1. Opening Hook
Oil prices are sulking, gas prices are moody, and yet Antelopus Selan Energy decided Q3 FY26 was the perfect time to flex. While global energy markets debated direction, management casually dropped a 35% QoQ volume growth and—just for drama—found oil where they weren’t even looking.
Karjisan is behaving, Bakrol is warming up, Cambay is whispering gas promises, and Duarmara decided to throw in a geological plot twist. EBITDA margins expanded while realizations fell, which is corporate speak for “we squeezed harder than expected.”
But before you start celebrating 1,800+ boepd exit rates and light crude dreams, remember—this is upstream oil & gas. The ground giveth, the ground taketh away.
Read on. The optimism is loud, the execution is half-done, and the real test begins next quarter.
2. At a Glance
- Volumes up ~35% QoQ – Wells finally showing up to work, unlike oil prices.
- Revenue up 31% QoQ – Pure volume hustle doing the heavy lifting.
- EBITDA up 47% QoQ – Margins grew despite crude playing hard to get.
- PAT up 141% QoQ – Accounting smiled, helped by lower depreciation.
- Realizations down ~9% QoQ – Market reality check politely ignored.
- Exit target: 1,800+ boepd – Management already packing March 2026 slides.
3. Management’s Key
Commentary
“Gas was encountered in lower Tipam sands and oil in upper Tipam sands.”
(Translation: We drilled for gas and accidentally found oil. Geological jackpot 😏)
“Oil was not envisaged in this area but flowed to surface during cleanup.”
(Translation: Even our models didn’t see this coming.)
“The oil is light in nature, around 37° API.”
(Translation: Not the sticky mess—this one actually sells.)
“Workover rig is being contracted to establish commerciality.”
(Translation: Let’s confirm this isn’t a one-hit wonder.)
“We are confident of achieving 1,800+ boepd exit rate by March 2026.”
(Translation: Please don’t count fracking delays.)
“Strong volume-driven growth despite lower realizations.”
(Translation: We drilled our way out of a pricing problem.)
4. Numbers Decoded
| Metric | Q3 FY26 | QoQ Change | Commentary |
|---|---|---|---|
| Avg Sales Volume | 1,498 boepd | +35% | Bakrol + Karjisan doing the heavy lifting |
| Revenue | ₹72.3 Cr | +28% | Volumes > prices |
| EBITDA | ₹46.6 Cr | +47% | Opex discipline showed up |
| EBITDA Margin | ~64% | ↑ | Rare upstream W |
| PAT | ₹28.5 Cr | +141% | Depreciation gave mercy |
| Net Debt | Nil | – | Balance sheet stays clean |
