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

• Market Cap: ₹1.13B
• Dividend Yield: 3.53%
• Average Volume (3M): 1.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.72
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 108
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): -9.27
• 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: ₹176.00 ▼(-23.44% Downside)
• Action: Reiterated Date: 01/29/26
• Date: Action: Reiterated 01/29/26

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

Conservative balance sheet (no debt)

Near-zero leverage materially lowers financial distress risk and preserves flexibility to fund working capital, equipment or small acquisitions from internal resources or equity. Over 2–6 months this supports contract bidding capacity and resilience to sector cyclicality.

Revenue rebound / improving top line

A 17.4% revenue rebound signals recovering demand for onshore seismic services and suggests the company can rebuild utilization and scale project delivery. If sustained, top-line momentum can convert to improved margins as fixed costs are absorbed across more contracts.

Specialized seismic services and market position

Specialized seismic acquisition and geoscience services are technical, asset-heavy and relationship-driven, creating higher switching costs and recurring project pipelines with existing clients. This niche expertise supports durable revenue opportunities in exploration and field development cycles.

Negative Factors

Negative operating and free cash flow

Negative operating and free cash flow erodes liquidity and increases dependence on external funding or asset sales to finance operations. Over a multi-month horizon this constrains the ability to mobilize crews/equipment for new contracts and raises execution risk on ongoing projects.

Margin deterioration and net loss

A negative gross profit indicates pricing or cost misalignment on projects, making core operations unprofitable. Sustained negative margins threaten the business model's viability, forcing price increases, cost cuts or renegotiation of contracts that can damage long-term customer relationships.

High earnings and cash-flow volatility

Large swings in earnings and cash flow reflect project-timing and execution risks inherent in contract work. This volatility reduces forecasting reliability, complicates capital allocation and makes sustaining workforce/equipment utilization harder across exploration cycles.

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 primarily makes money by executing geophysical/seismic services contracts for clients in the oil & gas sector. Revenue is earned on a project/contract basis for delivering seismic data acquisition and related field services (including mobilizing survey crews and equipment, conducting surveys, and delivering acquired datasets and project outputs as specified in customer scopes). Earnings are therefore driven by the value and volume of awarded contracts, project execution timelines, utilization of crews/equipment, and pricing/margins negotiated per contract. Specific breakdowns of revenue streams, named major customers, and details of significant partnerships are null.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.28B	1.26B	986.68M	659.50M	1.55B	1.43B
Gross Profit	-62.85M	-57.90M	71.64M	155.33M	346.78M	213.16M
EBITDA	-71.46M	64.35M	181.92M	309.48M	385.31M	382.65M
Net Income	-165.40M	-61.12M	3.79M	130.03M	121.92M	64.45M
Balance Sheet
Total Assets	2.90B	3.12B	2.95B	2.91B	3.10B	3.09B
Cash, Cash Equivalents and Short-Term Investments	1.47B	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	296.60M	427.86M	151.29M	73.15M	384.04M	462.09M
Stockholders Equity	2.60B	2.68B	2.79B	2.83B	2.72B	2.63B
Cash Flow
Free Cash Flow	84.91M	-323.21M	-160.82M	-39.69M	730.52M	59.38M
Operating Cash Flow	98.52M	-33.09M	10.74M	126.37M	794.19M	301.63M
Investing Cash Flow	-154.14M	147.92M	100.82M	-677.25M	-235.54M	-162.67M
Financing Cash Flow	-52.02M	-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
SOUTHWEST	71 Outperform	₹5.62B	15.59	―	0.40%	56.33%	160.76%
DOLPHIN	69 Neutral	₹15.61B	36.12	―	―	212.48%	135.64%
JINDRILL	68 Neutral	₹13.51B	-12.45	―	0.18%	34.80%	252.88%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
HINDOILEXP	54 Neutral	₹16.25B	62.34	―	―	-16.59%	-16.91%
ALPHAGEO	47 Neutral	₹1.13B	-6.12	―	3.53%	―	―