Steam Power Surge—Aakash Exploration Fires Up ₹337M Deal with Oil India

Image Source: The Financial Express

Aakash Exploration Services Ltd (NSE: AAKA.NS) has received a Letter of Intent (LOI) from Oil India Ltd for High-Pressure (HP) Mobile Boiler Services with an estimated value of around ₹337 million. This is a major win for the Ahmedabad-based oilfield services company, strengthening its grip in India's upstream oil services market.

1. What the Contract Is About

LOI pertains to HP mobile boiler operations, which is an important service for oilfield production and maintenance.
The mobile equipment is utilized for steam injection, well stimulation, and better oil recovery, especially in mature fields.
The contract shall be long term, involving multiple operational locations under the wing of Oil India.

2. About Aakash Exploration Services

Founded in 2007, Aakash Exploration is an ISO 9001, 14001, and OHSAS 18001 certified company offering oilfield services during the production phase.
Its offerings vary from workover rigs, mobile air compressors, coiled tubing units, and hot oil circulation systems.
It has previously worked with large clients like ONGC, Vedanta, and GSPC, and continues to increase its presence along India's energy belt.

3. Market Snapshot & Outlook

On June 24, 2025, shares of Aakash Exploration stood at ₹9.70, with a market cap of ₹98 crore.
The company has posted steady operating profits and is presently focusing on contract victories and equipment refurbishment to drive future growth.
This Oil India order will enhance revenue visibility and reinforce its order book for FY26.

Sources: Reuters, Screener, Aakash Exploration Official Website, Value Research