Antelopus Selan Q2 FY27 Earnings Call — Analysis (NSE: ANTELOPUS)
Antelopus Selan reported a near 5x YoY surge in Q2 PAT to ₹57.3 Cr with 71% EBITDA margins, reiterating its exit production target of 2,500 BOEPD for FY27 and 5,000 BOEPD by FY29.
Result quality: stable — Steady quarter. Management sentiment: optimistic.
The take
Q2FY27 Net Profit ₹57.3 Cr ( +~5x YoY ) . New guidance — Q4FY27 production exit rate fy27 2,500 barrels . New story: Cambay Core Factory Model .
Results
Revenue from operations reached ₹121.7 Cr with EBITDA of ₹90.0 Cr (71% margin) and PAT of ₹57.3 Cr, supported by steady Cambay production and strong operating leverage.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from Operations | ₹121.7 Cr | none · Q2FY27 | |
| Total Income | ₹127.2 Cr | none · Q2FY27 · Includes ₹6.5 Cr one-off refund | |
| EBITDA | ₹90.0 Cr | +~3x | yoy · Q2FY27 · vs Q2FY26 |
| EBITDA Margin | 71% | none · Q2FY27 · 69% excluding one-off refund | |
| Net Profit | ₹57.3 Cr | +~5x | yoy · Q2FY27 · vs ₹11.8 Cr in Q2FY26 |
| H1 Revenue from Operations | ₹254.8 Cr | none · H1FY27 | |
| H1 EBITDA | ₹180.0 Cr | none · H1FY27 | |
| H1 Net Profit | ₹112.0 Cr | none · H1FY27 | |
| Cash & Liquid Investments | ₹100 Cr | point_in_time · Q2FY27 · Sep-26 | |
| Shareholders Equity | ₹780 Cr | point_in_time · Q2FY27 · Sep-26 |
Guidance
Management guided to exit FY27 at 2,500 BOEPD, ramp to 3,500 BOEPD in FY28, and reach 5,000 BOEPD by FY29, backed by a ₹250 Cr capex plan for FY27.
What management committed to
- [Antelopus Selan Energy] will exit FY27 at around 2,500 barrels of oil equivalent per day (BOEPD) in production. — 2,500 barrels, Q4FY27
- [Antelopus Selan Energy] will ramp production to around 3,500 BOEPD next year [FY28] and reach 5,000 BOEPD by FY29. — 5,000 barrels, FY29
- [Antelopus Selan Energy] expects to spend around Rs.250 crores of capital expenditure in FY27. — Rs.250 crores, FY27
- [Antelopus Selan Energy] will finish all seven planned wells in Karjisan in this fiscal year [FY27]. — seven wells, FY27
- [Antelopus Selan Energy] plans to drill one to two optionality wells in the Cambay Field in late Feb or early March [Q4FY27]. — one to two wells, Q4FY27
Key themes
Production scale-up and acreage expansion
How the narrative shifted
- Cambay Core Factory Model: Cambay assets (Bakrol and Karjisan) provide a predictable, low-cost operating cash flow engine funding future multi-basin expansion.
- KG Onshore Transformational Potential: Acquisition of DSF-IV KG Onshore discoveries provides a resource base potentially larger than company offshore assets, establishing a second major growth hub.
- Operating Leverage and Cost Containment: Fixed cost base of 70-75% means incremental production yields higher net margins, especially with high-realization Karjisan barrels.
- Assam Gas Infrastructure Bottlenecks and Oil Pivot: Gas evacuation constraints in Assam necessitate pivoting Duarmara strategy toward commercializing newly found light oil via trucking.
Operational commentary
- Signed Revenue Sharing Contracts (RSCs) for DSF Round 4 on October 22, 2026, securing large contract areas in KG Onshore (7 new discoveries, totaling 9 fields) and Cambay (Pasunia-1 & 2, Oganj, Uber).
- Completed 10-well drilling and hydraulic fracturing campaign at Bakrol; October average production exceeded 950 BOEPD.
- Karjisan 7-well campaign is underway with 2 wells drilled and awaiting perforation; all 7 wells slated for completion in FY27 under favorable fiscal terms (<5% statutory levies vs ~30% in Bakrol).
- Portfolio production reached ~1,950-2,000 BOEPD in October 2026.
- In Duarmara (Assam), well Duarmara-4Z struck light oil in the TIPAM-1 formation instead of expected gas; planning oil monetization over the next 5-6 months to bypass regional gas evacuation pipeline bottlenecks.
- Planning 1-2 optionality wells in Cambay field (50% JV with Synergia) in late Feb/early March 2027.
Analyst Q&A
Q. Can management sustain operating margins above 65% for the full year given commodity volatility?
Operating costs are 70-75% fixed, allowing operating leverage to kick in with higher volumes, while Karjisan provides high realizations due to concessional statutory levies (<5%). Management aims to maintain these margin levels.
Q. How will the higher-cost KG Onshore drilling ($10M+ per well) be funded and what is the development timeline?
Management will evaluate capital allocation and potential debt/equity mix based on technical appraisals and third-party reserve estimates before deploying aggressive capital, keeping initial multi-year 5,000 BOEPD guidance conservative regarding KG contributions.
Q. What is the monetization timeline and evacuation strategy for Duarmara following the oil discovery in TIPAM-1?
Because oil can be trucked rather than relying on delayed regional gas pipeline connectivity (Duliajan-Numaligarh), oil monetization can occur within months once testing and joint-venture alignment are finalized over the next 5-6 months.
Research and educational content only. Not investment advice.