase, seeking technology partners before proceeding.
2 more points from Asian Energy Services Ltd's call on capex
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FundraisingQ4 FY26 call
None plannedSee what Asian Energy Services Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- As of FY '27, Asian Energy Services Limited has a robust, well-diversified order book of approximately INR 1,750 crores (excluding taxes and Kuiper portfolio).
- About 90-95% of FY '27 revenue guidance is expected to come from this existing order book and contracts where the company is L1 (lowest bidder).
- The company is already L1 in tenders and expects contract awards, boosting future order visibility.
- There is a strong pipeline of opportunities in both oil & gas and minerals business, including integrated field development contracts and coal/material handling projects.
- The company expects multiple tenders from ONGC and other operators for integrated service platforms.
2 more points from Asian Energy Services Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Oil
on management's own guidance
- Deep IndustriesGood growth2
- 1
- Ganesh Benzopl.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Oil companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Asian EnergyThis stock | 20–40% | Up 2%+ | ₹2,233 Cr | 34.6 |
| 2 | Deep Industries | 20–40% | Up 0–2% | ₹4,822 Cr | 11.6 |
| 3 | Ganesh Benzopl. | 20–40% | Flat | ₹672 Cr | 10.3 |
| 4 | 10–20% | Flat | ₹2.79L Cr | 6.4 | |
| 5 | 10–20% | Flat | ₹72,385 Cr | 8.7 | |
| 6 | 10–20% | Flat | ₹12,103 Cr | 56.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Oil rankingAsian Energy Services Ltd announcements
All announcements →- Acquisition / mergerMajor developmentAsian Energy Services Limited reports Q2FY27 and H1FY27 financial results
- Acquisition / mergerMajor developmentAsian Energy notes NCLT order on Oilmax merger; reports Sept 2026 quarter results
- Order winNotableAsian Energy Services Limited informs execution of Revenue Sharing Contract for DSF Bid Round-IV
- Order winNotableAsian Energy Services receives NCLT final order sanctioning Oilmax Energy merger
- Acquisition / mergerNotableAsian Energy Services Ltd announces NCLT approval of merger with Oilmax Energy Pvt Ltd
Financials of Asian Energy Services Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Asian Energy Services Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 61.38% | 58.52% | 58.52% | 60.97% | 60.97% | 60.97% | 60.97% | 60.97% | 60.97% | 60.75% | 56.14% | 56.10% |
| FIIs + | 3.95% | 4.27% | 3.15% | 2.24% | 2.26% | 2.35% | 2.33% | 0.94% | 1.09% | 1.34% | 1.39% | 1.29% |
| DIIs + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.25% | 0.39% | 0.52% | 0.81% | 0.27% | 0.87% |
| Public + | 33.68% | 36.54% | 37.79% | 36.36% | 36.57% | 36.51% | 36.38% | 37.62% | 37.34% | 37.05% | 42.19% | 41.73% |
| Others + | 0.98% | 0.66% | 0.54% | 0.43% | 0.19% | 0.16% | 0.07% | 0.06% | 0.06% | 0.04% | 0.00% | 0.00% |
| No. of Shareholders | 16,647 | 16,524 | 18,818 | 18,997 | 20,658 | 20,912 | 21,701 | 21,769 | 20,738 | 20,289 | 23,990 | 27,347 |
Financials of Asian Energy Services Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 45 | 95 | 119 | 60 | 98 | 92 | 215 | 115 | 102 | 235 | 338 | 271 | 267 |
| Expenses + | 42 | 80 | 94 | 54 | 82 | 79 | 184 | 104 | 94 | 207 | 290 | 250 | 236 |
| Operating Profit | 4 | 15 | 25 | 6 | 15 | 13 | 31 | 11 | 8 | 28 | 48 | 21 | 30 |
| OPM % | 8% | 16% | 21% | 10% | 16% | 14% | 15% | 10% | 8% | 12% | 14% | 8% | 11% |
| Other Income + | 2 | 1 | -1 | 2 | 2 | 3 | 4 | 3 | -4 | 4 | 0 | 4 | 2 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 4 | 3 | 4 | 4 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 4 | 5 | 4 | 5 |
| Profit before tax | 1 | 11 | 19 | 3 | 13 | 11 | 29 | 8 | -3 | 24 | 40 | 17 | 24 |
| Tax % | 1% | -13% | 24% | 32% | 27% | 26% | 23% | 28% | 48% | 27% | 18% | 25% | 29% |
| Net Profit + | 1 | 13 | 15 | 2 | 9 | 8 | 23 | 6 | -4 | 18 | 33 | 13 | 17 |
| EPS in Rs | 0.27 | 3.30 | 3.56 | 0.50 | 2.07 | 1.84 | 5.03 | 1.24 | -0.85 | 3.90 | 7.11 | 2.46 | 3.40 |
Financials of Asian Energy Services Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 141 | 78 | 124 | 222 | 194 | 273 | 229 | 260 | 110 | 305 | 465 | 791 | 1,112 |
| Expenses + | 146 | 101 | 140 | 182 | 161 | 207 | 173 | 194 | 129 | 263 | 399 | 696 | 984 |
| Operating Profit | -6 | -24 | -16 | 41 | 33 | 67 | 55 | 66 | -19 | 42 | 66 | 95 | 127 |
| OPM % | -3.9% | -30% | -13% | 18% | 17% | 24% | 24% | 25% | -17% | 14% | 14% | 12% | 11% |
| Other Income + | 6 | 27 | 21 | -7 | 1 | -3 | -7 | 3 | -1 | 6 | 12 | 3 | 11 |
| Interest | 9 | 11 | 8 | 6 | 6 | 3 | 1 | 1 | 2 | 2 | 4 | 11 | 15 |
| Depreciation | 18 | 18 | 15 | 17 | 19 | 20 | 23 | 28 | 22 | 17 | 18 | 19 | 18 |
| Profit before tax | -27 | -25 | -18 | 10 | 9 | 41 | 25 | 41 | -45 | 29 | 56 | 69 | 105 |
| Tax % | 0% | 7% | 1% | 2% | 1% | 28% | 8% | 5% | -0% | 11% | 25% | 25% | |
| Net Profit + | -27 | -27 | -18 | 10 | 9 | 29 | 23 | 39 | -44 | 26 | 42 | 52 | 80 |
| EPS in Rs | -12.10 | -12.12 | -6.98 | 2.71 | 2.39 | 7.68 | 5.93 | 10.19 | -11.65 | 6.22 | 9.41 | 11.38 | 16.87 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 11% | 11% |
Financials of Asian Energy Services Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 26 | 38 | 38 | 38 | 38 | 38 | 38 | 41 | 45 | 45 |
| Reserves | 15 | -12 | 56 | 102 | 114 | 144 | 166 | 204 | 162 | 237 | 354 | 449 |
| Borrowings + | 70 | 110 | 83 | 28 | 10 | 0 | 4 | 8 | 21 | 22 | 24 | 159 |
| Other Liabilities + | 43 | 50 | 45 | 84 | 56 | 126 | 140 | 88 | 76 | 84 | 170 | 266 |
| Total Liabilities | 150 | 171 | 209 | 252 | 218 | 308 | 348 | 338 | 297 | 384 | 592 | 918 |
| Fixed Assets + | 106 | 95 | 83 | 100 | 87 | 90 | 132 | 112 | 96 | 112 | 115 | 115 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 46 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 20 | 12 | 33 | 12 |
| Other Assets + | 44 | 75 | 126 | 152 | 132 | 218 | 216 | 220 | 181 | 259 | 441 | 746 |
| Total Assets | 150 | 171 | 209 | 252 | 218 | 308 | 348 | 338 | 297 | 384 | 592 | 918 |
Financials of Asian Energy Services Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -8 | -1 | -18 | 27 | 27 | 89 | -7 | 48 | -3 | -44 | -33 | 53 |
| Cash from Investing Activity + | -12 | -2 | -4 | -29 | -19 | -11 | -33 | -49 | -18 | -14 | -34 | -88 |
| Cash from Financing Activity + | 18 | 9 | 42 | -17 | -15 | -17 | 1 | 6 | 10 | 49 | 78 | 124 |
| Net Cash Flow | -2 | 5 | 20 | -19 | -7 | 61 | -39 | 5 | -11 | -9 | 11 | 89 |
| Free Cash Flow | -3 | -3 | -25 | 11 | 4 | 75 | -43 | 6 | -4 | -73 | -52 | -8 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 134% | 4% | 112% | 72% | 105% | 141% | -36% | 71% | 17% | -100% | -37% | 72% |
Financials of Asian Energy Services Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 49 | 202 | 81 | 101 | 112 | 118 | 199 | 156 | 354 | 163 | 176 | 160 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 49 | 202 | 81 | 101 | 112 | 118 | 199 | 156 | 354 | 163 | 176 | 160 |
| Working Capital Days | -90 | -412 | -175 | 26 | 50 | -21 | 62 | 95 | 146 | 94 | 137 | 106 |
| ROCE % | -16% | -11% | -19% | 16% | 10% | 29% | 19% | 18% | -15% | 13% | 16% | 16% |
Guidance history
How Asian Energy Services Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Up 2%+ | Planned | None planned | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q1 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY25 call → | 40%+ | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
39 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +21.7% | 75% |
| Last 6 months | +29.2% | 81% |
| Last 3 months | +3.0% | 72% |
The price is 25.8% below its all-time high of ₹553.55 (8 Sept 2026). Stocks more than 20% below their peak have their score halved, so 77 became 39.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Asian Energy Services Ltd: 0.4 × 75 + 0.4 × 81 + 0.2 × 72 = 77, halved to 39 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Asian Energy Services Ltd's management said in earlier quarters
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