💰 Financial Performance

Revenue Growth by Segment

The company operates primarily in the seismic survey services segment. For FY24, operating income grew 49.6% YoY to INR 98.67 Cr from INR 65.95 Cr in FY23. However, for H1 FY26 (consolidated), revenue was INR 34.21 Cr, while standalone revenue for the same period was INR 14.88 Cr, representing a 2.1% YoY decline from INR 15.20 Cr in H1 FY25.

Geographic Revenue Split

Revenue is split between India and International (Dubai) operations. Based on H1 FY26 consolidated revenue of INR 34.21 Cr and standalone (India) revenue of INR 14.88 Cr, international operations via Alphageo International Ltd (Dubai) contributed approximately 56.5% (INR 19.33 Cr) of total income, while India operations contributed 43.5%.

Profitability Margins

Profitability has seen significant volatility. FY24 PAT margin dropped to 1.06% from 19.7% in FY23, with PAT falling 91.9% to INR 1.05 Cr. For H1 FY26, the standalone net margin was negative due to a loss of INR 4.83 Cr on revenue of INR 14.88 Cr, compared to a profit of INR 4.67 Cr in H1 FY25, a decline of 203% YoY.

EBITDA Margin

Core profitability is impacted by high fixed costs and seasonality. For H1 FY26, the standalone operating profit before working capital changes was a negative INR 1.26 Cr, compared to a positive INR 4.22 Cr in H1 FY25. Consolidated PAT for H1 FY26 stood at INR 0.64 Cr (INR 64.43 Lakhs).

Capital Expenditure

Historical capital expenditure is reflected in the depreciation and amortisation expense, which was INR 8.51 Cr for H1 FY26, up 31.5% from INR 6.47 Cr in H1 FY25, indicating continued investment in seismic equipment and technology.

Credit Rating & Borrowing

CRISIL reaffirmed and subsequently withdrew the rating of 'CRISIL BBB+/Negative'. The company maintains a healthy financial risk profile with NIL debt and a large net worth expected at INR 271.63 Cr. Interest coverage for FY24 was strong at 59.39 times.

⚙️ Operational Drivers

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth is pursued through maintaining a dominant market position as India's largest onshore seismic provider, leveraging a 30-year track record, adopting the latest seismic technology, and maintaining strong execution capabilities to secure repeat orders from major PSUs like ONGC and Oil India.

Products & Services

2D and 3D seismic data acquisition, processing, and interpretation services for oil and gas exploration and production companies.

Brand Portfolio

ALPHAGEO

Market Expansion

The company has expanded into international markets through its Dubai-based subsidiaries, Alphageo International Ltd and Alphageo DMCC, to diversify its geographic revenue base.

Market Share & Ranking

Largest onshore seismic survey services provider in India.

Strategic Alliances

The company has a material Indian subsidiary and Joint Venture, Alphageo Offshore Services Private Limited, to undertake offshore and transition zone geophysical services.

🌍 External Factors

Industry Trends

The industry is characterized by a shift toward high-resolution 3D seismic surveys and increased exploration activity in India. The company is positioned as a leader in this space due to its established market position and technology adoption.

Competitive Landscape

The landscape is dominated by a few players capable of handling large-scale PSU tenders, with Alphageo being the primary domestic provider.

Competitive Moat

The company's moat is built on its status as the largest onshore seismic provider in India with a 30-year track record and strong relationships with PSU giants. This is sustainable due to the high entry barriers involving specialized equipment and execution expertise.

Macro Economic Sensitivity

Highly sensitive to government policies regarding oil exploration and the capital expenditure budgets of major PSUs like ONGC.

Consumer Behavior

Not applicable as the company provides B2B specialized services.

Geopolitical Risks

Exposure to Middle Eastern markets through Dubai subsidiaries (Alphageo International Ltd) makes the company susceptible to regional geopolitical stability and trade regulations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by SEBI (LODR) Regulations 2015 and the Companies Act 2013, specifically regarding related party transactions (Section 188) and material subsidiary disclosures (Regulation 16 and 24).

Legal Contingencies

A legal proceeding was received by Alphageo Offshore Services Private Limited via post on 04-11-2025; however, the specific case value and nature were not detailed in the provided announcement.

⚠️ Risk Analysis

Key Uncertainties

Seasonality in operations and volatility in cash flows are the primary uncertainties, with a potential impact of over 50% on quarterly revenue during monsoon periods.

Geographic Concentration Risk

Significant concentration in India (43.5%) and Dubai (56.5%).

Third Party Dependencies

High dependency on ONGC and Oil India Ltd for the majority of order inflows.

Technology Obsolescence Risk

Risk of obsolescence if the company fails to upgrade to the latest seismic data processing software and acquisition hardware.

Credit & Counterparty Risk

Receivables are primarily from large PSUs and established international entities, generally representing low credit risk but subject to payment cycle delays.