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Deep Industries Limited (DEEPINDS)

Oil Gas & Consumable Fuels · Oil · NSE · Updated 16 June 2026

₹503.8 ↑ 16.08% (1Y)

🎯 Key Takeaways

Deep Industries Limited is transitioning from a merger-driven restructuring phase into a high-growth expansion period, marked by strong top-line momentum and strategic capex in high-return assets. Management is targeting 25-30% revenue growth over FY27-FY28, with profitability expected to stabilize at 44-45% EBITDA margins.
Revenue grew 18.5% QoQ to ₹155 in Q3FY25.
⚠️ Execution risk in winning and executing the 15-year PEC tender, which is critical for long-term offshore growth.

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 high-growth expansion period, marked by strong top-line momentum and strategic capex in high-return assets. Management is targeting 25-30% revenue growth over FY27-FY28, with profitability expected to stabilize at 44-45% EBITDA margins. The company has moved past one-time write-offs from its Kandla Energy acquisition and is now focused on executing a 15-year PEC tender and expanding offshore drilling capacity.

📰 What's Happening

In FY26, the company reported a 55% YoY revenue surge to ₹891 crores and a 71% YoY EBITDA increase to ₹425 crores, driven by a ₹3,000 crores order book and improved operational efficiency. A one-time ₹208.28 crore non-cash write-off of Kandla receivables improved balance sheet quality without impacting cash flow. Management is prioritizing offshore growth, onshore drilling expansion, and green hydrogen exploration via MOU, while targeting ₹450-500 crores profit by FY28 with ₹300 crores capex, including ₹150 crores for PEC expansion and ₹100-120 crores for new rigs.

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

Quarterly financials show consistent revenue and margin expansion over the past four quarters, with operating profit margin holding strong at 43-44% despite a dip in Q4FY24 due to base effects. The sharp rise in EBITDA and net profit growth outpacing revenue suggests operating leverage is kicking in. Management attributes this to scale, higher-capacity rig deployment, and margin accretion from offshore projects, which aligns with the 55% YoY revenue jump and 71% EBITDA growth reported in FY26.

🔮 Management Outlook & What's Next

Management projects 25-30% revenue growth for FY27-FY28, targeting ₹450-500 crores profit by FY28 and EBITDA margins of 44-45%. Capex of ₹300 crores is planned for PEC expansion and new rigs, with no hedging against USD depreciation. The company views INR depreciation as beneficial and is actively pursuing the 15-year PEC tender and offshore contracts. It also plans to bid on green hydrogen projects, aligning with national energy transition 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 in winning and executing the 15-year PEC tender, which is critical for long-term offshore growth. 2. Margin pressure if capex does not translate into higher-margin contracts, especially amid rising service cost pressures in the oilfield sector. 3. Regulatory and operational risks tied to offshore drilling, including potential environmental incidents or permitting delays. 4. Currency volatility exposure due to USD-linked contract revenues and lack of hedging strategy.

📋 Recent Filings

🧠 Analyst's Read

Deep Industries is transitioning into a growth phase backed by strong order book visibility, margin improvement, and strategic capex in high-return offshore and onshore assets. Investors should monitor progress in securing the PEC tender and the pace of new rig commissioning, as these will determine whether growth targets are achievable. The company’s financial discipline and clean balance sheet post-write-off support a stable outlook, but execution risk remains the key near-term catalyst.

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

✨ Deep Dive with AI on DEEPINDS

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.