Antelopus Selan Energy Limited

Energy — Oil & Gas E&P · NSE

₹1,008.00−₹52.60 (−4.96%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Antelopus Selan Energy Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Antelopus Selan Energy Limited engages in oil and gas exploration and production. The company is based in Gurugram, India. Antelopus Selan Energy Limited operates as a subsidiary of Blackbuck Energy Investments Limited.

IndustryOil & Gas E&P

SectorEnergy

Annual revenue₹279 Cr

How does it make money?

Turns over ₹279 Cr a year. Of every ₹100 of sales, about ₹32 reaches shareholders as profit, with ₹59 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are RELIANCE INDUSTRIES LTD, OIL AND NATURAL GAS CORP., BHARAT PETROLEUM CORP LT, INDIAN OIL CORP LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 15.9% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE15.4%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +136% while net margin moved +23% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+136%

Margin effect+23%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

81/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

50/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

26.8x

3Y Median

28.5x

40 monthly readings · mean 30.6x · range 17.6x–45.6x

Sector Median

6.9x

median of 4 sector peers

🟡Currently trading close to its 3y median of 28.5x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 291% above the peer median of 6.9x.

vs. its own history

Fair

28.5x median over 40 months · -6%

vs. sector peers

Expensive

6.9x median of 4 peers · +291%

vs. generic bands

Fair

15x–35x

EV/EBITDA

21.6x

PEG

0.63

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 47.5% to 58.8% over 3 years.
Return on equity is rising
ROE has improved from 8.6% to 13.7%.
Return on capital is rising
ROCE has improved from 10.0% to 15.9%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Receivables growing faster than salesFinancial
Receivables up 257% against revenue up 136% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹98 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 131% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 47.5% to 58.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 257% against revenue up 136%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 291% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 25% a year✓ 33.2% CAGR
Latest reported year was 65.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 57%✓ 58.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹98 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 13%✓ 15.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹3,544 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

26.8x

Fair

Fairly valued against the generic band

P/B Ratio

5.41x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹37.55

Profitable

Profitable on a per-share basis

ROE

14.7%

Moderate

Moderate capital efficiency

ROCE

15.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.54x

Low

Conservative leverage

Revenue Growth (YoY)

65.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

158.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹117 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

9.3%

Good

Assets are working hard

Operating Margin

48.0%

Good

Healthy core-business profitability

Net Margin

32.1%

Good

Strong bottom-line conversion

Current Ratio

2.75

Comfortable

Healthy short-term liquidity

52W Range Position

70%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1116.1 / 987.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

18.4

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹118 Cr	₹166 Cr	₹258 Cr	₹279 Cr	+33.2%
EBITDA	₹56 Cr	₹83 Cr	₹143 Cr	₹164 Cr	+43.0%
EBITDA Margin	47.5%	50.4%	55.6%	58.8%	—
PAT (Net Profit)	₹31 Cr	₹33 Cr	₹71 Cr	₹90 Cr	+42.7%
EPS	₹20.29	₹21.47	₹19.98	₹25.35	+7.7%
ROE	8.6%	8.3%	12.5%	13.7%	—
ROCE	10.0%	10.3%	14.9%	15.9%	—
Total Debt	₹4 Cr	₹4 Cr	₹4 Cr	₹4 Cr	-2.6%
Free Cash Flow	₹2 Cr	-₹87 Cr	₹33 Cr	-₹98 Cr	—

🟢 Revenue has grown at 33.2% a year over 3 years.

🟢 EBITDA has grown at 43.0% a year over 3 years.

🟢 EBITDA Margin has risen from 47.5% to 58.8% over 3 years (+11.3 pts).

🟢 PAT (Net Profit) has grown at 42.7% a year over 3 years.

🟢 EPS has grown at 7.7% a year over 3 years.

🟢 ROE has risen from 8.6% to 13.7% over 3 years (+5.1 pts).

🟢 ROCE has risen from 10.0% to 15.9% over 3 years (+5.9 pts).

🟢 Total Debt has shrunk at 2.6% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹2 Cr to -₹98 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹824 Cr

Total Liabilities

₹169 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹116 Cr

Capex

-₹214 Cr

Shareholding (proxy)

Institutional Holding

0.2%

Insider Holding

71.6%

Corporate Actions

Ex-Dividend Date

17 Feb 2022

Peer Comparison

Company	P/E	ROE
RELIANCE INDUSTRIES LTD	21.9x	8.3%
OIL AND NATURAL GAS CORP.	6.4x	11.7%
BHARAT PETROLEUM CORP LT	7.3x	17.1%
INDIAN OIL CORP LTD	5.3x	15.4%

Recent News

1 mixed5 general

Antelopus Selan Energy Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Antelopus Selan Energy shares rally 20% to 52-week high; what investors need to know

Upstox, 02 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

ANTELOPUS SELAN ENERGY LTD Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 23 Sept

Antelopus Selan Energy share price up over 32% up in 3 days - What's behind continuous stock jump? Details here

Livemint, 03 Sept

Antelopus Selan Energy: Best Stock in Its Sector? Key Metrics

Univest, 23 Sept

Antelopus Selan Energy (ANTELOPUS.NS) Falls 3.31% to ₹1220 as Key Support Comes Into Focus - MA Cross Alert

https://www.siam.in/, 28 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

WeakValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑