1. At a Glance
Asian Energy Services Ltd (AESL) has gone from seismic surveys to a full-stack oilfield services player. With Oilmax Energy in its corner, seismic deals flowing, and a PE of 32x, the stock is turning heads—but is it delivering barrels or just echoing promises?
2. Introduction with Hook
Imagine you’re a background dancer in a Bollywood item number. Nobody sees you—until one day, you do that one move and suddenly, spotlight.
That’s AESL for you—quietly working underground (literally), offering geophysical and oilfield services, and now doing high-margin 3D seismic gigs across Gujarat. After a multi-year slog of negative profits and low visibility, it’s finally turning the tide with:
- Revenue TTM growth: +52%
- TTM Profit: ₹42 Cr vs ₹26 Cr in FY24
- Recent ₹46 Cr seismic contract from Sun Petro
Time to see if this underground player is striking oil… or digging holes in your portfolio.
3. Business Model (WTF Do They Even Do?)
AESL’s business = Everything you didn’t know went into oil discovery:
| Segment | Description |
|---|---|
| Seismic Services | 2D/3D land & well seismic data acquisition, processing & interpretation |
| O&M Services | Running and maintaining oilfields and hydrocarbon infrastructure |
| Integrated Projects | End-to-end services: Survey + Drill + Maintain = One-stop oilfield ops |
| Logistics & Support | Campsites, crew movement, local coordination etc. (like an army base) |
USP: One of the very few Indian companies offering end-to-end upstream oilfield services.
4. Financials Overview
| FY | Revenue (₹ Cr) | EBITDA (₹ Cr) | Net Profit (₹ Cr) | OPM % | EPS (₹) |
|---|---|---|---|---|---|
| 2021 | 229 | 55 | 23 | 24% | 5.93 |
| 2022 | 260 | 66 | 39 | 25% | 10.19 |
| 2023 | 110 | -19 | -44 | -17% | -11.65 |
| 2024 | 305 | 42 | 26 | 14% | 6.22 |
| 2025 | 465 | 66 | 42 | 14% | 9.41 |
Key Takeaway:
From the depths of FY23 losses, AESL has staged a profit comeback with FY25 earnings up +60%.
5. Valuation
| Basis | EPS | PE Range | Fair Value Range |
|---|---|---|---|
| Conservative | ₹6.22 | 15–18x | ₹95–110 |
| Optimistic | ₹9.41 | 25–30x | ₹235–280 |
| Bubble Boy PE | ₹9.41 | 35–40x | ₹330–375 |
Current Market Price: ₹303
EduFair Range™: ₹95–280
(At ₹303, it’s starting to smell a little overpriced—unless seismic margins boom again)
6. What’s Cooking – News, Triggers, Drama
🔥 Fresh Order Book: ₹46 Cr seismic services deal
📡 TTM sales up 52% YoY
🚀 TTM PAT up 55%, back to growth mode
🧯 Infra VP Gyanendra Singh just resigned (Jul 2025)
Watchlist Items:
- Can they sustain margin >15% for more than 2 quarters?
- Will Oilmax leverage its own oilfields more aggressively using AESL?
- Can order inflow become more predictable?
7. Balance Sheet
| FY | Net Worth (₹ Cr) | Debt (₹ Cr) | Cash/Inv. (₹ Cr) | Net Debt |
|---|---|---|---|---|
| 2021 | ₹204 | ₹8 | ₹– | ₹8 Cr |
| 2023 | ₹162 | ₹21 | ₹– | ₹21 Cr |
| 2025 | ₹399 | ₹24 | ₹33 Cr | Net Cash (₹9 Cr surplus) |
💪 Almost debt-free
📈 Equity base rising—reserves grew from ₹237 Cr to ₹354 Cr in FY25
8. Cash Flow – Sab Number Game Hai
| FY | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net Cash Flow |
|---|---|---|---|---|
| 2021 | -₹7 | -₹33 | ₹1 | -₹39 Cr |
| 2023 | -₹3 | -₹18 | ₹10 | -₹11 Cr |
| 2024 | -₹50 | -₹9 | ₹50 | -₹9 Cr |
| 2025 | -₹33 | -₹33 | ₹78 | +₹12 Cr |
🧮 CFO still negative, a risk point
🧱 Capex increasing, which is good… if matched by stable order inflow
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE % | -15% | 13% | 17% |
| ROE % | Neg. | 6.2% | 12.4% |
| D/E | 0.13 | 0.09 | 0.06 |
| OPM % | -17% | 14% | 14% |
| Debtor Days | 354 | 163 | 176 |
⚠️ Debtors are a sore spot — 176 days = 6 months delay in payments
✅ ROE & ROCE improving = company regaining profitability mojo
10. P&L Breakdown – Show Me the Money
| FY | Sales | OPM % | PAT | EPS |
|---|---|---|---|---|
| FY23 | ₹110 Cr | -17% | -₹44 Cr | -11.65 |
| FY24 | ₹305 Cr | 14% | ₹26 Cr | 6.22 |
| FY25 | ₹465 Cr | 14% | ₹42 Cr | 9.41 |
💹 Revenue more than 4x since FY23
💰 Consistent ~14% operating margin = decent for oilfield services
11. Peer Comparison
| Company | CMP ₹ | P/E | ROCE % | PAT ₹ Cr | Market Cap ₹ Cr |
|---|---|---|---|---|---|
| Asian Energy | ₹303 | 32.2 | 16.6% | ₹42 | ₹1,358 |
| Oil Country | ₹90 | Loss | -8.4% | -₹32 | ₹469 |
| DHP India | ₹690 | 3.1 | 2.3% | ₹66 | ₹207 |
| Duke Offshore | ₹16 | Loss | 5.8% | -₹0.78 | ₹16 |
Verdict:
AESL clearly leads among Indian listed oilfield services co’s, but valuation is 2x–3x peers
12. Miscellaneous – Shareholding, Promoters
| Holder | Mar 2023 | Mar 2024 | Jun 2024 |
|---|---|---|---|
| Promoters | 61.45% | 58.52% | 60.97% |
| FIIs | 0.01% | 4.27% | 2.24% |
| Public | 37.53% | 36.54% | 36.36% |
📌 Promoters (Oilmax Energy) hold strong
📉 FII stake dropped slightly
📈 Retail interest stable (20k+ shareholders)
13. EduInvesting Verdict™
Asian Energy Services has graduated from being an obscure niche player to a serious contender in India’s energy upstream ecosystem. With strong promoter backing, improving profit metrics, and recent contract wins, the trajectory looks promising.
But wait…
⛏️ Revenue spike is recent, not secular
⏳ Debtors still drag liquidity
🧮 Valuation looks slightly overheated for an infra-style biz (32x PE)
Watchlist Triggers
- ₹100–150 Cr fresh orders
- Margin sustainability >15%
- Debtors <120 days
- Sustained EPS >₹10
EduFair Range™: ₹95 – ₹280
Metadata
– Written by EduInvesting Research | 20 July 2025
– Tags: Asian Energy Services, Oilfield Services, Upstream Energy, Seismic Surveys, Oilmax, 3D Seismic, Energy Capex India, O&M Services
