1. At a Glance – When a Gujarat Oilfield Decides to Flex
If oil could talk, Bakrol would say: “Beta, margin dekha hai?”
Antelopus Selan Energy Ltd (formerly Selan Exploration) currently sits at a market cap of ₹1,553 Cr, trading around ₹440, after getting beaten up –43% in 1 year. Meanwhile, the business itself is casually printing ₹71.1 Cr quarterly revenue, ₹28.5 Cr PAT, and a jaw-dropping 63% operating margin in the latest quarter.
Debt? Practically zero.
ROCE? 22.8%.
ROE? 17.2%.
Promoter holding? 69.94%, zero pledge.
In the last 3 months, the stock is down –14.6%, while profits YoY are up ~60%. This is classic Indian smallcap behaviour: price crying, fundamentals lifting weights.
Latest quarter margins are higher than most FMCG companies, and this is an oil & gas E&P company operating in Gujarat, not Saudi Arabia. Curious yet?
2. Introduction – Oil, Gas, and the Art of Quiet Money Printing
Antelopus Selan Energy Ltd has been around since 1985, which means it has survived Harshad Mehta, Ketan Parekh, Lehman Brothers, demonetisation, and Twitter finfluencers. That alone deserves respect.
The company operates in exploration and production (E&P) of crude oil and natural gas, primarily from onshore fields in Gujarat’s Cambay Basin. Unlike PSU behemoths who love press conferences, Selan prefers doing the boring thing—producing hydrocarbons and selling them at benchmark-linked prices.
Crude oil sales are linked to global oil prices, while gas prices follow Government of India’s notified domestic gas pricing. Translation: no “startup-style revenue recognition”, just commodity realism.
FY25 was transformative:
• Name change
• Promoter consolidation
• Cambay field acquisition
• New gas production from KG Basin
• Equity issuance under NCLT scheme
This isn’t a sleepy oil stock anymore. It’s a smallcap trying to level up.
3. Business Model –
WTF Do They Even Do? (Oil Edition)
Let’s explain this like you’re smart but lazy.
Antelopus Selan doesn’t refine oil, doesn’t sell petrol pumps, and doesn’t argue with OPEC on TV. It extracts oil and gas from the ground and sells it to refineries and nearby industries.
That’s it.
No consumer brand.
No advertising budget.
No influencer marketing.
Core Assets – The Gujarat Trinity
- Bakrol Field
• Largest asset (36 sq. km)
• Multiple producing zones (K-VIII, K-IX)
• Continuous enhancement via seismic data, hydro-fracturing, re-perforation - Lohar Field
• 5 sq. km near Ahmedabad
• Kalol-III reservoir
• Stable but smaller contributor - Karjisan Field
• 5 sq. km
• Multiple hydrocarbon-bearing zones (K-III to K-XI)
• Recently added new producing zones
Add to this the Cambay Field, where the company has now acquired 100% participating interest, moving from partner to full boss.
Oil comes out → sold at market-linked prices → margins explode → cash flows look sexy.
Simple. Brutal. Effective.
4. Financials Overview – Numbers That Make PSU CFOs Jealous
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 71.11 | 64.00 | 55.00 | 11.1% | 29.3% |
| EBITDA | 45.00 | 35.00 | 29.00 | 28.6% | 55.2% |
| PAT | 28.50 | 17.83 | 12.00 | 59.8% | 137.5% |
| EPS (₹) | 8.11 | 11.73 | 3.36 | –30.8% | 141.4% |
Annualised EPS (Q3 logic)
Average of Q1, Q2, Q3 EPS × 4
= ((7.38 + 3.36 + 8.11)
