Asian Energy Services Q3 FY26 Revenue Soars 157% YoY to ₹235.4 Cr; Oil Discovery in Mewad Block
Asian Energy Services reported a strong Q3 FY26 with revenue up 157% YoY to ₹235.4 Cr and PAT up 117% YoY to ₹17.5 Cr. The company announced an oil discovery in its Mewad block, with potential for significant production scale-up. The integration of Kuiper is complete, enhancing scale and capabilities.
The substantial revenue growth, coupled with a confirmed oil discovery and strategic integration of a new acquisition, indicates a significant positive impact on the company's financial performance and future outlook.
The company reported significant year-on-year growth in revenue and profits, along with a positive operational development in the form of an oil discovery, indicating strong future prospects.
Asian Energy Services Limited (AESL) has announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The company reported a significant surge in revenue for Q3 FY26, reaching ₹235.4 Crore, a 157% increase year-on-year (YoY) and a 131% increase quarter-on-quarter (QoQ).
EBITDA for the quarter stood at ₹28.3 Crore, up 93% YoY and 211% QoQ. Profit After Tax (PAT) also saw substantial growth, rising by 117% YoY to ₹17.5 Crore. For the nine-month period ended December 31, 2025 (9MFY26), revenue grew by 81% YoY to ₹452.8 Crore, with EBITDA at ₹49.3 Crore (up 27% YoY) and PAT at ₹25.7 Crore (up 31% YoY).
A key operational highlight is the successful drilling of the NM-01 well in the Mewad block to a depth of 1,650 meters, confirming an oil discovery across three hydrocarbon-bearing zones. The well is currently producing approximately 100 barrels of oil per day (bopd) from the Sobhasan sand, with technical data suggesting a potential production rate of around 150 bopd. A comprehensive Field Development Plan is underway to maximize the block's potential, targeting a block-level production scale-up to approximately 1,000 bopd from the current ~150 bopd. This development is expected to contribute meaningfully to annual revenue and EBITDA, with a significant uplift anticipated from FY27 onwards.
Q3 FY26 also marks the first full quarter of revenue consolidation for Kuiper, following its acquisition. This integration has enhanced the company's scale, capabilities, and growth trajectory in the Oil & Gas segment. Execution has commenced for the Vedanta integrated field development contract and the MCL Lakhanpur CHP contract, reinforcing the order book strength. The company maintained a net zero debt position with healthy cash flows.
The company's management, led by Managing Director Kapil Garg, expressed confidence in delivering the guidance provided for FY26, citing stronger earnings visibility, a higher-quality order book, and disciplined project execution. The increasing contribution of long-term operations and maintenance contracts and the integration of Kuiper’s international strengths are seen as reinforcing the long-term strategic direction.
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