Antelopus Selan FY26: Volume Led Growth With a Clear FY27 Ramp Plan

Antelopus Selan Energy Limited closed FY26 with a simple message: execution drove growth, even as crude realizations softened for most of the year. The company reported total income of INR 287.8 Cr versus INR 267.5 Cr in FY25. EBITDA rose to INR 167.5 Cr from INR 146.9 Cr, and profit after tax including OCI increased to INR 89.7 Cr from INR 70.3 Cr. The step up came primarily from higher production and sales volumes, which offset a weaker pricing environment where the FY26 average realization was about USD 66 per boe versus USD 75 per boe in FY25.

The operating story became most visible in the second half. Average sales increased from 1,193 boepd in FY25 to 1,355 boepd in FY26, but the trajectory mattered more than the annual average. The company exited the year at 1,800+ boepd, with February and March 2026 both above 1,800 boepd and March close to 1,900 boepd. Management framed this as delivery beyond exit guidance, pointing to new wells being commissioned through Q3 and Q4 and a modest tailwind from oil prices rising from March 2026 onward.

FY26 financial performance: Better volumes, clean margin flow through

The income statement shows how directly volumes translated into earnings. Revenue from operations (net of profit petroleum to the Government of India) rose to INR 278.9 Cr from INR 258.1 Cr. Total expenses stayed almost flat at INR 120.3 Cr compared with INR 120.5 Cr in the prior year, which created strong operating leverage. EBITDA margin was cited at 59 percent, and profit before tax increased to INR 119.4 Cr from INR 94.9 Cr.

A closer look at key cost lines explains part of the resilience. Royalty and cess declined to INR 44.1 Cr from INR 54.9 Cr. Operating expenses increased to INR 21.3 Cr from INR 17.9 Cr, and other expenses rose to INR 27.8 Cr from INR 23.0 Cr, but the overall cost base remained stable as revenue expanded. Depreciation and amortisation reduced to INR 47.3 Cr from INR 51.3 Cr, while finance costs remained low at INR 0.7 Cr.

Operationally, Q4 FY26 carried disproportionate weight. The company stated that Q4 contributed INR 100 Cr to the topline, with January and February reflecting volume impact and March reflecting both volume and price impact. It also provided product mix, with about 82 percent oil and 18 percent gas, which matters for realized pricing and near term cash generation.

Where the barrels came from: Gujarat strength and a new producing asset

FY26 volumes were driven by Gujarat assets, with Bakrol and Karjisan forming the core. For FY26 average sales volumes by asset, Bakrol contributed 555 boepd, Karjisan 684 boepd, Lohar 58 boepd, Cambay 22 boepd (50 percent participating interest), and Dangeru 36 boepd on an annualized basis since production began in August 2025. In Q4, the ramp was clear, with average sales around 1,760 boepd and month by month progression from about 1,600 boepd in January to about 1,800 boepd in February and about 1,900 boepd in March.

Karjisan was the most visible execution highlight. Four new wells were drilled, and the company reported that average sales surged about 48 percent to 684 boepd, with February and March monthly sales at 1,000+ boepd. Management positioned this as proof of deliverability and the ability to monetize development quickly. A new field development plan has been submitted for Karjisan, envisaging seven additional wells commencing end FY27. That timeline signals a two stage growth plan: extract near term uplift from already drilled wells and associated facilities, then expand under the new development plan.

Bakrol was the other major ramp lever. Two of ten wells contributed to FY26 sales from end February 2026, and a third well was brought online in mid April 2026, just after year end. Bakrol sales increased significantly from these two wells, with Q4 FY26 averaging about 596 boepd. The remaining eight wells are planned to be drilled to completion in H1 CY2026, with a full ramp up expected to follow through mid year. This sequence matters for FY27 because the production base begins the year at 1,800+ boepd, and the remaining Bakrol wells plus evacuation and facility capacity become the gating factors for reaching 2,500+ boepd.

Cambay showed early signs of revival. One new well was drilled and shut in wells were revived through workovers in the western flank. Gross sales in March 2026 exceeded 200 boepd, primarily driven by western flank production. A second new well is planned in H2 FY27, suggesting the company sees incremental potential but is pacing capital and execution alongside larger programs.

Dangeru added a new producing asset to the portfolio, commencing production in August 2025. The company is planning ramp up from the existing well, with evacuation constraints being debottlenecked. This is a recurring theme across the plan: subsurface work matters, but surface infrastructure can limit realized volumes if not addressed in time.

Duarmara is positioned as the next potential upside beyond Gujarat. The company confirmed a two zone hydrocarbon column with crude oil and natural gas, and commercialization is under evaluation. Pressure monitoring is ongoing, and re perforation is planned to unlock reservoir deliverability. The FY27 focus is explicit: re perforation, establish oil commerciality, then move to production.

FY27 plan: Self funded growth, but infrastructure is the critical path

Management’s FY27 narrative is built around a starting base of 1,800+ boepd and a road map to 2,500+ boepd, entirely self funded. The emphasis is not just on drilling, but on getting evacuation and facilities ready so new volumes convert into sales.

In Gujarat, the company’s focus spans Bakrol, Karjisan, and Cambay. The near term priority is to bring the remaining Bakrol wells on production by H1 FY27. At the same time, it plans additional facilities and tankage for incremental oil and gas at Bakrol and Karjisan. The plan also includes expanded storage and tolling via Kalol GGS in addition to the ONGC Nawagam facility for Gujarat crude, along with a gas evacuation pipeline for additional gas being produced and a medium term plan to tie into the state gas grid in Karjisan. Put together, these points suggest management is trying to prevent a common failure mode in upstream growth programs: wells that are technically successful but commercially constrained by surface bottlenecks.

In Andhra Pradesh, Dangeru’s execution plan blends subsurface and midstream enablers. The company plans to frac existing wells to augment production rates and capture high gas prices and RSC early monetisation incentives. On infrastructure, the short term goal is to debottleneck evacuation constraints collaboratively with ONGC. The medium term goal is to connect to a common carrier pipeline when commissioned, linking to the GAIL network. A new well is being planned, with well design to be finalized and drilling targeted in early FY28, which keeps FY27 focused on maximizing the current asset with lower complexity interventions.

Assam’s Duarmara is framed as a commercialization effort rather than a drilling campaign. Gas is confirmed in Lower Tipam sands and oil in Upper Tipam sands. Pressure testing and monitoring continue, and re perforation is planned to establish commercial oil flow rates. The sequence is important for investors because it defines the risk stack: first prove deliverability, then decide how quickly to move into production.

Across these regions, the execution focus reads like an operations led playbook: complete the drilling campaign, bring evacuation capacity online, and then target sustained ramp beyond 2,500 boepd. The presentation also included an HSE update emphasizing safe simultaneous operations, daily toolbox talks, pre job risk assessments, permit to work systems, regular audits, environmental compliance, and emergency preparedness drills. While not a financial line item, this matters because multi asset drilling and development activity tends to raise operational risk, and the company is signaling process discipline as activity levels rise.

What to watch next

Antelopus Selan’s FY26 result is best understood as a year where the base was built and the ramp arrived late, but decisively. Average realizations fell year on year, yet EBITDA and PAT still grew strongly because volumes rose and the cost base stayed stable. The year end exit rate above 1,800 boepd changes the starting point for FY27 and improves the probability of hitting the 2,500+ boepd goal if drilling and evacuation milestones stay on track.

The key investor takeaway is that FY27 performance will be shaped less by headline oil prices and more by execution sequencing: Bakrol well completions, Gujarat facility and evacuation additions, and the pace of debottlenecking at Dangeru. Karjisan’s new field development plan submission points to a second layer of growth later in the cycle, while Duarmara offers optionality if re perforation confirms commercial flow.

If management delivers on its stated priorities, FY27 could look like a transition from a strong exit run rate to sustained production at a higher base. The company has framed that step up as self funded, which makes operating cash generation and the ability to keep costs controlled just as important as drilling success.