Deep Industries Ltd (DEEPINDS)

Oil Gas & Consumable Fuels · Crude Oil & Natural Gas · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹674.85 ↑ 25.69% (1Y)

🎯 Key Takeaways

Deep Industries Ltd is in a clear growth phase, capitalizing on structural energy demand tailwinds and policy shifts to expand its footprint across the oil and gas value chain. Management is executing a disciplined expansion strategy, supported by strong order book momentum and operational efficiency, as evidenced by record profitability in Q1 FY27.
Revenue grew 12.1% QoQ to ₹279 in Q1FY27.
⚠️ Commodity price volatility and foreign exchange fluctuations could pressure margins despite current strength, as the company operates in a cyclical se

Market Cap

₹4,319

P/E Ratio

20.9

P/B Ratio

2.16

ROE

11.2%

ROCE

8.7%

Debt/Equity

0.10

Div Yield

0.37%

Promoter

63.5%

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📖 The Story

Deep Industries Ltd is in a clear growth phase, capitalizing on structural energy demand tailwinds and policy shifts to expand its footprint across the oil and gas value chain. Management is executing a disciplined expansion strategy, supported by strong order book momentum and operational efficiency, as evidenced by record profitability in Q1 FY27. The company maintains a conservative balance sheet with minimal leverage and is focused on reinvestment and shareholder returns.

📰 What's Happening

In Q1 FY27, the company delivered all-time high quarterly revenue of ₹302.60 crores and PAT of ₹89.14 crores, up 42.11% and 44.48% YoY respectively, driven by new contracts in Assam and Ahmedabad and favorable energy demand trends. Management highlighted the strategic advantage of operating across 70% of the post-exploration oil and gas value chain, with growth underpinned by rising Asian energy demand and policy support for energy security. The board has approved the Employee Stock Option Scheme 2026 and reappointed key leadership, including Director Rohan Vasantkumar Shah, while seeking shareholder approval for related party transactions totaling up to ₹450 crores. Additionally, Shilpa Sharma resigned as Company Secretary, and Rajeev Kumar Sinha was appointed as Senior Management Personnel effective August 1, 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	221	222	249	279
Operating Profit	77	85	66	92
OPM %	34.7%	38.2%	26.6%	33.1%
Net Profit	71	71	-7	89
EPS	₹10.53	₹10.63	₹-2.24	₹13.34

The company's financial trajectory shows a clear inflection point, with revenue and profitability expanding rapidly over the last four quarters, particularly in Q1 FY27 where OPM improved to 33.1% and PAT turned positive after a marginally negative quarter in Q4 FY26. This turnaround is consistent with management's narrative of operational execution and order book momentum, rather than one-off gains, suggesting sustainable growth from core business expansion. The consistent improvement in margins and profitability across quarters reflects effective cost management and scaling of high-value services.

🔮 Management Outlook & What's Next

Management projects continued growth driven by structural energy demand shifts and policy tailwinds, with no specific numerical guidance provided. The company is focused on executing its strategic expansion plans, including the rollout of the Employee Stock Option Scheme 2026 to support employee retention, and is actively seeking shareholder approval for related party transactions and the ESOP scheme at the upcoming AGM. The emphasis remains on capitalizing on long-term energy security policies and regional demand growth without offering short-term numerical targets.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	32	32	32	32
Reserves	1,472	1,788	1,899	1,967
Borrowings	184	205	205	203
Total Liabilities	1,987	2,393	2,542	2,595
Fixed Assets	669	696	1,041	1,472
Investments	164	152	134	142
Total Assets	1,987	2,393	2,542	2,595

The balance sheet reflects a stable and conservative capital structure, with equity and reserves growing steadily from ₹1,788 crores to ₹1,967 crores over the last two fiscal years, while borrowings remain flat at ₹203–205 crores. Total assets have increased consistently, indicating operational expansion without over-leveraging. The company is not pursuing aggressive capex or debt-funded growth, instead relying on internal cash flows and retained earnings to fund its expansion and shareholder distributions, including a final dividend of ₹2.50 per share.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+270
Investing	-233
Financing	-39
Net Cash Flow	-2

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	63.5%	63.5%	63.5%	63.5%
FII	2.1%	1.7%	1.8%	1.5%
DII	1.1%	1.1%	1.1%	1.5%
Public	22.3%	22.4%	22.2%	21.6%
# Shareholders	37,606	37,201	37,304	37,020

Institutional investor interest remains stable, with FII holding at 1.47% in Q1 FY27, slightly down from 2.09% in Q2 FY26, while DII holdings have marginally increased to 1.53% from 1.13%. Promoter holding remains steady at 63.49% over the last four quarters, indicating no dilution or stake reduction. The shareholder base is broad, with 37,020 investors, suggesting retail participation. There are no signs of significant institutional selling, and the stable promoter stake supports governance continuity.

⚖️ Peer Comparison — Crude Oil & Natural Gas

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ONGC	2.92 L Cr	6.7	14.4%	13.0%	0.45
OIL	78,272	9.4	14.6%	16.4%	0.62
VOGL	15,778	—	—	—	0.00
DEEPINDS	4,319	20.9	8.7%	11.2%	0.10
PRABHA	3,041	2305.0	0.2%	0.3%	0.29
ANTELOPUS	2,769	20.9	37.9%	28.3%	0.00
ASIANENE	2,295	37.1	23.8%	16.4%	0.07
HINDOILEXP	2,144	85.3	2.9%	1.9%	0.09
GNRL	1,467	73.0	14.3%	12.9%	0.08
ABAN	86	—	-0.6%	2.1%	-0.62

🔗 Peer Stock Analyses

ONGC OIL VOGL PRABHA ANTELOPUS

⚠️ Risk Factors

1. Commodity price volatility and foreign exchange fluctuations could pressure margins despite current strength, as the company operates in a cyclical sector with limited pricing power. 2. Regulatory and policy risks, including potential shifts in energy policy or environmental regulations, could impact long-term growth assumptions, though current tailwinds are supportive. 3. Execution risk around the ESOP scheme and related party transactions requires scrutiny, particularly regarding valuation and governance, as approval is pending. 4. Narrow institutional ownership may limit liquidity and increase volatility during market corrections.

📋 Recent Filings

🧠 Analyst's Read

Deep Industries is executing well within a favorable macro environment, with strong operational momentum and improving profitability, but its future performance remains tied to sustained energy demand and policy continuity. Investors should monitor the AGM outcome for clarity on ESOP implementation and related party transaction pricing, as well as quarterly margin trends in the next cycle to confirm the durability of the current growth trajectory.

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 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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