Hindustan Oil Exploration Company Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,023 Cr
- P/E
- 80.53
- ROE
- 2.13%
- PEG
- -1.69
- Price to sales
- 6.76
- Debt to equity
- 0.04
- 52W high / low
- ₹196 / ₹118
- Sales growth (5Y)
- 18.24%
- EBITDA margin
- 27.50%
- Net profit margin
- 10.96%
- Sales (last year)
- ₹299 Cr
Hindustan Oil Exploration Company Limited was incorporated in 1983, It is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore. The company is India's first private E&P company and its assets are geographically spread across Tamil Nadu, Maharashtra, Gujarat, Assam and Arunachal Pradesh (both offshore and onshore). [1][2][3]
Guidance scorecard · Q1 FY27 call
What Hindustan Oil Exploration Company Ltd's management guided
and where it ranks in Oil
Oil
RevenueQ1 FY27 call
10–20%- Kharsang Production Growth: Encouraging increase seen with crude rising from ~12,300 barrels to 17,400 BOE; further growth expected with pipeline completion by Dec 2026 enabling gas monetization.
- Dirok Field Expansion: Pipeline tie-in expected by December 2026; pipeline capacity to more than double from 1.1 million to 2.5 million MSCM, allowing ramp-up of production possibly by Q4 FY27.
- B-80 Development: Planned drilling of three wells and two workovers to commence; target production ramp-up by June 2027 supported by expected debt funding.
- Cambay Basin: Production enhancement initiatives ongoing (belt technology, thermionic heaters) targeting a 20-30% increase in production.
2 more points from Hindustan Oil Exploration Company Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Hindustan Oil Exploration Company Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Funding for these programs will partly come from internal cash flows but primarily depend on raising debt by November-December 2027 to support the B-80 work.
- There are ongoing efforts to maintain operational discipline and manage capital allocation strictly.
- Interim workovers and rig-less interventions at PY-1 are being funded from HOEC’s accruals.
- Future investments depend on outcomes of current projects and potential new block awards.
FundraisingQ1 FY27 call
PlannedSee what Hindustan Oil Exploration Company Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The discussion primarily focuses on operational updates, drilling plans, pipeline progress, production challenges, financing, and crude/gas sales agreements.
- Tender for the Kharsang pipeline route survey closing soon; expected pipeline completion by December 2027 (14-18 months timeline).
- Drilling campaign planned for B-80 field with workovers and new wells scheduled through FY27 and FY28.
2 more points from Hindustan Oil Exploration Company 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
- Asian EnergyGood growth1
- 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 Energy | 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 rankingHindustan Oil Exploration Company Ltd announcements
All announcements →- Acquisition / mergerNotableHindustan Oil Exploration Company acquires Assam Gas Plant operations from Expro
Financials of Hindustan Oil Exploration Company Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Hindustan Oil Exploration Company Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 169.83 | 175.09 | 167.61 | 112.83 | 179.08 | 289.61 | 136.15 | 94.81 | 146.52 | 43.39 | 78.65 | 315.01 | 75.38 |
| Expenses + | 90.22 | 39.63 | 77.43 | 44.85 | 108.44 | 214.94 | 73.77 | 63.11 | 72.50 | 38.61 | 46.47 | 292.26 | 48.12 |
| Operating Profit | 79.61 | 135.46 | 90.18 | 67.98 | 70.64 | 74.67 | 62.38 | 31.70 | 74.02 | 4.78 | 32.18 | 22.75 | 27.26 |
| OPM % | 46.88% | 77.37% | 53.80% | 60.25% | 39.45% | 25.78% | 45.82% | 33.44% | 50.52% | 11.02% | 40.92% | 7.22% | 36.16% |
| Other Income + | -9.73 | 4.38 | 6.68 | 2.66 | 9.51 | 37.13 | 10.60 | 4.77 | 3.67 | 57.08 | 35.37 | 2.40 | 3.73 |
| Interest | 12.16 | 7.16 | 9.20 | 8.18 | 7.43 | 6.33 | 6.01 | 5.49 | 5.36 | 4.57 | 4.45 | 4.24 | 4.23 |
| Depreciation | 21.79 | 22.56 | 20.06 | 18.37 | 21.33 | 20.27 | 18.47 | 17.58 | 19.86 | 21.71 | 18.36 | 16.94 | 19.90 |
| Profit before tax | 35.93 | 110.12 | 67.60 | 44.09 | 51.39 | 85.20 | 48.50 | 13.40 | 52.47 | 35.58 | 44.74 | 3.97 | 6.86 |
| Tax % | -3.90% | 3.14% | 2.28% | 2.09% | 9.38% | 17.12% | 13.59% | 19.33% | 17.44% | -43.82% | 1.94% | 28.72% | -20.70% |
| Net Profit + | 37.34 | 106.65 | 66.07 | 43.18 | 46.57 | 70.61 | 41.92 | 10.81 | 43.32 | 51.16 | 43.87 | 2.83 | 8.28 |
| EPS in Rs | 2.82 | 8.06 | 5.00 | 3.27 | 3.52 | 5.34 | 3.17 | 0.82 | 3.28 | 3.87 | 3.32 | 0.21 | 0.63 |
Financials of Hindustan Oil Exploration Company Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 78 | 59 | 48 | 26 | 49 | 265 | 202 | 114 | 156 | 558 | 749 | 421 | 512 |
| Expenses + | 103 | 68 | 45 | 24 | 18 | 77 | 77 | 59 | 77 | 245 | 440 | 247 | 425 |
| Operating Profit | -25 | -9 | 3 | 1 | 31 | 188 | 125 | 55 | 78 | 312 | 309 | 174 | 87 |
| OPM % | -32% | -16% | 6% | 5% | 63% | 71% | 62% | 48% | 50% | 56% | 41% | 41% | 17% |
| Other Income + | 6 | -1,156 | 20 | 48 | 16 | 15 | 48 | 27 | -23 | -3 | 52 | 76 | 99 |
| Interest | 14 | 15 | 5 | 0 | 1 | 2 | 6 | 6 | 9 | 38 | 32 | 22 | 17 |
| Depreciation | 103 | 39 | 12 | 10 | 8 | 44 | 29 | 23 | 26 | 74 | 80 | 78 | 77 |
| Profit before tax | -136 | -1,219 | 6 | 40 | 38 | 157 | 137 | 52 | 20 | 197 | 248 | 150 | 91 |
| Tax % | -9% | 0% | 11% | 10% | 0% | 0% | -0% | -3% | -2% | 2% | 9% | 2% | |
| Net Profit + | -124 | -1,220 | 5 | 36 | 38 | 157 | 138 | 53 | 20 | 194 | 226 | 147 | 106 |
| EPS in Rs | -9.48 | -93.46 | 0.38 | 2.76 | 2.88 | 12.01 | 10.40 | 4.04 | 1.51 | 14.67 | 17.12 | 11.13 | 8.03 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Hindustan Oil Exploration Company Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 131 | 131 | 131 | 131 | 131 | 131 | 132 | 132 | 132 | 132 | 132 | 132 | 132 |
| Reserves | 405 | 150 | 175 | 211 | 253 | 410 | 547 | 601 | 621 | 815 | 1,042 | 1,189 | 1,236 |
| Borrowings + | 947 | 0 | 0 | 0 | 0 | 12 | 45 | 254 | 357 | 364 | 174 | 121 | 77 |
| Other Liabilities + | 179 | 154 | 186 | 183 | 160 | 182 | 311 | 198 | 417 | 539 | 603 | 521 | 642 |
| Total Liabilities | 1,662 | 435 | 491 | 525 | 544 | 734 | 1,036 | 1,185 | 1,527 | 1,850 | 1,951 | 1,962 | 2,087 |
| Fixed Assets + | 1,058 | 80 | 68 | 232 | 281 | 384 | 357 | 335 | 510 | 1,246 | 1,247 | 1,191 | 1,479 |
| CWIP | 337 | 118 | 130 | 6 | 6 | 26 | 327 | 535 | 782 | 32 | 38 | 48 | 60 |
| Investments | 31 | 28 | 74 | 160 | 51 | 137 | 118 | 65 | 19 | 133 | 0 | 0 | 0 |
| Other Assets + | 236 | 210 | 219 | 127 | 207 | 187 | 233 | 251 | 216 | 439 | 666 | 723 | 547 |
| Total Assets | 1,662 | 435 | 491 | 525 | 544 | 734 | 1,036 | 1,185 | 1,527 | 1,850 | 1,951 | 1,962 | 2,087 |
Financials of Hindustan Oil Exploration Company Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 20 | 12 | 94 | 98 | -7 | 167 | 287 | -77 | 111 | 219 | 123 | 161 |
| Cash from Investing Activity + | -40 | 2 | -1 | -32 | -60 | -148 | -297 | -208 | -280 | -77 | -39 | -83 |
| Cash from Financing Activity + | -53 | -24 | 0 | 0 | 0 | 0 | 34 | 206 | 106 | -27 | -215 | -78 |
| Net Cash Flow | -73 | -10 | 93 | 67 | -67 | 20 | 24 | -79 | -63 | 115 | -132 | 0 |
| Free Cash Flow | -27 | 7 | 85 | 49 | -56 | 50 | -16 | -283 | -155 | 148 | 104 | 128 |
| CFO/OP | -85% | -140% | 2,057% | 1,901% | -26% | 89% | 231% | -145% | 137% | 72% | 42% | 96% |
Financials of Hindustan Oil Exploration Company Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 40 | 34 | 31 | 74 | 124 | 56 | 66 | 100 | 38 | 77 | 153 | 105 |
| Inventory Days | 1,259 | 1,238 | 769 | |||||||||
| Days Payable | 605 | 714 | 291 | |||||||||
| Cash Conversion Cycle | 694 | 558 | 508 | 74 | 124 | 56 | 66 | 100 | 38 | 77 | 153 | 105 |
| Working Capital Days | -1,216 | 463 | 395 | -384 | 137 | 33 | -241 | -221 | -612 | -177 | 33 | 124 |
| ROCE % | -8% | -5% | 2% | 3% | 9% | 33% | 18% | 5% | 6% | 20% | 18% | 12% |
Guidance history
How Hindustan Oil Exploration Company Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 40%+ | Up 2%+ | Planned | Planned | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
28 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 | −1.5% | 60% |
| Last 6 months | −3.4% | 51% |
| Last 3 months | −5.0% | 58% |
The price is 57.7% below its all-time high of ₹362.55 (17 Oct 2009). Stocks more than 20% below their peak have their score halved, so 56 became 28.
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 Hindustan Oil Exploration Company Ltd: 0.4 × 60 + 0.4 × 51 + 0.2 × 58 = 56, halved to 28 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 Hindustan Oil Exploration Company Ltd's management said in earlier quarters
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