Deepak Builders & Engineers India Limited — Q4 FY26
Deep Industries delivered a strong Q4 FY26 with revenue of ₹891 crore (up 55% YoY) and EBITDA of ₹424.82 crore (up 44% YoY).
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Are all legacy receivables written off or still pending?
Asked by Paras, Beda Family
Management clearly stated which receivables were written off and which were kept, with reasons.
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Question
whether all the receivables are written off or still legacy letters are still pending and if it is pending what are your views why it has been not been written off?
Management (unnamed)
So we have written off all old trade receivables of Kandla energy. With regards to other legacy trade receivables of Dolphin, we have kept them outstanding considering the arbitration awards received in our favor.
Answered
High priority
What growth do you project for FY27 and FY28?
Asked by Paras, Beda Family
Management gave a specific growth guidance of 25-30%.
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Question
with the kind of order books we have. So what kind of growth do you project for next two years like FY27 and FY 28?
Management (unnamed)
With the current trend that is going on we are quite optimistic that this 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%.
Partial answer
High priority
Can we see profit of 450-500 cr in FY28?
Asked by Paras, Beda Family
Management did not commit to a specific profit number but said it's possible.
no specific profit guidancequalitative assurance only
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Question
So that means that FY28 can we see a profit of maybe 450 or 500 kind of is it possible?
Management (unnamed)
with the growing trajectory I don't see that to be an issue or to be a concern because the growth is already been demonstrated for past few years and with the current situation... I think that could be quite possible.
Evasive
Medium priority
Do we qualify for coal gasification scheme?
Asked by Paras, Beda Family
Management did not confirm qualification or technology, only said they are looking into it.
no commitmentvague future possibility
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Question
now recently government has come out with the coal gasification scheme. So do we qualify for that? Do we have a technology for coal gasification?
Management (unnamed)
coal gasification geothermal is something that is aligning to our business activity. So going forward we might so we are already started looking into it and at an approach we may look into this with a strong commitment as we go forward.
Partial answer
High priority
Will delay in production enhancement scheme trim projections?
Asked by Paras, Beda Family
Management acknowledged delay but did not provide revised quantitative projections.
no specific revised numbersqualitative only
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Question
there is a delay in production enhancement scheme. So then will you trim down the projection or you are still that whatever target you have set for FY27 that will be achieved for production sharing contract.
Management (unnamed)
our activities have been a bit delayed for a quarter or two... these numbers or the projections that what we have should come around maybe it will have an impact of maximum as I mentioned one or two quarters but everything else is just intact.
Partial answer
Medium priority
What transpired in Dolphin this quarter?
Asked by Manan, Manibi
Management gave qualitative explanation but no specific revenue or expense figures.
no specific numbersvague explanation
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Question
in this quarter we have seen a spike in the revenues of Dolphin as well as on the expense side. So can you provide some light of what has transpired in Dolphin in the current quarter?
Management (unnamed)
So in Dolphin we had a good quarter in terms of revenue. So our revenue has jumped up and along with it some expenditure has also been risen. So there was one opportunity ongoing where we had some higher rates in between the contract.
Evasive
Medium priority
What gives confidence to qualify for 2000 HP rigs?
Asked by Manan, Manibi
Management did not address past failure or provide concrete confidence factors.
no specific reasongeneric optimism
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Question
in the presentation we are talking of getting into higher HP drilling rigs. I believe you're talking about 2,000 HP. We have tried this earlier through also via a JV. So is this the same opportunity that we are again reexploring and what gives you the confidence of qualifying this time?
Management (unnamed)
So these standards have been coming in the past but we believe that as we go forward the kind of inquiries that could be floated from our clients would be much higher in numbers and we are sure with the qualification we would surely qualify for the same.
Partial answer
High priority
How critical is Modi-5 well and how to get around stop production order?
Asked by Manan, Manibi
Management explained the situation but did not provide a clear plan or timeline for resolution.
no timelineuncertainty
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Question
there has been a stop production order given by the APCB over there on the Modi-5 well. So I wanted to understand whether the enhancement of production in this particular was how critical was Modi-5 in that entire plan and how do we plan to get around this stop production order.
Management (unnamed)
This stop production order was given only for this particular well which is already in a question. So we have already shut off this well for now for all the compliance and regulatory matters. In short span of time we may try to keep this well activate but that is again in the eventuality.
Evasive
High priority
When will macro demand translate into order flow?
Asked by Manan, Manibi
Management did not commit to a specific quarter or quantify expected orders.
no specific timelinevague
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Question
our order book has stagnated at around this 3,000 cr level for the past four five quarters. So when can we see the macro demand finally translating into orders and which sector?
Management (unnamed)
there are new pieces also coming up and as I also mentioned the new opportunities of the higher capacity rigs and all that put together will definitely give an indication of higher order book. So maybe in some quarter or two you would see that numbers also coming quite above to what the current levels are.
Answered
High priority
Does bid pipeline include PEC? How are we looking at more PEC contracts?
Asked by Manan Mandur, Worldport Fund Management
Management clearly stated PEC is not included and mentioned a recent tender.
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Question
Out of the bid pipeline that we have of 500 to 600 crores, does this also include PEC and if not then how are we looking towards more of PEC contracts?
Management (unnamed)
So this 500 to 600 cr bidding pipeline is consisting of bids already submitted. With regards to PEC one recent tender has came up which is yet to bid and so to answer to your question PEC is not included in this bidding pipeline.
Partial answer
Medium priority
Why did Dolphin's EBITDA margin decline despite revenue growth?
Asked by Harisha, Seven Rivers
Management cited one-off ECL but did not fully explain why incremental revenue did not add profit.
did not fully explain revenue-expense mismatchdeferred to annual evaluation
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Question
while our revenue has grown up sequentially from 30 to 45 crores in absolute terms has also come down significantly from 22 to 12 crores. So is there any one-off in this quarter?
Management (unnamed)
with regards to Q4 we had one oneoff item of ECL which is expected credit loss provisioning of around 10 CR and I think that is oneoff item. If you will exclude that then margins are in parity.
Answered
High priority
How much operating leverage is available from existing assets?
Asked by Sanesa, KSA Securities
Management gave specific utilization percentages for each segment.
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Question
how much operating leverage is still available from the existing asset before any next major capex cycle.
Management (unnamed)
With regards to rig segment our assets are 100% utilized and so with any new order coming in we'll have to do capex of new rig. With regards to gas processing segment we have still availability of around 12-15%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth guidance of 25-30% year-on-year | 30% | 55% | Understated vs filing |
| Dolphin revenue guidance of 150 cr for FY27 | ₹150 cr | ₹891 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.