Hindustan Oil Exploration Company Ltd
Hindustan Oil Exploration Company Limited was incorporated in 1983, It is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore. The company is India's first private E&P company and its assets are geographically spread across Tamil Nadu, Maharashtra, Gujarat, Assam and Arunachal Pradesh (both offshore and onshore). [1][2][3]
- Market Cap ₹ 2,071 Cr.
- Current Price ₹ 157
- High / Low ₹ 219 / 136
- Stock P/E 19.0
- Book Value ₹ 103
- Dividend Yield 0.00 %
- ROCE 12.3 %
- ROE 11.8 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Earnings include an other income of Rs.98.5 Cr.
- Working capital days have increased from -6.50 days to 124 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Energy Oil, Gas & Consumable Fuels Oil Oil Exploration & Production
Part of BSE SmallCap BSE Allcap BSE Energy
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 78 | 59 | 48 | 26 | 49 | 265 | 202 | 114 | 156 | 558 | 749 | 421 | 584 | |
| 103 | 68 | 45 | 24 | 18 | 77 | 77 | 59 | 77 | 245 | 440 | 247 | 450 | |
| Operating Profit | -25 | -9 | 3 | 1 | 31 | 188 | 125 | 55 | 78 | 312 | 309 | 174 | 134 |
| OPM % | -32% | -16% | 6% | 5% | 63% | 71% | 62% | 48% | 50% | 56% | 41% | 41% | 23% |
| 6 | -1,156 | 20 | 48 | 16 | 15 | 48 | 27 | -23 | -3 | 52 | 76 | 99 | |
| Interest | 14 | 15 | 5 | 0 | 1 | 2 | 6 | 6 | 9 | 38 | 32 | 22 | 19 |
| Depreciation | 103 | 39 | 12 | 10 | 8 | 44 | 29 | 23 | 26 | 74 | 80 | 78 | 77 |
| Profit before tax | -136 | -1,219 | 6 | 40 | 38 | 157 | 137 | 52 | 20 | 197 | 248 | 150 | 137 |
| Tax % | -9% | 0% | 11% | 10% | 0% | 0% | -0% | -3% | -2% | 2% | 9% | 2% | |
| -124 | -1,220 | 5 | 36 | 38 | 157 | 138 | 53 | 20 | 194 | 226 | 147 | 141 | |
| EPS in Rs | -9.48 | -93.46 | 0.38 | 2.76 | 2.88 | 12.01 | 10.40 | 4.04 | 1.51 | 14.67 | 17.12 | 11.13 | 10.68 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 16% |
| 3 Years: | 39% |
| TTM: | -17% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 16% |
| 5 Years: | 7% |
| 3 Years: | 39% |
| TTM: | -23% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 17% |
| 5 Years: | 14% |
| 3 Years: | 4% |
| 1 Year: | -20% |
| Return on Equity | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 14% |
| 3 Years: | 17% |
| Last Year: | 12% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 131 | 131 | 131 | 131 | 131 | 131 | 132 | 132 | 132 | 132 | 132 | 132 | 132 |
| Reserves | 405 | 150 | 175 | 211 | 253 | 410 | 547 | 601 | 621 | 815 | 1,042 | 1,189 | 1,236 |
| 947 | 0 | 0 | 0 | 0 | 12 | 45 | 254 | 357 | 364 | 174 | 121 | 77 | |
| 179 | 154 | 186 | 183 | 160 | 182 | 311 | 198 | 417 | 539 | 603 | 521 | 642 | |
| Total Liabilities | 1,662 | 435 | 491 | 525 | 544 | 734 | 1,036 | 1,185 | 1,527 | 1,850 | 1,951 | 1,962 | 2,087 |
| 1,058 | 80 | 68 | 232 | 281 | 384 | 357 | 335 | 510 | 1,246 | 1,247 | 1,191 | 1,479 | |
| CWIP | 337 | 118 | 130 | 6 | 6 | 26 | 327 | 535 | 782 | 32 | 38 | 48 | 60 |
| Investments | 31 | 28 | 74 | 160 | 51 | 137 | 118 | 65 | 19 | 133 | 0 | 0 | 0 |
| 236 | 210 | 219 | 127 | 207 | 187 | 233 | 251 | 216 | 439 | 666 | 723 | 547 | |
| Total Assets | 1,662 | 435 | 491 | 525 | 544 | 734 | 1,036 | 1,185 | 1,527 | 1,850 | 1,951 | 1,962 | 2,087 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20 | 12 | 94 | 98 | -7 | 167 | 287 | -77 | 111 | 219 | 123 | 161 | |
| -40 | 2 | -1 | -32 | -60 | -148 | -297 | -208 | -280 | -77 | -39 | -83 | |
| -53 | -24 | 0 | 0 | 0 | 0 | 34 | 206 | 106 | -27 | -215 | -78 | |
| Net Cash Flow | -73 | -10 | 93 | 67 | -67 | 20 | 24 | -79 | -63 | 115 | -132 | 0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 40 | 34 | 31 | 74 | 124 | 56 | 66 | 100 | 38 | 77 | 153 | 105 |
| Inventory Days | 1,259 | 1,238 | 769 | |||||||||
| Days Payable | 605 | 714 | 291 | |||||||||
| Cash Conversion Cycle | 694 | 558 | 508 | 74 | 124 | 56 | 66 | 100 | 38 | 77 | 153 | 105 |
| Working Capital Days | -1,216 | 463 | 395 | -384 | 137 | 33 | -241 | -221 | -612 | -177 | 33 | 124 |
| ROCE % | -8% | -5% | 2% | 3% | 9% | 33% | 18% | 5% | 6% | 20% | 18% | 12% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
28 Nov - Q2 FY26 transcript: Kharsang 900 bpd, Dirok 0.34 BCF, B-80 sale dispute with HPCL, Rs.250 crore CAPEX loan.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
28 Nov - Transcript of Earnings call held on November 21, 2025 is attached herewith.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
21 Nov - Audio recording of HOEC earnings call on Nov 21, 2025 for Q2/H1 FY2025-26 results available.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
20 Nov - Q2 FY26 earnings presentation: revenue ₹315.01 Cr; net profit ₹2.83 Cr; net production 2,017 BOEPD.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
17 Nov - Earnings conference call on Nov 21, 2025 at 11:00 AM IST to discuss Q2 FY26 results.
Annual reports
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Financial Year 2025
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Concalls
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Nov 2025TranscriptPPT
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Nov 2025Transcript PPT REC
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Nov 2023Transcript PPT
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May 2023TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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Nov 2020TranscriptAI SummaryPPT
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Nov 2019TranscriptAI SummaryPPT
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Oct 2018TranscriptAI SummaryPPT
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Oct 2017TranscriptAI SummaryPPT
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Oct 2017TranscriptAI SummaryPPT
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Oct 2016TranscriptAI SummaryPPT
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Asset Portfolio
The company has an India Focused Asset Portfolio with 10 Oil & Gas blocks of discovered resources and 1 Exploratory block. It has a presence in 4 out of 7 producing basins in India. [1] [2]