Hindustan Oil Exploration Company Limited (HINDOILEXP)
₹166.43 -2.17% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Hindustan Oil's revenue was ₹114 Cr (+45.2% year on year), and net profit ₹6.2 Cr (-85.8% year on year); the operating margin was 4.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹114 | +45.2% | from loss |
| Operating profit | ₹5.5 | -82.9% | -79.3% |
| Net profit | ₹6.2 | -85.8% | -19.7% |
| EPS (₹) | 0.47 | -85.8% | -20.3% |
| Operating margin | 4.8% | — | — |
HINDOILEXP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 58.88% of the HINDOILEXP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.8%. The price fell 2.17% on that unusually high delivery, the pattern the delivery dashboard labels distribution. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 48.9% · 49.5% · 32.2% · 57.4% · 58.9%
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
Hindustan Oil Exploration Company Limited (HOEC), acting on behalf of JV partners Oil India Ltd. and Indian Oil Corporation Ltd., has executed a definitive agreement to take over operations and ownership of the Hollong Modular Gas Processing Plant (HMGPP) in Assam. The plant was taken over from service provider Expro North Sea Limited (ENS) effective October 14, 2026, with all existing plant employees transferred to HOEC. Direct ownership enables the JV to expand processing capacity for 3 new approved drilling wells in the Dirok field, as well as future volumes from North Dirok and Greater Dirok assets. The financial consideration for the transaction was not disclosed.
- Effective October 14, 2026, HOEC has taken over operations and ownership of the HMGPP gas plant in Assam
- All existing Expro North Sea Limited employees at the plant transferred to HOEC employment from October 14, 2026
- Enables plant capacity expansion to process volumes from 3 new wells approved for drilling by JV partners and DGH
- Ownership assumed on behalf of the Dirok JV comprising HOEC (operator), Oil India Ltd., and Indian Oil Corporation Ltd.
Hindustan Oil Exploration Company (HOEC) announced that Chief Financial Officer Mr. Allen Joseph Andrade has resigned due to personal reasons, effective close of business hours on October 15, 2026. The Board has appointed Mr. Debabrata Das as the new CFO effective October 16, 2026. Mr. Das brings over 20 years of finance experience across energy and infrastructure, having worked at Haryana City Gas, Adani Total Gas, and GMR Energy. Mr. Andrade will continue to assist the company as a Financial Advisor remotely from Mumbai.
- Mr. Debabrata Das appointed as Chief Financial Officer effective October 16, 2026
- Outgoing CFO Mr. Allen Joseph Andrade steps down effective October 15, 2026, for personal reasons
- Mr. Andrade transitions to a Financial Advisor role supporting HOEC remotely from Mumbai
- New CFO brings over 20 years of senior finance leadership experience across energy, city gas, and infrastructure
Hindustan Oil Exploration Company (HOEC) announced that Chief Financial Officer Mr. Allen Joseph Andrade has resigned due to personal reasons, effective close of business hours on October 15, 2026. The Board has appointed Mr. Debabrata Das as the new CFO effective October 16, 2026. Mr. Das brings over 20 years of finance experience across energy and infrastructure, having worked at Haryana City Gas, Adani Total Gas, and GMR Energy. Mr. Andrade will continue to assist the company as a Financial Advisor remotely from Mumbai.
- Mr. Debabrata Das appointed as Chief Financial Officer effective October 16, 2026
- Outgoing CFO Mr. Allen Joseph Andrade steps down effective October 15, 2026, for personal reasons
- Mr. Andrade transitions to a Financial Advisor role supporting HOEC remotely from Mumbai
- New CFO brings over 20 years of senior finance leadership experience across energy, city gas, and infrastructure
Hindustan Oil Exploration Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's Registrar and Share Transfer Agent. It confirms that share certificates received for dematerialisation during the quarter were duly processed, confirmed or rejected, and cancelled within statutory timelines. This is a recurring administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026
- Submitted to BSE and NSE on October 9, 2026
Hindustan Oil Exploration Company Limited (HOEC) has disclosed the voting results and Scrutinizer's report for its 42nd AGM held on September 25, 2026. Shareholders approved all resolutions with the requisite majority, including raising the company's borrowing limit from ₹750 Crores to ₹1,000 Crores (90.25% votes in favor). Other passed resolutions include creating charges on properties, loans/investments under Section 186, and re-appointment of director Mr. Ashok Kumar Goel. Institutional holders voted 76.54% against the Section 186 limits resolution, but the special resolution passed overall with 93.85% support.
- Approved increase in borrowing limits from ₹750 Crores to ₹1,000 Crores with 90.25% votes in favor
- Special resolution for loans/investments under Section 186 passed with 93.85% overall approval, despite 76.54% institutional votes against
- Adoption of FY26 financial statements passed with 90.25% approval
- Total voting participation stood at 32.55% of outstanding shares across major resolutions
Hindustan Oil Exploration Company Limited (HOEC) has announced that its 42nd Annual General Meeting (AGM) will be held on Friday, September 25, 2026, via Video Conferencing. The company has fixed Friday, September 18, 2026, as the cut-off date to determine shareholder voting eligibility. The share transfer books and register of members will remain closed from September 19 to September 25, 2026. Remote e-voting will run from September 20 to September 24, 2026.
- 42nd AGM scheduled for Friday, September 25, 2026, at 11:00 AM IST via VC/OAVM
- Cut-off date for e-voting eligibility set for Friday, September 18, 2026
- Book closure period scheduled from September 19, 2026, to September 25, 2026 (both days inclusive)
- Remote e-voting window opens September 20, 2026 (9:00 AM IST) and closes September 24, 2026 (5:00 PM IST)
Hindustan Oil Exploration Company Limited (HOEC) has issued the notice for its 42nd Annual General Meeting scheduled for September 25, 2026. Key special resolutions include raising the company's borrowing limit from ₹750 crore to ₹1,000 crore (equivalent to ~79% of its ₹1,269 crore net worth) under Section 180(1)(c) and enabling inter-corporate loans, guarantees, and investments up to ₹300 crore under Section 186. The cut-off date for e-voting eligibility is set for September 18, 2026, with remote e-voting running from September 20 to September 24, 2026.
- 42nd AGM scheduled for September 25, 2026, via Video Conferencing.
- Proposed increase in borrowing limits from ₹750 crore to ₹1,000 crore.
- Proposed Section 186 limit of up to ₹300 crore for loans, investments, and guarantees.
- Cut-off date for e-voting fixed as September 18, 2026; book closure from September 19 to September 25, 2026.
Hindustan Oil Exploration Company Limited (HOEC) has been awarded the Mumbai Offshore Contract Area (MB/OSDSF/MUMBAI OFFSHORE/2025) under DSF Bid Round-IV by the Government of India. The block comprises 5 discovered field areas: C-23-9, C-39-14, BH-68, WO-5-11, and B-174-1. Formal handover is subject to the execution of the Revenue Sharing Contract (RSC) with the Ministry of Petroleum & Natural Gas. This expands HOEC's Western Offshore footprint, unlocking operating synergies with its existing B-80 and upcoming B-15 assets.
- Awarded Contract Area MB/OSDSF/MUMBAI OFFSHORE/2025 under Discovered Small Field (DSF) Bid Round-IV.
- Communication received from DGH vide letter dated August 31, 2026.
- Comprises 5 discovered field areas: C-23-9, C-39-14, BH-68, WO-5-11, and B-174-1 with existing well locations.
- Adds to existing Western Offshore operating assets including B-80 and the B-15 field awarded in 2025.
Hindustan Oil Exploration Company Limited (HOEC) released the transcript of its Q1 FY27 earnings conference call. Management highlighted ongoing operational challenges at Block B-80 due to higher water cuts, with rig mobilization for D1 and D2 well workovers slated for October 2026. At Dirok, fields are operating at 50%-70% capacity due to evacuation pipeline bottlenecks, which are currently being upgraded to 2.5 MMSCMD. For Kharsang, a 24 km pipeline is planned to take 14-18 months for gas evacuation, while drilling at Block B-15 (16 MMBOE reserves) is slated for FY28.
- B-80 field workover rig contract to be awarded in August 2026, with mobilization expected in October 2026 to address water cut issues in D1 and D2 wells.
- B-15 offshore field holds estimated reserves of 16 MMBOE, with field development plan underway and drilling scheduled for FY28.
- Dirok onshore asset is producing at only 50%-70% capacity; pipeline capacity restoration to 2.5 MMSCMD is being executed by Assam Gas Company Limited.
- Kharsang gas evacuation requires a 24 km pipeline tie-in at Bordumsa, with an estimated execution timeline of 14 to 18 months.
Hindustan Oil Exploration Company Limited (HOEC) issued a clarification regarding media reports concerning its proposed drilling activities in the Cauvery Basin PY-1 Offshore Field. The company clarified that the proposal involves drilling 4 additional development wells within the existing producing field to restore depleted production to sanctioned levels, rather than entering a new exploration area. HOEC has submitted its Environmental Impact Assessment (EIA) report to MoEF&CC on June 1, 2026, after receiving Terms of Reference on August 21, 2025, and will commence drilling only after statutory Environmental and CRZ Clearances are secured. The project will leverage existing infrastructure, including the 9-slot SUN platform and a 56–57 km subsea pipeline, where HOEC has cumulatively invested ~₹3,400 crore.
- Plan entails drilling 4 additional development wells in existing PY-1 block to restore sanctioned output levels
- Cumulative investment in PY-1 field and associated infrastructure stands at approximately ₹3,400 crore
- EIA report submitted on June 1, 2026, following Terms of Reference granted on August 21, 2025; awaiting EC and CRZ clearances
- Utilises existing unmanned SUN platform (9 available well slots) and 56–57 km subsea export pipeline
Hindustan Oil Exploration Company (HOEC) has released the audio recording of its earnings call held on August 13, 2026, regarding the Q1 FY2026-27 results. This follows a period where TTM revenue has declined to ₹263 Cr from ₹749 Cr in FY24. The call likely addresses the company's strategy to reverse this trend through a ₹250 Cr expansion plan and the drilling of 10 new offshore wells. Investors can access the recording on the company's website to gauge management's confidence in achieving their 21% post-tax IRR target.
- Earnings call held on August 13, 2026, for the quarter ended June 30, 2026
- TTM revenue stands at ₹263 Cr, representing a significant decline from FY24 revenue of ₹749 Cr
- Company is executing a ₹250 Cr expansion plan for onshore and offshore production
- Current reserves reported at 47.87 MMBOE (P+P) with additional interest pending approval
- Management targets a post-tax IRR of over 21% despite oil price volatility
Hindustan Oil Exploration Company (HOEC) has successfully reconfigured the compression system on its Mobile Offshore Processing Unit (MOPU) at Block B-80. This technical adjustment allows for lower suction pressures, which is essential for optimizing gas extraction as reservoir conditions change. Test runs have commenced, and the company has already initiated partial gas sales under this new configuration. This operational fix is critical as B-80 production previously saw a 38% decline in Q2 FY26 due to monsoon and operational challenges.
- Compression configuration on the MOPU at Block B-80 has been modified to support lower suction pressures.
- Test runs of the new compressor configuration have officially started.
- Partial gas sales have already commenced following the reconfiguration.
- The update follows a prior operational intimation dated June 10, 2026.
- Aims to stabilize production after a 38% volume drop reported in Q2 FY26.
HINDOILEXP reported Q1 FY27 consolidated revenue of Rs 124.01 Cr and PAT of Rs 6.24 Cr. A major dispute with HPCL involving Rs 260 Cr of held-up revenue (nearly 100% of TTM revenue) is being resolved by selling the crude to third parties, expected to conclude by November 2026. The company has announced a significant USD 45 million capex (~Rs 375 Cr) for FY27 to fund drilling and workovers, which is approximately 142% of its TTM revenue. Production at the B80 asset remains a key focus with 3 new wells planned for Q4 FY27 to unlock reserves.
- Rs 260 Cr revenue held up due to HPCL quality dispute is now being liquidated via third-party sales.
- USD 45 million capex planned for FY27, primarily for drilling 3 new wells in the B80 block.
- Q1 FY27 consolidated PAT declined to Rs 6.24 Cr from Rs 43.87 Cr in the same quarter last year.
- B80 asset reserves estimated at 35.48 MMBOE as of July 1, 2026, with 1,18,323 barrels currently in stock.
- Kharsang oil production ramped up by 2x following a successful 9-well workover campaign.
HINDOILEXP's Board has addressed a fine of Rs 59,000 each levied by NSE and BSE for a 10-day delay in filing FY26 audited results. The delay was attributed to transitions in Key Managerial Personnel (KMP) and Statutory Auditors during the reporting period. The company had proactively notified the exchanges of the anticipated delay on May 27, 2026, and eventually filed the results on June 11, 2026. While the fine amount is negligible relative to the company's Rs 263 Cr TTM revenue, the filing confirms the resolution of this compliance lapse.
- Delay of 10 days in submitting audited financial results for the quarter and year ended March 31, 2026
- Total fine of Rs 1,18,000 (Rs 59,000 each to NSE and BSE) including 18% GST has been paid
- Financial results were submitted on June 11, 2026, following a proactive intimation of delay on May 27, 2026
- Management cited significant changes in Key Managerial Personnel and Statutory Auditors as the primary cause for the delay
- Board has directed management to initiate corrective measures to strengthen the financial closing process
HINDOILEXP reported a consolidated revenue of ₹114.88 Cr for Q1 FY27, up from ₹78.65 Cr in the year-ago quarter. However, Profit Before Tax fell to ₹6.55 Cr from ₹44.74 Cr in Jun 2025, largely due to the absence of a one-time fair value gain of ₹32.52 Cr recorded last year. A major development is the Board's approval to increase borrowing limits to ₹1,000 Cr, representing approximately 46.6% of the current market capitalization, signaling aggressive expansion plans. The company also remains in conciliation with HPCL over a reversed ₹258.78 Cr crude oil sale, with inventory still awaiting new buyers.
- Consolidated Revenue from operations reached ₹114.88 Cr for the quarter ended June 30, 2026.
- Board approved a significant increase in borrowing limits to ₹1,000 Cr, subject to shareholder approval.
- Conciliation proceedings are ongoing with HPCL regarding the cancellation of a ₹258.78 Cr crude oil sale arrangement.
- Standalone Net Profit for the quarter stood at ₹12.71 Cr with an EPS of ₹0.96.
- Final fair valuation of the 40% B-80 block acquisition added ₹2.30 Cr to other income this quarter.
Financial Performance
Revenue Growth by Segment
Standalone revenue for Q2 FY26 reached INR 311.21 Cr, a 306% increase from INR 76.60 Cr in Q1 FY26, primarily driven by crude oil sales from the B-80 field which contributed INR 281.72 Cr. Dirok segment revenue declined 28% to INR 26.57 Cr from INR 36.98 Cr QoQ due to lower gas off-take.
Geographic Revenue Split
100% of revenue is derived from domestic operations in India, specifically from offshore assets like B-80 and PY-1, and onshore assets in the Cambay basin and Assam (Dirok).
Profitability Margins
Operating profit margin improved to 34% in FY25 from 19% in FY24. Standalone Net Profit for Q2 FY26 was INR 19.04 Cr (6.1% margin), while Consolidated Net Profit was significantly lower at INR 2.83 Cr (0.9% margin) due to losses in subsidiaries Hindage and Geopetrol totaling approximately INR 12 Cr from high operating and depreciation costs.
EBITDA Margin
Standalone EBITDA for Q2 FY26 was INR 28.81 Cr, up 5.7% from INR 27.24 Cr in Q1 FY26. Consolidated EBITDA for Q2 FY26 was INR 25.15 Cr, a 28% decrease from INR 35.02 Cr in Q1 FY26, reflecting the impact of subsidiary operational costs.
Capital Expenditure
The company has secured debt capital of INR 250 Cr to fund a drilling program consisting of 10 offshore wells (3 in PY-1, 3 in B-80, 4 in B-15) and multiple onshore wells in Dirok, Asjol, and Palej.
Credit Rating & Borrowing
The company secured a term loan of INR 250 Cr for CAPEX. Debt-Equity ratio improved from 0.07 in FY24 to 0.04 in FY25, indicating low leverage. Credit ratings are constrained by geological risks and high dependence on the PY-1 field.
Operational Drivers
Raw Materials
The company is an E&P player; its primary 'costs' are production expenses (INR 46.51 Cr in Q2 FY26) and statutory levies like Royalty, Cess, and NCCD (INR 10.60 Cr in Q2 FY26), which represent approximately 18% of standalone revenue.
Import Sources
Not applicable as an E&P company; however, specialized equipment like the Mobile Offshore Production Unit (MOPU) and Floating Storage and Offloading (FSO) are utilized in offshore blocks.
Key Suppliers
Key partners in blocks include ONGC (Cambay), Oil India, and IOC. Subsidiaries Hindage and Geopetrol provide critical infrastructure (MOPU and FSO).
Capacity Expansion
Current reserves stand at 47.87 MMBOE (P+P), with an additional 14.37 MMBOE pending government approval for the 40% PI acquisition in Block B-80. Expansion plans include drilling 10 new offshore wells to monetize discovered resources.
Raw Material Costs
Production expenses in FY25 were $26,327.94 lakhs, a decrease from $27,634.75 lakhs in FY24 due to lower plant hire charges. Statutory levies represent a fixed percentage of production value.
Manufacturing Efficiency
B-80 gas production decreased to 229 MMSCF in Q2 FY26 from 370 MMSCF in Q1 FY26, a 38% decline attributed to monsoon-related operational challenges.
Logistics & Distribution
Distribution is handled via FSO (Floating Storage and Offloading) for offshore oil; B-80 crude oil sales in Q2 FY26 totaled INR 258.78 Cr.
Strategic Growth
Expected Growth Rate
21%
Growth Strategy
Growth will be achieved by drilling 10 offshore wells in PY-1, B-80, and B-15 to unlock 'value below the ground.' The company is also expanding onshore production in Greater Dirok and the Cambay basin (Asjol, Palej) using INR 250 Cr in new debt capital.
Products & Services
Crude oil, Natural Gas, and Condensate.
Brand Portfolio
HOEC (Hindustan Oil Exploration Company).
New Products/Services
Monetization of the B-15 offshore field through 4 planned wells is expected to be a new revenue contributor.
Market Expansion
Focusing on increasing the working interest in existing high-potential blocks, such as the 40% PI acquisition in Block B-80 from Adbhoot Estates.
Market Share & Ranking
Small-sized operations relative to industry majors, but a significant private player in the Indian E&P space.
Strategic Alliances
Joint ventures with ONGC, Oil India, and IOC for exploration and production activities.
External Factors
Industry Trends
The industry is shifting toward gas as a 'transition fuel.' HOEC is positioning itself by linking gas prices to oil and focusing on domestic production to meet India's energy security needs.
Competitive Landscape
Competes with national oil companies (ONGC, OIL) and private players like Vedanta (Cairn) and Reliance for blocks and resources.
Competitive Moat
Moat is based on ownership of discovered reserves (47.87 MMBOE) and established infrastructure (MOPU/FSO) which are difficult and capital-intensive to replicate.
Macro Economic Sensitivity
Highly sensitive to global crude oil prices; however, revenue-sharing contracts provide a fiscal buffer.
Consumer Behavior
Industrial demand for natural gas in the Northeast (Dirok) and Western India (Cambay) drives off-take volumes.
Geopolitical Risks
Geopolitical factors affecting global oil supply and pricing directly impact the company's top-line realization.
Regulatory & Governance
Industry Regulations
Operations are governed by the Ministry of Petroleum and Natural Gas (MoPNG) and Directorate General of Hydrocarbons (DGH) under Production Sharing Contracts (PSC) and Revenue Sharing Contracts (RSC).
Environmental Compliance
Maintains a Site Restoration Fund with deposits of INR 92.35 Cr as of H1-FY26 to meet decommissioning liabilities.
Taxation Policy Impact
The company is a tax-paying entity; standalone net tax expenses were INR 1.00 Cr in FY25. Revenue sharing formulas in PSCs act as a progressive tax mechanism.
Legal Contingencies
The 40% PI acquisition in Block B-80 is currently pending regulatory approval from the Government of India.
Risk Analysis
Key Uncertainties
Geological risks inherent in E&P could lead to dry wells or lower-than-expected recovery. Commodity price volatility remains a primary financial risk with a 3% margin impact per $10 price change.
Geographic Concentration Risk
High concentration in India, with specific dependence on the PY-1 offshore field and the Dirok field in Assam.
Third Party Dependencies
Dependence on ONGC and Oil India as JV partners and infrastructure providers.
Technology Obsolescence Risk
Risk of technical failures in offshore equipment (MOPU/FSO) which can halt production, as seen in the 37-38 day production halt at B-80.
Credit & Counterparty Risk
Trade receivables increased to INR 292.76 Cr in H1-FY26 from INR 25.69 Cr in FY25, indicating a significant buildup of credit exposure following large crude sales.
