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Aakash Exploration Services Limited (AAKASH)

₹7.79 -2.14% last close, 23 Oct

📊 NSE: AAKASH 🏢 Oil Drilling / Allied Services 📢 Latest filing: 28 Sep 2026 📝 Analysis written: 13 Dec 2025

Q2 FY27 results

📅 Next results: 02 Nov 2026 (board meeting)

Aakash Exploration Services Limited's board meets on 2 Nov 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Aakash Exploration's revenue was ₹27.9 Cr (+16.9% year on year, -14.6% on the previous quarter), and net profit ₹0.5 Cr (-2.8% year on year); the operating margin was 8.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹27.9	+16.9%	-14.6%
Operating profit	₹2.2	-22.3%	-58.0%
Net profit	₹0.5	-2.8%	-72.1%
EPS (₹)	0.05	+0.0%	-73.7%
Operating margin	8.0%	—	—

Full quarterly financials → Results calendar →

AAKASH delivery percentage

NSE end-of-day data for Fri, 23 Oct 2026

On Fri, 23 Oct 2026, 66.99% of the AAKASH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.61%. That is close to its usual level. Turnover was only ₹7 lakh, so a handful of trades can move this figure.

66.99%Delivery, 23 Oct

74.61%Own 20-session average

1.0×Volume vs its average

₹7.79NSE close · -2.14%

Delivery in the last 5 sessions: 72.1% · 81.4% · 61.7% · 72.8% · 67.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Aakash Exploration Closes Trading Window from October 1, 2026 for Q2/H1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Sep 2026, 12:39 PM

Aakash Exploration Services Limited has announced the closure of its trading window starting October 01, 2026, pursuant to SEBI Insider Trading regulations. The window closure applies to all designated persons and their immediate relatives ahead of the approval of financial results for the quarter and half-year ended September 30, 2026. The trading window will reopen 48 hours after the financial results are formally declared. The date of the upcoming Board Meeting will be announced separately.

Trading window closure begins on Thursday, October 01, 2026
Applicable for financial results for the quarter and half year ended September 30, 2026
Window will reopen 48 hours after the declaration of financial results

💡 Track the upcoming corporate announcement regarding the exact date of the Board Meeting to review Q2 and H1 FY27 earnings.

Promoter Vihan Haria to Acquire 7.19% Stake via Inter-Se Gift Transfer

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 15 Sep 2026, 11:15 AM

Aakash Exploration Services promoter Vihan Vipul Haria has filed a prior intimation under SEBI SAST Regulation 10(5) to acquire 72,77,950 equity shares, representing a 7.19% stake in the target company. The shares are being transferred from fellow promoter group member Navinchandra Vershibhai Haria. The proposed acquisition will take place on or after September 21, 2026, without monetary consideration by way of an inter-se gift.

Proposed inter-se transfer of 72,77,950 equity shares representing a 7.19% stake in the company.
Transfer is between promoter group members Navinchandra Haria (transferor) and Vihan Haria (acquirer).
Acquisition will be executed on or after September 21, 2026, without consideration as a gift.

💡 Track the subsequent Regulation 10(6) post-acquisition filing to confirm completion of the transfer. Overall promoter group holding remains unchanged.

Aakash Exploration: 72.78 Lakh Shares Transferred in Promoter Inter-Se Rebalancing

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Sep 2026, 06:17 PM

Promoter Navinchandra Vershibhai Haria acquired 72,77,950 equity shares of Aakash Exploration Services Limited via an inter-se transfer from another promoter, Pravin Vershibhai Haria, on September 8, 2026. The transaction was conducted under Regulation 10(1)(a)(ii) of SEBI SAST Regulations, 2011, exempting it from an open offer obligation. The company confirmed that this is an internal restructuring within the promoter group, resulting in no change in overall promoter holding or control.

72,77,950 equity shares acquired via inter-se transfer
Acquisition executed on September 8, 2026
Shares transferred from Pravin Vershibhai Haria to Navinchandra Vershibhai Haria
Prior intimation was submitted 4 working days earlier on August 21, 2026
No change in total promoter group shareholding or control

💡 Monitor upcoming quarterly shareholding patterns to observe individual promoter holding changes; no operational action is warranted.

Aakash Exploration Issues 20th AGM Notice; Proposes Key Leadership & Remuneration Terms

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 05:14 PM

Aakash Exploration Services Limited has issued the notice for its 20th Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing. Key special resolutions include the reappointment of Managing Director Mr. Vipul N. Haria for 3 years effective December 14, 2026, with remuneration up to ₹9,00,000 per month. Additionally, the appointment of Mr. Vihan Vipul Haria as Whole Time Director for a 3-year term effective August 11, 2026, at a similar salary cap of up to ₹9,00,000 per month is proposed for shareholder approval. The notice also references FY26 full-year revenue of ₹113.75 Cr and PAT of ₹3.50 Cr.

20th AGM scheduled for September 29, 2026, through Video Conferencing/OAVM.
Proposed reappointment of MD Vipul Haria for 3 years with salary cap up to ₹9,00,000 per month (drawn ₹42,00,000 in FY25).
Proposed appointment of Vihan Haria as Whole Time Director for 3 years with salary cap up to ₹9,00,000 per month.
Disclosed FY26 revenue of ₹11,374.92 lakhs (₹113.75 Cr) and PAT of ₹349.99 lakhs (₹3.50 Cr).

💡 Track voting outcomes of the AGM resolutions on September 29, 2026, particularly regarding promoter executive remuneration against company profitability.

Aakash Exploration Re-Appoints Vipul Haria as MD for 3-Year Term from Dec 14, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 26 Aug 2026, 04:31 PM

Aakash Exploration Services Limited announced the outcome of its Board meeting held on August 26, 2026. The Board approved the re-appointment of promoter Mr. Vipul Navinbhai Haria as Managing Director for a 3-year period effective December 14, 2026, subject to shareholder approval. Additionally, the Board approved the Directors' Report and its annexures for the financial year ended March 31, 2026.

Re-appointment of Mr. Vipul Navinbhai Haria as Managing Director approved for a 3-year tenure
New tenure takes effect from December 14, 2026, subject to shareholder approval
Approval of the Directors' Report and annexures for the financial year ended March 31, 2026
Meeting commenced at 03:00 p.m. and concluded at 03:45 p.m. on August 26, 2026

💡 Track shareholder voting resolutions at the upcoming Annual General Meeting for approval of the re-appointment and monitor subsequent quarterly operational performance.

Aakash Exploration Re-Appoints Vipul Haria as MD for 3 Years from Dec 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 26 Aug 2026, 04:28 PM

Aakash Exploration Services Limited has approved the re-appointment of promoter Mr. Vipul Navinbhai Haria as Managing Director for a 3-year term effective December 14, 2026, subject to shareholder approval. The board also approved the Directors' Report for the financial year ended March 31, 2026. The re-appointment ensures leadership continuity for the micro-cap oilfield services provider (market cap ₹87 Cr, TTM revenue ₹103 Cr).

Re-appointment of Mr. Vipul Navinbhai Haria as Managing Director approved for a 3-year term
Effective date of re-appointment is December 14, 2026, subject to approval of company members
Board meeting was held on August 26, 2026, from 03:00 p.m. to 03:45 p.m.

💡 Track shareholder voting on the re-appointment resolution in the upcoming Annual General Meeting and monitor subsequent quarterly operational performance.

Promoter Inter-Se Transfer: Navinchandra Haria to Acquire 7.19% Stake via Gift

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 21 Aug 2026, 04:03 PM

Promoter Navinchandra Vershibhai Haria has filed a prior intimation under Regulation 10(5) of SEBI SAST Regulations to acquire 12,77,950 equity shares (7.19% stake) of Aakash Exploration Services Limited. The shares are proposed to be transferred from another promoter, Pravin Vershibhai Haria, via gift without any monetary consideration. The proposed inter-se transaction is scheduled to take place on or after August 27, 2026. Because it is an inter-se transfer among immediate relatives within the promoter group, it is exempt from making an open offer.

Proposed acquisition of 12,77,950 equity shares representing 7.19% of share capital
Transferor is promoter Pravin Vershibhai Haria; Acquirer is promoter Navinchandra Vershibhai Haria
Transaction is an inter-se transfer by way of gift without monetary consideration
Proposed transfer to take place on or after August 27, 2026

💡 Track post-transaction shareholding disclosures (Regulation 29/Form C) to confirm the formal completion of the inter-se promoter transfer.

Promoter Pravin Haria Acquires 72.78 Lakh Shares via Inter-Se Transfer

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 07:19 PM

Pravin Varshibhai Haria has filed disclosures under Regulation 10(6) of SEBI (SAST) Regulations for the acquisition of 72,77,950 equity shares of Aakash Exploration Services Limited. The inter-se transfer was executed on August 10, 2026, from fellow promoter Krunal Pravin Haria. The transaction is an internal promoter group restructuring exempt under Regulation 10(1)(a)(ii). The filing confirms there is no change in the aggregate promoter shareholding or overall control of the company.

Acquisition of 72,77,950 equity shares via inter-se promoter transfer
Transaction executed on August 10, 2026, from transferor Krunal Pravin Haria
Prior intimation under Regulation 10(5) was submitted on July 30, 2026
Overall promoter group shareholding and management control remain unchanged

💡 Track subsequent quarterly shareholding pattern disclosures to confirm the updated individual promoter-level allocations.

Aakash Exploration seeks NSE nod to re-classify Deval Energy (0% holding) from Promoter Group

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 13 Aug 2026, 05:39 PM

Aakash Exploration Services has applied to the National Stock Exchange (NSE) on August 13, 2026, for the re-classification of Deval Energy Resources Private Limited from the 'Promoter Group' to the 'Public' category. The outgoing entity currently holds zero shares (0.00% of paid-up capital) in the company. This is a procedural filing under Regulation 31A of SEBI LODR. Since the entity has no equity stake, the move does not impact the promoter's voting power or the company's financial position.

Application for re-classification filed with NSE on August 13, 2026
Outgoing entity Deval Energy Resources Private Limited holds 0 equity shares
Percentage of paid-up share capital held by the outgoing entity is 0.00%
Promoter group holding remains stable at 66.54% as of the latest filing

💡 No action required; investors should view this as a routine administrative cleanup of the promoter group list. Watch for the final 'no-objection' certificate from the exchange.

Aakash Exploration Q1 FY27 Revenue Up 17% YoY to ₹27.9 Cr; PAT Flat at ₹0.52 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 04:22 PM

Aakash Exploration Services reported a 16.9% YoY increase in revenue to ₹27.89 Cr for Q1 FY27, but net profit remained nearly flat at ₹0.52 Cr (down 3.7% YoY). The quarter saw significant sequential pressure, with revenue falling 14.6% and net profit dropping 72.1% compared to Q4 FY26. The board also appointed Vihan Vipul Haria as a Whole Time Director for three years and approved the reclassification of Deval Energy Resources (holding 0% shares) from the promoter group to the public category.

Revenue from operations grew 16.9% YoY to ₹27.89 Cr in Q1 FY27.
Net profit for the quarter stood at ₹0.52 Cr, a slight decline from ₹0.54 Cr in Q1 FY26.
Employee benefit expenses rose 15.6% YoY to ₹9.57 Cr, impacting operating margins.
Sequential performance declined sharply with PAT falling from ₹1.88 Cr in Q4 FY26 to ₹0.52 Cr.
Appointment of Mr. Vihan Vipul Haria as Whole Time Director effective August 11, 2026.

💡 Investors should monitor the company's ability to manage rising employee and material costs, which are currently offsetting revenue growth. Watch for rig utilization updates in upcoming filings to see if the sequential decline in revenue is seasonal or a trend.

Q1 Revenue Grows 17% to ₹27.89 Cr; Vihan Vipul Haria Appointed as Whole Time Director

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 04:14 PM

Aakash Exploration Services reported a 16.9% YoY increase in revenue for Q1 FY27, reaching ₹27.89 Cr. However, net profit remained stagnant at ₹0.52 Cr compared to ₹0.54 Cr in the previous year's quarter, primarily due to higher material and employee costs. The company also inducted Mr. Vihan Vipul Haria, a member of the promoter group, as a Whole Time Director for a three-year term. A minor administrative reclassification of a non-holding promoter entity to the public category was also completed.

Revenue from operations increased 16.9% YoY to ₹27.89 Cr in Q1 FY27.
Net profit stood at ₹0.52 Cr, showing a marginal decline from ₹0.54 Cr in Q1 FY26.
Employee benefit expenses rose 15.6% YoY to ₹9.57 Cr from ₹8.28 Cr.
Mr. Vihan Vipul Haria appointed as Whole Time Director for a 3-year term effective August 11, 2026.
Deval Energy Resources Private Limited reclassified to Public category with 0.00% shareholding.

💡 Monitor the company's operating margins in upcoming quarters to see if revenue growth can be translated into bottom-line expansion, especially given the rising employee and material costs.

Aakash Exploration Q1 Net Profit flat at ₹0.52 Cr; Revenue up 17% YoY to ₹27.89 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 04:09 PM

Aakash Exploration Services reported a 16.9% YoY increase in revenue to ₹27.89 Cr for Q1 FY27, though performance weakened sequentially with a 14.6% revenue drop from Q4 FY26. Net profit remained nearly stagnant at ₹0.52 Cr compared to ₹0.54 Cr in the year-ago period, reflecting a sharp 72% decline from the preceding quarter's ₹1.88 Cr. The board also appointed Mr. Vihan Vipul Haria, a member of the promoter group, as a Whole Time Director for three years. A promoter entity with zero shareholding was reclassified to the public category.

Revenue from operations increased 16.9% YoY to ₹27.89 Cr from ₹23.86 Cr.
Net profit for Q1 FY27 stood at ₹0.52 Cr, down 72.3% from ₹1.88 Cr in Q4 FY26.
Cost of materials consumed surged 71.5% YoY to ₹5.70 Cr, impacting operating margins.
Employee benefit expenses rose 15.6% YoY to ₹9.57 Cr.
Appointment of Mr. Vihan Vipul Haria as Whole Time Director effective August 11, 2026.

💡 Investors should monitor the company's ability to manage rising material costs and track whether the sequential decline in revenue is due to temporary rig idling or broader contract pricing pressure.

7.19% Stake Transfer: Promoter Pravin Vershibhai Haria to Acquire Shares via Gift

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jul 2026, 06:12 PM

Mr. Pravin Vershibhai Haria, a promoter of Aakash Exploration Services, has filed a prior intimation to acquire 72,77,950 shares from Mr. Krunal Pravin Haria. This represents a 7.19% stake in the company. The transaction is an inter-se transfer between immediate relatives and will be executed as a gift without any monetary consideration. The acquisition is scheduled to take place on or after August 06, 2026.

Transfer of 72,77,950 equity shares between promoter group members
The stake represents 7.19% of the total share capital of the company
Transaction is structured as a gift with zero monetary consideration
Proposed execution date for the transfer is on or after August 06, 2026

💡 Investors should note that this is a routine internal restructuring within the promoter group; monitor the next quarterly shareholding pattern to confirm the transfer.

Aakash Exploration: Promoter Group Entity with NIL Holding Seeks Reclassification to Public

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 30 Jul 2026, 05:17 PM

Aakash Exploration Services Limited has received a formal application from Deval Energy Resources Private Limited to be reclassified from the 'Promoter Group' to the 'Public' category. The applicant currently holds zero equity shares and zero voting rights in the company as of July 30, 2026. This request is procedural, as the entity confirms it exercises no control or influence over the company's management or policy decisions. The application will be reviewed by the Board of Directors before being submitted to the Stock Exchange for final approval.

Deval Energy Resources Private Limited holds 0 equity shares (NIL) in the company.
The applicant holds 0% voting rights and has no representation on the Board of Directors.
The request was submitted on July 30, 2026, under Regulation 31A of SEBI (LODR) Regulations.
Current promoter group holding stands at 66.54% as of the latest March 2026 filing.

💡 Investors should treat this as a routine administrative update; watch for the Board's approval and subsequent exchange notification to confirm the reclassification is finalized.

Resignation of Whole Time Director Mr. Krunal Pravin Haria Effective July 30, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 Jul 2026, 05:03 PM

Mr. Krunal Pravin Haria has resigned from his position as Whole Time Director (WTD) of Aakash Exploration Services Limited, effective July 30, 2026. The resignation is attributed to personal reasons and other professional commitments. As a micro-cap company with a market capitalization of ₹88 Cr and TTM revenue of ₹103 Cr, management continuity is key, though the company remains under the leadership of other promoter-directors including Hemang N Haria (WTD & CFO). The board has accepted the resignation and confirmed there are no other material reasons for the exit.

Resignation of Mr. Krunal Pravin Haria as Whole Time Director effective July 30, 2026.
The company operates in the Oil Drilling sector with a TTM revenue of ₹103 Cr.
Promoter holding remains stable at 66.54% as of the latest March 2026 filing.
The resignation was accepted by the Board of Directors during business hours on July 30, 2026.

💡 Monitor for the appointment of a new director to the board to ensure the company maintains its management depth and regulatory compliance regarding board composition.

View All AAKASH Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew by 6.02% YoY, reaching INR 98.19 Cr in FY25 compared to INR 92.61 Cr in FY24. Segment-specific growth for workover, drilling, and maintenance services is not individually broken down, but the overall increase is attributed to steady demand in oil and gas field services.

Geographic Revenue Split

The company is based in Ahmedabad, Gujarat, and primarily serves the Indian oil and gas sector. Specific percentage splits by region are not disclosed, though operations are concentrated around domestic oil fields.

Profitability Margins

Net Profit Margin improved to 1.87% in FY25 from 0.07% in FY24 due to better cost control. However, PBILDT margin saw a decline from 18.9% in FY24 to 10.3% in FY25. Return on Net Worth increased to 3.05% in FY25 from 0.61% in FY24.

EBITDA Margin

PBILDT (EBITDA) stood at INR 10.11 Cr in FY25, a significant 42.2% decrease from INR 17.50 Cr in FY24. This resulted in the EBITDA margin contracting from 18.9% to 10.3% YoY, primarily due to higher operational costs and lower EBIT.

Capital Expenditure

Property, Plant and Equipment (PPE) increased to INR 69.13 Cr as of September 30, 2025, from INR 61.35 Cr in March 2025, indicating a capital investment of approximately INR 7.78 Cr in the first half of FY26 to expand or maintain the rig fleet.

Credit Rating & Borrowing

The company's credit rating was downgraded in June 2025 to 'CARE BB+; Stable / CARE A4+' and moved to the 'ISSUER NOT COOPERATING' category. Previously, it held 'CARE BBB-; Stable / CARE A3' as of July 2024. Borrowing costs are impacted by this downgrade, though specific interest rates are not disclosed.

⚙️ Operational Drivers

Raw Materials

As a service provider, primary costs include equipment spares, fuel, and specialized consumables for drilling and workover rigs, representing a significant portion of the operating expenses.

Import Sources

Not specifically disclosed, but equipment and spares for oilfield services are typically sourced from domestic industrial hubs like Gujarat and Maharashtra or imported for specialized drilling components.

Capacity Expansion

The company maintains a fleet of rigs for workover and drilling services. PPE value grew 12.7% in H1 FY26 (from INR 61.35 Cr to INR 69.13 Cr), suggesting an expansion in service capacity or equipment upgrades.

Raw Material Costs

Operating expenses are driven by rig maintenance and personnel. While specific raw material costs are not listed, the PBILDT decline of 42.2% suggests a sharp rise in operating costs relative to revenue in FY25.

Manufacturing Efficiency

Efficiency is measured by rig utilization rates. The company reported improved operational efficiency in FY25, leading to higher operating margins of 4.61% compared to 0.11% in the prior year.

Logistics & Distribution

The company originated as 'Aakash Roadlines' in 2006, providing transportation services, which likely supports its current internal logistics for moving rigs between oil field sites.

📈 Strategic Growth

Expected Growth Rate

53%

Growth Strategy

Growth is targeted through the renewal of existing contracts and securing new ones to reach a Total Operating Income of over INR 150 Cr. Strategy includes leveraging extensive promoter experience in the oil & gas industry and maintaining a reputed customer base to minimize counterparty risk.

Products & Services

Workover services, drilling services, well and wellhead maintenance services, oil enhanced recovery services, and oil & gas compression services.

Brand Portfolio

Aakash Exploration Services Limited (AESL).

New Products/Services

The company continues to focus on production-stage services like oil enhanced recovery, which are critical for maintaining output in maturing oil fields.

Market Expansion

The company is focused on the Indian oil and gas sector, particularly production-stage services which offer more stable demand than pure exploration.

🌍 External Factors

Industry Trends

The industry is evolving towards enhanced oil recovery (EOR) as existing fields mature. AESL is positioned in this segment, but faces competition and volatility in day rates which can fluctuate based on global energy demand.

Competitive Landscape

Operates in a highly competitive oil & gas services industry with several players bidding for contracts from major PSUs and private explorers.

Competitive Moat

The moat is built on extensive promoter experience (since 2006) and a reputed customer base with lower counterparty risk. This is sustainable as long as the company maintains its technical certification and rig safety records.

Macro Economic Sensitivity

Highly sensitive to global crude oil prices, which dictate the capital expenditure and service demand from major oil producers.

Consumer Behavior

Not applicable as the company is a B2B service provider to oil and gas producers.

Geopolitical Risks

Geopolitical tensions affecting oil prices directly impact the demand for oilfield services and the cost of imported rig components.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to stringent safety and environmental regulations governing oil and gas field services, including rig safety standards and waste management during drilling.

Taxation Policy Impact

The company follows Indian Accounting Standards (Ind AS). Income Tax Assets (Net) stood at INR 2.04 Cr as of September 2025.

Legal Contingencies

The company has an unmodified report on financial statements for FY24, and management declared no fraudulent or illegal transactions occurred during the year.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Issuer Not Cooperating' status with CARE Ratings, which could restrict access to capital. Additionally, non-renewal of existing contracts could lead to a revenue decline below INR 75 Cr.

Geographic Concentration Risk

Operations are heavily concentrated in India, specifically within regions with active oil and gas production like Gujarat.

Third Party Dependencies

High dependency on major oil and gas producers for contract awards; a loss of a single major client could significantly impact the 10.3% PBILDT margin.

Technology Obsolescence Risk

Risk of rigs becoming technologically obsolete compared to newer, more efficient automated drilling systems entering the market.

Credit & Counterparty Risk

The company benefits from a 'reputed customer base' which lowers counterparty risk, though the Debtors Turnover Ratio of 4.25 suggests a need for active receivable management.