NSE: SOUTHWEST · BSE: 543986
SOUTH WEST PINNACLE LTD
Provides drilling and exploration services for the mining, coal, coal-bed methane, and base-metals sectors in India and select overseas markets, including Oman JVs. The company runs a fleet of 43 advanced drilling rigs and has completed more than 165 projects, cumulatively drilling 3.3 million meters with zero lost-time injuries. Drilling & Exploration is the only segment generating revenue in FY26 at ₹243.02 crore (100% of segment revenue); a Coal Business segment exists but reported ₹0 in FY26, though the company is developing a Jharkhand coal block with production targeted for FY29. Customers include Reliance Industries, Vedanta, ONGC, Oil India, CMPDI, Hindustan Copper, Hindalco and Hindustan Zinc, with Reliance expected at 35-40% of FY27 revenue. The order book reached a record ₹761 crore at Q1 FY27, with 77% from private-sector clients. Costs are dominated by other operating expenses (46.2% of revenue), with materials at 15.1% and employee costs at 14.7%; capex ran at 17.5% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Drilling & Exploration (100%), Coal Business (0%). Asset-heavy, project-based contract drilling services tied to mining and exploration capex cycles
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 124 | 133 | 180 | 243 |
| EBITDA (ex other income) | 20 | 26 | 33 | 58 |
| margin % | 16.2 | 19.3 | 18.6 | 24.0 |
| Owners' profit | 9 | 8 | 16 | 33 |
| EPS, as reported (₹) | 3.21 | 2.96 | 5.84 | 11.07 |
| ROE % · ROCE % | 7.9 · 12.8 | 7.7 · 12.3 | 9.6 · 15.1 | 16.2 · 22.3 |
| Debt / equity (x) | 0.55 | 0.75 | 0.37 | 0.39 |
| Cash from operations | 4 | 19 | 27 | 12 |
| Capex | (11) | (35) | (2) | (43) |
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 | 27 | 49 | 74 | 40 | 62 | 63 | 78 | 62 |
| Profit before tax | 0 | 5 | 12 | 3 | 11 | 13 | 16 | 12 |
| Net profit | 0 | 4 | 10 | 2 | 8 | 9 | 13 | 9 |
| EPS (₹) | 0.14 | 1.49 | 3.56 | 0.81 | 2.80 | 3.09 | 4.37 | 3.13 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,278 | 21.8 | 8.92 | 12.7 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,301 | 106.7 | 31.09 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,214 | 17.3 | 2.41 | 12.2 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,587 | 16.1 | 11.92 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,553 | 199.2 | 10.46 | 4.7 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,794 | 18.9 | 4.10 | 14.4 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,657 | 37.3 | 2.72 | 27.7 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 4,074 | — | 7.92 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.0 | 13.5 | 42 of 80 | 48% |
| P/B | 2.7 | 1.4 | 68 of 96 | 28% |
| ROCE | 18.6 | 3.4 | 8 of 103 | 93% |
| ROE | 16.2 | 2.9 | 16 of 113 | 87% |
| Debt / Equity | 0.4 | 0.1 | 68 of 91 | 26% |
| EBITDA margin | 27.0 | 25.4 | 44 of 92 | 53% |
| Revenue growth | 53.4 | 16.2 | 23 of 91 | 76% |
| Profit growth | 288.5 | 5.2 | 17 of 110 | 85% |
| Market cap | 558 | 48 | 23 of 109 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Listing approval for 28.21 lakh shares from warrant conversion | capital market events | low | — | — |
| 29 Sept 2026 · Shareholders approve re-appointment of 5 directors at AGM | compliance | minimal | — | — |
| 29 Sept 2026 · South West Pinnacle: AGM voting results, all 7 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 20th AGM held via video conferencing; 7 resolutions put to shareholder vote | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closed Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 12 Sept 2026 · Promoters sold 4.24% stake in open market, holding drops to 61.70% | ownership changes | medium | — | — |
| 12 Sept 2026 · Promoters sell 4.24 percent stake in South West Pinnacle via open market | ownership changes | high | — | — |
| 7 Sept 2026 · Geological Report vetted for Jogeshwar coal mine, submitted to Ministry of Coal | business updates | high | — | — |
| 4 Sept 2026 · Notice of 20th AGM on September 28, 2026 via video conferencing published | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report FY2025-26 link shared with shareholders for 20th AGM | board shareholder meetings | low | — | — |
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.