Synopsis: With the stock giving a three-year compounded return of 63 percent. An oil company discovered oil in its Gujarat field with peak production of 130 barrels of oil per day and also saw a revenue growth of 155 percent YoY in Q3FY26.
A small cap company in integrated oilfield services with clients list including ONGC, Vedanta Limited and Coal India reported a strong Q3FY26 result with 155 percent and 125 percent YoY revenue and profit growth, along with an oil discovery in Q3 at the Mevad field in Gujarat.
With a market cap more than Rs 1,300 Cr, Asian Energy Services Ltd saw its stock hit an intraday high of Rs 305 which is 8 percent higher than the previous close of Rs 281. The company stock has given a compounded return of 63 percent in the last three years.
Q3FY26 Result
In the latest quarterly result the company has seen its revenue from operations increase by 155 percent YoY, from Rs 92 Cr in Q3FY25 to Rs 235 Cr in Q3FY26, while the QoQ increased by 130 percent from Rs 102 Cr. The net profits grew by 125 percent going from Rs 8 Cr in Q3FY25 to Rs 18 Cr in Q3FY26, the company has managed to make profits in Q3 as in Q2 it made a loss of Rs 4 Cr.
In 9M numbers of the fiscal year, the company saw its revenue from operations increase by 82 percent YoY, from Rs 249 Cr in 9MFY25 to Rs 453 Cr in 9MFY26. The net profits for the same period fell by 5 percent going from Rs 20 Cr to Rs 19 Cr.
The company has a 3 year sales CAGR of 21 percent, while the TTM is at 81 percent. The company’s 3 year profit CAGR is at 3 percent, while the TTM number is at 32 percent. The company also has a ROCE of 17 percent and a ROE of 12 percent.
Oil Discovery
In Q3FY26, Asian Energy Services Limited announced a new oil discovery at the Mevad field in Gujarat, with expected peak production of 125- 130 barrels per day. The NM-01 well, drilled to 1,650 meters, found hydrocarbons across multiple zones, boosting reserve estimates and strengthening domestic crude supply prospects.
The company holds a 50 percent participating interest in the project and plans further drilling to assess reservoir potential. Oil from the field will be supplied to domestic refineries with pricing linked to Brent benchmarks, adding incremental cash flow and supporting growth amid its ongoing merger process with Oilmax Energy Private Limited.
The Order Book
As of Q3FY26, Asian Energy Services Limited reports a standalone order book of Rs 1,893 crore, with 66 percent from integrated oil and gas services worth Rs 1,252 crore and 34 percent from mineral services worth Rs 641 crore.
Business Overview
Asian Energy Services Ltd provides integrated oilfield services including seismic surveys, drilling support, operations and maintenance, and offshore solutions across upstream energy value chains. The company focuses on technology-driven exploration support, safety-led execution, and long-term contracts with global and domestic energy producers.
Its clients include ONGC, Vedanta Limited, Sun Petrochemicals, Gulf Drilling International, Northern Offshore, Subsea 7, COSL Middle East, Oil India Limited, Coal India Limited, Shelf Drilling, and ADES International, reflecting strong relationships with national oil companies, global operators, and offshore contractors worldwide.
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