South West Pinnacle Exploration Ltd — Q4 FY26

South West Pinnacle Exploration delivered its best-ever quarterly profitability in Q4 FY26, with revenue of ₹78 Cr (+5% YoY) and EBITDA of ₹20 Cr (+32% YoY), driving EBITDA margin expansion of 540 bps to 26.25%. PAT grew 30% YoY to ₹13 Cr. The full-year revenue rose 35% to ₹243 Cr, with PAT doubling to ₹33 Cr. The standout event was securing the largest single order worth ₹300 Cr from Hindustan Zinc, boosting the order book to ₹580 Cr. Management guided for ~20% revenue growth in FY27 with disproportionate profit growth, citing strong demand across exploration domains, a shift to private clients (improving cash flows), and capacity additions (4 new rigs ordered). The coal block in Jharkhand is progressing toward mining plan approval, with Phase 1 capex of ~₹200 Cr largely non-fund based. Key risk: execution delays on the large Hindustan Zinc order or monsoon disruptions could impact quarterly linearity.