Asian Energy Services Ltd

The document does not explicitly mention any current or future plans for fundraising through debt or equity. Key points related to financials and capital expenditures are: - No committed capex except for BOOT project and Indrora field drilling (Page 11). - Capex for the BOOT project is about INR60 crores for the year, recoverable upfront (Page 11). - For Indrora, expected capex is INR15-20 crores over next 3-4 months (Page 11). - Integration costs of Kuiper acquisition were expensed off as a onetime impact (Page 7). - No mention of planned debt or equity raising in the current or near future. - The company emphasizes disciplined execution and value creation with no indication of new fundraising requirements. Hence, based on the available information, there is no disclosed plan for new fundraising via debt or equity.

- Current year capex is primarily for the AGCL BOOT project, with approximately INR20 crores spent in H1 FY '26 and around INR40 crores planned for H2 to complete it. The capex is largely recovered upfront as per contract terms. - Additional capex of roughly INR15-20 crores planned over the next 3-4 months for drilling new wells at the Indrora field in Gujarat. - No other committed capex for the current year mentioned. - For South Rawa CBM project, capex profile depends on environmental clearance expected soon; testing and further drilling to commence thereafter. - Pipeline capacity expansion (DNPL) is owned and funded by Assam Gas Company Limited; Asian Energy not responsible for related capex but will benefit from any capacity increase. - Integration efforts of Oilmax and Kuiper include strategic investments aimed at driving operational efficiencies and business growth.

- Duarmara field expected to start production later in 2025; peak production of 6,200 barrels of oil equivalent by FY 2029-30. - Asian Energy's 50% share in Duarmara implies roughly 3,000 barrels/day, leading to INR 350-400 crores annual revenue with high 70-75% EBITDA margins. - Kuiper Group currently contributes INR 42-45 crores monthly revenue; EBITDA around 7%, net profit ~6%, with expectations for improvement over next 6-7 months. - Kuiper's consolidated revenue expected around INR 250 crores in next 6 months; expected to grow significantly in FY 2027. - Order book stands robust at ~INR 2,000 crores (excluding Kuiper), with 60-70% execution expected in FY 2026-27; long-term contracts planned through FY 2028. - Coal handling projects expected to rebound post-monsoon with strong execution; multi-year opportunities worth ~INR 20,000 crores anticipated over 5 years. - O&M contracts are major order book contributors (~62.4%) with growth expected from integration and expansion activities.

- Asian Energy Services Ltd expects strong growth in revenue and profitability in coming years, bolstered by: - Integration of Kuiper acquisition, with monthly revenue run rate ~INR40-45 crores and scope to improve EBITDA and net profit margins. - Merger with Oilmax Energy to create synergies, strengthen working capital cycle, and boost consolidated earnings. - Duarmara gas field ramp-up expected to start later in 2025, with peak production of 6,200 barrels oil equivalent by FY 2029-30; expected top-line of INR350-400 crores yearly with EBITDA margins around 70-75%. - Robust order book of INR2,000+ crores, with 60-70% expected to execute in FY26-27, including long-term O&M contracts. - Post-monsoon resumption of coal handling plant operations and Vedanta contracts expected to drive better margins. - Management confident of achieving FY26 full-year guidance despite Q2 impact from rain and one-time acquisition costs. - Operational improvements and integration efforts should support rising profitability and EPS growth going forward.

- Asian Energy Services Limited's order book stands at approximately INR 2,000 crores (excluding GST) as of November 14, 2025. - Around INR 400 to 450 crores of this order book is expected to be executed in FY 2026. - Majority of the remaining order book is planned for execution in FY 2027. - About 60% to 70% of the order book will be executed during FY 2026 and FY 2027. - Long-term orders, including O&M contracts with durations of 4 to 5 years, constitute the balance of the order book. - Notable orders include a seven-year coal handling plant (CHP) project valued at approximately INR 459 crores and an integrated services contract from Vedanta Limited valued around INR 865 crores over 57 months. - Large portions of revenue from these contracts are expected to be booked in the first 1.5 to 3 years.