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DEEPINDS - Deep Industries

📊 NSE: DEEPINDS 🏢 Oil Drilling / Allied Services 📅 Last Updated: 12/13/2025 21:27

📢 Recent Corporate Announcements

Deep Industries Signs MOU with Advait Greenergy for Green Hydrogen Projects

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Mar 2026, 05:37 PM

Deep Industries Limited (DEEP) has entered into a strategic Memorandum of Understanding (MOU) with Advait Greenergy Private Limited (AGPL) to venture into the Green Hydrogen sector. The 2-year agreement focuses on jointly bidding for and executing tenders from major Indian PSUs including NTPC, SECI, IOC, and GAIL. This collaboration aims to leverage the technical and financial strengths of both companies to capture opportunities in the renewable energy space. While no upfront consideration was paid, the move signifies a significant strategic diversification for Deep Industries.

MOU signed on March 13, 2026, with Advait Greenergy Private Limited for an initial period of 2 years.
Joint bidding strategy targeting Green Hydrogen projects from PSUs like NTPC, SECI, IOC, HPCL, BPCL, and GAIL.
Collaboration covers the entire project lifecycle from bid preparation and technical submission to final execution.
No upfront financial consideration involved; responsibilities and costs are allocated based on specific project scopes.
Strategic entry into the high-growth Green Hydrogen sector to diversify beyond traditional oil and gas services.

💡 Investors should monitor the company's success in winning upcoming Green Hydrogen tenders as it will be the primary driver of value from this MOU. This is a positive long-term diversification play, though immediate revenue impact is not yet quantifiable.

Deep Industries to Enter Green Energy Sector and Appoints New Independent Director

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 12 Mar 2026, 04:50 PM

Deep Industries has approved a strategic expansion into the green energy sector by amending its Memorandum of Association to add a new business vertical. The board also appointed Mr. Shalin Harshadbhai Patel, a Chartered Accountant with 19 years of experience, as an Independent Director for a five-year term ending March 2031. Additionally, the company is divesting 15,00,000 10% Optionally Convertible Redeemable Preference Shares of Raas Equipment Private Limited to a related party. These moves indicate a strategic shift towards sustainable energy and a restructuring of its investment portfolio.

Approved addition of Green Energy as a new business vertical in the Memorandum of Association.
Appointed Mr. Shalin Harshadbhai Patel as Independent Director for a 5-year term until March 2031.
Authorized the sale of 15,00,000 10% OCRPS of Raas Equipment Private Limited to a related party.
The new director brings over 19 years of experience in corporate finance, business valuations, and debt resolution.

💡 Investors should monitor the company's capital allocation towards the new green energy vertical and the valuation details of the related party transaction. The strategic pivot suggests long-term growth potential in sustainable energy.

Deep Industries to Enter Green Energy Sector and Appoints Shalin Patel as Independent Director

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 12 Mar 2026, 04:50 PM

Deep Industries has announced a strategic pivot by adding green energy as a new business vertical, requiring an amendment to its Memorandum of Association. The company has appointed Mr. Shalin Patel, a Chartered Accountant with 19 years of experience in corporate finance, as an Independent Director for a five-year term. Additionally, the board approved the sale of 1,500,000 10% Optionally Convertible Redeemable Preference Shares (OCRPS) of Raas Equipment Private Limited to a related party. These developments signal a move towards diversification and a strengthening of the board's financial expertise.

Approved the addition of Green Energy as a new business vertical in the Memorandum of Association.
Appointed Mr. Shalin Patel as Independent Director for a 5-year term from March 12, 2026, to March 11, 2031.
Authorized the sale of 1,500,000 10% OCRPS of Raas Equipment Private Limited to a related party.
Mr. Shalin Patel brings 19+ years of experience in corporate finance, business valuations, and debt resolution.

💡 Investors should monitor the company's capital allocation plans for the new green energy vertical and look for further disclosures regarding the valuation of the preference share sale to the related party.

Deep Industries to Enter Green Energy Sector and Appoints New Independent Director

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 12 Mar 2026, 04:50 PM

Deep Industries has approved a strategic expansion into the green energy business as a new vertical, amending its Memorandum of Association to facilitate this growth. The company also appointed Mr. Shalin Harshadbhai Patel, a Chartered Accountant with 19 years of experience, as an Independent Director for a five-year term ending March 2031. Furthermore, the board approved the sale of 1,500,000 10% Optionally Convertible Redeemable Preference Shares (OCRPS) of Raas Equipment Private Limited to a related party. These steps indicate a clear shift towards diversification and strengthening of the board's financial expertise.

Approved addition of Green Energy as a new business vertical in the Company's MOA
Appointed Mr. Shalin Harshadbhai Patel as Independent Director for a 5-year term (2026-2031)
Authorized the sale of 1,500,000 10% OCRPS of Raas Equipment Private Limited to a related party
New director brings over 19 years of experience in corporate finance, valuations, and debt resolution
The strategic pivot into green energy aligns with broader market trends and ESG goals

💡 Investors should view the entry into green energy as a positive long-term growth driver and monitor further disclosures regarding the related party transaction. The addition of a finance expert to the board is likely to enhance corporate governance and financial strategy.

Deep Industries to Enter Green Energy Sector; Board Approves Sale of 1.5 Million OCRPS

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 12 Mar 2026, 04:47 PM

Deep Industries has approved a strategic expansion into the green energy sector by amending its Memorandum of Association to add a new business vertical. The board also cleared the sale of 1,500,000 10% Optionally Convertible Redeemable Preference Shares (OCRPS) of Raas Equipment Private Limited to a related party. To strengthen governance, Mr. Shalin Harshadbhai Patel, a professional with 19 years of experience in corporate finance, has been appointed as an Independent Director for five years. These developments signal a shift towards sustainable energy and portfolio optimization.

Addition of Green Energy as a new business vertical in the company's Memorandum of Association.
Sale of 15,00,000 10% OCRPS of Raas Equipment Private Limited to a related party approved.
Appointment of Mr. Shalin Harshadbhai Patel (CA & CFA) as Independent Director for a 5-year term until March 2031.
The board meeting concluded within 30 minutes, approving all key strategic and management changes.

💡 Investors should monitor the specific project announcements and capital expenditure plans for the new green energy vertical. The sale of preference shares to a related party should be evaluated for fair valuation once further disclosures are made.

Deep Industries to Enter Green Energy Sector and Divest 1.5 Million Preference Shares

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 12 Mar 2026, 04:31 PM

Deep Industries Limited has approved a strategic expansion into the green energy business by amending its Memorandum of Association. The board also approved the sale of 15,00,000 10% Optionally Convertible Redeemable Preference Shares (OCRPS) of Raas Equipment Private Limited to a related party. To strengthen governance, Mr. Shalin Harshadbhai Patel, a Chartered Accountant and CFA, has been appointed as an Independent Director for a five-year term. These steps indicate a shift towards sustainable energy and a restructuring of the company's investment portfolio.

Approved addition of Green Energy as a new business vertical in the Main Object clause of the MOA
Authorized the sale of 15,00,000 10% OCRPS of Raas Equipment Private Limited to a related party
Appointed Mr. Shalin Harshadbhai Patel as an Independent Director for a 5-year term ending March 2031
The board meeting was conducted on March 12, 2026, between 03:30 PM and 04:00 PM

💡 Investors should watch for further announcements regarding the specific scale and capital expenditure planned for the new green energy vertical. The divestment of preference shares to a related party should be monitored for valuation details to ensure it is at arm's length.

Deep Industries to Participate in Bharat Connect Conference on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Mar 2026, 12:07 PM

Deep Industries Limited has announced its participation in the 'Bharat Connect Conference' scheduled for March 11, 2026. The meeting will be conducted virtually in a group format and is organized by Arihant Capital Markets Limited. Senior management will represent the company to interact with institutional investors and analysts. The company has clarified that no unpublished price sensitive information will be shared during this interaction.

Virtual group meeting scheduled for Wednesday, March 11, 2026
Participation in the Bharat Connect Conference organized by Arihant Capital Markets
Senior management to lead the interaction with the investor community
Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors should watch for any investor presentations or meeting transcripts released after the conference for updates on the company's growth strategy. No immediate action is required as this is a routine disclosure.

Deep Industries Secures INR 148 Crore Order from Oil India Limited

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Feb 2026, 09:34 PM

Deep Industries Limited has received a Letter of Award from Oil India Limited for the hiring of a 1000 HP mobile drilling rig package. The contract is valued at approximately INR 148 crores and is scheduled to be executed over a period of four years. The operations will take place in the domestic regions of Assam and Arunachal Pradesh. This contract win strengthens the company's order book and provides significant revenue visibility for the medium term.

Received a Letter of Award from Oil India Limited for a 1000 HP mobile drilling rig package.
Total estimated contract value is approximately INR 148 crores.
The contract duration is set for four years, ensuring long-term revenue flow.
Project execution will occur in the states of Assam and Arunachal Pradesh.
The award is part of the company's ordinary course of business in the oilfield services sector.

💡 Investors should view this as a positive development that enhances the company's earnings visibility over the next four years. Monitor the company's ability to maintain operating margins during the execution phase of this domestic contract.

Deep Industries Faces Provisional Suspension from ONGC for One Contract; ₹5-6 Cr Revenue Impact

🔴 NEGATIVE ⭐ 6/10

LEGAL 📅 13 Feb 2026, 09:05 PM

Deep Industries has received a provisional suspension notice from ONGC regarding a specific contract for a 90 MT mobile drilling rig in Bokaro. The suspension follows a Force Majeure event involving sabotage and a police status quo order that halted operations. The company estimates a revenue impact of ₹5-6 Crores for Q4 FY 2025-26 but clarifies that all other ONGC contracts remain fully operational. Management is actively pursuing legal remedies, asserting that the suspension is legally untenable under contract provisions.

Provisional suspension by ONGC for a 90 MT mobile drilling rig contract at CBM Asset, Bokaro.
Estimated revenue impact of approximately ₹5-6 Crores during Q4 of FY 2025-26.
Suspension triggered by violent sabotage and subsequent police status quo order preventing rig access.
All other existing ONGC contracts and ongoing business operations remain unaffected and intact.
Company is actively pursuing legal remedies to challenge the suspension based on Force Majeure clauses.

💡 Investors should monitor the resolution of this legal dispute and ensure no further contracts are impacted, though the current financial hit is relatively contained.

Deep Industries Faces Provisional Suspension of Business Dealings by ONGC

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 13 Feb 2026, 06:42 PM

Deep Industries Limited has received an intimation from Oil and Natural Gas Corporation Limited (ONGC) regarding a provisional suspension of business dealings. The suspension is reportedly due to alleged non-performance in one specific Drilling Rig contract. The company has stated that it considers the suspension unwarranted and is initiating legal remedies, including arbitration, to challenge the decision. While the company maintains that its current operations and robust order book remain unaffected, this development poses a risk to future contract acquisitions from a major client.

Provisional suspension of business dealings initiated by ONGC due to alleged non-performance.
The dispute is centered on a single Drilling Rig contract handled by the company.
Deep Industries is invoking arbitration and seeking legal remedies to overturn the suspension.
Management asserts that overall business operations and the existing order book remain robust and uninterrupted.

💡 Investors should monitor the outcome of the arbitration process as ONGC is a significant client in the oil and gas services sector. Expect short-term volatility in the stock price until there is more clarity on the company's ability to bid for future ONGC projects.

Deep Industries Q3 FY26 PAT Jumps 50% YoY to "71.3 Cr"; Order Book at "2,967 Cr"

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 06:44 PM

Deep Industries reported a strong Q3 FY26 with revenue growing 43.1% YoY to "221.5 crores" and PAT increasing 49.8% to "71.3 crores". The company maintains a robust order book of "2,967 crores", providing multi-year revenue visibility, with a current bidding pipeline of approximately "800 crores". Operating margins remained healthy at 47.6%, driven by volume growth across onshore drilling and gas processing. Despite a minor gas leakage incident at the Rajahmundry field which was contained in 5 days, the management expects the PEC segment to scale to "150 crores" annually by FY28.

Q3 FY26 Revenue increased 43.1% YoY to "221.5 crores" with a 47.6% EBITDA margin.
Net Profit for the quarter rose 49.8% YoY to "71.3 crores", while 9M PAT grew 59.7% to "204.3 crores".
Order book stands at a significant "2,967 crores" with an additional bidding pipeline of "800 crores".
Production Enhancement Contract (PEC) contributed "20 crores" this quarter, targeting "150 crores" annual revenue by FY28.
Management successfully contained a gas leakage incident at the Rajahmundry site within 5 days with no casualties.

💡 Investors should view the strong execution and robust order book as a sign of long-term growth; monitor the ramp-up of the PEC segment for further margin expansion.

Deep Industries Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 06 Feb 2026, 04:58 PM

Deep Industries Limited has officially released the audio recording of its earnings conference call held on February 6, 2026. The call addressed the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This filing is a mandatory regulatory disclosure under SEBI Listing Obligations. Investors can access the recording via the company's website to evaluate management's commentary on operational performance and future outlook.

Earnings call conducted on February 6, 2026, following the Q3 FY26 results.
Audio recording link is now live on the company's official investor relations webpage.
The disclosure complies with Regulation 30 of SEBI (LODR) Regulations, 2015.
The call follows the prior intimation sent to exchanges on January 30, 2026.

💡 Investors should review the audio recording to understand management's perspective on the current order book and execution timelines. Pay close attention to any guidance provided regarding capital expenditure and margin expectations for the upcoming fiscal year.

Deep Industries Q3 FY26 PAT Jumps 50% YoY to ₹71.3 Cr; Order Book Reaches ₹2,967 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:33 PM

Deep Industries reported a strong performance for Q3 FY26, with consolidated revenue growing 43.1% YoY to ₹221.5 crore and PAT increasing 49.8% to ₹71.3 crore. The company's 9M FY26 performance was equally robust, with PAT rising nearly 60% to ₹204.3 crore, supported by high EBITDA margins of 46.3%. The order book stands at a record ₹2,967 crore as of January 2026, providing multi-year revenue visibility. Strategic expansions into offshore services via Dolphin Offshore and the commencement of the ₹1,402 crore ONGC production enhancement contract remain key growth drivers.

Consolidated Revenue for 9M FY26 grew by 57% YoY to ₹642.0 crore.
Net Profit (PAT) for Q3 FY26 rose 49.8% YoY to ₹71.3 crore with a healthy PAT margin of 30.8%.
Order book reached ₹2,967 crore as of Jan 2026, representing a 3-year CAGR of 40.14%.
Secured a new ₹108 crore contract from GAIL for gas compression facilities over 880 days.
The ₹1,402 crore ONGC Production Enhancement Contract is expected to generate majority revenue over the next 10 years.

💡 The company shows strong growth momentum and high operational efficiency with a massive order book. Investors should maintain a positive outlook given the multi-year revenue visibility and low debt-to-equity ratio of 0.10.

Deep Industries Q3 FY26 PAT Jumps 49.8% to ₹71.3 Cr; Order Book Robust at ₹2,967 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 03:21 PM

Deep Industries reported a stellar Q3 FY26 with net profit surging 49.8% YoY to ₹71.3 Cr. Revenue from operations increased by 43.1% to ₹221.5 Cr, supported by strong execution in drilling and production enhancement services. The company's order book remains robust at ₹2,967 Cr, which is more than 4x its 9-month revenue, indicating strong future visibility. Profitability margins also improved, with EBITDA margins reaching 47.6% and PAT margins at 30.8%.

Net Profit (PAT) for Q3 FY26 grew 49.8% YoY to ₹71.3 Cr.
Revenue from operations increased 43.1% YoY to ₹221.5 Cr for the quarter.
EBITDA margins expanded by 149 bps YoY to 47.6%, reaching ₹110.1 Cr.
Current order book stands at a significant ₹2,967 Cr, providing high revenue visibility.
9M FY26 performance remains strong with PAT up 59.7% YoY to ₹204.3 Cr.

💡 The company's massive order book and expanding margins make it a strong growth candidate in the oilfield services sector. Investors should monitor the continued execution of the ONGC Production Enhancement Contract as a primary catalyst.

Deep Industries Q3 FY26 Net Profit Jumps 55% YoY to ₹50.72 Cr; Revenue Up 49%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:33 PM

Deep Industries reported a robust Q3 FY26 with standalone revenue from operations increasing 49.4% YoY to ₹179.36 crore. Net profit for the quarter surged 55% YoY to ₹50.72 crore, while EPS rose to ₹7.92 from ₹5.12. The company also completed the acquisition of a 70% stake in Deep Natural Resources Limited during the period. For the nine-month period ending December 2025, net profit grew by 59% YoY, reflecting strong operational momentum in the onshore oil and gas services segment.

Standalone Revenue from operations grew 49.4% YoY to ₹17,935.73 lakhs.
Net Profit for the quarter increased 55% YoY to ₹5,072.25 lakhs from ₹3,272.49 lakhs.
9M FY26 Net Profit rose 59% YoY to ₹14,771.21 lakhs compared to ₹9,289.81 lakhs in 9M FY25.
Acquired 70% stake (3,50,000 shares) in Deep Natural Resources Limited at a premium of ₹31.25 per share.
Earnings Per Share (EPS) for Q3 FY26 improved significantly to ₹7.92 from ₹5.12 YoY.

💡 The strong earnings growth and strategic acquisition of a majority stake in a new subsidiary indicate healthy business expansion. Investors should maintain a positive outlook on the stock given the consistent margin improvement and top-line growth.

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💰 Financial Performance

Revenue Growth by Segment

The company expects a consolidated revenue growth of 35% to 38% YoY for FY27, driven by Production Enhancement Contracts (PEC) and new rig additions. Dolphin Offshore is targeted to contribute INR 100 Cr to the top line in FY26, with further growth expected as new assets are added.

Geographic Revenue Split

Operations are primarily concentrated in India, with active deployments in the Rajahmundry asset, Rajasthan, Assam, and Arunachal Pradesh hydrocarbon basins.

Profitability Margins

Consolidated EBITDA margins have remained stable between 43% and 45%. Standalone margins (excluding other income) were approximately 37% over the last three quarters, with management targeting an improvement to 40% as PEC volumes increase.

EBITDA Margin

Consolidated EBITDA margin is currently 43-45%, with guidance suggesting an upward trajectory beyond 45% in coming quarters due to the deployment of higher-margin new assets.

Capital Expenditure

The company is aggressively adding new assets to its fleet to service running contracts. Long-term bank facilities were enhanced from INR 138.62 Cr to INR 205.69 Cr to support this expansion and asset deployment.

Credit Rating & Borrowing

CARE Ratings upgraded the long-term rating to CARE A+; Stable (from CARE A; Positive) in September 2024. Short-term facilities are rated CARE A1.

⚙️ Operational Drivers

Raw Materials

As a service provider, primary operational costs are driven by specialized equipment: Gas Compression Rigs (15-20% of costs), Workover Rigs, and Gas Dehydration units. Consumables and spares for these assets represent the primary material cost.

Import Sources

Equipment and specialized spares are sourced globally and domestically, with significant operations and asset deployment across Gujarat, Rajasthan, and North-Eastern states like Assam.

Key Suppliers

Not explicitly named, but procurement involves global oilfield equipment manufacturers and domestic engineering firms for rig components.

Capacity Expansion

Current order book stands at INR 3,050 Cr as of June 30, 2025, a significant increase from INR 1,246 Cr in June 2024. Expansion includes the takeover of the Rajahmundry PEC asset and new workover rig deployments for Oil India.

Raw Material Costs

Direct operating expenses are linked to asset maintenance and mobilization. Management aims to improve standalone margins from 37% to 40% by increasing the volume of production enhancement projects.

Manufacturing Efficiency

Efficiency is measured by the 'efficient deployment of large asset base' and maintaining safety standards across all sites to prevent operational downtime.

Logistics & Distribution

Distribution costs relate to the mobilization of heavy rigs across difficult terrains in Rajasthan and the North-East; specific INR values are not disclosed.

📈 Strategic Growth

Expected Growth Rate

35-38%

Growth Strategy

Growth will be achieved through full-year revenue contributions from newly added rigs, the scaling of Dolphin Offshore (targeting INR 100 Cr), and the execution of the INR 3,050 Cr order book. The company is also shifting toward high-value Production Enhancement Contracts (PEC) and integrated gas processing facilities.

Products & Services

Gas compression services, workover rigs, drilling rigs, gas dehydration services, production enhancement contracts, and integrated gas processing facilities.

Brand Portfolio

Deep Industries Limited, Dolphin Offshore.

New Products/Services

Expansion into integrated gas processing facilities and unconventional resource development; these are expected to contribute to the targeted 35-38% growth.

Market Expansion

Deepening footprint in key Indian hydrocarbon basins including Rajasthan, Assam, and Arunachal Pradesh.

Market Share & Ranking

Positioned as a key integrated service provider in India's oil and gas sector; specific market share percentage not disclosed.

Strategic Alliances

The company operates through subsidiaries and group companies, including the recently integrated Dolphin Offshore business.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward production enhancement and integrated service models. India's oil and gas sector is witnessing renewed momentum due to government pushes for domestic production, benefiting integrated providers like Deep Industries.

Competitive Landscape

Operates in a competitive environment for rig services, contending with both domestic and international service providers for PSU tenders.

Competitive Moat

Moat is built on a large, specialized asset base and a long-standing track record with major PSUs like ONGC. This is sustainable due to high entry barriers (capital intensive) and the technical expertise required for gas compression and PEC.

Macro Economic Sensitivity

Highly sensitive to domestic oil and gas exploration policies and the government's push for energy security, which drives PSU spending.

Consumer Behavior

Demand is driven by industrial energy needs and government policy rather than individual consumer behavior.

Geopolitical Risks

Susceptible to global crude oil price fluctuations which dictate the demand and day rates for exploration and production services.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and technical standards set by the Directorate General of Hydrocarbons (DGH) and client-specific safety protocols (e.g., ONGC standards).

Environmental Compliance

The company must adhere to stringent safety and environmental norms inherent in oil and gas exploration; specific ESG costs are not disclosed.

Taxation Policy Impact

Current tax liabilities (net) increased significantly to INR 16.59 Cr in March 2025 from INR 3.41 Cr in March 2024.

Legal Contingencies

The 2025 Audit Report issued a clean opinion on standalone financial statements and internal controls; no specific high-value pending litigation amounts were disclosed in the provided text.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the re-awarding of maturing contracts, which is inherent in the oil and gas service industry and could impact revenue by 20-30% if major contracts are lost.