ASIANENENSESeptember 30, 2025

Asian Energy Services Limited

5,327words

63turns

9analyst exchanges

3executives

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Management on call

Kapil Garg

MANAGING DIRECTOR – ASIAN ENERGY SERVICES LIMITED

Sumit Maheshwari

GROUP CHIEF FINANCIAL

Nirav Talati

CHIEF FINANCIAL OFFICER -- ASIAN ENERGY SERVICES LIMITED

Key numbers — 40 extracted

INR40 crore

r performance. The business is currently operating at a monthly revenue run rate of approximately INR40 crores with further improvement expected as integration progresses. Integrations of teams, processes

INR2,000 crore

ring sustainable value. Our order book remains robust and well diversified, standing at more than INR2,000 crores as on date, excluding taxes and the Kuiper portfolio. O&M continues to be the largest contribu

62.4%

ing taxes and the Kuiper portfolio. O&M continues to be the largest contributor, accounting for 62.4% of the order book, followed by infrastructure and CHP at 33.2% and seismic at 4.4%. The order boo

33.2%

argest contributor, accounting for 62.4% of the order book, followed by infrastructure and CHP at 33.2% and seismic at 4.4%. The order book includes the recently secured prestigious coal handling plant

4.4%

ccounting for 62.4% of the order book, followed by infrastructure and CHP at 33.2% and seismic at 4.4%. The order book includes the recently secured prestigious coal handling plant contract from Mahan

INR459 crore

issioning, trial run, testing and O&M during the defect liability period, valued at approximately INR459 crores, inclusive of GST. It is the largest CHP order ever awarded to AESL and signif

rs,

nforces our growing leadership in the segment. The project will be executed over a period of 7 years, showing long-term revenue visibility. We also secured an integrated services contract from Vedanta

INR865 crore

visibility. We also secured an integrated services contract from Vedanta Limited valued at around INR865 crores, including GST to be executed over 57 months. This repeat mandate from one of our long- standing

INR217.4 crore

FY '26 financial performance. For the first half of FY '26, our revenue from operations stood at INR217.4 crores, marking a growth of 38% over H1 FY '25. Our EBITDA for H1 FY '26 stood at INR21.1 crores with a

38%

e first half of FY '26, our revenue from operations stood at INR217.4 crores, marking a growth of 38% over H1 FY '25. Our EBITDA for H1 FY '26 stood at INR21.1 crores with an EBITDA margin of 9.7% an

INR21.1 crore

ood at INR217.4 crores, marking a growth of 38% over H1 FY '25. Our EBITDA for H1 FY '26 stood at INR21.1 crores with an EBITDA margin of 9.7% and profit after tax was at INR1.7 crores after taking in account

9.7%

of 38% over H1 FY '25. Our EBITDA for H1 FY '26 stood at INR21.1 crores with an EBITDA margin of 9.7% and profit after tax was at INR1.7 crores after taking in account the onetime hit of Kuiper acqui

Guidance — 20 items

Kapil Garg

opening

“This pre-engineered turnkey project covers design, supply, erection, commissioning, trial run, testing and O&M during the defect liability period, valued at approximately INR459 crores, inclusive of GST.”

Kapil Garg

opening

“The project will be executed over a period of 7 years, showing long-term revenue visibility.”

Kapil Garg

opening

“Execution of the Vedanta contract has already commenced, and we expect revenue contribution to flow through in the upcoming periods.”

Kapil Garg

opening

“Looking ahead, we expect a strong pipeline of strategic order inflows, which will further enhance revenue visibility and reinforce our long-term growth trajectory.”

Kapil Garg

opening

“We remain confident of achieving our full year guidance and continue to prioritize disciplined execution, capability building and value creation.”

Sumit Maheshwari

opening

“With site condition improving and execution activity picking up, we expect a very strong performance in the second half of the year.”

Lakshay Chhabra

“And what's the plan of action going forward and the rights issue, the thing we are aiming for.”

Charvin

“So, my question was with regards to our guidance, stand-alone guidance of INR650 crores for FY '26.”

Charvin

“So, at this current run rate of around INR100 crores per quarter, so are we in sync with achieving this guidance?”

Charvin

“And what will be the triggers for achieving this full year guidance?”

Risks & concerns — 4 flagged

The decline in EBITDA margin was primarily due to lower business activity across several sites, driven by the prolonged and unseasonal monsoon conditions, which delayed field operations and impacted execution schedules.

— Sumit Maheshwari

Despite the temporary impact of unseasonal rains and the one-off acquisition costs, our core operations remain steady and resilient.

— Sumit Maheshwari

We will have -- most of the activities will be done in-house when we will be developing our E&P blocks, so the residual impact of GST will be very, very negligible, will not be as significant as would have been if we have been taking all the services outsourced from third-party vendors.

— Sumit Maheshwari

So, in terms of output risk is very minimal.

— Kapil Garg

Q&A — 9 exchanges

My first question is on your subsidiary, Anirit Ventures. So, I just wanted to know if we have a clear plan of vision for that business of ours. And what's the plan of action going forward and the rights issue, the thing we are aiming for.

Sumit Maheshwari

Anirit Venture is a subsidiary of Oilmax. It has, as of now, nothing to do with Asian Energy. And once the merger of Oilmax and Asian has been completed and we move forward, then whatever is required in terms of the Anirit Ventures, we will inform. I think the current con call is for Asian Energy business. So, we will answer questions related to Asian Energy Services.

So, my question was with regards to our guidance, stand-alone guidance of INR650 crores for FY '26. So, at this current run rate of around INR100 crores per quarter, so are we in sync with achieving this guidance? And what will be the triggers for achieving this full year guidance?

Kapil Garg

Thank you. As I think mentioned in my talk earlier, we remain confident of achieving our guidance, which we have provided earlier. This quarter, as I think Sumit explained, was affected by the prolonged monsoon, but all our projects are progressing well now. And with the new orders of the Vedanta and the Mahanadi Coalfields we talked about earlier, the execution has started, and we remain very confident of achieving our guidance we have provided earlier.

Earlier you mentioned the merger will reduce overall working capital days. Can you quantify the current working capital days of Asian Energy and Oilmax separately? How exactly will combining the project-based service business with your negative working capital E&P business improve the consolidated cycle?

Sumit Maheshwari

Thank you, Bala. So, I'll answer your question into the 2 different segments. Asian Energy Services. Our working capital days remain 60 days to 70 days, barring the retention related to the projects, which gets released once the projects achieve their mechanical completion and other completion. So, our normal working capital cycle is between 45 to 75 days depends on the client and their invoicing cycle. Now the Kuiper has also get added. And in the Kuiper business also, which is a pure services business, our working capital cycle remains 60 days to 90 days. Coming to Oilmax Energy, Oilmax is a

I have a couple of questions. First is basically, your order book is at about INR2,000 crores as of September '25(Wrongly said, this should be read as, order book is at about INR2,000 crores as on 14th November 2025). If you can help us understand that what would be the execution timeline for this order book in terms of like how much of this will get executed over, say, FY '26, FY '27 and FY '28? And what part of the order book is related to O&M, which is slightly long term in nature?

Sumit Maheshwari

With reference to the order book, so currently, we have an order book without GST of INR2,000 crores. Out of that, since we have mentioned that we'll be meeting the current year guidance, so roughly around INR400 crores to INR450 crores of order book will get executed in FY '26. And majority part of the balance order book will get completed in FY '27. And in terms of the new CHP project also which we have got, though the project duration is 7 years, but almost 80% of the revenue will get booked in first 1.5, 2 years, which is the construction of the project. In fact, in the Vedanta contract al

Sir, my question is on the coal handling plant results for this quarter. I understand that there was some real impact seasonally. I was wondering if you could quantify the impact in a sense that we understand if there were normal operations, what it could have looked like? And I think secondly, on the oil contracts like the contract that you've just signed with Vedanta, I was trying to understand how the pricing of these contracts work? Is it dependent on the output directly? Or is there some other factor to it? If you could just explain that, that would be great.

Sumit Maheshwari

Okay. Thanks. Answering your first question. So, in the coal handling plant, in the normal monsoon scenario, the impact on the operations is generally 1, 1.5 months because the coal handling plants work require a lot of civil work at the site and the fabrication at the site. So, because of the unseasonal rain, this time, the entire Q2, very less work could be performed because you cannot continue to do civil work when there are a lot of rains are happening. And to protect your structure fabrication work, from rusting and all those things, you need to be very, very careful. So, this time, it wa

Am I audible? Sorry, I'm a bit traveling right now. So, there might be background noise.

Sumit Maheshwari

Yes, we can hear you. Yes. So, if you could just, sir, provide the update on the Oilfield assets that we have, us and Oilmax both. Just a little update on what's going on and what has been done during the quarter. Yes. So, currently, the Oilmax has,if you have seen the slide and the earlier PPT also has 5 oil fields. Out of these 2 oilfields are under production. Both the oilfields remain to be under production and delivering as per their schedule and as per the plan. The other 2 oilfields, which are expected to come in production this year, they also continue to remain on track. In one of the

Congratulations on the numbers and the acquisition of Kuiper. On your slide, you are showing some numbers on Slide Number 16 or 17, as I remember, on numbers on Duarmara gas field. Can you just highlight what is it in terms of revenue? What kind of revenues are we expecting on that? So that is the largest barrels per day production, I think so?

Kapil Garg

Thank you, Mohit. On Duarmara -- it is currently after the CBM, it is indeed our largest gas and oilfield. As you are aware, probably, we have a 50% partnership with Antelopus Selan in that field and wherein we have drilled our first well, the joint venture has drilled our first well. And as Sumit was talking about earlier, we are expecting to put this field into production later this year. The pipeline is already being done. The work is in progress. The data does look very encouraging. So, we are very bullish on this field. And depending on the testing of this well in the next coming weeks or

Sir, for Kuiper right now it's contributing INR42 crores, INR43 crores kind of per month on the revenue side? And what kind of bottom-line contribution we may expect in this year and next year?

Sumit Maheshwari

So, it's roughly around 7% EBITDA business. So, they are making gross profit of roughly around 14% to 15% and with the 7% of the EBITDA business. So -- which we believe can be enhanced in the next 6 to 7 months. And the net profit percentage are roughly around 6% because Kuiper operates into jurisdiction where taxation is pretty low. So, the net profit contribution is roughly around 6% and EBITDA is roughly around 7%. And with the integration currently going on and with the opportunity we do see, we do see a scope of improvement both in the top line and in the bottom line in the Kuiper going f

Thank you, everyone, for taking the time out and joining the call. I hope we have been able to answer all your questions satisfactorily. However, if you need further clarification or want to know more about the company, please get in touch with SGA team, our Investor Relations adviser. Thank you, and all of you have a great day.

Management

Speaking time

Sumit Maheshwari

Kapil Garg

Moderator

Balasubramanian

Nikunj Bhanushali

Sunny Gosar

Manan Poladia

Mohit Agrawal

Lakshay Chhabra

Charvin

Opening remarks

Kapil Garg

Good morning, everyone. I welcome you all to Q2 and H1 FY '26 Earnings Conference Call. Along with me, we have on the call Mr. Sumit Maheshwari, Group CFO; Mr. Nirav Talati, CFO, Asian Energy Services; and SGA, our Investor Relations Advisors. I hope everyone had a chance to go through the financial results and the investor presentation uploaded on the exchange and on our company website. We are pleased to inform you that during the quarter, AESL successfully completed the acquisition of Kuiper Group, thereby marking a significant milestone in strengthening our global presence. This acquisition broadens our integrated service capabilities and expands our footprint across the Middle East and Southeast Asia. Kuiper Financials have been consolidated from 1st of September 2025 and accordingly, this quarter reflects one month of their performance. The business is currently operating at a monthly revenue run rate of approximately INR40 crores with further improvement expected as integration

Sumit Maheshwari

Thank you, sir. Good morning, everyone. Talking about H1 FY '26 financial performance. For the first half of FY '26, our revenue from operations stood at INR217.4 crores, marking a growth of 38% over H1 FY '25. Our EBITDA for H1 FY '26 stood at INR21.1 crores with an EBITDA margin of 9.7% and profit after tax was at INR1.7 crores after taking in account the onetime hit of Kuiper acquisition. Moving to the Q2 FY '26 financial performance, in Q2 FY '26, we recorded revenue of INR102 crores, EBITDA of INR9.1 crores and with EBITDA margin of 8.9% and negative PAT of INR4 crores. The performance during the period was influenced by a combination of operational and transitional factors. The decline in EBITDA margin was primarily due to lower business activity across several sites, driven by the prolonged and unseasonal monsoon conditions, which delayed field operations and impacted execution schedules. In addition, the consolidation of Kuiper Financials during the quarter also influenced the

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