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Last Updated: April 2, 2026, 3:03 am
Author: Getaka|Social: XLinkedIn

Hindustan Oil Exploration Company Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹216.21Undervalued by 75.78%vs CMP ₹123.00

P/E (21.8) × ROE (11.8%) × BV (₹103.00) × DY (2.00%)

₹168.16Undervalued by 36.72%vs CMP ₹123.00
MoS: +26.9% (Adequate)Confidence: 43/100 (Low)Models: 4 Under, 1 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹302.0023%Under (+145.5%)
Graham NumberEarnings₹136.4217%Under (+10.9%)
Earnings PowerEarnings₹115.3211%Fair (-6.2%)
DCFCash Flow₹191.6111%Under (+55.8%)
Net Asset ValueAssets₹103.877%Over (-15.6%)
EV/EBITDAEnterprise₹223.759%Under (+81.9%)
Earnings YieldEarnings₹80.307%Over (-34.7%)
ROCE CapitalReturns₹38.227%Over (-68.9%)
Revenue MultipleRevenue₹47.956%Over (-61%)
Consensus (9 models)₹168.16100%Undervalued
Key Drivers: EPS CAGR 39.7% lifts DCF — verify sustainability. | Wide model spread (₹38–₹302) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 39.7%

*Investments are subject to market risks

Investment Snapshot

48
Hindustan Oil Exploration Company Ltd scores 48/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health72/100 · Strong
ROCE 12.3% GoodROE 11.8% AverageD/E 0.21 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No change
Earnings Quality30/100 · Weak
OPM contracting (53% → 41%) DecliningWorking capital: 124 days Capital intensive
Quarterly Momentum15/100 · Weak
Revenue (4Q): -17% YoY DecliningProfit (4Q): -17% YoY DecliningOPM: 7.2% (down 26.2% YoY) Margin pressure
Industry Rank75/100 · Strong
P/E 21.8 vs industry 93.4 Cheaper than peersROCE 12.3% vs industry 10.6% Average3Y sales CAGR: 39% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:03 am

Market Cap 1,620 Cr.
Current Price 123
Intrinsic Value₹168.16
High / Low 199/118
Stock P/E21.8
Book Value 103
Dividend Yield0.00 %
ROCE12.3 %
ROE11.8 %
Face Value 10.0
PEG Ratio0.55

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Hindustan Oil Exploration Company Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Hindustan Oil Exploration Company Ltd 1,620 Cr. 123 199/11821.8 1030.00 %12.3 %11.8 % 10.0
Dolphin Offshore Enterprises (India) Ltd 1,612 Cr. 403 506/29731.8 75.50.00 %14.7 %18.7 % 1.00
Jindal Drilling & Industries Ltd 1,378 Cr. 476 887/4407.12 5110.21 %13.8 %11.1 % 5.00
Gujarat Natural Resources Ltd 1,176 Cr. 91.6 114/30.5162 14.10.00 %0.56 %2.87 % 10.0
Deep Energy Resources Ltd 999 Cr. 312 /694 1210.00 %0.39 %0.35 % 10.0
Industry Average37,995.83 Cr387.8293.43600.591.02%10.56%9.87%6.85

All Competitor Stocks of Hindustan Oil Exploration Company Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 124.58169.83175.09167.61112.83179.08289.61136.1594.81146.5243.3978.65315.01
Expenses 79.6290.2239.6377.4344.85108.44214.9473.7763.1172.5038.6146.47292.26
Operating Profit 44.9679.61135.4690.1867.9870.6474.6762.3831.7074.024.7832.1822.75
OPM % 36.09%46.88%77.37%53.80%60.25%39.45%25.78%45.82%33.44%50.52%11.02%40.92%7.22%
Other Income 1.21-9.734.386.682.669.5137.1310.604.773.6757.0835.372.40
Interest 11.8412.167.169.208.187.436.336.015.495.364.574.454.24
Depreciation 15.7921.7922.5620.0618.3721.3320.2718.4717.5819.8621.7118.3616.94
Profit before tax 18.5435.93110.1267.6044.0951.3985.2048.5013.4052.4735.5844.743.97
Tax % 4.48%-3.90%3.14%2.28%2.09%9.38%17.12%13.59%19.33%17.44%-43.82%1.94%28.72%
Net Profit 17.7137.34106.6566.0743.1846.5770.6141.9210.8143.3251.1643.872.83
EPS in Rs 1.342.828.065.003.273.525.343.170.823.283.873.320.21

Last Updated: January 1, 2026, 10:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7859482649265202114156558749421512
Expenses 1036845241877775977245440247425
Operating Profit -25-93131188125557831230917487
OPM % -32%-16%6%5%63%71%62%48%50%56%41%41%17%
Other Income 6-1,156204816154827-23-3527699
Interest 14155-01266938322217
Depreciation 10339121084429232674807877
Profit before tax -136-1,21964038157137522019724815091
Tax % -9%0%11%10%-0%0%-0%-3%-2%2%9%2%
Net Profit -124-1,220536381571385320194226147106
EPS in Rs -9.48-93.460.382.762.8812.0110.404.041.5114.6717.1211.138.03
Dividend Payout % -0%-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-883.87%100.41%620.00%5.56%313.16%-12.10%-61.59%-62.26%870.00%16.49%-34.96%
Change in YoY Net Profit Growth (%)0.00%984.28%519.59%-614.44%307.60%-325.26%-49.49%-0.67%932.26%-853.51%-51.45%

Hindustan Oil Exploration Company Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:22%
5 Years:16%
3 Years:39%
TTM:-49%
Compounded Profit Growth
10 Years:16%
5 Years:7%
3 Years:39%
TTM:-33%
Stock Price CAGR
10 Years:18%
5 Years:19%
3 Years:2%
1 Year:-30%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:17%
Last Year:12%

Last Updated: September 5, 2025, 6:20 am

Balance Sheet

Last Updated: December 4, 2025, 1:22 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 131131131131131131132132132132132132132
Reserves 4051501752112534105476016218151,0421,1891,236
Borrowings 9470000124525435736417412177
Other Liabilities 179154186183160182311198417539603521642
Total Liabilities 1,6624354915255447341,0361,1851,5271,8501,9511,9622,087
Fixed Assets 1,05880682322813843573355101,2461,2471,1911,479
CWIP 337118130662632753578232384860
Investments 312874160511371186519133000
Other Assets 236210219127207187233251216439666723547
Total Assets 1,6624354915255447341,0361,1851,5271,8501,9511,9622,087

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 20129498-7167287-77111219123161
Cash from Investing Activity + -402-1-32-60-148-297-208-280-77-39-83
Cash from Financing Activity + -53-24000034206106-27-215-78
Net Cash Flow -73-109367-672024-79-63115-1320
Free Cash Flow -2778549-5650-16-283-155148104128
CFO/OP -85%-140%2,057%1,901%-26%89%231%-145%137%72%42%96%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-972.00-9.003.001.0031.00176.0080.00-199.00-279.00-52.00135.0053.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 4034317412456661003877153105
Inventory Days 1,2591,238769
Days Payable 605714291
Cash Conversion Cycle 6945585087412456661003877153105
Working Capital Days -1,216463395-38413733-241-221-612-17733124
ROCE %-8%-5%2%3%9%33%18%5%6%20%18%12%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
FIIs 0.62%0.74%0.97%1.25%1.31%1.80%1.64%1.40%1.76%1.45%1.71%1.38%
DIIs 2.81%1.45%4.00%0.61%0.66%0.52%0.28%0.34%0.32%0.48%0.49%0.12%
Government 0.02%0.02%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public 96.54%97.77%95.03%98.14%98.01%97.67%98.07%98.25%97.92%98.06%97.79%98.49%
No. of Shareholders 77,19072,65784,12087,97898,32995,20294,18696,66993,79595,50992,86691,723

Shareholding Pattern Chart

No. of Shareholders

Hindustan Oil Exploration Company Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Small Cap Fund - Regular Plan 736,768 0.1 12.1736,7682025-04-22 17:25:320%
Kotak Infrastructure & Economic Reform Fund - Regular Plan 570,000 0.82 9.36570,0002025-04-22 17:25:320%
Motilal Oswal Nifty Microcap 250 Index Fund 93,150 0.33 1.5393,1502025-04-22 15:56:570%
Groww Nifty Total Market Index Fund 214 0.01 02142025-04-22 17:25:320%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 11.1317.1214.671.514.04
Diluted EPS (Rs.) 11.1317.1214.671.514.04
Cash EPS (Rs.) 17.0023.1920.233.565.69
Book Value[Excl.RevalReserv]/Share (Rs.) 99.9088.8071.6256.9455.43
Book Value[Incl.RevalReserv]/Share (Rs.) 99.9088.8071.6256.9455.43
Revenue From Operations / Share (Rs.) 31.8256.6442.2611.778.61
PBDIT / Share (Rs.) 18.8324.7124.276.834.95
PBIT / Share (Rs.) 12.9618.6618.704.853.18
PBT / Share (Rs.) 11.3418.7914.911.563.80
Net Profit / Share (Rs.) 11.1317.1414.661.583.92
NP After MI And SOA / Share (Rs.) 11.1317.1214.671.514.04
PBDIT Margin (%) 59.1643.6257.4258.0357.48
PBIT Margin (%) 40.7232.9444.2441.2036.96
PBT Margin (%) 35.6233.1735.2713.2144.16
Net Profit Margin (%) 34.9730.2534.6913.4145.56
NP After MI And SOA Margin (%) 34.9730.2234.7112.8346.91
Return on Networth / Equity (%) 11.1419.2820.482.657.28
Return on Capital Employeed (%) 10.5816.2818.965.444.18
Return On Assets (%) 7.5011.6010.481.304.50
Long Term Debt / Equity (X) 0.030.060.090.270.21
Total Debt / Equity (X) 0.090.140.380.470.21
Asset Turnover Ratio (%) 0.210.390.240.100.09
Current Ratio (X) 1.811.310.850.471.27
Quick Ratio (X) 1.201.220.710.381.07
Inventory Turnover Ratio (X) 3.330.000.000.000.00
Interest Coverage Ratio (X) 11.6210.508.479.8111.30
Interest Coverage Ratio (Post Tax) (X) 7.877.226.447.007.54
Enterprise Value (Cr.) 2247.852452.521874.563199.691367.92
EV / Net Operating Revenue (X) 5.343.273.3520.5512.01
EV / EBITDA (X) 9.037.505.8435.4020.90
MarketCap / Net Operating Revenue (X) 5.383.132.8418.6711.24
Price / BV (X) 1.712.001.683.861.75
Price / Net Operating Revenue (X) 5.383.132.8418.6711.24
EarningsYield 0.060.090.120.010.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Hindustan Oil Exploration Company Ltd. is a Public Limited Listed company incorporated on 11/06/1996 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L11100GJ1996PLC029880 and registration number is 029880. Currently Company is involved in the business activities of Offshore extraction of natural gas. Company's Total Operating Revenue is Rs. 306.07 Cr. and Equity Capital is Rs. 132.26 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Oil Drilling And Exploration�HOEC House�, Tandalja Road, Vadodra Gujarat 390020Contact not found
Management
NamePosition Held
Mr. Ramasamy JeevanandamManaging Director
Mr. Ashok Kumar GoelNon Exe.Non Ind.Director
Mr. Rohit Rajgopal DhootNon Exe.Non Ind.Director
Mr. Pronip Kumar BorthakurInd. Non-Executive Director
Mrs. Bhavani BalasubramanianInd. Non-Executive Director
Mr. Suresh Kumar JainInd. Non-Executive Director
Mr. Baroruchi MishraInd. Non-Executive Director

FAQ

What is the intrinsic value of Hindustan Oil Exploration Company Ltd and is it undervalued?

As of 19 April 2026, Hindustan Oil Exploration Company Ltd's intrinsic value is ₹168.16, which is 36.72% higher than the current market price of ₹123.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (11.8 %), book value (₹103), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Hindustan Oil Exploration Company Ltd?

Hindustan Oil Exploration Company Ltd is trading at ₹123.00 as of 19 April 2026, with a FY2026-2027 high of ₹199 and low of ₹118. The stock is currently near its 52-week low. Market cap stands at ₹1,620 Cr..

How does Hindustan Oil Exploration Company Ltd's P/E ratio compare to its industry?

Hindustan Oil Exploration Company Ltd has a P/E ratio of 21.8, which is below the industry average of 93.43. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Hindustan Oil Exploration Company Ltd financially healthy?

Key indicators for Hindustan Oil Exploration Company Ltd: ROCE of 12.3 % is moderate. Dividend yield is 0.00 %.

Is Hindustan Oil Exploration Company Ltd profitable and how is the profit trend?

Hindustan Oil Exploration Company Ltd reported a net profit of ₹147 Cr in Mar 2025 on revenue of ₹421 Cr. Compared to ₹20 Cr in Mar 2022, the net profit shows an improving trend.

Does Hindustan Oil Exploration Company Ltd pay dividends?

Hindustan Oil Exploration Company Ltd has a dividend yield of 0.00 % at the current price of ₹123.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Hindustan Oil Exploration Company Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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