Asian Energy Services Ltd.
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ABOUT
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 has delivered good profit growth of 54.2% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 48.4% CAGR over last 5 years
- Latest quarter profit grew 56.4% YoY, showing strong momentum
- Company comfortably covers its interest (18.4x coverage)
CONS
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of 5.7%
- Company has a low return on equity of 3.9% over last 3 years
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 12.7% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.83x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ONGC | 232.55 | 6.72 | 292554.39 | 5.70 | 6554.44 | -43.27 | 204987.35 | 25.68 | 15.96 | 7.85 |
| OIL | 488.25 | 9.51 | 79419.13 | 2.36 | 4026.83 | -80.32 | 12886.27 | 47.27 | 12.43 | 46.35 |
| DEEPINDS | 774.70 | 24.01 | 4958.08 | 0.32 | 89.15 | 44.48 | 278.92 | 39.81 | 7.44 | 38.77 |
| ANTELOPUS | 1139.35 | 30.19 | 4006.22 | 0.00 | 543.20 | 4741.35 | 1310.40 | 2488.19 | 22.91 | 70.18 |
| ASIANENE | 534.55 | 45.18 | 2600.44 | 0.23 | 12.76 | 126.51 | 271.19 | 135.06 | 16.63 | 8.09 |
| DOLPHIN | 649.90 | 36.10 | 2599.90 | 0.00 | 148.14 | 1207.16 | 428.46 | 2505.73 | 14.92 | 59.07 |
| HINDOILEXP | 185.25 | 97.57 | 2449.81 | 0.00 | 6.24 | -85.79 | 114.18 | 45.17 | 12.33 | 4.82 |
| JINDRILL | 633.55 | 9.58 | 1836.10 | 0.16 | 47.14 | -28.69 | 275.39 | 8.38 | 15.30 | 35.72 |
| GNRL | 104.05 | 82.65 | 1596.15 | 0.00 | 11.35 | 488.84 | 5.72 | 70.36 | -0.56 | 202.01 |
| AAKASH | 9.10 | 18.18 | 92.14 | 0.00 | 0.26 | -36.86 | 23.35 | 7.11 | 5.39 | 9.38 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 214 | 115 | 61 | 108 | 207 | 149 | |
| 47 | 41 | 79 | 94 | 54 | 81 | 78 | 184 | 103 | 55 | 86 | 169 | 139 | |
| Operating Profit | -1 | 4 | 16 | 25 | 7 | 17 | 14 | 31 | 12 | 6 | 22 | 39 | 10 |
| OPM % | -2.48% | 9.08% | 16.42% | 20.97% | 11.03% | 17.07% | 15.03% | 14.37% | 10.30% | 9.90% | 20.20% | 18.61% | 6.95% |
| 3 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | -0 | 2 | |
| Interest | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 2 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before Tax | -2 | 1 | 12 | 21 | 3 | 13 | 11 | 27 | 8 | 3 | 19 | 32 | 13 |
| Tax % | -0.00% | 0.00% | -12.07% | 21.25% | 27.86% | 26.13% | 26.84% | 24.19% | 26.65% | 31.34% | 24.85% | 28.85% | 25.60% |
| Net Profit | -2 | 1 | 14 | 17 | 2 | 10 | 8 | 21 | 6 | 2 | 14 | 23 | 10 |
| -0.65 | 0.18 | 3.51 | 4.20 | 0.60 | 2.36 | 1.81 | 4.60 | 1.37 | 0.41 | 3.18 | 5.07 | 2.02 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9 | 43 | 96 | 157 | 64 | 141 | 254 | 110 | 305 | 464 | 526 | |
| 31 | 43 | 100 | 146 | 46 | 108 | 185 | 121 | 262 | 396 | 449 | |
| Operating Profit | -21 | 0 | -4 | 11 | 18 | 33 | 69 | -11 | 43 | 68 | 77 |
| OPM % | -228.73% | 0.17% | -4.41% | 7.20% | 28.03% | 23.59% | 27.02% | -9.99% | 14.25% | 14.64% | 14.62% |
| 5 | 11 | -3 | 5 | 3 | 3 | 14 | 2 | 5 | 5 | 7 | |
| Interest | 5 | 5 | 6 | 5 | 3 | 1 | 1 | 2 | 2 | 3 | 7 |
| Depreciation | 6 | 5 | 7 | 9 | 13 | 14 | 17 | 18 | 14 | 15 | 17 |
| Profit before Tax | -28 | 1 | -21 | 2 | 5 | 22 | 65 | -29 | 32 | 55 | 66 |
| Tax % | -6.57% | 19.99% | -0.00% | 0.00% | 0.00% | 0.00% | 2.88% | 0.57% | 9.74% | 25.42% | 27.18% |
| Net Profit | -29 | 1 | -21 | 2 | 5 | 22 | 63 | -29 | 29 | 41 | 48 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.73 | 16.59 | -7.77 | 7.06 | 9.18 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 10.89% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 79%
- 5 Years:
- 48%
- 3 Years:
- 22%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 54%
- 3 Years:
- -13%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 53%
- 1 Year:
- 52%
RETURN ON EQUITY
- 10 Years:
- -5%
- 5 Years:
- 12%
- 3 Years:
- 4%
- Last Year:
- 13%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| -5 | 33 | 96 | 98 | 101 | 122 | 184 | 156 | 223 | 311 | |
| 27 | 52 | 17 | 10 | 7 | 3 | 8 | 20 | 19 | 22 | |
| Trade Payables | 9 | 8 | 49 | 26 | 4 | 40 | 29 | 14 | 64 | 133 |
| 27 | 55 | 29 | 12 | 18 | 44 | 12 | 24 | 29 | 81 | |
| Total Liabilities | 80 | 174 | 229 | 184 | 168 | 247 | 271 | 252 | 377 | 592 |
| 25 | 33 | 60 | 53 | 68 | 109 | 103 | 90 | 109 | 115 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 |
| 6 | 7 | 7 | 7 | 7 | 7 | 13 | 26 | 16 | 31 | |
| 3 | 2 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129 | 221 | |
| Cash & Bank | 10 | 8 | 19 | 25 | 24 | 7 | 49 | 26 | 38 | 75 |
| 36 | 124 | 142 | 99 | 70 | 125 | 106 | 109 | 84 | 148 | |
| Total Assets | 80 | 174 | 229 | 184 | 168 | 247 | 271 | 252 | 377 | 592 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -13 | -29 | 6 | 8 | 9 | 4 | 55 | 2 | -44 | -33 | |
| Cash from Investing | 17 | -73 | -16 | 6 | 16 | -16 | -39 | -19 | -13 | -33 |
| Cash from Financing | 3 | 102 | 5 | -8 | -18 | 1 | 4 | 6 | 48 | 76 |
| 7 | -1 | -4 | -2 | 3 | 2 | 22 | -10 | -9 | 9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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