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HINDOILEXP - Hind.Oil Explor.

📊 NSE: HINDOILEXP 🏢 Oil Drilling / Allied Services 📅 Last Updated: 12/13/2025 23:01

📢 Recent Corporate Announcements

HOEC Files Quarterly SEBI Compliance Certificate for March 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 05:42 PM

Hindustan Oil Exploration Company Limited (HOEC) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended March 31, 2026, were processed correctly. It verifies that physical share certificates were mutilated and cancelled, and the depositories' names were updated in the register of members. This is a standard administrative filing required by Indian regulatory authorities.

Compliance certificate submitted for the quarter ended March 31, 2026.
Confirmation provided by Registrar and Share Transfer Agent MUFG Intime India Private Limited.
Verification that physical certificates received for dematerialization were cancelled and mutilated.
Confirms that securities are listed on the stock exchanges where earlier securities were listed.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming operational and financial performance reports.

HOEC Clarifies on Trading Volume Spurt; No Undisclosed Material Information

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Apr 2026, 11:19 AM

Hindustan Oil Exploration Company Limited (HOEC) has responded to a clarification request from stock exchanges regarding a significant increase in trading volumes. The company stated that it has consistently disclosed all price-sensitive information in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015. Management clarified that they are unaware of any specific reasons behind the recent volume surge. This response is a standard regulatory procedure aimed at ensuring market transparency and safeguarding investor interests.

Exchange sought clarification on April 8, 2026, regarding a significant spurt in trading volume.
Company confirms full compliance with SEBI Listing Obligations and Disclosure Requirements.
Management officially states they are unaware of any specific reasons for the volume increase.
HOEC affirmed its commitment to continue timely disclosure of all material and price-sensitive information.

💡 Investors should view this as a routine regulatory clarification and avoid speculating on the volume surge. Focus should remain on the company's fundamental performance and upcoming operational updates.

HINDOILEXP Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Mar 2026, 04:58 PM

Hindustan Oil Exploration Company Limited (HOEC) has notified the stock exchanges regarding the closure of its trading window for all designated persons starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The window will remain closed until 48 hours after the declaration of the audited standalone and consolidated financial results for the quarter and financial year ending March 31, 2026. This is a standard regulatory procedure to prevent insider trading ahead of financial disclosures.

Trading window for dealing in company shares stands closed from April 1, 2026.
Restriction applies to Directors, employees, and other Designated Persons of the company.
Closure is linked to the upcoming audited financial results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the financial results are officially declared.

💡 This is a routine regulatory filing with no direct impact on company fundamentals; investors should wait for the upcoming Q4 and FY2026 earnings release for performance updates.

HOEC Shareholders Approve Dr. J.N. Singh as Chairman and Baroruchi Mishra as MD & CEO

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 30 Mar 2026, 06:20 PM

Hindustan Oil Exploration Company (HOEC) has successfully passed three key leadership resolutions via postal ballot. Dr. Jagadip Narayan Singh was appointed as Chairman with near-unanimous support (99.99%). While Mr. Baroruchi Mishra was confirmed as Managing Director & CEO with 98.37% total approval, the resolution faced significant opposition from institutional investors, who cast 96.09% of their votes against his appointment. These changes establish a new executive leadership team to oversee the company's oil and gas operations.

Dr. Jagadip Narayan Singh appointed as Non-Executive Independent Director & Chairman with 99.9896% votes in favor.
Mr. Baroruchi Mishra's appointment as MD & CEO passed with 98.3703% total votes in favor.
Public institutional investors strongly opposed the MD & CEO appointment, with 96.0872% of their votes (808,281 shares) cast against it.
Total voting turnout represented 37.77% of the company's 132.24 million outstanding shares.

💡 Investors should monitor the company's strategic direction under the new MD & CEO, especially given the high level of institutional dissent regarding his appointment. Watch for any shifts in operational efficiency or capital allocation in upcoming quarterly results.

HOEC CFO N Sivalai Senthilnathan Resigns Effective March 28, 2026

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 30 Mar 2026, 06:07 PM

Hindustan Oil Exploration Company Limited (HOEC) has announced the resignation of Mr. N Sivalai Senthilnathan from the position of Chief Financial Officer. The resignation was effective as of March 28, 2026, and was attributed to personal reasons. This announcement follows a preliminary intimation regarding management changes made on March 24, 2026. The company is now in a transition phase for its top financial leadership role.

Mr. N Sivalai Senthilnathan resigned as Chief Financial Officer (CFO)
The effective date of cessation is March 28, 2026
Resignation is cited as being due to personal reasons
The disclosure is made under Regulation 30 of SEBI Listing Regulations

💡 Investors should monitor the company's announcement regarding the appointment of a successor to ensure a smooth transition in financial oversight. While the resignation is for personal reasons, frequent changes in Key Managerial Personnel (KMP) warrant closer scrutiny of management stability.

HOEC Appoints Industry Veteran Allen Joseph Andrade as CFO; N Sivalai Senthilnathan Resigns

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 24 Mar 2026, 03:30 PM

Hindustan Oil Exploration Company (HOEC) has announced a transition in its financial leadership, appointing Mr. Allen Joseph Andrade as the new CFO effective April 1, 2026. He succeeds Mr. N Sivalai Senthilnathan, who resigned for personal reasons effective March 28, 2026. Mr. Andrade brings over 40 years of international experience, specifically in the Oil and Gas sector with BG (Shell Upstream) and JV governance involving RIL and ONGC. The company also announced the reconstitution of its CSR and Risk Management committees to align with the leadership changes.

Mr. Allen Joseph Andrade appointed as CFO effective April 1, 2026, with 40+ years of experience.
Outgoing CFO Mr. N Sivalai Senthilnathan to step down on March 28, 2026, due to personal reasons.
New CFO has specialized expertise in Oil & Gas Production Sharing Contracts (PSCs) and high-stakes JV governance.
Board reconstituted CSR and Risk Management committees effective April 1, 2026.

💡 The appointment of a highly experienced industry veteran as CFO is a positive development for corporate governance and financial strategy. Investors should view this as a strengthening of the leadership team, particularly given the appointee's deep background in the Oil and Gas sector.

HOEC Appoints Industry Veteran Allen Joseph Andrade as CFO; Reconstitutes Board Committees

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 24 Mar 2026, 03:17 PM

Hindustan Oil Exploration Company (HOEC) has appointed Mr. Allen Joseph Andrade as Chief Financial Officer effective April 1, 2026, following the resignation of Mr. N Sivalai Senthilnathan. Mr. Andrade is a seasoned professional with over 40 years of experience, notably serving as VP/CFO for Shell Upstream (BG India) and managing high-stakes JVs with RIL and ONGC. The board also reconstituted its CSR and Risk Management committees to enhance governance. This transition brings deep domain expertise in Oil & Gas Production Sharing Contracts (PSCs) to the company's top management.

Appointment of Mr. Allen Joseph Andrade as CFO effective April 1, 2026.
Outgoing CFO Mr. N Sivalai Senthilnathan to step down on March 28, 2026, for personal reasons.
New CFO has 40+ years of experience including roles at Shell Upstream, BNP Paribas, and Universal Music.
Reconstitution of CSR and Risk Management committees effective April 1, 2026 to align with SEBI regulations.

💡 The appointment of a CFO with extensive upstream oil and gas experience is a positive development for HOEC's operational and financial strategy. Investors should monitor how this leadership change impacts the company's joint venture governance and financial reporting in the coming quarters.

HOEC Clarifies No Undisclosed Information Regarding Recent Share Price Movement

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Mar 2026, 11:02 AM

Hindustan Oil Exploration Company Limited (HOEC) has responded to a clarification request from the National Stock Exchange regarding recent significant fluctuations in its share price. The company stated that it has consistently disclosed all material events and price-sensitive information in compliance with SEBI Regulation 30. HOEC clarified that there is no undisclosed information or pending announcement that could explain the recent market activity. The management reaffirmed its commitment to timely regulatory disclosures moving forward.

NSE issued a surveillance clarification request (Ref: NSE/CM/Surveillance/16551) on March 10, 2026.
HOEC officially responded on March 11, 2026, denying any undisclosed material developments.
Company confirms full compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Management stated they are unaware of the specific reasons behind the recent price movement in the company's security.

💡 As the company has confirmed no new material developments, investors should treat the recent price volatility as market-driven or speculative. Focus on fundamental performance rather than short-term price fluctuations.

HOEC Proposes New Chairman and MD & CEO Appointments via Postal Ballot

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 27 Feb 2026, 11:30 AM

Hindustan Oil Exploration Company (HOEC) has initiated a postal ballot to seek shareholder approval for significant leadership changes. Dr. Jagadip Narayan Singh is proposed as the Non-Executive Independent Director and Chairman for a five-year term until January 2031. Furthermore, Mr. Baroruchi Mishra is slated to take over as Managing Director & CEO for a three-year term starting April 1, 2026. The e-voting process for these resolutions will conclude on March 29, 2026, following a cut-off date of February 20, 2026.

Dr. Jagadip Narayan Singh proposed as Chairman for a 5-year term from January 23, 2026, to January 22, 2031.
Mr. Baroruchi Mishra to be appointed as Managing Director & CEO for a 3-year term effective April 1, 2026.
Mr. Mishra's designation transitions from Independent to Non-Independent Director effective February 25, 2026.
Remote e-voting period is set from February 28, 2026, to March 29, 2026.
Shareholder eligibility for voting was determined by the cut-off date of February 20, 2026.

💡 Investors should monitor the leadership transition for any changes in the company's strategic direction or operational focus under the new MD & CEO. The move to appoint an existing board member as CEO suggests a preference for internal continuity.

HOEC Appoints Baroruchi Mishra as MD & CEO; Dr. J.N. Singh Joins as Chairman

🟢 POSITIVE ⭐ 8/10

MANAGEMENT 📅 25 Feb 2026, 01:41 PM

Hindustan Oil Exploration Company (HOEC) has announced a major leadership overhaul, appointing Mr. Baroruchi Mishra as MD & CEO for a 3-year term starting April 1, 2026. He replaces Mr. Ramasamy Jeevanandam, who resigns effective March 31, 2026, after an 11-year tenure with the company. Furthermore, Dr. Jagadip Narayan Singh, a former Chief Secretary of Gujarat with deep experience in the gas and petroleum sectors (GSPC, Gujarat Gas), has been appointed as Chairman for 5 years. These strategic appointments aim to leverage high-level administrative and techno-commercial expertise for the company's future growth.

Mr. Baroruchi Mishra appointed as MD & CEO for a 3-year term starting April 1, 2026.
Dr. Jagadip Narayan Singh appointed as Independent Director & Chairman for a 5-year term.
Outgoing MD Mr. Ramasamy Jeevanandam concludes an 11-year stint with the company, including 2 years as MD.
New CEO candidate Mr. Mishra has 35+ years of experience and was previously shortlisted for the ONGC CMD role in 2022.

💡 The appointment of a former top bureaucrat as Chairman and a seasoned energy professional as CEO is a strong signal of institutional strengthening. Long-term investors should remain positive as the new leadership takes charge to drive the next phase of expansion.

HOEC Appoints Baroruchi Mishra as MD & CEO; Ramasamy Jeevanandam to Step Down March 31

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 25 Feb 2026, 01:33 PM

Hindustan Oil Exploration Company (HOEC) has announced a significant leadership transition with Mr. Baroruchi Mishra appointed as the new Managing Director & CEO for a three-year term starting April 1, 2026. This follows the resignation of the current MD, Mr. Ramasamy Jeevanandam, who will step down on March 31, 2026, after an 11-year tenure with the company. Mr. Mishra brings over 35 years of experience in the Oil & Gas sector and was notably shortlisted for the ONGC CMD position in 2022. Additionally, the company recently appointed Dr. Jagadip Narayan Singh, a former Chief Secretary of Gujarat, as its Independent Chairman.

Mr. Baroruchi Mishra appointed as MD & CEO for a 3-year term effective April 1, 2026.
Outgoing MD Mr. Ramasamy Jeevanandam concludes 11 years of service, including 2 years as MD.
New CEO Baroruchi Mishra has 35+ years of experience and was a 2022 finalist for the ONGC CMD role.
Dr. Jagadip Narayan Singh, former Gujarat Chief Secretary, joined as Independent Chairman in January 2026.
The leadership appointments are subject to shareholder approval.

💡 Investors should monitor the strategic direction under the new CEO, given his extensive technical background in EPC and Energy Transition. The high-profile appointments to the Board and CEO level suggest a focus on strengthening corporate governance and operational expertise.

HOEC Q3 FY26: Consol PAT at ₹8.28 Cr; B-80 Oil Production Jumps 45% QoQ

🔵 WATCH ⭐ 7/10

EARNINGS 📅 25 Feb 2026, 12:48 PM

HOEC reported a consolidated PAT of ₹8.28 crore for Q3 FY26, a significant recovery from ₹2.83 crore in Q2. Production at the B-80 offshore field improved to 45,742 barrels of oil and 0.4 bcf of gas as monsoon disruptions subsided. Dirok gas sales saw a slight dip to 13 mmscfd with realized prices at $7.32/mmbtu, but the upcoming Northeast Gas Grid connection in March 2026 is expected to boost offtake. The company is also managing a commercial dispute with HPCL over a 417,000-barrel crude shipment regarding contamination claims.

Consolidated EBITDA grew to ₹31 crore in Q3 FY26 from ₹25 crore in the previous quarter.
B-80 oil production increased by 45% QoQ to 45,742 barrels, while gas production reached 0.4 bcf.
Kharsang block drilling continues with 8 wells completed and current production at 800 barrels per day.
Management estimates total resource potential at 100 million barrels of oil equivalent for its share.
Northeast Gas Grid connection expected by March 2026 to enable higher Dirok gas sales volume.

💡 Investors should monitor the commissioning of the IGGL pipeline and the resolution of the HPCL receivable issue, as these are key catalysts for cash flow. The aggressive drilling plan for 18 shallow wells in Kharsang suggests strong volume growth potential for FY27.

HOEC Independent Director Bhavani Balasubramanian Resigns; Board Committees Reconstituted

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Feb 2026, 04:50 PM

Hindustan Oil Exploration Company Limited (HOEC) has announced the resignation of Mrs. Bhavani Balasubramanian from her position as a Non-Executive Independent Director, effective February 22, 2026. The resignation is attributed to personal reasons, and the director has confirmed there are no other material reasons for her departure. In response to this vacancy, the company has reconstituted five key board committees, including the Audit, Risk Management, and Nomination & Remuneration Committees, effective February 23, 2026. The board has formally placed on record its appreciation for her contributions during her tenure.

Mrs. Bhavani Balasubramanian resigned as Non-Executive Independent Director effective February 22, 2026.
The resignation was cited as being for personal reasons with no other material concerns reported.
Five board committees were reconstituted effective February 23, 2026, to maintain governance standards.
Mr. Suresh Kumar Jain continues to lead the Audit Committee as Chairperson post-reconstitution.
The outgoing director holds significant board positions in other listed entities including HCL Technologies and Sundaram Finance.

💡 This is a routine governance update and does not impact the company's operational or financial fundamentals. Investors should continue to focus on the company's production and exploration updates.

HOEC Receives GST Penalty Order of ₹65.81 Lakhs Over Royalty Dispute

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 19 Feb 2026, 06:26 PM

Hindustan Oil Exploration Company (HOEC) has received a tax order from the Joint Commissioner (ST), Chengalpattu, imposing a penalty of ₹65.81 lakhs. The order relates to a dispute over the non-payment of GST on royalties paid to the Government of India for gas and condensate production in the PY-1 block during FY 2019-20. HOEC maintains that GST is not applicable on such royalties and intends to challenge the order before Appellate Authorities. The company does not anticipate any material financial impact from this development at this stage.

Penalty of ₹65,81,478 imposed along with tax demand and applicable interest
Dispute concerns GST on royalties for gas production in block PY-1 during 2019-20
Company intends to file an appeal against the order with Appellate Authorities
Management expects no material financial impact on the company's operations

💡 Investors should view this as a routine tax dispute; the penalty amount is relatively small and the company is pursuing legal remedies. No immediate portfolio action is required based on this announcement.

HOEC Releases Audio Recording for Q3 FY2025-26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Feb 2026, 05:08 PM

Hindustan Oil Exploration Company Limited (HOEC) has officially released the audio recording of its earnings call held on February 18, 2026. The call focused on the company's unaudited financial performance for the third quarter ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI Listing Obligations and Disclosure Requirements. Investors can now access the management's detailed commentary and Q&A session via the company's website.

Audio recording of the Q3 FY2025-26 earnings call is now available for public review.
The call was conducted on February 18, 2026, following the release of quarterly results.
Discussion centered on the unaudited financial results for the period ending December 31, 2025.
Recording is hosted on the company's official website under the investor relations section.

💡 Investors should listen to the recording to understand management's perspective on production updates and future capital expenditure plans. It is a useful resource for qualitative insights beyond the reported financial numbers.

View All HINDOILEXP Announcements on Live Market Tracking →

💰 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.