Deep Industries Limited has informed the Exchange about Transcript
DEEPINDS · price
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Deep Industries reported a strong Q1 FY26 with revenue of Rs. 199.5 crores (up 61.6% YoY), EBITDA of Rs. 95 crores at a 44.6% margin, and net profit of Rs. 61.7 crores (up 59.3% YoY). The order book surged 152% YoY to Rs. 3,051 crores, supplemented by new Oil India contracts worth Rs. 141.72 crores combined for workover rigs in Assam, Arunachal Pradesh, and Rajasthan. Management guided for 30%+ YoY revenue growth for the next 2-3 years, with margins expected to improve as Dolphin offshore and Kandla Energy contributions ramp up from next fiscal year. Capex plans include Rs. 160 crores for the Rajahmundry production enhancement contract and Rs. 350-400 crores for Dolphin vessels, while the QIP is on hold pending better market conditions. No additional write-offs are expected in FY26, though Rs. 350+ crores of old receivables from Kandla and Dolphin remain pending recovery within a 2-year timeline.
Strong order book visibility and execution momentum are positive for earnings growth, but the pending QIP decision combined with Rs. 350-400 crores Dolphin capex could pressure the stock via potential equity dilution. Shareholders should watch for margin trajectory and the timing of the fundraise as key catalysts.