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10 Yrs X-Ray 
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Analyst Note 
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About
Hindustan Oil Exploration Company Ltd (HINDOILEXP)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500186 NSE: HINDOILEXP Oil Exploration | Small Cap | Hind Oil Exploration Share Price
₹185.25 -2.45 (-1.31%)
As on 11-Sep'26 16:59
Hindustan Oil Exploration Company Ltd (HINDOILEXP)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500186 NSE: HINDOILEXP Oil Exploration | Small Cap | Hind Oil Exploration Share Price
₹185.25 -2.45 (-1.31%)
As on 11-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹2,450 Cr.
Current Price
₹185.3
52-Week Low / High
₹118 / 202
TTM EPS
₹1.9
TTM Sales
₹299 Cr.
Book Value per Share
₹105.2
P/E Ratio
97.57
Higher than its 5-year historical median
Industry PE
8
Price to Book (P/B)
1.76
Lower than its 5-year historical median
Price to Sales (P/S)
8.20
Higher than its 5-year historical median
EV/EBITDA
21.24
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
11.80%
Outperforms industry median
Return on Capital Employed (ROCE)
12.33%
Outperforms industry median
Return on Assets (ROA)
7.52%
Operating Profit Margin
42.7%
Net Profit Margin
34.98%
Gross Profit Margin
54.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-34.04%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-43.84%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-34.99%
Asset Quality
Promoter Holding
0.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,259 Cr.
Equity
₹132.2 Cr.
Face Value
₹10
All Time Low / High
₹7.82 / 398.90
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Strong
Is Hindustan Oil Exploration Company Ltd a good quality company?
Hindustan Oil Exploration Company Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Hindustan Oil Exploration Company Ltd performance compare with that of its Peers?
Revenue growth of Hindustan Oil Exploration Company Ltd vs industry peers?
Hindustan Oil Exploration Company Ltd revenue CAGR is 15.81%, compared to the industry median CAGR of 5.62%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Hindustan Oil Exploration Company Ltd?
Promoters hold 0.00% of the Hindustan Oil Exploration Company Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Hindustan Oil Exploration Company Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 13.5% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Hindustan Oil Exploration Company Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 2.9% | 12.9% | 11.1% | 33.9% | 24.6% | 9.2% | 4.6% | 17.5% | 9.4% | 14.4% | - |
| Value Creation Index ⓘ | -0.8 | -0.1 | -0.2 | 1.4 | 0.8 | -0.3 | -0.7 | 0.3 | -0.3 | 0.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 28.3 | 25 | 48.7 | 237 | 180 | 99.4 | 131 | 381 | 464 | 306 | 281 |
| Sales YoY Gr. | - | -11.7% | 94.7% | 386.3% | -24.1% | -44.7% | 31.2% | 192% | 21.8% | -34% | - |
| Adj EPS ⓘ | -0 | 1.2 | 2.9 | 11.3 | 10 | 3.3 | 4.4 | 12.8 | 6.2 | 11.1 | 5.6 |
| YoY Gr. | - | NA | 135.8% | 289.7% | -11.8% | -66.8% | 31.7% | 193.6% | -51.7% | 80.3% | - |
| BVPS (₹) ⓘ | 22.6 | 25.4 | 28.6 | 40 | 50.3 | 55.2 | 57.9 | 70.3 | 76.6 | 87.7 | 97 |
| Adj Net Profit ⓘ | -0.1 | 16.1 | 37.8 | 148 | 132 | 43.8 | 57.7 | 169 | 81.7 | 147 | 74 |
| Cash Flow from Ops. ⓘ | 90.9 | 98.4 | -6.8 | 159 | 196 | -65.4 | 110 | 184 | -19.7 | 101 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | -2.3 | 2.3 | 1.6 | -3.8 | 0.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 30.3% | 11.2% | 32.9% | -34% | ||||
| Adj EPS ⓘ | NA | 2.2% | 36.7% | 80.3% | ||||
| BVPSⓘ | 16.3% | 11.8% | 14.8% | 14.4% | ||||
| Share Price | 13.5% | -0.8% | 4.6% | 9.7% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -0 | 5.1 | 10.7 | 32.9 | 22.2 | 6.3 | 7.7 | 20 | 8.4 | 13.6 | 6.1 |
| Op. Profit Mgn % ⓘ | 21.8 | 14.9 | 64.4 | 73.8 | 68 | 52.9 | 58.2 | 53.6 | 21.8 | 38.3 | 27.6 |
| Net Profit Mgn % ⓘ | -0.4 | 64.2 | 77.7 | 62.3 | 73.3 | 44.1 | 44.2 | 44.4 | 17.6 | 48.1 | 26.3 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0.2 | 0.3 | 0.3 | 0.1 | 0 | - |
| Working Cap Days ⓘ | 2,730 | 1,837 | 771 | 199 | 374 | 1,001 | 961 | 422 | 446 | 757 | -33 |
| Cash Conv. Cycle ⓘ | 200 | 194 | 38 | 22 | 65 | 140 | 21 | -12 | 23 | 141 | -3 |
Valuation of Hind Oil Exploration - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 49 | 25 | 49 | 265 | 202 | 114 | 156 | 559 | 749 | 421 |
| Operating Expenses ⓘ + | 40 | 24 | 18 | 77 | 77 | 59 | 77 | 247 | 440 | 247 |
| Operating Profit ⓘ | 8 | 1 | 31 | 188 | 125 | 55 | 79 | 312 | 309 | 174 |
| Operating Profit Margin (%) | 17.1% | 5.3% | 63.2% | 70.8% | 61.7% | 47.9% | 50.9% | 55.9% | 41.3% | 41.2% |
| Other Income ⓘ + | 9 | 19 | 12 | 11 | 22 | 11 | 11 | 9 | 19 | 76 |
| Interest ⓘ | 5 | 0 | 1 | 2 | 6 | 6 | 9 | 38 | 32 | 22 |
| Depreciation ⓘ | 12 | 10 | 8 | 44 | 29 | 23 | 26 | 74 | 80 | 78 |
| Profit Before Tax ⓘ | 6 | 40 | 38 | 157 | 137 | 52 | 20 | 197 | 248 | 150 |
| Tax ⓘ | 1 | 4 | 0 | 0 | -0 | -2 | -0 | 3 | 22 | 3 |
| Profit After Tax | 5 | 36 | 38 | 157 | 138 | 53 | 20 | 194 | 226 | 147 |
| PAT Margin (%) | 10.3% | 141.5% | 77.0% | 59.1% | 68.1% | 46.9% | 12.8% | 34.7% | 30.2% | 35.0% |
| Adjusted EPS (₹) | 0.4 | 2.8 | 2.9 | 12.0 | 10.4 | 4.0 | 1.5 | 14.7 | 17.1 | 11.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 305 | 341 | 383 | 540 | 680 | 733 | 753 | 947 | 1,174 | 1,321 | |
| Debt + | 0 | 0 | 0 | 12 | 32 | 192 | 245 | 250 | 119 | 86 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 9 | 18 | 18 | 16 | 66 | 32 | 38 | 117 | 157 | 143 | |
| Others Liabilities ⓘ | 177 | 165 | 142 | 166 | 258 | 228 | 492 | 537 | 501 | 412 | |
| Total Liabilities ⓘ | 491 | 525 | 544 | 734 | 1,036 | 1,185 | 1,527 | 1,850 | 1,951 | 1,962 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 68 | 231 | 280 | 380 | 353 | 331 | 507 | 1,244 | 1,244 | 1,188 | |
| CWIP ⓘ | 130 | 6 | 6 | 26 | 327 | 535 | 782 | 32 | 38 | 48 | |
| Investments ⓘ | 74 | 160 | 51 | 137 | 118 | 65 | 19 | 133 | 0 | 0 | |
| Inventories | 24 | 25 | 28 | 28 | 27 | 36 | 8 | 81 | 42 | 210 | |
| Trade Receivables | 4 | 5 | 16 | 41 | 36 | 31 | 16 | 117 | 314 | 121 | |
| Cash Equivalents | 53 | 34 | 92 | 35 | 86 | 72 | 65 | 78 | 69 | 136 | |
| Others Assets ⓘ | 137 | 63 | 71 | 87 | 88 | 116 | 130 | 166 | 244 | 260 | |
| Total Assets ⓘ | 491 | 525 | 544 | 734 | 1,036 | 1,185 | 1,527 | 1,850 | 1,951 | 1,962 | |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 94 | 98 | -7 | 167 | 287 | -77 | 111 | 219 | 123 | 161 |
| Cash Flow From Investing Activity ⓘ + | -1 | -32 | -60 | -148 | -297 | -208 | -280 | -77 | -39 | -83 |
| Cash Flow From Financing Activity ⓘ + | 0 | 0 | 0 | 0 | 34 | 206 | 106 | -27 | -215 | -78 |
| Net Cash Flow ⓘ | 93 | 67 | -67 | 20 | 24 | -79 | -63 | 115 | -132 | 0 |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 1.71 | 11.15 | 10.36 | 33.95 | 22.55 | 7.56 | 2.69 | 22.83 | 21.35 | 11.8 |
| ROCE (%) | 3.53 | 12.38 | 10.66 | 34 | 22.52 | 6.78 | 2.78 | 19.44 | 21.08 | 12.33 |
| Asset Turnover Ratio | 0.1 | 0.05 | 0.09 | 0.42 | 0.23 | 0.1 | 0.11 | 0.33 | 0.39 | 0.22 |
| PAT to CFO Conversion(x) | 18.8 | 2.72 | -0.18 | 1.06 | 2.08 | -1.45 | 5.55 | 1.13 | 0.54 | 1.1 |
| Working Capital Days | ||||||||||
| Receivable Days | 33.50 | 65.50 | 81.10 | 39.50 | 69.80 | 108.10 | 55.40 | 43.50 | 105.10 | 188.60 |
| Inventory Days | 179.60 | 350.10 | 198.50 | 38.60 | 49.20 | 100.50 | 51.30 | 28.90 | 30 | 109.50 |
| Payable Days | 387 | 0 | -1,456.50 | 1,499 | 0 | -5,417.80 | 3,363.20 | -473.80 | 1,557.50 | -384.50 |
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Hindustan Oil Exploration Company Ltd FAQs
The current trading price of Hind Oil Exploration on 11-Sep-2026 16:59 is ₹185.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Hind Oil Exploration stood at ₹2,449.8 Cr
The latest P/E ratio of Hind Oil Exploration as of 10-Sep-2026 is 33.13.
The latest P/B ratio of Hind Oil Exploration as of 10-Sep-2026 is 1.91.
The 52-week high of Hind Oil Exploration is ₹201.7 and the 52-week low is ₹117.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hind Oil Exploration is ₹281 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Hindustan Oil Exploration Company Ltd is a average quality company.
The key valuation ratios of Hindustan Oil Exploration Company Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Hindustan Oil Exploration Company Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Hindustan Oil Exploration Company Ltd
Hindustan Oil Exploration Company (HOEC) was incorporated in 1983 for taking up Exploration and Production (E&P) activities by Late H T Parekh. HOEC was the first private company in India to enter into field of oil and gas exploration. HOEC’s operational activities commenced in 1991 with the Government of India announcing the fourth round of exploration bidding for private sector participation.
HOEC is an Operator of 3 blocks in onshore Cambay basin, Gujarat currently under production of crude oil and gas since last several years. The three blocks are located at 1. Block CB-ON/7 - Palej Production Facilities [PPF] at village Makan, District Vadodara, Gujarat2. Block North Balol – Gas Collection Station [GCS] at village Palaj, District Mehsana, Gujarat3. Block Asjol – Early Production System [EPS] at village Katosan, District Mehsana, Gujarat
The company has participating interest in seven oil/gas fields in India (in Cambay basin, Cauvery basin and Assam Arakan basin), which are in varying stages of E & P life cycle i.e. exploration, development and production.
HOEC has been under professional management since inception consisting of eminent industrialists, professionals and technocrats like Late Shri B K Nehru, Late Dr I G Patel, Shri Deepak Parekh and the current Chairman Shri R. Vasudevan.
In 2005, Burren Shakti Ltd (BSL) and Burren Energy India Ltd (BEIL), wholly owned subsidiary of Burren Energy plc (Burren), acquired 26% controlling stake in the Company from Unocal. Burren is a London based exploration and production company, having core producing assets in the Caspian state of Turkmenistan, the Republic of Congo and Egypt. In February 2008, Burren was acquired by ENI UK Holdings plc which is a subsidiary of ENI spa, Italy.
The Company has a 100% subsidiary, HOEC Bardahl India Ltd, engaged in marketing of high performance fuel / engine additives.HOEC Bardahl India Limited (HBIL) is the subsidiary of the company - HOEC and Bardahl Manufacturing Corporation Inc., USA, (Bardahl) engaged in the formulation, manufacturing and marketing of Bardahl range of high performance engine additives, conducted a joint marketing study on the sale of such additives in India. The results were quite encouraging, suggesting that this could be a viable project.HOEC and Bardahl have agreed to undertake the new project through HOEC Bardahl India Limited (formerly Hindage Oilfield Services Limited) a wholly owned subsidiary of HOEC.
Recent developments
HOEC has 38.07% non-operating participating interest in the Gulf ‘A’ discovery in the Block CB-OS-1development area has been informed by the Operator (ONGC), that the Directorate General of Hydrocarbons, Ministry of Petroleum and Natural Gas, Government of India has given its approval for the development plan.
July 17, 2009: Hardy Exploration & Production (India) Inc., the Operator of the PY-3 field has informed the company that due to export hose damage at normor buoy, the production at PY-3 field has been shut down. Efforts are currently ongoing to restart the production. The company has 21% participating interest in the said field.
July 21, 2009: The Block name RJ-ONN-2005/1 and RJ-ONN-2005/2 acquired under NELP VII has been granted Petroleum Exploration License by the Government of Rajasthan.
Oct 16, 2009: The company commenced the production of natural gas from PY-1 field.
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