Antelopus Selan Q1 FY27 Results (NSE: ANTELOPUS)
Signal: Margin expansion
The read
Revenue surged 159% YoY to ₹13,104 Lakhs, with net profit up 384% to ₹5,432 Lakhs, driven by strong operating leverage and a ₹1,193 Lakhs reduction in amortisation from a revised useful life estimate. EBITDA margin expanded over 1,200bps YoY to 71.1%, though the quarter included a ₹1,000 Lakhs exceptional impairment on Ello Field CWIP. The accounting estimate change (PSC extension) is a material tailwind but warrants scrutiny on sustainability.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹131.04 Cr | 158.82% | 28.46% |
| EBIT | ₹82.82 Cr | 445.1% | |
| Net profit | ₹54.32 Cr | 384.2% | |
| EPS | ₹15.45 | 384.3% | |
| EBIT margin | 71.1% |
P&L walk
Revenue growth of 159% YoY drove strong operating leverage, with total expenses growing only 28% YoY; EBITDA margin expanded 1,230bps to 71.1% aided by a ₹1,193 Lakhs reduction in amortisation from a revised useful life estimate, though a ₹1,000 Lakhs exceptional impairment (Ello Field CWIP) and lower other income partially offset.
Key positives
- Revenue grew 158.8% YoY to ₹13,104 Lakhs, the highest quarterly run-rate.
- Net profit rose 384.2% YoY to ₹5,432 Lakhs, driven by operating leverage and lower amortisation.
- EBITDA margin expanded 1,230bps YoY to 71.1%, reflecting strong cost control.
- Near-zero debt (D/E 0.01) and low finance costs (₹9 Lakhs).
Key concerns
- Exceptional impairment of ₹1,000 Lakhs on Ello Field CWIP (pending DGH approval).
- Profit boost from accounting estimate change (amortisation lower by ₹1,193 Lakhs); quality of earnings warrants scrutiny.
- Exposure to crude oil price volatility and USD/INR fluctuations.
- Pending GST refund of ₹656 Lakhs not yet recognized.
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