Beat revenue guidance but margins below range; FY28 ₹500Cr PAT ambitious

Delivered ₹278.92Cr, +39.8% YoY (rounded 40%)

OPM 38.8% (not EBITDA). EBITDA 43.6% within guidance but at lower end

Delivered ₹89.1Cr, +44.5% YoY exactly

Stated but not independently verified; implies strong capacity constraints

Now expecting October 2026 restart vs earlier expectation, concrete setback

Q1 run-rate ~₹360Cr annualized; ₹500Cr implies 42.8% FY27→FY28 growth. Dependent on execution

Introduced explicit ₹500Cr FY28 PAT target (vs ₹350Cr FY27 expected). Implies 42.8% growth. Prior FY27 guidance 25-30% revenue growth; actual tracking >25% on Q1 beat.

FY27 capex ₹250-300Cr (vs prior ₹300Cr offshore flexibility). Tied to higher-capacity drilling rig, offshore fleet capex backed by firm orders only.

FY27 execution ~₹800Cr of ₹3,047Cr book confirmed. PEC (15-yr, ₹1,402Cr) is major long-tenure chunk; execution timeline 2-2.5 yrs for 60% of book.

FY27 standalone growth 18-20% (vs prior implied 25-30% consolidated). Consolidated growth >25%. Subsidiary M&A driving overall, not organic.

Both assets fully deployed now; growth must come from fleet additions. Very bullish on offshore segment, expect significant growth next 2-3 years.

Have synergies in gas compression/drilling expertise. Bidded one green hydrogen tender (EPC balance-of-plant). Actively evaluating; will collaborate/JV as needed. No quantified revenue timeline.

Yes, we believe it should. Momentum should continue; won't surprise us if we do that much.

Slightly above baseline now. Incremental production Sep-Oct 2026. New wells drilled FY27; contribution Q4 or Q1 next year.

1.5% EBITDA margin improvement by manufacturing chemical in-house. Capex ₹10-15Cr (repair/mod only). No debt planned.

Current bidding pipeline ₹700-800Cr. Three priorities (PEC new, higher-HP rigs, offshore DSV) not yet in pipeline; expected in bidding stage next few months.

Bidding for support services (charter hire barges, tugs, vessels), not offshore drilling. Fixed-price contracts.

Yes. Offshore margins should improve; new offshore and PEC contracts help blended EBITDA in FY28 and later.

Growth expected from Q2 onwards; 4-5 gas compression/processing contracts starting late Q1/Q2. Expecting 18-20% stand-alone growth FY27.

Volumes 2.5-3 lakh cubic meters/day. Baseline ~1.44 lakh SCMD (below which Deep bears cost; above, profit-share kicks in).

Q1 tracking 39.8% YoY. Stand-alone 18-20%, consolidated >25%. Order execution ~₹800Cr FY27.

42.8% growth. Dependent on PEC ramp (₹150Cr revenue), offshore scaling, Kandla uplift, new PEC tenders. PEC delay 5-6 months creates FY28 push-out risk.

Q1 43.6% at lower end. Kandla 1.5% uplift expected H2 FY27. Offshore margins >onshore, should help FY28 blended.

Offshore + PEC higher-margin contribution; but capex intensity and execution risk remain.

Tied to firm order wins for higher-capacity drilling rigs and offshore fleet. No unilateral commitment; capex backed by contract awards only.

Mori-5 well incident pushed incremental production 5-6 months past planned April 2025 takeover. ₹1,402Cr 15-yr contract's incremental revenue (₹150+Cr FY28) now at risk if further slippage occurs.

EBITDA margin 43.6% sits at lower end of 43-45% guidance despite revenue beat. OPM 38.8%. Suggests cost inflation or margin pressure in drilling/services segment. Standalone business flat adds mix risk.

Dolphin (offshore subsidiary) contributes ₹43Cr Q1 revenue; single DP2 barge 3-yr contract expected >₹150Cr/year. Early-stage reviving post-NCLT 2022 acquisition. Fleet expansion ₹250-300Cr capex tied to tender wins; asset-heavy, speculative.

PSU (ONGC, Cairn) dominates client base; order book ₹3,047Cr majority from ONGC. No quantified target for non-PSU revenue. Government E&P push is tailwind but policy-dependent.

Stand-alone revenue flat ~₹175Cr/quarter for 5 quarters. Consolidated growth (>25%) entirely from Dolphin/Dubai M&A. Core onshore drilling/gas compression constrained; new contracts ramping Q2 only.