HINDOILEXP Q1 FY27 earnings call.
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Revenue
₹114.18 Cr
verified against source
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EBITDA
Pending
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What the record says.
Hindoilexp's Q1 FY27 results reflect a mixed quarter with revenue recovery to 117.5 crores standalone following the HPCL reversal impact in Q4, but profitability compressed due to inventory adjustments and stock variations totaling 41 crores. Production at BHT faced headwinds from increasing water cut in producing wells, though compressor reconfiguration and upcoming workovers (October rig mobilization) aim to restore output. Kasang operations showed encouraging volume growth from 12,300 to 17,400 BOE. Gas realizations improved significantly to $12/MMBTU from $9.8 previously. The DNPL pipeline connectivity for Dirok gas remains on track for December completion via hot-tap methodology, which would unlock monetization for 6-7 MMSCMD of currently stranded gas. Management flagged funding requirements for BHT development program (2 workovers + 3 new wells) while projecting self-funding capability post-Q4 FY27 once Dirok ramp-up occurs. Key risks include execution delays in offshore interventions, uncertainty around Dirok pipeline timeline, and ongoing BHT inventory liquidation at potential 7-10% discount to expected realizations.
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Guidance to track
- Following 2 workovers (October 2026) and 3 new development wells (March-April 2027), management targets 11,000 bbl/day with range of 8,900-13,000 bbl/day acknowledging reservoir uncertainty.
- DNPL pipeline capacity restoration via hot-tap methodology expected by December 2026, enabling monetization of 6-7 MMSCMD at current well stock with potential 50-60 MMSCF additional flow capacity.
- Post Dirok ramp-up, management expects operating cash flows to fund B15 exploration and organic growth without external capital requirements, though BHT development requires debt raise.
- Field Development Plan under preparation evaluating 3-4 concepts including potential tie-back to existing ONGC platform to reduce capital cost. Resource estimate at 16 MMBOE.
Risks flagged
- Production impacted by rising water cut in existing wells. While workovers planned, historical delivery has missed targets. Analyst raised concern about reliability of 11,000 bbl/day guidance given consistent miss over three years.
- ~120,000-130,000 barrels of BHT crude remain at HPCL Mumbai terminal. Management expects to sell by October-November 2026 but anticipates 7-10% loss on realization due to price decline and demurrage charges on smaller tanker dispatch.
- Dirok monetization contingent on Assam Gas Company completing hot-tap procedures by December 2026. Flood disruption in Assam and NRL operational constraints could delay capacity restoration beyond target.
- Two new wells at PY1 contingent on securing take-or-pay gas sales agreement with GAIL or IOCL before drilling commitment. Previous wells watered out due to lack of buyer—management cautious about repeating this issue.
Key quotes
- We will drill the first well, test it, understand the deliverability, then go to the second well and then to the third... as soon as we are talking about stuff which is 4 kilometers below the main mud line. So that uncertainty will remain but going by the reservoir models that we have we believe we have infill locations for three that we will need to do.
- In the oil and gas sector we have to continue to pursue production so long as we have a level of confidence that the recoverable reserves are still in the ground. In India we don't have an ecosystem where you can make a phone call and get a vessel to do work on a subsea completion well.
- The PBT in the current quarter was impacted by stock adjustments of 41 crores which is due to reversal of the HPCL sale. If we adjust for this, the underlying operational performance would be different.
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