Asian Energy Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Mineral & Other Energy Sectors: 58.6% • Oil & Gas: 41.4%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company is almost debt free
- Latest quarter profit grew 126.5% YoY, showing strong momentum
- Company comfortably covers its interest (15.7x coverage)
CONS
- Operating cash flow has been negative in recent years
- Company has a low return on equity of 1.5% over last 3 years
- Company has a low return on capital employed of 3.5%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.43x)
- Promoter holding has decreased over last 2 years: -2.4pp
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ONGC | 233.80 | 6.76 | 294126.93 | 5.67 | 6554.44 | -43.27 | 204987.35 | 25.68 | 15.96 | 7.85 |
| OIL | 499.00 | 9.72 | 81167.73 | 2.30 | 4026.83 | -80.32 | 12886.27 | 47.27 | 12.43 | 46.35 |
| DEEPINDS | 793.30 | 24.59 | 5077.12 | 0.32 | 89.15 | 44.48 | 278.92 | 39.81 | 7.44 | 38.77 |
| ANTELOPUS | 1171.70 | 31.04 | 4119.97 | 0.00 | 543.20 | 4741.35 | 1310.40 | 2488.19 | 22.91 | 70.18 |
| DOLPHIN | 686.25 | 38.12 | 2745.31 | 0.00 | 148.14 | 1207.16 | 428.46 | 2505.73 | 14.92 | 59.07 |
| ASIANENE | 534.05 | 45.13 | 2598.00 | 0.23 | 12.76 | 126.51 | 271.19 | 135.06 | 16.63 | 8.09 |
| HINDOILEXP | 195.65 | 103.05 | 2587.34 | 0.00 | 6.24 | -85.79 | 114.18 | 45.17 | 12.33 | 4.82 |
| JINDRILL | 673.05 | 10.18 | 1950.57 | 0.15 | 47.14 | -28.69 | 275.39 | 8.38 | 15.30 | 35.72 |
| GNRL | 109.02 | 86.59 | 1672.40 | 0.00 | 11.35 | 488.84 | 5.72 | 70.36 | -0.56 | 202.01 |
| AAKASH | 8.49 | 16.96 | 85.96 | 0.00 | 0.26 | -36.86 | 23.35 | 7.11 | 5.39 | 9.38 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 46 | 45 | 95 | 119 | 60 | 98 | 92 | 215 | 115 | 102 | 235 | 338 | 271 | |
| 47 | 42 | 80 | 94 | 54 | 82 | 79 | 184 | 104 | 94 | 207 | 290 | 258 | |
| Operating Profit | -1 | 4 | 15 | 25 | 6 | 15 | 13 | 31 | 11 | 8 | 28 | 48 | 13 |
| OPM % | -2.93% | 7.81% | 15.85% | 20.70% | 10.33% | 15.69% | 14.25% | 14.61% | 9.93% | 7.95% | 11.90% | 14.12% | 4.79% |
| 3 | 2 | 0 | -1 | 1 | 1 | 2 | 2 | 2 | -5 | 4 | -1 | 3 | |
| Interest | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 4 | 3 | 4 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 4 | 5 | 4 |
| Profit before Tax | -3 | 1 | 11 | 19 | 2 | 11 | 10 | 27 | 7 | -4 | 24 | 38 | 17 |
| Tax % | -0.60% | 1.03% | -13.83% | 24.13% | 42.60% | 31.07% | 31.13% | 24.44% | 30.62% | -35.91% | 27.13% | 18.60% | 25.44% |
| Net Profit | 0 | 0 | 0 | 0 | 21 | 9 | 8 | 23 | 6 | -4 | 18 | 33 | 13 |
| -0.81 | 0.28 | 3.33 | 3.62 | 0.51 | 2.20 | 1.85 | 5.04 | 1.24 | -0.87 | 3.92 | 7.14 | 2.53 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 78 | 124 | 222 | 194 | 273 | 229 | 260 | 110 | 305 | 465 | 947 | |
| 103 | 143 | 182 | 161 | 207 | 173 | 194 | 129 | 263 | 399 | 850 | |
| Operating Profit | -25 | -18 | 41 | 33 | 67 | 55 | 66 | -19 | 42 | 66 | 97 |
| OPM % | -32.26% | -14.70% | 18.31% | 16.96% | 24.36% | 24.25% | 25.47% | -17.07% | 13.71% | 14.22% | 10.23% |
| 29 | 23 | -7 | 1 | -3 | -7 | 3 | -2 | 4 | 5 | 1 | |
| Interest | 11 | 8 | 6 | 6 | 3 | 1 | 1 | 2 | 2 | 4 | 13 |
| Depreciation | 18 | 15 | 17 | 19 | 20 | 23 | 28 | 22 | 17 | 18 | 19 |
| Profit before Tax | -25 | -18 | 11 | 9 | 41 | 25 | 41 | -45 | 29 | 56 | 75 |
| Tax % | -7.35% | -1.14% | 1.92% | 0.88% | 28.06% | 7.93% | 4.57% | 0.27% | 10.91% | 24.94% | 25.46% |
| Net Profit | -27 | -18 | 10 | 9 | 29 | 23 | 39 | -44 | 26 | 42 | 56 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.98 | 10.25 | -11.77 | 6.26 | 9.42 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 10.61% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 11%
- 3 Years:
- 21%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 8%
- 3 Years:
- 3%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 51%
- 1 Year:
- 48%
RETURN ON EQUITY
- 10 Years:
- -13%
- 5 Years:
- 7%
- 3 Years:
- 1%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 26 | 38 | 38 | 38 | 38 | 38 | 38 | 41 | 45 |
| -12 | 8 | 102 | 113 | 143 | 165 | 204 | 162 | 225 | 313 | |
| 110 | 75 | 26 | 10 | 3 | 3 | 8 | 20 | 19 | 22 | |
| Trade Payables | 27 | 35 | 55 | 45 | 63 | 92 | 71 | 44 | 73 | 142 |
| 23 | 65 | 32 | 13 | 61 | 50 | 17 | 33 | 27 | 82 | |
| Total Liabilities | 171 | 209 | 252 | 218 | 308 | 348 | 338 | 297 | 384 | 604 |
| 95 | 83 | 100 | 87 | 90 | 132 | 112 | 96 | 112 | 115 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 |
| 0 | 0 | 0 | 0 | 0 | 0 | 6 | 20 | 12 | 33 | |
| 6 | 2 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136 | 224 | |
| Cash & Bank | 10 | 29 | 25 | 25 | 82 | 24 | 50 | 27 | 39 | 78 |
| 60 | 95 | 126 | 106 | 136 | 192 | 170 | 154 | 85 | 151 | |
| Total Assets | 171 | 209 | 252 | 218 | 308 | 348 | 338 | 297 | 384 | 604 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1 | -18 | 29 | 35 | 94 | -20 | 47 | -3 | -44 | -33 | |
| Cash from Investing | -3 | -4 | -29 | -20 | -11 | -32 | -50 | -19 | -12 | -33 |
| Cash from Financing | 9 | 42 | -17 | -15 | -17 | 1 | 6 | 10 | 49 | 78 |
| 5 | 19 | -19 | -9 | 60 | -38 | 4 | -12 | -7 | 12 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Asian Energy Services Limited has informed the Exchange about Receipt of Letter of Intent by Oilmax Energy Private Limited ("OEPL"- Holding/Amalgamating Company) for the Pakro Vanadium and Graphite Block.
2026-09-03 - Asian Energy Services Limited has informed the Exchange about Schedule of Analysts/ Investors Meet on Tuesday, 8th September, 2026
2026-09-03 - Asian Energy Services Limited has informed the Exchange about Newspaper Publication of Notice of 33rd Annual General Meeting ( AGM ) and remote e-votinginformation.
2026-09-02 - Asian Energy Services Limited has informed the Exchange that Record date for the purpose of Dividend is 17-Sep-2026.
2026-09-02 - Asian Energy Services Limited has informed the Exchange regarding Notice of 33rd Annual General Meeting to be held on Thursday, September 24, 2026
2026-09-01 - Asian Energy Services Limited has informed the Exchange about Award of Hydrocarbon Contract Area to Oilmax Energy Private Limited ( OEPL - Holding/Amalgamating Company) under DSF Bid Round-IV.
2026-08-31 - Asian Energy Services Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-31 - Asian Energy Services Limited has informed the Exchange about change in Management pursuant to Resignation of Senior Management Personnel.
2026-08-27 - Asian Energy Services Limited has informed the Exchange Public announcement & newspaper publication in respect of information on 33rd Annual General Meeting to be held on Thursday, 24th September, 2026 through Video Conferencing ( VC ) / Other Audio-Visual Means ( OAVM)
News
Recent coverage and analyst commentary for ASIANENE
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