Asian Energy Services soars on winning EPC contract worth ₹187 crore

Shares of Asian Energy Services rallied nearly 5% after the company secured a major EPC contract from GSECL for a coal handling plant. However, the shares pared partial gains in the closing session as they closed 2.1% higher at ₹275 apiece on the NSE. The shares have delivered robust returns of 32.5% in 2026 on a YTD basis and 27% in the past twelve months

Asian Energy Services has secured a ₹187.62 crore EPC contract (including GST) from Gujarat State Electricity Corporation (GSECL) for the enhancement of a coal handling plant in Ukai, Gujarat. The project marks a strategic milestone for the company as its first major order outside Coal India and its subsidiaries and associates. It signals a diversification of its client base and a strong entry into state utility-led infrastructure projects.

The project involves capacity enhancement of the Coal Handling Plant (Stage-II) at the Ukai Thermal Power Station in Gujarat. The project is being executed on a lump-sum EPC basis, and the scope covers end-to-end engineering, procurement, construction, and commissioning, which will take place over 2-3 years.

Earlier in the previous month, the company announced empanelment by Oil India (OIL) for the acquisition of on-land 2D and 3D seismic data services across OIL’s onshore acreages in India. The empanelment is for a period of three years and covers multiple project categories, including large-scale seismic surveys.

It positions the company as an eligible bidder for participation in OIL’s future tenders for seismic data acquisition services. Contract awards will be subject to separate tendering processes, evaluation criteria, and compliance with technical and commercial requirements specified by OIL from time to time.

Asian Energy Services (formerly Asian Oilfield Services) provides a range of services to reputed national and multinational companies. The company banks on the rich experience of well-qualified professionals for providing seismic data acquisition, processing and Interpretation services.