DEEP INDUSTRIES LIMITED

Provides oil and gas field services across four main verticals: gas processing (3 fields, 2 for ONGC and 1 for Cairn), gas compression (80+ compressor units), integrated project management with 20 onshore rigs (14 workover and 6 drilling rigs at 1,000 HP), and production enhancement services. The production enhancement business is anchored by a Rs 1,402 crore, 15-year ONGC contract, with incremental production from this contract targeted to restart by October 2026 after a gas leak incident at Well Mori-5 delayed the timeline by 5-6 months. FY26 revenue was Rs 890.71 crore with net profit of Rs 197.06 crore, and the order book stood at Rs 3,047 crore as of Q1 FY27, with over Rs 800 crore earmarked for execution in FY27. Customers include ONGC, Cairn, and Kuwait Oil Company (KOC approved for rig work), with single-client dependence reduced to below 40% of operating revenue. Kandla Energy was merged effective March 2026 to add in-house chemical manufacturing, and offshore operations are being built through Dolphin (DP2 barge Prabha). New gas compression contract wins include a 5-year ONGC charter at GGS Paliyad worth Rs 49.10 crore and a 3-year charter at Lakhmani GGS-5 Assam worth Rs 83.81 crore. The largest input cost is materials at 44.9% of revenue, followed by capex at 26.5% of revenue.