Deep Industries Ltd(DEEPINDS)

NSE: DEEPINDSBSE: 543288

₹ 674.1-3.15%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,314 crWebsite: www.deepindustries.comUpdated: 24 Oct 2026

About

Deep Industries Ltd is an Indian oil-field services company providing onshore drilling, workover, gas compression and processing, production enhancement, and offshore marine services to upstream oil and gas producers. Its annual consolidated turnover as of 31 March 2026 was ₹890.71 crore, with an order book of ₹3,047 Cr as of June 2026. Its primary client is ONGC, whose share of revenue has been reduced below 40% through diversification into Oil India, private producers and overseas operations.^[1][2]

Business segments

Onshore drilling and workover: a fleet of 20 rigs (14 workover, 6 drilling) on charter-hire contracts; the core standalone segment, running at roughly ₹170-175 Cr per quarter in FY27 to date.^[3]
Gas compression and processing: charter hire of compression and processing facilities to ONGC, GAIL and others; three active contracts as of Q2 FY26.^[4]
Production Enhancement Contract (PEC): 15-year contract at Rajahmundry (ONGC fields) for gas production enhancement; valued at ~₹1,300 Cr of the total order book.^[4]
Offshore marine services (Dolphin Offshore): DP2 accommodation barge Prabha and an AHTSV on contract; contributed ~₹43 Cr in Q1 FY27.^[3]
International and equipment: two Dubai-based subsidiaries in gas processing services and equipment sales contributed more than ₹50 Cr in Q1 FY27.^[3]

Fleet and operating capacity

Onshore rig fleet of 20 units (14 workover, 6 drilling), all at 100% utilisation as of Q1 FY27, up from 17 rigs (11 workover, 6 drilling) stated in the FY25 annual report.^[3][5]
Six rigs were added in the eight months to September 2025; two rigs sourced from China were mobilised, one deployed in December 2025 and one in Q4 FY26.^[4]
Dolphin Offshore's DP2 barge Prabha and one AHTSV were both 100% utilised in Q1 FY27; the 3-year barge contract is expected to generate more than ₹150 Cr annually.^[3]
Kandla Energy, a manufacturing subsidiary, was merged into Deep Industries effective 30 March 2026 and is expected to start contributing in H2 FY27.^[1]

Key operating numbers

Order book as of 30 June 2026: ₹3,047 Cr (opening ₹3,007 Cr; ₹319 Cr added; ₹279 Cr executed in Q1 FY27); ~₹800 Cr expected to be executed in FY27.^[3]
Drilling and workover fleet utilisation: 100% in Q1 FY27.^[3]
PEC gas realisation ~$7.5/MMBTU; average production ~1,70,000 cubic metres per day in Q2 FY26, before the Mori-5 incident.^[4]
Active bid pipeline: ₹700-800 Cr as of Q1 FY27.^[3]

Customers and contracts

ONGC PEC contract is worth ₹1,402 Cr over 15 years, with a 64% share of incremental production revenue; the field was taken over in April 2025.^[5]
Dolphin's 3-year contract for the DP-2 Prabha barge is worth ~US$32.85m (~₹281 Cr).^[5]
Other named clients include GAIL, Oil India, GSPC LNG, Vedanta and Selan; an Oil India workover rig contract (Assam and Arunachal Pradesh) was won in Q2 FY26 for ₹96.72 Cr over 7 years.^[6]
International revenue comes through two Dubai-based subsidiaries, a key channel for reducing single-client dependence; the FY25 report lists dependence on few clients as a risk.^[3][5]

Expansion and capex

FY27 capex estimated at ₹250-300 Cr: ~₹150 Cr for PEC new wells, the rest for rigs and gas processing units; funded via internal accruals and debt.^[3]
PEC: new wells to be drilled in FY27; first incremental production expected from October 2026 after the Mori-5 incident delayed the timeline by 5-6 months.^[3]
Evaluating entry into 2,000 HP drilling rigs, possibly via JV; estimated capex ₹100-120 Cr per rig.^[3]
Dolphin fleet: tugs, barges and 1-2 support vessels planned over 3-5 years, only when contract-backed.^[3]
Kandla Energy revival capex of ₹10-15 Cr with no debt, for repair and modification works.^[3]
Green hydrogen: bid submitted for a balance-of-plant EPC tender, outcome awaited as of Q1 FY27; geothermal entry under evaluation.^[3]

Recent developments

September 2026: won an ONGC gas compression contract at Balol GGS-1, Mehsana asset, valued at ₹88.15 Cr for 3 years.^[7]
FY26 annual report: ESOP Scheme 2026 proposed for up to 15,00,000 options via fresh issue.^[2]
FY26 annual report: intra-group loans may in future be funded from borrowed funds, unsecured with 1-5 year tenor.^[2]
March 2026: on the Kandla Energy merger, ₹208 Cr of legacy trade receivables were written off as a non-cash exceptional item.^[1]
January 2026: gas leak at PEC well Mori-5 led to an APPCB stop-production order on that well; other wells continued operating.^[1]
Q3 FY26: secured a ~₹108 Cr GAIL contract for a compression facility at its RT-USAR Plant for 880 days.^[6]
Q4 FY26: a planned ~₹300 Cr QIP will not proceed.^[1]

Market Cap

₹4,314 Cr

High / Low

₹827 / 327

Stock P/E

20.9

Price / Book

2.2

Book Value

₹312

EPS

₹28.1

No. of Shares

6.4 Cr

ROCE

16.5%

ROE

9.4%

OPM

38.1%

Debt / Equity

0.10

Sales

₹891 Cr

Net Profit

₹197 Cr

Promoter holding

63.5%

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