Selan Q1FY27: PAT up 384% YoY to ₹54.3 Cr as NPM hits 41%, even after ₹10 Cr impairment

Antelopus Selan Energy (formerly Selan Exploration) reported standalone Q1 FY27 (quarter ended June 30, 2026) net profit of ₹54.32 Cr, up 384% year-on-year from ₹11.22 Cr and up 43% sequentially from ₹38.08 Cr, on net revenue from operations of ₹131.04 Cr (+158.8% YoY, +28.5% QoQ). Net profit margin expanded sharply to 41.1% of total income from 20.9% a year ago and 36.7% last quarter. The quarter carries a one-off: a ₹10.00 Cr exceptional impairment against capital work-in-progress on the Elao Field, taken because DGH approval for further development on the field is still pending. Excluding this charge, adjusted PAT would be roughly ₹64.3 Cr, an adjusted YoY growth of ~473% versus the 384% reported — so even on a like-for-like basis the underlying jump is real and not an artefact of the one-off, which if anything held the reported number back. The margin expansion was driven by revenue outpacing a nearly flat cost base: total expenses were ₹49.50 Cr versus ₹53.25 Cr last quarter and ₹38.56 Cr a year ago, with employee benefits expense and other expenses both falling roughly in half sequentially even as royalty and cess (which scales with realizations) rose to ₹21.01 Cr from ₹11.97 Cr. Depreciation and amortisation was ₹10.33 Cr for the quarter; per the auditor's note, a revised 10-year extension estimate on the Bakrol, Lohar and Cambay field PSCs (effective October 2025) is lowering the amortisation charge by ₹11.93 Cr this quarter, a tailwind that will recur each quarter going forward rather than a one-time item. There is no formal management guidance or prior concall commentary in our records for this filing, and no broker/Street estimate could be located for this specific quarter (this is a micro-cap oil & gas explorer with limited formal coverage) — both vsGuidance and vsStreet are marked unknown rather than assumed. Company communications reviewed via web search indicate a FY27 production target of ~2,500 boepd under a self-funded growth plan, but the filing itself carries no production/volume disclosure to check progress against that target this quarter. Two other quarter-specific items stand out: a GST/Cess appellate order (received May 6, 2026) allowed a refund of ₹6.56 Cr for FY2020-23, of which ₹6.50 Cr was originally expensed — this has NOT been recognised in the P&L pending the actual refund order, so it is a potential future credit, not booked upside. Separately, the Cambay Field remaining 50% participating-interest talks with Synergia Energy remain stalled: the exclusivity period lapsed and the Share Purchase Agreement was unexecuted as of March 31, 2026, with no update in this filing. The board also flagged a promoter-group shareholder reclassification request the same day, a governance item unrelated to the P&L print.