Asian Energy Services Limited reported robust results for the third quarter of FY26, with operating revenue rising to Rs 2,354 million (mn), an increase of 157 per cent year on year and 131 per cent quarter on quarter, supported by strong project execution and greater contribution from long-term operations and maintenance contracts. EBITDA rose to Rs 283 mn and profit after tax reached Rs 175 mn, reflecting improved execution efficiency and operating leverage.

The third quarter was the first full quarter of Kuiper revenue consolidation, which materially enhanced scale and international operations and maintenance capabilities and supported Oil and Gas segment growth. The company reported successful drilling of the NM-01 well to a depth of 1,650 metres in the Mewad block in Gujarat and said the discovery strengthened upstream presence and long-term revenue visibility. Mining and infrastructure services maintained steady momentum during the quarter.

For the nine months ending December 31, 2025 operating revenue rose to Rs 4,528 mn, up 81 per cent year on year, while EBITDA for the period increased to Rs 493 mn, up 27 per cent year on year. Adjusted profit after tax for the nine months, after a one-time acquisition cost, stood at Rs 257 mn compared with Rs 196 mn in the prior period, an increase of 31 per cent. The standalone order book as of December 31, 2025 stood at Rs 18.93 billion (bn), providing multi-year revenue visibility.

Management said integration of domestic and international capabilities and a higher share of annuity-type contracts are expected to enhance earnings visibility and resilience, and the company reaffirmed guidance for FY26. The firm is awaiting stock exchange approval for a reverse merger with Oilmax Energy, likely to complete in the third quarter of FY27. The company remains focused on a capital-light operating model and a diversified service portfolio to support long-term value creation.