Exponential growth promised, but pre-production reality remains tiny

Q2 FY27 PAT ₹0.3 Cr; FY26 full-year not disclosed, but YoY +271.4% suggests Q2 FY26 was near-zero

Q2 FY27 revenue ₹1.4 Cr (cascades only), still in pre-production stage; pipeline completion Jan-Mar 2027 will unlock major revenue

Q2 FY27 OPM 1.1%, NPM 19.1%; EBITDA projections unverified but reasonable for gas industry at scale

NK 68 wells drilled, Jhaira 8 wells drilled; deliverability not yet proven. Management confident but no production data to verify

Company listed in 2025; this is inaugural Q2 FY27 call. No prior call to compare tone or guidance updates.

PNGRB and GAIL approvals received for 8-km pipeline to Urja Ganga. Expected completion Jan 2027 vs prior uncertainty.

IOCL awarded pipeline work; 60% connectivity progress; March 2027 deadline firm. De-risks NK ramp.

Pipeline to Urja Ganga expected Jan 2027. Initial 20,000–40,000 cubic meters/day from 8 wells; can ramp with additional wells per plan.

IOCL pipeline to Urja Ganga by Mar 2027. Peak production 1–2 years post-connection, so FY28-29. 68 wells drilled; can start once connected.

1.5 MMSCMD (1.5 million cubic meters per day) at peak, split roughly 7–8 lakh CMM from NK, 7–8 lakh from Jhaira at full capacity.

Operating cost ~20% only. EBITDA expected 70–75% once at optimum capacity. Will reach good production levels in ~1 year.

Pipeline connectivity is bottleneck. Once Urja Ganga connected, can sell at spot rates. Cascades limited to ~20,000 CMM/day; pipeline can handle 10 lakh CMM/day.

25% participating interest holder in NK (with ONGC, IOCL). Revenue share 25% of output.

NK capex largely done. For Jhaira, targeting ~₹500 crores+ for balance 47 wells. Mix of equity raise and debt/internal accruals (~50-50).

Front-loaded capex projects. Once up and running, recover entire cost in 3–4 years. Payback <4 years expected.

Can sell to anyone. Once connected to Urja Ganga, entire country is market. Both blocks under open price mechanism; can sell at spot rates to anyone.

Yes, pool of two CBM blocks + three marginal fields. Actively evaluating other offerings in CBM and other blocks; may bid in future if data supports.

Peak likely FY28-29. Once pipeline connected, initial volumes few lakh CMM/day; ramp to 1.5 MMSCMD will take 1–2 years. Yes, FY28-29 expected.

From NK, ~25% of output (7 lakh CMM). Jhaira, 90% revenue share; smaller block but 90% upside. Jhaira more revenue-accretive per unit despite smaller size.

Not quantifiable in %. But larger block does help. However, drilling and well count more important; Jhaira will need more wells per sq km. Difficult to quantify exact %.

Jhaira pipeline Jan 2027, NK Mar 2027. Initial volumes ~20,000–40,000 CMM/day per block; ramp expected FY27-28 onwards.

Combined NK + Jhaira at full drill-out and operational efficiency. Jhaira 47 wells + NK 68 wells fully producing. Peak 1–2 years post-pipeline.

Vague target; tied to pipeline infrastructure and well performance. No specific FY28 revenue or PAT number given.

Management estimate based on similar CBM operators. Assumes efficient production and no major cost inflation.

Derived from 20% opex; typical for mature gas producers. Dependent on gas prices and volumes.

NK in production phase, minimal capex going forward. Jhaira drilling ₹500 Cr+ planned; funding 50% equity, 50% debt/internal.

Jhaira and NK pipeline connections (Jan–Mar 2027) are critical to revenue unlock. Any delay > 2–3 months postpones inflection to H2 FY27 at minimum.

1.5 MMSCMD peak target assumes 68 NK wells + 55 Jhaira wells deliver as expected. Production testing early-stage; recoverable reserves unproven at scale.

Revenue dependent on spot gas prices once connected to Urja Ganga. Global LNG collapse or oil crash could crimp domestic CBM economics.

₹500+ crore capex for Jhaira 47 wells carries cost overrun risk. Funding half-dependent on equity raise; if market sentiment sours, capex could be constrained.

Q2 FY27 delivered only ₹1.4 Cr revenue (cascades at 20,000 CMM/day). Management target 20,000–40,000 CMM/day post-Jhaira pipeline is 2–5x current; execution unproven.