Antelopus Selan Q2 FY27 Results (NSE: ANTELOPUS)
Signal: Steady quarter
The read
The operating inflection remains material: revenue rose 116.0% YoY and derived EBITDA rose 178.5%, expanding EBITDA margin by 1,540bps to 68.8%, but the quarter's PAT quality is aided by ₹810 lakh of other income, including a ₹650 lakh prior-period cess refund, and by a ₹1,691 lakh reduction in amortisation from the revised oil-asset life estimate. Sequentially, revenue fell 9.1% and EBITDA margin moderated from 71.1% in Q1FY27 to 68.8%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹119.08 Cr | +116.0% | -9.1% |
| Net profit | ₹57.29 Cr | +385.0% | |
| EPS | ₹16.18 | +381.5% | |
| EBIT margin | 68.8% |
P&L walk
Standalone revenue from operations, net was ₹11,908 lakh, up 116.0% YoY but down 9.1% QoQ; EBITDA margin expanded to 68.8% from an implied 53.4% a year earlier, supported by lower amortisation and faster revenue growth, while PAT rose 385.0% YoY to ₹5,729 lakh.
Key positives
- Net revenue from operations rose 116.0% YoY to ₹11,908 lakh, while H1 net revenue rose 136.5% YoY to ₹25,012 lakh.
- Derived EBITDA increased 178.5% YoY to ₹8,194 lakh versus revenue growth of 116.0%, a +62.5pp growth gap; employee costs rose only 23.1% and depreciation fell 16.3%, supporting a 1,540bps margin expansion to 68.8%.
- Half-year PAT rose 384.8% YoY to ₹11,161 lakh and operating cash flow rose to ₹16,497 lakh from ₹4,384 lakh.
- The company received Government approval for two onshore DSF Bid Round-IV contract areas in the KG and Cambay basins, with the revenue-sharing contracts signed on 22 October 2026.
Key concerns
- Revenue declined 9.1% QoQ to ₹11,908 lakh and EBITDA margin fell from 71.1% in Q1FY27 to 68.8%, indicating sequential moderation after the sharp prior-quarter acceleration.
- PAT includes ₹810 lakh of other income, of which ₹650 lakh represents a refund of excess cess remitted during FY21-FY23; this is not recurring operating income.
- The 1,540bps YoY margin expansion is partly driven by a ₹1,691 lakh reduction in amortisation following the revised useful-life estimate for oil and gas assets.
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