Antelopus Selan Energy Limited’s Board of Directors approved the reclassification of Ms. Payal Upadhyay from the “Promoter Group Shareholder” category to the “Public Shareholder” category on July 27, 2026. The decision, taken during a board meeting in Gurgaon, formalizes a structural change in the company’s shareholder base under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This move shifts Ms. Upadhyay’s stake into the public float, potentially impacting liquidity dynamics and market perception for the listed entity.

The approval follows a request letter dated July 27, 2026, submitted by Ms. Upadhyay to the Board. Yogita, Company Secretary and Compliance Officer, confirmed that the board considered and approved the request. The resolution notes that the process requires subsequent approvals from stock exchanges and other applicable statutory authorities.

Shareholding Details and Rationale

Ms. Upadhyay holds 166 equity shares, representing 0.001% of the company’s total voting rights. She stated that the rationale for reclassification is her lack of role in company affairs, having no special rights, and no pecuniary or other interest in the company directly or indirectly.

Conditions for Reclassification

Ms. Upadhyay’s reclassification is contingent upon adherence to regulatory conditions outlined in Regulation 31A(3)(b) of the SEBI LODR Regulations. She has confirmed compliance with these criteria, which restrict her influence over the company’s affairs post-reclassification.

Ms. Upadhyay undertook to maintain compliance with shareholding, control, and special rights conditions indefinitely. Additionally, she committed to adhering to the non-representation and non-management conditions for at least three years from the date of reclassification.

Regulatory Compliance and Next Steps

The Board confirmed that Antelopus Selan Energy complies with the minimum public shareholding requirement under Regulation 38 of the SEBI LODR Regulations, both currently and post-reclassification. The company stated that trading in its shares has not been suspended by stock exchanges and that it has no outstanding dues to SEBI, stock exchanges, or depositories.

Authorized directors, the Chief Financial Officer, or the Company Secretary are empowered to complete all requisite formalities, including submitting applications, affidavits, and indemnities to the exchanges. Investors should monitor subsequent filings for confirmation of exchange approvals and the effective date of the reclassification.

Antelopus Selan Energy reported a net profit of ₹54.3 Cr for the quarter ended June 30, 2026 (Q1FY27), marking a 42% quarter-on-quarter increase from ₹38.1 Cr in Q4FY26. The company’s revenue from operations rose to ₹133.1 Cr, up from ₹103.9 Cr in the prior quarter, driven primarily by stronger commodity prices rather than volume growth. EBITDA surged to ₹93.2 Cr, expanding the margin to approximately 70%, while total income reached ₹132.2 Cr. This performance underscores the company’s ability to convert price strength into profitability, even as average sales volumes remained relatively flat at c. 1,705 boepd compared to 1,758 boepd in Q4FY26.

The Board of Directors approved the unaudited financial results at its meeting held on July 27, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. V. Sankar Aiyar & Co., the statutory auditors, issued a limited review report on the results under Standard on Review Engagements (SRE) 2410. Additionally, the Board appointed M/s Soxmate Consultants LLP as the Internal Auditor for FY2026-27.

Key Financial Metrics

The company’s financial performance was characterized by high margins and strong cash generation, aided by lower amortisation charges and robust operational income. Total expenses stood at ₹39.1 Cr (₹4,950 Lakhs), down from ₹44.4 Cr (₹5,325 Lakhs) in Q4FY26, reflecting controlled operating costs. The following table summarises the key financial performance indicators for the quarter:

What the Numbers Show

The dramatic rise in net profit is largely attributable to non-operational accounting adjustments and commodity price strength rather than pure operational leverage. Management revised the amortisation period for its oil and gas assets following the enactment of the Oil Fields (Regulation and Amendment) Act, 2025. This change in accounting estimate reduced the amortisation charge significantly in Q1FY27 by ₹11.93 Cr (₹1,193 Lakhs). Conversely, the company recorded an exceptional item of ₹10.0 Cr (₹1,000 Lakhs) as an impairment provision against Capital Work-in-Progress for the Elao Field, pending approval from the Directorate General of Hydrocarbons for further development. Without these two items, the underlying operational profitability remains strong, as further evidenced by the significant expansion in EBITDA margin to ~70%. The incremental revenue flowed through cleanly to EBITDA, highlighting the operating leverage at current price levels.

Operational Updates

The company operates in a single segment of oil and natural gas production. Average sales stayed flat at c. 1,705 boepd, taking into account a once-a-year timing issue where custody transfer to IOCL ran for only ~86–87 days, resulting in a build-up of c. 6,500 bopd of crude inventory during the quarter. This inventory normalization is expected to impact next quarter’s reported volumes positively.

Regarding asset-specific updates, drilling at the Bakrol field is ahead of schedule, with 9 of 10 planned FDP wells drilled so far. A continuous frac campaign is set to commence in early August, with full productivity expected to flow through in Q2FY27. At the Karjisan field, new wells are performing as per expectations, and a FDP for 7 new wells is in the final stages of approval. In the Cambay field, production continues at c. 140-150 boepd, primarily driven by wells on the Western side. The company also won two highly contested onshore licenses in the DSF Bid Round IV, awaiting formal award, and obtained a credit rating of IND A / Stable / IND A1 from India Ratings in June 2026. Furthermore, the Commissioner (Appeals) allowed the company’s refund claim for excess Cess paid in FY21–FY23 of c. ₹6.56 Cr (₹656 Lakhs), which will be recognized upon receipt of the final order.