Antelopus Selan Energy Limited (ANTELOPUS) share price
₹957.15 on NSE as of 2026-09-04. -5.54% on the day. market cap ₹3,366 Cr. P/E 25.4. 52-week range ₹359.50 to ₹1013.30. Oil, Gas & Consumable Fuels.
Antelopus Selan Energy Q1 FY27: Revenue Up 159% While Other Income Turns Negative ₹9 Cr
At a glance
For the quarter ended June 2026, Antelopus Selan Energy reported net revenue from operations of ₹131.04 crore, against ₹50.63 crore in the June 2025 quarter — a 159% increase. Operating profit came in at ₹91.96 crore versus ₹26.83 crore, and net profit at ₹54.32 crore versus ₹11.22 crore. Operating margin for the quarter was 70%, against 53% a year earlier. Basic EPS, not annualised, was ₹15.45.
Two line items sit outside the operating story. Other income for the quarter was negative ₹8.81 crore. And the filing records an exceptional item of ₹10 crore — an impairment provision against capital work-in-progress relating to the Elao field, recognised because approval from the Directorate General of Hydrocarbons for further development work has not yet been received; the company states it has applied for that approval.
The auditor's limited review report draws attention to Note 4, which deals with a revised estimate of the amortisation period for the company's oil and gas assets. Management concluded, following the Oil Fields (Regulation and Amendment) Act, 2025 and the new Petroleum and Natural Gas Rules notified in December 2025, that a further ten-year extension could reasonably be assumed for the Bakrol, Lohar and Cambay PSCs. The consequence: the amortisation charge for the June 2026 quarter is lower by ₹11.93 crore. The auditor's conclusion is not modified in respect of this matter.
Management reports average sales of about 1,705 boepd for the quarter, against 1,758 boepd in the March 2026 quarter, and attributes the flatness to a crude inventory build-up of roughly 6,500 barrels caused by custody transfer to IOCL running only about 86–87 days in the quarter — described in the presentation as an annual timing issue. Which raises the arithmetic question of how flat volumes produced a 159% revenue jump. The answer is buried in a decimal point three sections down.
Introduction
Incorporated in 1985 as Selan Exploration Technology Limited, this is an upstream oil and gas exploration and production company focused exclusively on India. It was among the first companies to secure development rights for three discovered oilfields in Gujarat — Bakrol, Lohar and Karjisan — all with proven oil and gas reserves. Crude oil goes to refineries; natural gas is consumed by local industry near the fields.
The last two years have been less about geology and more about corporate paperwork. In November 2023 the board approved amalgamation with Antelopus Energy Private Limited. The NCLT sanctioned the Composite Scheme of Arrangement in June 2025; the scheme turned effective in July 2025, authorised capital was increased, and the company was renamed Antelopus Selan Energy Limited. In August 2025, promoter group shareholding rose to 69.94% after the acquisition of 1.99 crore shares under the scheme. BSE approved listing of those 1,99,62,358 new shares in September 2025, with NSE approval following days later.
Alongside the merger, the company has been assembling acreage. A farm-in farm-out agreement signed in February 2024 gave it 50% participating interest in the Cambay Field; the Government of India approved that transfer in July 2024, and the company took operational control in December 2024. In July 2025 it announced an agreement to acquire the remaining 50% for US$14 million. Production commenced at the Mukkamala field in the KG Basin in July 2025, with initial flow of 0.5 MMscfd against stated potential of 6 MMscfd.
In June 2026 the company obtained a credit rating of IND A/Stable/IND A1 from India Ratings for proposed bank loan facilities of ₹300 crore. Ind-Ra's rationale cites a sizeable reserve base — 2P reserves at FYE26 of 10.68 million barrels of oil and 296 bcf of gas — and a portfolio of nine contract areas, five producing and four in pre-development or development stage. Ind-Ra also lists three weaknesses: concentration risk, with 91% of FY26 production coming from Bakrol and Karjisan; profitability dependent on crude and natural gas prices; and geological risk.
Business model
They drill holes in Gujarat and hope.
That is uncharitable, so here is the fuller version. The company operates in a single reported segment: production of oil and natural gas. Product mix for the June 2026 quarter was roughly 80% oil and 20% gas, per the company's presentation. The crude sells at prevailing international market rates in US dollars — the filing notes plainly that fluctuations in the international crude price and the dollar-rupee rate affect profitability, which is the corporate equivalent of a weather forecast that says "weather."
The acreage is small and specific. Bakrol covers 36 sq km, targeting the Kalol VIII A, VIII B and IX reservoir zones. Karjisan covers 5 sq km and is divided into six fault blocks, de-risked one at a time. Lohar, also 5 sq km, sits 35 km west-north-west of Ahmedabad. Cambay, at 161 sq km, is the sprawling one — three zones across a field with 30-plus years of production history, divided into Western Flank, Central High and Eastern Flank. Dangeru sits in the Krishna Godavari basin under a revenue sharing contract; everything else runs under production sharing contracts with the Government of India, with Bakrol, Karjisan and Lohar valid until 2030 and Cambay until 2029.
June 2026 quarter volumes, per the company: Bakrol 701 boepd, Karjisan 834 boepd, Cambay 65 boepd at 50% participating interest, Lohar 55, Dangeru 49. Karjisan, all five square kilometres of it, out-produced Bakrol's thirty-six. Bakrol's number rose from 596 boepd in March; Karjisan's fell from 991.
Four assets sit under development — D-31, D-11, Duarmara and Elao, all awarded under discovered small field rounds. D-31 and D-11 are offshore in the Mumbai and Mahanadi basins; Duarmara is in Assam, Elao in Gujarat. Elao is the one carrying the ₹10 crore impairment. At Duarmara, the DMR#4z well was drilled and tested: TS-1 flowed light oil up to 37° API, while TS-3 and TS-2 showed gas influx lower than the discovery wells. An injectivity test this quarter pointed to minimal communication between wellbore and reservoir, which the company attributes to possible near-wellbore damage. Re-perforation is planned post-monsoon.
Ten planned FDP wells; nine drilled so far, per management. A frac campaign is set to commence in early August, with a seven-well FDP in final stages of approval. Also: two onshore licences won in DSF Bid Round IV, in Cambay and KG basins, formal award awaited.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Antelopus Selan Energy Limited.
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