Alphageo (India) Ltd. (ALPHAGEO) AI Stock Analysis

• Market Cap: ₹1.34B
• Dividend Yield: 3.53%
• Average Volume (3M): 1.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.83
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 108
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): -8.98
• Shares Outstanding: 6,364,767
• 10 Day Avg. Volume: 999
• 30 Day Avg. Volume: 1,209
• PEG Ratio: 0.01
• Price to Book (P/B): 0.55
• Price to Sales (P/S): 1.17
• P/FCF Ratio: -4.57
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: ₹214.00 ▼(-6.92% Downside)

The score is held down primarily by deteriorating profitability and notably negative FY2025 operating/free cash flow, despite a revenue rebound. Technicals also lean weak with the stock below key longer-term moving averages and a negative MACD. A moderate dividend yield and low leverage provide some support but are not enough to offset current operating and cash-flow risks.

Positive Factors

Low leverage / conservative balance sheet

Essentially zero debt materially lowers financial risk over multiple cycles, reducing interest burden and default risk. This balance-sheet conservatism gives the company structural flexibility to endure oilfield spending cyclicality and pursue contract opportunities without leverage-driven constraints.

Revenue rebound in FY2025

A meaningful revenue rebound suggests recovering demand for seismic services and improved contract awards. Sustained top-line growth supports better crew and equipment utilization and provides a runway to restore margins if cost control and pricing normalize across upcoming contract cycles.

Specialized seismic services business model

A focused, technical service offering in seismic acquisition creates structural competitive advantages: specialized equipment, trained crews, and project execution know-how. These attributes raise barriers to entry and support repeat project work from exploration and field-development clients.

Negative Factors

Negative operating and free cash flow

Negative operating and free cash flow erode liquidity and limit the firm's ability to fund operations, invest in equipment, or absorb project delays. Over several months this reduces bidding capacity, increases reliance on external financing, and elevates execution risk for multi-month contracts.

Deteriorating profitability and negative gross profit

Negative gross profit and net losses indicate current pricing or cost structures don't cover direct project costs. Persisting negative margins undermine retained earnings, weaken ROE, and constrain reinvestment, making it harder to rebuild competitive capabilities or absorb future contract-cost overruns.

High volatility in earnings and cash generation

Large swings in cash flow and earnings increase forecasting and execution risk in a project-driven business. Volatility hampers long-term planning, raises working-capital needs during downturns, and can limit access to financing or deter large customers who favor suppliers with predictable execution.

Alphageo (India) Ltd. Business Overview & Revenue Model

Company Description

Alphageo (India) Limited provides geophysical seismic data acquisition, processing, and interpretation services for exploration of hydrocarbons and minerals in India and internationally. It offers services, including designing and preplanning of 2D/3D/4D/3C surveys; seismic data acquisition in 2D/3D/4D/3C; seismic data processing and reprocessing/special processing comprising pre-stack imaging, AVO inversion, etc.; and seismic data interpretation that consists of structural and stratigraphic interpretation, and evaluation of blocks for exploration, as well as generation, evaluation, and ranking of prospects. The company's services also include consultancy on 3D/4D/3C surveys; API of EM and GM surveys; reservoir data acquisition and analysis; tape transcription and digitization of hard copies of maps, seismic sections, and well logs into CGM/SEGY/LAS formats; third party quality control for 2D/3D seismic data acquisition and processing; topographic surveys with GPS/RTK; airborne surveys; and geophysical mapping surveys through gravity and magnetic methods for identification of potential areas from mineral prognostication point of view. In addition, it provides onshore and offshore oil and gas field services; and renting of drilling equipment and machinery. Further, the company offers marine survey and aerial geophysical services. Alphageo (India) Limited was incorporated in 1987 and is headquartered in Hyderabad, India.

How the Company Makes Money

Alphageo (India) Ltd. Financial Statement Overview

Summary

Despite a FY2025 revenue rebound (+17.4% YoY), profitability and cash generation weakened sharply (negative gross profit, net loss, and negative operating/free cash flow). The main offset is a conservative balance sheet with essentially no debt, reducing financial risk but not solving the current earnings and cash-flow volatility.

Income Statement

Revenue rebounded in FY2025 (+17.4% YoY), but profitability deteriorated sharply: gross profit turned negative and the company posted a net loss (about -4.9% net margin). Earnings have been volatile across the period (strong FY2022 profitability followed by weaker FY2023–FY2025), which reduces confidence in the durability of margins despite occasional solid EBITDA.

Balance Sheet

The balance sheet is conservatively positioned with essentially no debt (debt-to-equity ~0 across years), which materially lowers financial risk. However, returns on equity are weak and recently negative (FY2025), indicating the equity base is not currently generating attractive profits even though leverage is minimal.

Cash Flow

Cash generation has become a key concern: FY2025 operating cash flow turned negative and free cash flow was deeply negative, signaling higher cash burn and/or working-capital pressure. Cash flow has also been highly swingy (very strong in FY2022, then meaningfully weaker thereafter), which increases execution risk and reduces financial flexibility.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.41B	1.26B	986.68M	659.50M	1.55B	1.43B
Gross Profit	11.78M	-57.90M	71.64M	155.33M	346.78M	213.16M
EBITDA	-20.17M	64.35M	181.92M	309.48M	385.31M	382.65M
Net Income	-90.52M	-61.12M	3.79M	130.03M	121.92M	64.45M
Balance Sheet
Total Assets	0.00	3.12B	2.95B	2.91B	3.10B	3.09B
Cash, Cash Equivalents and Short-Term Investments	1.22B	1.22B	1.42B	1.48B	1.33B	601.64M
Total Debt	0.00	0.00	0.00	0.00	0.00	710.00K
Total Liabilities	-2.69B	427.86M	151.29M	73.15M	384.04M	462.09M
Stockholders Equity	2.69B	2.68B	2.79B	2.83B	2.72B	2.63B
Cash Flow
Free Cash Flow	0.00	-323.21M	-160.82M	-39.69M	730.52M	59.38M
Operating Cash Flow	0.00	-33.09M	10.74M	126.37M	794.19M	301.63M
Investing Cash Flow	0.00	147.92M	100.82M	-677.25M	-235.54M	-162.67M
Financing Cash Flow	0.00	-50.92M	-52.78M	-55.51M	-62.29M	-279.49M

Alphageo (India) Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SELAN	72 Outperform	₹19.38B	18.80	―	―	0.34%	-12.23%
SOUTHWEST	71 Outperform	₹5.88B	23.12	―	0.40%	56.33%	160.76%
DOLPHIN	69 Neutral	₹18.15B	35.82	―	―	212.48%	135.64%
JINDRILL	69 Neutral	₹13.93B	5.81	―	0.18%	34.80%	252.88%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
HINDOILEXP	58 Neutral	₹20.54B	14.55	―	―	-16.59%	-16.91%
ALPHAGEO	47 Neutral	₹1.34B	-8.10	―	3.53%	―	―