Asian Energy Services (AOS IN) – Management Meet Update – Reverse merger to create a unified energy platform – Not Rated
Published on 20 Feb 2026
Through our recent interaction with the management of Asian Energy Services Ltd (AESL), we gained insights into the company’s business and growth strategy. Since the acquisition of AESL by Oilmax Energy Pvt Ltd (OEPL) from Samara Capital in 2016, the leadership team has successfully turned around the business, underscoring the team’s strong execution capabilities and deep domain expertise in the O&G sector. The proposed reverse merger of OEPL with AESL is expected to simplify the corporate structure, enhance operational synergies, and strengthen its long-term growth outlook. The management expects the integration of OEPL’s upstream portfolio and the Kuiper Group to further drive topline growth. Order book for AESL (excl. Kuiper) stood at ~Rs19.0bn as of Q3FY26. AESL secured ~Rs8.7bn Vedanta contract in Q2FY26 and ~Rs4.6bn contract from Mahanadi Coalfields Ltd in Nov’25, to establish a coal handling plant in Odisha. Execution of both contracts is expected to commence from Q4FY26. Not rated.
