Jindal Drilling & Industries Ltd(JINDRILL)

NSE: JINDRILLBSE: 511034

₹ 514-0.48%refreshed 26 Oct, 12:26 pm ISTMarket cap: ₹ 1,490 crWebsite: www.jindal.comUpdated: 24 Oct 2026

About

Jindal Drilling & Industries Ltd is an Indian offshore drilling company that owns and operates jack-up rigs primarily for ONGC under multi-year contracts, supplemented by directional drilling and mud logging services. As of FY26, the company reported revenue of INR 996.57 crores and EBITDA of INR 391.02 crores across a six-rig fleet. The company operates across 5 states in India and 1 country internationally, with nil export contribution to total turnover.^[1][2]

Business segments

Rig operations is the dominant segment: Q1 FY26 rig EBITDA was INR 102 crores vs INR 5 crores from directional drilling and negligible mud logging, out of total EBITDA of INR 107 crores.^[3]
Non-rig services comprising directional drilling and mud logging contributed INR 5 crores EBITDA in Q3 FY26 vs INR 67 crores from the rig segment.^[4]

Fleet composition and day rates

The company operates six offshore jack-up rigs: three owned (Discovery-I acquired 2019, Jindal Supreme acquired 2021, Jindal Pioneer acquired 2025) and three rented (Virtue-I, Jindal Star, Jindal Explorer).^[5]
Jindal Supreme earned USD 88,859/day and Virtue-I earned USD 80,633/day in Q1 FY27, the two highest-rate rigs in the fleet.^[6]
Discovery-I earned USD 48,324/day and Jindal Explorer earned USD 35,606/day (under a November 2025 - November 2028 contract) in Q1 FY27.^[6][5]
Jindal Star, a rented rig, earned USD 44,000/day in Q3 FY26.^[4]

Key operating numbers

Order book stood at INR 1,310 crores (USD 136 mn) as of Q1 FY27, with INR 563 crores scheduled for 9M FY27 and INR 440 crores for FY28.^[6]
Five rigs were operating and one (Jindal Pioneer) was under refurbishment in Q1 FY27; EBITDA margin was 38% for Q1 FY27.^[6]
Order book as of Q2 FY26 was INR 1,369 crores (USD 155 mn), including INR 451 crores for H2 FY26 and INR 597 crores for FY27.^[5]

Customers and distribution

Customers comprise major oil & gas producers and public sector undertakings; all operating rigs are deployed with ONGC in India as of Q1 FY27.^[2][6]
The company operates in 5 states nationally and 1 country internationally; exports contribute nil to total turnover as of FY25.^[2]

Rig refurbishment and recontracting

Jindal Pioneer received a new ONGC contract at USD 47,681/day (INR ~45 lakhs/day, INR-denominated) for October 2026 to October 2029; refurbishment in UAE was expected to complete the first week of September 2026.^[6]
Three rigs - Discovery-I, Virtue-I, and Jindal Star - are expected to be dehired in the later part of FY27 and will enter 4 - 6 month refurbishment periods with no revenue contribution.^[6]
Refurbishment cost per rig is now estimated at INR 90 - 110 crores, up from a prior estimate of INR 50 - 100 crores, due to inflationary trends in labour and materials.^[6]
Management bid USD 62,000/day for Jindal Pioneer's ONGC contract but was pushed down to approximately USD 47,800/day; international jack-up day rates remain in excess of USD 100,000.^[6][4]

Balance sheet and cash

Net cash position improved to INR 183 crores at June 2026 from INR 128 crores at March 2026, with gross debt reduced from INR 69 crores to INR 52 crores.^[6]
Net cash was INR 325 crores at December 2025 and INR 295 crores at September 2025, reflecting strong operating cash generation following the Jindal Pioneer acquisition.^[4][5]

Recent developments

ONGC awarded Jindal Pioneer a three-year contract at USD 47,681/day (INR-denominated at ~INR 45 lakhs/day) starting October 2026, disclosed during the Q1 FY27 call.^[6]
The JV entity holding Jindal Pioneer recorded a loss of approximately INR 5 crores in Q1 FY27 as it bore contractual refurbishment costs required before delivery to Jindal Drilling.^[6]
An INR 100.43 crore ONGC litigation gain booked in Q2 FY26 was reversed in Q3 FY26 after ONGC appealed to the Supreme Court.^[4]
Jindal Explorer was recontracted with ONGC from November 2025 at USD 35,606/day for three years, below the prevailing market rate of approximately USD 70,000 - 90,000.^[5]
The company won a new directional drilling tender in Q2 FY26 and deployed fresh capital for that segment.^[5]
Saudi Aramco resumed previously terminated rig contracts by end of 2025, tightening global jack-up supply; global day rates remain above USD 100,000.^[4]

Market Cap

₹1,490 Cr

High / Low

₹704 / 440

Stock P/E

7.8

Price / Book

0.8

Book Value

₹628

EPS

₹72.7

No. of Shares

2.9 Cr

ROCE

15.4%

ROE

12.4%

OPM

23.4%

Debt / Equity

0.05

Sales

₹997 Cr

Net Profit

₹211 Cr

Promoter holding

66.8%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials