ANTELOPUS - Antelopus Selan
Financial Performance
Revenue Growth by Segment
Net Revenue from Operations for Q2 FY26 was INR 55.13 Cr, representing an 8.89% growth compared to Q1 FY26 (INR 50.63 Cr), but a 20.01% decline compared to Q2 FY25 (INR 68.92 Cr) due to lower average sales volumes of 1107 boepd vs 1252 boepd.
Geographic Revenue Split
Not explicitly disclosed by percentage, but operations are concentrated in India with crude oil sales to Indian Oil Corporation Limited and gas operations involving Assam Gas Company Limited (AGCL).
Profitability Margins
Net Profit Ratio increased in FY25 due to higher PAT and net sales. For Q2 FY26, the Net Profit Margin was 21.42% (INR 11.81 Cr profit on INR 55.13 Cr net revenue), compared to 29.22% in Q2 FY25.
EBITDA Margin
EBITDA margin for Q2 FY26 was 57.59% (INR 31.75 Cr), slightly lower than the 58.20% (INR 40.11 Cr) recorded in Q2 FY25. The company maintains high core profitability despite volume fluctuations.
Capital Expenditure
Capital Work-in-Progress (CWIP) was INR 158.43 Cr as of September 30, 2025, with Oil and Gas assets valued at INR 282.18 Cr, reflecting significant investment in infrastructure to extend field life.
Credit Rating & Borrowing
The company has no outstanding debt as of March 31, 2025, resulting in a Debt-Equity Ratio of 0.00. Interest rate sensitivity is minimal, primarily related to lease liabilities of INR 3.79 Cr.
Operational Drivers
Raw Materials
The primary 'cost of production' inputs are Royalty and Cess, which accounted for INR 10.38 Cr (18.83% of net revenue) in Q2 FY26, and Operating Expenses of INR 4.58 Cr (8.31% of net revenue).
Import Sources
Not applicable as an extraction company; however, the company recruits skilled professionals and industry leaders on consulting assignments to address organizational gaps.
Key Suppliers
Not applicable for raw materials; however, the company utilizes Assam Gas Company Limited (AGCL) for gas-related infrastructure/processing and sells crude to Indian Oil Corporation Limited.
Capacity Expansion
Current production capacity is reflected in average sales of 1107 boepd in Q2 FY26. Planned expansion is supported by INR 158.43 Cr in CWIP focused on extending the life of old fields and developing small fields.
Raw Material Costs
Royalty and Cess costs were INR 10.38 Cr in Q2 FY26, a 25.48% decrease from INR 13.93 Cr in Q2 FY25, directly correlating with lower production volumes and revenue.
Manufacturing Efficiency
Average sales increased 4.14% QoQ from 1063 boepd in Q1 FY26 to 1107 boepd in Q2 FY26, indicating successful efforts to curb annual decline rates.
Logistics & Distribution
Handling and processing charges were INR 0.91 Cr in Q2 FY26, representing 1.65% of net revenue, down from INR 1.04 Cr in Q2 FY25.
Strategic Growth
Growth Strategy
Growth is targeted through boosting output from existing fields, curbing decline rates, re-negotiating gas prices, and leveraging the Lead Joint Operator status for new work programmes.
Products & Services
Crude Oil (sold to Indian Oil Corporation Limited) and Natural Gas.
Brand Portfolio
Antelopus, Selan Exploration Technology.
Market Expansion
Focus on extending production of old fields and developing small fields which require access to existing infrastructure.
Strategic Alliances
The company acts as Lead Joint Operator for specific work programmes and maintains a relationship with Indian Oil Corporation Limited for crude sales.
External Factors
Industry Trends
The industry is characterized by high investment, high risk, and long gestation periods. Trends show a focus on enhancing existing reserves and infrastructure to maintain economic viability.
Competitive Landscape
Operates in a high-entry-barrier sector requiring significant capital and technical expertise; competes for resources and infrastructure access.
Competitive Moat
Competitive advantage lies in the technical expertise required to extend the life of mature fields and the 'social license' maintained through community partnerships, which are difficult for new entrants to replicate.
Macro Economic Sensitivity
Highly sensitive to global crude oil and gas prices, which are influenced by macro-economic indicators and geo-political situations.
Consumer Behavior
Not applicable for B2B upstream oil and gas operations.
Geopolitical Risks
Geo-political situations prevailing across the world are cited as a primary driver of volatile commodity prices affecting the company's top line.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI Listing Regulations; royalty and cess are paid to the government as per statutory requirements.
Environmental Compliance
Environmental Impact Assessments are conducted periodically and must be approved by authorities before any project execution.
Taxation Policy Impact
Provision for current tax was INR 1.55 Cr in Q2 FY26 on a PBT of INR 15.77 Cr. Deferred tax liabilities (net) stand at INR 75.71 Cr.
Legal Contingencies
The company has disclosed the impact of pending litigations as of March 31, 2025, in Note 40(B) of the financial statements; no material foreseeable losses on long-term contracts were reported.
Risk Analysis
Key Uncertainties
Resource Risk: Failure to discover new reserves or enhance existing ones could negatively affect prospects. Geological and technical uncertainties are inherent in reserve estimation.
Geographic Concentration Risk
Operations are localized, making the company dependent on support and healthy relationships with specific local communities to maintain its social license to operate.
Third Party Dependencies
Dependency on Indian Oil Corporation Limited for crude oil sales and on government authorities for project approvals and environmental clearances.
Technology Obsolescence Risk
Risk that geological and economic assumptions used for reserve estimation may change significantly as new information becomes available.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio improved 19.40% to 7.40 in FY25, indicating healthy collections; trade receivables stood at INR 34.40 Cr as of Sept 2025.