Deep Industries Limited (DEEPINDS)

Oil Gas & Consumable Fuels · Oil · NSE · Updated 15 July 2026

₹458.75 ↓ 3.19% (1Y)

🎯 Key Takeaways

Deep Industries Limited is transitioning from a merger-driven restructuring phase into a growth-oriented expansion, marked by strong top-line momentum and strategic investments in high-return assets. The company has stabilized post-merger adjustments and is now executing a clear capital allocation plan focused on offshore drilling, PEC expansion, and green hydrogen exploration, positioning itself as a key beneficiary of India's energy security push.
Revenue grew 18.5% QoQ to ₹155 in Q3FY25.
⚠️ 1) Execution risk around the 15-year PEC tender and new rig deliveries, which are critical to sustaining growth momentum. 2) Margin pressure from lega

Market Cap

₹2,852

P/E Ratio

18.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Deep Industries Limited is transitioning from a merger-driven restructuring phase into a growth-oriented expansion, marked by strong top-line momentum and strategic investments in high-return assets. The company has stabilized post-merger adjustments and is now executing a clear capital allocation plan focused on offshore drilling, PEC expansion, and green hydrogen exploration, positioning itself as a key beneficiary of India's energy security push.

📰 What's Happening

In FY26, the company reported a 55% YoY revenue surge to ₹891 crores, driven by a ₹3,000 crores order book and improved margins, with EBITDA rising 71% YoY to ₹425 crores. Management highlighted progress on a 15-year PEC tender and plans for INR300 crores in capex, including INR150 crores for PEC expansion and INR100-120 crores for new rigs. A non-cash write-off of ₹208 crores related to Kandla Energy receivables improved balance sheet quality without impacting cash flow. The firm also entered an MOU to explore green hydrogen projects and views INR depreciation as beneficial, with no hedging planned against USD movements.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	103	101	101	105	120	123	131	155
Operating Profit	92	50	48	49	50	61	65	75
OPM %	40.6%	42.4%	38.1%	38.2%	31.6%	41.0%	44.0%	43.1%
Net Profit	72	31	30	28	37	39	42	48
EPS	₹11.29	₹4.85	₹4.61	₹4.37	₹5.73	₹5.79	₹6.00	₹6.81

Revenue has grown consistently over the past eight quarters, rising from ₹101 crores in Q1FY24 to ₹155 crores in Q3FY25, reflecting accelerating demand and successful order book execution. Operating margins remain stable around 43-44% in recent quarters, supporting profitability despite temporary margin compression in Q4FY24 (31.6%). The company’s profitability trajectory is being bolstered by scale, offshore expansion, and margin-enhancing rig upgrades, with management targeting 44-45% EBITDA margins in FY27-FY28.

🔮 Management Outlook & What's Next

Management projects 25-30% revenue growth for FY27-FY28, targeting INR450-500 crores in profit by FY28, supported by capex of INR300 crores focused on PEC expansion and new rigs. EBITDA margins are expected to stabilize at 44-45% due to higher-capacity rigs and offshore growth. Management emphasized confidence in executing new contracts, including the 15-year PEC tender, and views INR depreciation as strategically beneficial. No hedging against USD depreciation is planned, and green hydrogen is being explored as a forward-looking initiative aligned with national energy goals.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Oil

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Oil & Natural Gas Corporation Limited	3.77 L Cr	9.9	14.1%	11.0%	0.45
Oil India Limited	84,307	10.0	—	—	—
Aegis Vopak Terminals Limited	21,907	102.5	8.6%	10.7%	1.29
Deep Industries Limited	2,852	18.3	—	—	—
Antelopus Selan Energy Limited	2,643	29.5	—	—	—
Prabha Energy Limited	2,316	—	—	—	—
Hindustan Oil Exploration Company Limited	2,238	13.4	—	—	—
Jindal Drilling And Industries Limited	1,687	13.0	—	—	—
Dolphin Offshore Enterprises (India) Limited	1,652	44.1	—	—	—
Asian Energy Services Limited	1,409	38.3	—	—	—

🔗 Peer Stock Analyses

ONGC OIL AEGISVOPAK ANTELOPUS PRABHA

⚠️ Risk Factors

1) Execution risk around the 15-year PEC tender and new rig deliveries, which are critical to sustaining growth momentum. 2) Margin pressure from legacy integration challenges post-merger, despite management’s claims of stabilization. 3) Exposure to foreign exchange volatility due to USD-linked contracts and no hedging strategy. 4) Regulatory and operational risks in offshore drilling, as evidenced by the recent Well Mori #5 gas leak incident causing production delays.

📋 Recent Filings

🧠 Analyst's Read

Deep Industries is transitioning into a high-growth phase supported by strong order book visibility, strategic capex, and improving margins, but its trajectory hinges on successful execution of offshore and PEC expansion plans. Investors should monitor progress on new contract wins, rig commissioning timelines, and margin sustainability in FY27-FY28, particularly amid foreign exchange and geopolitical headwinds.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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