Asian Energy Services Ltd(ASIANENE)

NSE: ASIANENEBSE: 530355

₹ 395-2.34%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,922 crWebsite: www.asianenergy.comUpdated: 24 Oct 2026

About

Asian Energy Services Ltd is an Indian oilfield services company providing operations & maintenance, infrastructure/CHP, seismic, and upstream E&P services across India, the Middle East, and Southeast Asia. Its FY26 revenue was Rs 791.05 cr, with the Oil and Gas segment contributing 80.0% and Mineral and other energy services 20.0%. The company is completing the merger by absorption of Oilmax Energy Private Limited, which holds producing upstream oil and gas fields, after NCLT sanctioned the scheme on 29 September 2026.^[1][2]

Business segments

Oil and Gas segment: INR 632.68 crore revenue (80% of total) in FY26, with EBIT of INR 101.96 crore (16.1% margin); covers O&M, seismic, and international services via Kuiper.^[2]
Mineral and Other Energy Services segment: INR 158.37 crore revenue (20% of total) in FY26, with EBIT of INR 31.6 crore (20.0% margin); covers coal handling plant (CHP) construction and O&M.^[2]

Order book

Standalone third-party order book was about Rs 1,754 cr in Q1 FY27 (60% oil and gas, 40% minerals), vs ~INR 1,750 crore as of 31 March 2026 (68% Oil & Gas, 32% Mineral Services).^[3][4]
Active bids for new tenders totalled Rs 3,000-4,000 cr as of Q1 FY27.^[3]
90 - 95% of FY27 standalone revenue guidance was already covered by the existing order book plus one L1 contract as of March 2026.^[4]
Kuiper order book, ongoing contracts, and MSAs provided annualised revenue visibility of ~INR 500 - 600 crore per annum as of Q3 FY26.^[5]

Operations and assets

Oilmax was producing about 2,500 boepd in Q1 FY27, unchanged from ~2,500 BOPD in Q4 FY26.^[3][4]
Kuiper Group (acquired August 2025 for US$9.25 million) operates O&M projects across the Middle East (Qatar offshore) and Southeast Asia, contributing ~INR 41 crore in its first consolidated month (September 2025).^[6]
Oilmax E&P assets include: Amguri field (Assam) producing ~220,000 scm/day gas plus ~300 bbl condensate; Indrora field (Gujarat) producing oil; Tiphuk and Duarmara fields (Assam) in various stages of commissioning as of Q1 FY26.^[7]
At Mewad/Indrora block, two new wells were drilled in FY26 with combined output exceeding 200 BOPD in Q4 FY26; six additional wells were planned.^[4]
Oilmax also holds a CBM block in Chhattisgarh (South Rewa) and a quartzite mine in Uttarakhand; the quartzite mine has 7.6 MMT reserves, with production expected from FY27.^[7][3]
Kuiper EBITDA margin was ~7% in FY26; Kuiper monthly revenue run rate was INR 40 - 45 crore per month as of Q2 FY26.^[6]

Customers and distribution

Named customers include Vedanta Limited, ONGC, Mahanadi Coalfields (MCL), and Sun Petrochemicals; Vedanta integrated field development contract is valued at ~INR 865 crore (incl. GST) over 57 months.^[6]
Largest-ever CHP order from MCL is ~INR 459 crore (incl. GST), to be executed over seven years at the Lakhanpur site in Odisha.^[6]
In Q1 FY27 the company won a Rs 187.6 cr contract from Gujarat State Electricity Corporation to enhance the Ukai coal handling plant; work has started.^[3]
ONGC issued tenders for end-to-end integrated field service solutions as of Q4 FY26.^[4]

Expansion and capex

Oilmax targets production of about 10,000 boepd by FY29/30, from about 2,500 boepd in Q1 FY27.^[3]
FY27 focus includes IGGL connections to ramp up Amguri and starting commercial production at Tiphuk and Duarmara.^[3]
Duarmara field (Assam) peak production potential is 6,200 BOE/day (AESL share ~3,100 BOE/day), per Q2 FY26 call.^[6]
Indrora/Mewad block: ~INR 100 crore consolidated capex planned in FY27 for six additional wells targeting ~1,000 BOPD; AESL's share is ~INR 50 crore.^[4]
Oilmax was named preferred bidder for an offshore block under DSF Round IV and for the Pakro critical mineral mine (vanadium and graphite), per Q1 FY27 call.^[3]
Chhattisgarh CBM block development is progressing toward a ~2-year timeline, as of Q1 FY27.^[3]
Management sees potential for Kuiper to scale to ~US$100 mn revenue by FY29; expansion into Nigeria and Africa was under evaluation as of Q4 FY26.^[3][4]

Recent developments

NCLT sanctioned the merger by absorption of Oilmax Energy Private Limited into Asian Energy Services Limited on 29 September 2026.^[8]
Oilmax merger swap ratio was set at 117 AESL shares per 10 Oilmax shares; promoter Oilmax held ~55% of AESL on a fully diluted basis prior to the merger.^[6]
Kuiper operations stabilised in June 2026 after Middle East disruption, with profitability returning to sustainable levels.^[3]
Kuiper faced operational disruptions in Qatar offshore during March 2026 due to the West Asia conflict.^[4]
Q4 FY26 standalone revenue was impacted by ~INR 75 crore due to West Asia conflict-related supply chain disruptions and client delays.^[4]
Board recommended a final dividend of Rs 1.25 per equity share for FY26, with record date 17 Sep 2026.^[9]

Market Cap

₹1,922 Cr

High / Low

₹565 / 230

Stock P/E

32.7

Price / Book

3.9

Book Value

₹102

EPS

₹10.5

No. of Shares

4.86 Cr

ROCE

16.5%

ROE

11.5%

OPM

10.7%

Debt / Equity

0.32

Sales

₹791 Cr

Net Profit

₹52 Cr

Promoter holding

56.1%

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Asian Energy Services Ltd(ASIANENE)

About

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Order book

Operations and assets

Customers and distribution

Expansion and capex

Recent developments

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