Alphageo (India) is India’s leading private-sector onshore seismic surveyor - the company that oil and gas explorers call when they need to map what lies beneath the earth’s surface before they drill. It has spent 35 years doing this work across the country’s most hostile terrains, from the Vindhyan Basin to the Mahanadi Basin, building a track record of more than 100 completed projects. The recurring approach is simple: deploy specialised crews and vibration equipment to acquire seismic data in the field, process and interpret that data into subsurface maps, and deliver the answers to government-owned exploration giants - all while carrying zero debt on the books. # Business segments A single engine serving two exploration mandates - oil and gas is the established mainstay, mineral surveying is the younger sibling - both run on the same geophysical capabilities and the same project-delivery playbook. ## 1. Onshore seismic services: the core exploration engine **The company acquires, processes and interprets seismic data for India’s government-owned oil and gas explorers, earning revenue by hitting contract milestones on projects that span the country’s toughest landscapes.** - **Paid by the milestone** - revenue is recognised as the company reaches agreed project stages, delivers survey units, or completes processing work; on time-and-materials contracts, it bills as services are performed, with any work done but not yet invoiced carried as unbilled revenue. - **Two customers dominate the order book** - Oil & Natural Gas Corporation (ONGC) and Oil India Limited, both public-sector enterprises, each routinely account for more than 10% of total revenue, making the company a dedicated partner to India’s national exploration drive. - **The moat is terrain-tested experience** - having delivered projects in 20 Indian states and two international geographies, the company’s crews possess deep familiarity with hostile operating conditions that newer MSME competitors are still learning to handle. - **Equipment defines the capability** - the machinery fleet includes geophone strings and cables (depreciated over 5 years), seismic survey equipment (5 years), and truck-mounted vibrators that shake the ground to generate sound waves, all secured as collateral against borrowings the company has not needed to draw. - **Weather dictates the calendar** - the April-June quarter is historically the most productive period for fieldwork, while the monsoon months reduce operational days, creating a seasonal rhythm that shapes project scheduling and revenue flow. ## 2. Mineral survey services: the younger exploration mandate **Using the same geophysical mapping toolkit it deploys for oil and gas, the company has begun surveying for minerals - a small but growing vertical that taps India’s push to find its own resource wealth.** - **Same capabilities, different target** - the mineral vertical relies on ground geophysical mapping techniques (Gravity, Magnetic, and DGPS surveys) that the company already mastered through decades of hydrocarbon work, so no new equipment fleet was needed. - **Bought expertise, not just built** - recognising that mineral surveying requires domain-specific know-how, the company recruited specialists with years of experience in the mineral exploration space, who have already helped secure and deliver a handful of projects. - **Early traction at scale** - in FY 2024-25 alone, the mineral team worked across four states, delivered four projects, and covered more than 57,000 square kilometres of survey area, signalling that the vertical is moving beyond pilot-stage work. - **Policy tailwind is structural** - India’s emphasis on mineral exploration as a prerequisite for becoming a global manufacturing hub creates a demand driver that did not exist when the company was purely an oil-and-gas surveyor. # Group structure and partners **The parent company operates through one active Indian joint venture for offshore work and one Dubai-based subsidiary for investments, while a key promoter-group entity supplies the drilling services that seismic surveys depend on.** - **Alphageo Offshore Services (AOSPL) is the offshore arm** - a 70:30 joint venture with Aquila Drilling Private Limited, incorporated in 2018 to provide geophysical services for offshore and transition-zone projects; it became a material subsidiary in FY 2024-25 after completing contracts for ONGC and Oil India Limited, including a ₹46-crore 3D seismic acquisition job in Odisha. - **Alphageo International Limited is the overseas investment vehicle** - a wholly-owned subsidiary in Dubai’s Jebel Ali free zone, holding investments in companies and joint ventures and providing technical support services; it is classified as a material subsidiary. - **Aquila Drilling is both partner and supplier** - a promoter-group company holding 7.23% of Alphageo’s equity, Aquila provides the shot-hole drilling and allied services required to conduct seismic and mineral surveys, charging prices comparable to those it offers other customers. - **Two subsidiaries were wound down** - Alphageo DMCC, a step-down subsidiary in Dubai with nil revenue, was dissolved in May 2024, and Alphageo Marine Services India, a 74%-owned subsidiary that never carried out commercial activity, was struck off the register in June 2023.