Aakash Exploration Services Share Price Jumps 20% After ONGC Order Win

Market Performance

Aakash Exploration Services' share price witnessed a sharp surge of nearly 20% in Wednesday's trading session. The rally followed the company's announcement of a significant order win from Oil and Natural Gas Corporation (ONGC), which sparked investor interest in this low-priced stock trading under ₹15.

• Current Price Movement: Up by approximately 20%
• Stock Category: Penny stock (Under ₹15)

Main News

The company has received a Letter of Award (LOI) from ONGC for a project valued at ₹19.36 Crore. The contract is for the charter hiring of one 50 MT workover rig. This rig will be deployed at ONGC's Ahmedabad Asset, with the project set to run for three years.

Earlier this year, Aakash Exploration Services secured another significant order worth ₹29 Crore from Oil India Limited, a prominent Maharatna Public Sector Undertaking (PSU). This contract is for the supply of a high-pressure mobile boiler system, along with accompanying accessories designed to produce high-quality steam. The execution of this contract will span over two years.

Company Details

Aakash Exploration Services Limited, headquartered in Ahmedabad, Gujarat, operates in the Oil and Gas Exploration sector. The company has carved out a niche for itself in providing oilfield services, focusing on operational excellence and global service standards.

• Industry: Oil and Gas Services
• Affiliations: Member of the International Association of Drilling Contractors
• Core Mission: Delivering world-class services in oil and gas exploration

Financial Performance

Revenue

• March 2025: ₹25.77 Crore
• March 2024: ₹30.89 Crore
• YoY Decline: 16.57%

Net Profits

• March 2025: ₹0.28 Crore
• March 2024: ₹3.51 Crore
• YoY Decline: 92.02%

Summary

The recent spike in Aakash Exploration Services' share price highlights the market's response to its growing order book, particularly with PSU clients such as ONGC and Oil India Limited. Despite a notable drop in quarterly revenue and net profits, the company's ability to secure multi-crore orders reflects its operational capabilities.