Hindustan Oil Exploration Company Limited — Q3 FY26

Hindustan Oil Exploration reported consolidated Q3 FY26 EBITDA of ₹30.99 crore (up from ₹25.15 crore QoQ) and PAT of ₹8.28 crore (up from ₹2.83 crore QoQ), driven by steady gas production from Dirok and improved output from the Cambay basin. However, revenue fell sharply to ₹81.04 crore from ₹156 crore YoY, primarily due to lower offtake at Dirok (13 mmscfd vs 14 mmscfd) and the ongoing HPCL payment dispute blocking ₹259 crore in receivables. Management expects the northeast gas grid connectivity to be completed by Q1 FY27, which could triple Dirok production to 40-45 mmscfd. The company plans to drill 18 shallow and 3 deep wells in Assam, but offshore drilling (PY1, B8) is delayed until post-monsoon due to cash constraints. Key risk: the HPCL dispute may delay capex and drilling timelines further.