NSE: JINDRILL · BSE: 511034
JINDAL DRILLING IND. LTD
Provides offshore drilling services to oil and gas exploration companies, earning revenue by deploying rigs on contract. In FY26, revenue stood at Rs 996.57 crore and consolidated net profit at Rs 210.6 crore; standalone profit after tax rose to Rs 17,261 lakhs (up 22.6% year-on-year) on standalone revenue of Rs 99,657 lakhs (up 20.4%). The rig Jindal Pioneer received a Notification of Award from ONGC for a 3-year deployment at an effective day rate of about Rs 45.83 lakh, with total contract value approaching Rs 50 crore and operations expected to start in Q3 FY27 after refurbishment. Joint ventures Discovery Drilling Pte. Ltd and Virtue Drilling Pte. Ltd contributed Rs 3,799 lakhs to FY26 consolidated results. Cost structure is dominated by other operating expenses at 55.6% of revenue and depreciation at 15.1%, with employee costs at 9.4%, reflecting the asset-heavy rig fleet. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Drilling services, Joint venture operations. Asset-heavy, cyclical offshore drilling services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 420 | 512 | 617 | 828 | 997 |
| EBITDA (ex other income) | 106 | 175 | 199 | 237 | 345 |
| margin % | 25.3 | 34.2 | 32.3 | 28.7 | 34.6 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 22.25 | 33.43 | 17.65 | 74.50 | 72.67 |
| ROE % · ROCE % | 5.4 · 6.3 | 7.4 · 10.2 | 3.8 · 9.9 | 13.6 · 11.0 | 11.6 · 11.5 |
| Debt / equity (x) | 0.18 | 0.16 | 0.22 | 0.10 | 0.05 |
| Cash from operations | 196 | 64 | (44) | 864 | 178 |
| Capex | (193) | (15) | (14) | (835) | (51) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 173 | 239 | 245 | 254 | 238 | 242 | 263 | 275 |
| Profit before tax | 21 | 65 | 71 | 76 | 162 | (49) | 44 | 71 |
| Net profit | 34 | 66 | 72 | 66 | 133 | (33) | 45 | 47 |
| EPS (₹) | 11.90 | 22.76 | 24.71 | 22.81 | 45.73 | (11.52) | 15.66 | 16.27 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DOLPHIN OFF ENT (IND) L | 2,360 | 32.8 | 6.68 | 28.4 | 19.4 | 10.8 | — | 59.1 |
| JINDAL DRILLING IND. LTD ◆ | 1,460 | 7.6 | 0.80 | 4.0 | 11.6 | 11.1 | 20.2 | 40.3 |
| ALPHAGEO (INDIA) LIMITED | 148 | — | 0.58 | — | (5.5) | (7.4) | (4.8) | 27.6 |
| AAKASH EXPLORATION SER L | 81 | 15.6 | 1.35 | 5.5 | 2.2 | 2.6 | — | 10.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.6 | 21.8 | 2 of 15 | 93% |
| P/B | 0.8 | 1.5 | 4 of 15 | 79% |
| ROCE | 11.1 | 6.4 | 5 of 17 | 75% |
| ROE | 11.6 | 8.5 | 6 of 16 | 67% |
| Debt / Equity | 0.1 | 0.1 | 7 of 16 | 60% |
| EBITDA margin | 40.3 | 28.0 | 7 of 15 | 57% |
| Revenue growth | 8.4 | 45.2 | 14 of 15 | 7% |
| Profit growth | (28.7) | 37.6 | 12 of 16 | 27% |
| Market cap | 1460 | 2006 | 10 of 16 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · RTA certificate on share dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closed From October 1 Until Q2 Results Announcement | compliance | minimal | — | — |
| 16 Sept 2026 · Jindal Drilling 42nd AGM: All 3 Resolutions Approved by Shareholders | board shareholder meetings | low | — | — |
| 15 Sept 2026 · 42nd AGM proceedings: dividend approved, director re-appointed | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Jindal Drilling 42nd AGM on 15 Sep 2026 via VC; Annual Report link shared | compliance | minimal | — | — |
| 25 Aug 2026 · 42nd AGM notice published; e-voting from Sep 11-14, 2026 | compliance | minimal | — | — |
| 24 Aug 2026 · Business Responsibility and Sustainability Report for FY 2025-26 filed | business updates | medium | — | — |
| 24 Aug 2026 · 42nd AGM notice and FY26 annual report filed | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Jindal Drilling 42nd AGM on Sep 15, 2026; FY26 PAT up 23% at Rs 172.6 cr | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Jindal Drilling sets Sept 15 AGM, Re.1 dividend, record date Sept 1 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.