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Revenue
₹891 Cr
verification pending
Revenue YoY
55%
reported change
EBITDA
₹424.82 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Deep Industries delivered a strong Q4 FY26 with revenue of ₹891 crore (up 55% YoY) and EBITDA of ₹424.82 crore (up 44% YoY). Excluding a one-time write-off of ₹28 crore from Kandla legacy receivables, PAT stood at ₹352.9 crore. The order book remains robust at ₹3,000+ crore, providing multi-year visibility. Growth was driven by execution of existing orders and new inflows across onshore drilling, gas processing, and production enhancement (PEC). Management guided for 25-30% revenue growth in FY27, with EBITDA margins sustaining around 44-45%. Capex of ~₹300 crore is planned for new rigs and gas processing assets. A gas leak incident at the Mori-5 well caused a 1-2 quarter delay in PEC timelines but is not expected to materially impact long-term targets. Key risk: execution delays in PEC contracts and potential order book stagnation if new large bids (e.g., 2,000 HP rigs, new PEC) do not materialize as expected.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to grow 25-30% year-on-year in FY27, driven by order execution and new wins.
- Management guided that EBITDA margins will remain in the 44-45% range, with minor quarterly variations.
- Planned capex includes ₹150 crore for PEC and additional spend on rigs and gas processing assets.
- With existing assets, Dolphin Offshore is expected to generate ~₹150 crore revenue with ~60% EBITDA margin.
Risks flagged
- A gas leak at Mori-5 well caused a 5-6 month shift in production enhancement timeline, potentially impacting near-term PEC revenue.
- Order book has remained around ₹3,000 crore for several quarters; new large orders are needed to sustain growth.
- Q4 margins were impacted by one-off ECL provision and gross revenue recognition; sustainability of 60% EBITDA margin is uncertain.
- ₹160 crore of Dolphin Group receivables remain outstanding; recovery depends on arbitration outcomes.
Key quotes
- Our order book remains robust, revolving consistently over 3,000 cr providing multi-year revenue visibility and reinforcing confidence in our long-term growth outlook.
- With the current trend that is going on we are quite optimistic that the pedigree of growth that has been witnessed in past few years should keep continuing but our sense is that it could be more than 25 to 30%.
- This non-recurring and non-cash adjustment reflects our commitment to financial discipline. This has not impacted our core cash profitability in FY 2026.
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