Aakash Exploration Services Ltd.

AAKASHNSECrude OilOil ExplorationSmall Cap

₹9.08

▼ 0.22%

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Composite

The company is providing Oil and Gas field Services to M/S Oil & Natural Gas Corporation Ltd (A Govt. of India Company), Ahmedabad, Mehsana and Hazira Projects and also providing similar services to private oil field operators namely GSPCL, Cairn, Essar, Great Eastern Energy, IOC, Niko, OIL, Price Petroleum etc to their extreme satisfaction.

www.aakashexploration.comSector: Crude OilIndustry: Oil Exploration

Q-DITS fundamental score

63Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹92 Cr

TTM PE

18.1x

Industry PE

8.2x

TTM EPS

₹0.5

Book Value

₹5.93

Face Value

₹1

Div Yield

PEG

-2.19x

1.6x

ROE

11.2%

ROCE

12.6%

EBITDA mgn

19.2%

D/E

0.44

Int. Cover

5.7x

Curr. Ratio

1.21x

EPS

₹0.61

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	14.5%	6.7%	13.5%	—
EBITDA	49.1%	4.1%	3.4%	—
Net Profit	90.2%	-8.3%	-3.3%	—

Score snapshot

Piotroski

8/9

Altman Z

2.26

Quality

48.3

Growth

40.8

Valuation

Earn. Qual

91.2

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 2 years

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Metric	2023	2024
›RevenueCr	93	92
›EBITDACr	15	18
›EBITDA margin	16%	19.2%
›Net profitCr	5	6
›PAT margin	4.9%	6.7%
›EPS₹	₹0.45	₹0.61
›Revenue growth	0%	-0.4%
›PAT growth	0%	36.8%
›ROE	8.7%	11.2%
›ROCE	10.2%	12.6%
›ROA	5.4%	7%
›P/E	13.3x	14.9x
›P/B	1.2x	1.6x
›D/E	0.5	0.4
›Current ratio	0.7x	1.2x
›Interest cover	4.7x	5.7x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	22	31	26	23	23	26	24	25	31	33
›Rev growth YoY	-18.9%	56.7%	42.1%	8.6%	7.1%	-16.6%	-8.3%	7.6%	33.4%	26.7%
›EBITDACr	3	7	3	2	2	3	3	3	4	5
›EBITDA margin	12.8%	22.5%	12.9%	8.8%	9.4%	9.9%	12.1%	11.7%	12.7%	16.3%
›Net profitCr	0	4	1	0	0	0	1	0	1	2
›PAT growth YoY	-58%	232.1%	15.3%	-91.4%	-36.9%	-92.1%	-55.1%	156.5%	213.2%	581.5%
›EPS₹	₹0.04	₹0.35	₹0.12	₹0.01	₹0.03	₹0.03	₹0.05	₹0.03	₹0.08	₹0.19

Balance sheet — last 3 years (₹ Cr)

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Metric	2023	2024	2024
›Shareholders' equityCr	52	59	60
›ReservesCr	42	48	50
›Total borrowingsCr	0	0	0
›InvestmentsCr	3	9	0
›Total assetsCr	58	66	87
›Current assetsCr	17	33	25
›Current liabilitiesCr	24	27	18
›Trade payablesCr	4	3	4
›Gross blockCr	89	92	56

Cash flow statement (₹ Cr)

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Metric	2023	2024
›Operating CF (CFO)Cr	19	10
›Investing CF (CFI)Cr	-24	-10
›Financing CF (CFF)Cr	6	-0
›Net cash changeCr	1	-0
›Closing cashCr	1	1

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)48.3

Growth (25%)40.8

Valuation (20%)72

Piotroski (15%)89

Earnings Quality (10%)91.2

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

8/9

✓ROA positiveROA 6.99%

✓CFO positiveCFO ₹10.21 Cr

✓ROA improving5.44% → 6.99%

✓CFO > PAT (low accruals)CFO 10.21 vs PAT 6.2

✓Leverage decreasedD/E 0.46 → 0.44

✓Liquidity improvedCR 0.71 → 1.21

✓No share dilutionEPS 0.45 → 0.61

✓Margin improvedEBITDA mgn 16.02% → 19.2%

✗Asset turnover upAsset TO 1.11 → 1.04

Altman Z-Scoregrey

2.26

0.077

0.573

0.117

0.69

1.064

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

48.3/100

ROE

11.2%

ROCE

12.6%

Margin

6.7%

Debt

0.4

Int. cover

5.7x

Growth

40.8/100

Revenue 3Y

6.7%

Profit 3Y

-8.3%

EPS

36.8%

Valuation

72/100

14.9x

1.6x

EV/EBITDA

6.6x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

91.2/100

CFO₹10 Cr

PAT₹6 Cr

Accrual ratio-0.046

CFO/PAT1.65x

PEAD · SURGE

+2 / +1

Revenue SUE0.57

EPS SUE1.06

Latest quarter2026-03

Rev growth YoY26.7%

Shareholding pattern

Promoter66.5%

FII/FPI0%

DII0%

Public33.5%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	66.7%	66.7%	66.7%	66.7%	66.5%	66.5%	66.5%	66.5%	66.5%
›FII / FPI	0%	0%	0%	0%	0%	0%	0%	0%	0%
›DII	0%	0%	0%	0%	0%	0%	0%	0%	0%
›Public / Retail	33.3%	33.3%	33.3%	33.3%	33.5%	33.5%	33.5%	33.5%	33.5%
›Promoter pledge	0%	0%	0%	0%	0%	0%	0%	0%	0%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Oil & Natural Gas Corporation Ltd.	3,09,726	6,62,247	46,791	7.5x	0.8x	11.2	13.7	0.45
Oil India Ltd.	68,000	37,050	6,429	10.3x	1.2x	14.4	13.9	0.6
Deep Industries Ltd.	3,113	891	197	17.3x	1.6x	-4.8	-1.6	0.11
Antelopus Selan Energy Ltd.	2,732	279	90	30.5x	4.2x	17.2	22.9	0
Hindustan Oil Exploration Company Ltd.	2,152	263	63	34.3x	1.6x	11.8	12.3	0.09
Asian Energy Services Ltd.	1,790	791	48	35x	2.9x	13.5	16.6	0.07
Jindal Drilling & Industries Ltd.	1,682	997	173	8x	0.9x	14.6	16.6	0.1