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. Earnings before interest tax depreciation and amortisation (EBITDA) increased to Rs 283 mn, up 93 per cent year on year and 211 per cent quarter on quarter, reflecting improved execution efficiency and a higher share of annuity revenue. Profit after tax for the quarter rose to Rs 175 mn, driven by operating leverage and disciplined cost optimisation. The quarter marked the first full quarter of Kuiper revenue consolidation, which materially enhanced scale and international operations and supported growth in the oil and gas segment. The company successfully drilled the NM-01 well to a depth of 1,650 metres in the Mewad block in Gujarat and reported an oil discovery, strengthening upstream presence and long-term production visibility. These operational developments supported a stronger project mix and improved margin profile. For the nine months to 31 December 2025 operating revenue rose to Rs 4,528 mn, an increase of 81 per cent year on year, while EBITDA for the period stood at Rs 493 mn, up 27 per cent year on year. Adjusted profit after tax for the nine months, after accounting for one-time acquisition costs, rose to Rs 257 mn, reflecting steady improvement in earnings quality. As of 31 December 2025 the standalone order book stood at Rs 18.93 billion (bn), providing multi-year revenue visibility across seismic services, integrated operations and maintenance, mining infrastructure and energy services. The company said it continued to pursue a capital-light operating model and to integrate domestic and international capabilities to enhance sustainable growth and cash flow visibility. A reverse merger with Oilmax Energy remains subject to stock exchange approvals and is expected to complete in the third quarter of FY27, which the company views as supportive of strategic consolidation. Management remains focused on disciplined execution, higher-quality contracts and long-term value creation.