🟢 At a Glance
Selan Exploration (now Antelopus Selan Energy) is a debt-free oil & gas explorer that’s quietly tripled profits over two years, expanded control over the Cambay basin, and rebranded itself with an antelope’s spirit. With crude prices back near $85 and Selan’s Q4 margins hitting 34%, investors are sniffing oil-slicked multibagger dreams again. But can this small-cap upstream player keep pumping value?
1. 🎣 Introduction with Hook
Once upon a time in Gujarat, a little oil company found three small but juicy fields—Bakrol, Lohar, Karjisan—and quietly started pumping profits while everyone chased ONGC and Oil India. Fast forward to 2025, and this company…
- Just renamed itself Antelopus Selan Energy (yes, really 🦌)
- Acquired 100% of the Cambay field, with massive potential
- Reported 126% TTM profit growth, 0 debt, and ₹74 Cr FY25 PAT
- Is trading at 13.8x earnings with 34% OPM
Small cap? Yes. Small game? Definitely not.
2. 🔬 Business Model (WTF Do They Even Do?)
- 🛢️ Core Business: Exploration & Production (E&P) of crude oil and natural gas
- 📍 Fields: Operates in Bakrol, Lohar, Karjisan in Gujarat
- 💰 Monetization:
- Crude Oil: Sold to nearby refiners (benchmarked to global prices)
- Natural Gas: Sold to local industries (at GoI-notified prices)
- 🔄 Now includes: Cambay Field — full 100% Participating Interest acquired
- 📈 Revenue Streams = Mostly crude oil (volumes + Brent benchmark price)
Selan isn’t laying pipes or doing oil marketing — it’s a pure upstream extractor with boots on the drilling ground.
3. 📈 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹118 Cr | ₹166 Cr | ₹258 Cr |
| EBITDA Margin | 43% | 44% | 34% |
| Net Profit | ₹31 Cr | ₹33 Cr | ₹74 Cr |
| ROCE | 12% | 12% | 23% |
| ROE | 10% | 11% | 17.1% |
| EPS | ₹20.3 | ₹21.5 | ₹48.7 |
📊 Profit CAGR (5Y): 26.3%
📊 Sales CAGR (5Y): 24%
📊 3-Year ROE Average: 12%
Clearly, FY25 was a breakout year.
4. 💸 Valuation – Is It Cheap, Meh, or Crack?
- 🧮 Current Price: ₹673
- 🧮 TTM EPS: ₹48.7
- 🧮 P/E: 13.8x
- 🧮 Book Value: ₹309 → P/B: 2.18x
- 🧮 ROCE: 22.7%
🧮 Fair Value Calculation
Let’s assume Selan sustains ₹60 EPS by FY26 (modest growth from ₹48.7)
| Case | P/E | FV Range |
|---|---|---|
| Conservative | 10 | ₹600 |
| Base Case | 15 | ₹900 |
| Optimistic | 18 | ₹1,080 |
🎯 EduFair™ Value Range: ₹600 – ₹1,080
(Risky bet but oil is volatile — so is upside.)
5. 🍳 What’s Cooking – News, Triggers, Drama
- 🧾 Acquired 100% of Cambay Field for $14M (₹115 Cr) — Big move
- 🧠 Renamed to Antelopus Selan Energy Ltd — new energy, new brand
- 💰 Authorized capital raised to ₹500 Cr — maybe prepping for expansion?
- 🏭 Karjisan field restarted in July 2023 — new volumes incoming
- 🛢️ Crude oil prices stable at $80–90 — key driver for Selan’s topline
- 🧨 Merger with Antelopus Energy — completed via NCLT route
This isn’t your sleepy oil stock anymore.
6. 🏦 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Debt | ₹4 Cr |
| Reserves | ₹455 Cr |
| Cash + Inv | ₹240 Cr |
| CWIP (Capex) | ₹0 Cr |
| Total Assets | ₹576 Cr |
🚨 Virtually debt-free
🟢 Cash-rich with strong war chest for expansion
🔁 Operating cash flows healthy and rising
7. 💵 Cash Flow – Sab Number Game Hai
| FY Year | CFO (₹ Cr) | Capex (₹ Cr) | FCF (Est.) |
|---|---|---|---|
| FY23 | ₹43 Cr | ₹46 Cr | ₹-3 Cr |
| FY24 | ₹72 Cr | ₹69 Cr | ₹3 Cr |
| FY25 | ₹126 Cr | ₹125 Cr | ₹1 Cr |
🧠 Capex ramped up for Cambay development
💡 Operating leverage is kicking in
8. 🧮 Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE (TTM) | 17.1% |
| ROCE (TTM) | 22.7% |
| Working Cap Days | 228 (!?) |
| OPM (TTM) | 34% |
| P/E | 13.8x |
🔍 Watchlist: Working capital days ballooned — needs monitoring
🧼 But clean margins and returns — no red flags yet
9. 📊 P&L Breakdown – Show Me the Money
- 🎯 FY25 Revenue: ₹258 Cr
- 🏭 Operating Cost: ₹169 Cr
- 💰 EBITDA: ₹89 Cr
- 💸 Other Income: ₹15 Cr
- 💼 Net Profit: ₹74 Cr
- 🧠 EPS: ₹48.67
Margins fell slightly vs FY24 (44% → 34%) as oil price gains cooled but volumes rose.
10. 🧱 Peer Comparison – Who Else in the Game?
| Company | P/E | ROCE | OPM | Sales (Cr) | PAT (Cr) | P/BV |
|---|---|---|---|---|---|---|
| ONGC | 8.4 | 12.4% | 13.4% | ₹6,63,000+ | ₹36,327 | 0.89 |
| Oil India | 11 | 13.0% | 34.3% | ₹32,512 | ₹6,551 | 1.46 |
| HOEC | 15 | 12.3% | 41.1% | ₹421 | ₹147 | 1.69 |
| Selan (Antelopus) | 13.8 | 22.7% | 34.3% | ₹258 | ₹74 | 2.18 |
🚨 Selan punches way above its weight in ROCE and Profitability, despite scale disadvantage.
11. 📦 Miscellaneous – Shareholding, Promoters
- 📉 Promoter Holding: Just 30.46%
- 🧑🤝🧑 FIIs: Down to 3.6%
- 🚨 Public Shareholding: 65.9%
- 🏦 No dividends despite ₹455 Cr reserves
- 📜 24,700+ shareholders
💭 Retail has sniffed the turnaround, but promoter stake is underwhelming.
12. 🧠 EduInvesting Verdict™
Selan’s got oil, no debt, and now — Cambay. It’s trading at 13.8x earnings, way below PSU peers when you factor in asset-light ops, private agility, and no political drama.
But there are caveats:
- ❌ Low promoter holding = meh confidence
- ❌ No dividend = investors get vibes, not cash
- ❌ One trick pony (Cambay better deliver)
Still — if you want upstream oil exposure without PSU baggage, Selan is the dark horse 🐎.
🎯 Fair Value Range: ₹600 – ₹1,080
⛽ Watch Brent. Watch volumes. And for God’s sake, watch that working capital cycle.
✍️ Written by Prashant | 📅 9 July 2025
Tags: Selan Exploration, Antelopus Selan Energy, Oil Stocks India, Cambay Field, Brent Oil Price, Small Cap Energy, PSU Alternatives, EduInvesting, Fair Value Analysis, Oil & Gas Exploration India
