Asian Energy Services Limited (AESL) announced a landmark year of growth and unveiled its ambitious expansion strategy at the company’s Annual General Meeting.

For FY 2024–25, AESL reported its strongest performance to date, with revenue rising 52 per cent year-on-year to Rs. 464 crore, EBITDA increasing 67 per cent to Rs. 72 crore, and PAT growing 65 per cent to Rs. 42 crore.

Backed by a robust third-party order book of approximately Rs. 1,688 crore in India, the company has set its sights on achieving revenues of around Rs. 3,000 crore by 2029, with an EBITDA of over Rs. 700 crore and PAT of about Rs. 500 crore, supported by strong cash flows and operational excellence.

A key driver of this momentum is AESL’s recent acquisition of Kuiper Group, a UAE-based oil and gas services provider with established operations across the Middle East and Southeast Asia. The acquisition enhances AESL’s global footprint, adds strong client relationships, and brings in a highly skilled talent pool. Kuiper’s capabilities in operations and maintenance (O&M) and field development will allow AESL to expand geographically, capture high-value opportunities, and diversify revenue streams. The contribution from Kuiper’s global business is set to begin from September 2025.

Another transformational step in AESL’s journey is the reverse merger with Oilmax Energy Pvt. Ltd., valued at approximately Rs. 2,582 crore. Oilmax brings a portfolio of producing and development-stage oil and gas blocks, mineral assets, and significant holdings in AESL and Anirit Ventures. Under the share swap arrangement, for every 10 shares of Oilmax, shareholders will receive 117 shares of AESL, creating a stronger balance sheet, broadening public participation, and unlocking synergies by integrating Oilmax’s upstream portfolio with AESL’s service expertise. Oilmax’s existing holding of around 2.72 crore shares in AESL was valued at Rs. 371 per share, further underscoring the strength of the combined entity. The merger is expected to be completed by Q3 FY27.

Commenting on the developments, Dr. Kapil Garg, Managing Director of AESL, said: “FY25 has been a landmark year for AESL, with record revenue, EBITDA, and PAT growth, supported by a strong order book across India. The acquisition of Kuiper Group significantly strengthens our footprint in the Middle East and Southeast Asia, while the proposed merger with Oilmax Energy Pvt. Ltd. will integrate upstream assets and mineral resources with our service expertise. Together, these strategic moves will create a stronger balance sheet, broaden public participation, and position AESL for sustainable, long-term growth and global leadership.”

With new contracts, Kuiper’s international business, and the synergies from the Oilmax merger, AESL is poised for exponential growth in the coming years.