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Deep Industries Q2 FY27 results: net profit up 14.0% to ₹81.22 crore, revenue up 33.7%
Deep Industries Limited reported consolidated revenue of ₹295.43 crore in Q2 FY27, up 33.7% from Q2 FY26, while EBITDA rose 16.2% to ₹106.40 crore. Net profit increased 14.0% to ₹81.22 crore, but the EBITDA margin fell 5.4 percentage points to 36.0%.
Key points
- Consolidated Q2 FY27 revenue was ₹295.43 crore, up 33.7% from ₹221.01 crore in Q2 FY26.
- EBITDA was ₹106.40 crore, up 16.2% year on year, while the EBITDA margin fell to 36.0% from 41.4%.
- Net profit was ₹81.22 crore, up 14.0% from ₹71.23 crore, and basic EPS was ₹11.95.
- H1 FY27 revenue was ₹574.34 crore, up 36.6%, and PAT was ₹170.37 crore, up 28.2%.
- The stock fell 10.3% on the reaction day from its pre-results close of ₹669.50.
How did Deep Industries perform in Q2 FY27?
Deep Industries’ consolidated Q2 FY27 revenue was ₹295.43 crore, compared with ₹221.01 crore in Q2 FY26 and ₹278.92 crore in Q1 FY27. EBITDA rose to ₹106.40 crore from ₹91.60 crore a year earlier but fell from ₹108.15 crore in the previous quarter. The EBITDA margin was 36.0%, down 5.4 percentage points from Q2 FY26 and 2.8 percentage points from Q1 FY27.
Consolidated profit before tax was ₹103.65 crore, against ₹91.45 crore in Q2 FY26 and ₹111.65 crore in Q1 FY27. Net profit was ₹81.22 crore, compared with ₹71.23 crore a year earlier and ₹89.14 crore in the previous quarter, while basic EPS was ₹11.95 against ₹10.53 and ₹13.34, respectively. On the standalone basis, revenue was ₹213.01 crore and PAT was ₹59.37 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 295.43 | 278.92 | 221.01 | +33.7% | +5.9% |
| Other income | 17.60 | 23.68 | 21.26 | −17.2% | −25.7% |
| Total expenses | 209.38 | 190.95 | 150.82 | +38.8% | +9.7% |
| EBITDA | 106.40 | 108.15 | 91.60 | +16.2% | −1.6% |
| EBITDA margin | 36.0% | 38.8% | 41.4% | −5.4 pp | −2.8 pp |
| Profit before tax | 103.65 | 111.65 | 91.45 | +13.3% | −7.2% |
| Tax | 22.43 | 22.50 | 20.23 | +10.9% | −0.3% |
| Net profit | 81.22 | 89.14 | 71.23 | +14.0% | −8.9% |
| EPS (₹) | 11.95 | 13.34 | 10.53 | +13.5% | −10.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Deep Industries' costs and profit?
Total expenses were ₹209.38 crore in Q2 FY27, ₹58.56 crore higher than Q2 FY26. Cost of materials rose by ₹53.70 crore to ₹151.66 crore, employee cost increased by ₹2.97 crore to ₹22.44 crore, depreciation rose by ₹1.41 crore to ₹16.31 crore, and other expenses increased by ₹2.95 crore to ₹14.93 crore. Finance costs fell by ₹2.47 crore to ₹4.04 crore.
Other income declined by ₹3.66 crore to ₹17.60 crore from ₹21.26 crore in Q2 FY26, while tax expense increased by ₹2.20 crore to ₹22.43 crore from ₹20.23 crore. There was no exceptional item in either quarter. Against Q1 FY27, total expenses rose by ₹18.43 crore, other income fell by ₹6.08 crore and tax expense was ₹22.43 crore against ₹22.50 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 151.66 | 97.96 | +53.70 | +54.8% |
| Employee cost | 22.44 | 19.47 | +2.97 | +15.3% |
| Finance costs | 4.04 | 6.51 | −2.47 | −37.9% |
| Depreciation | 16.31 | 14.90 | +1.41 | +9.5% |
| Other expenses | 14.93 | 11.98 | +2.95 | +24.6% |
| Total expenses | 209.38 | 150.82 | +58.56 | +38.8% |
| Other income | 17.60 | 21.26 | −3.66 | −17.2% |
| Tax | 22.43 | 20.23 | +2.20 | +10.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹574.34 crore, up 36.6% from ₹420.51 crore in H1 FY26. Total income rose 35.2% to ₹615.62 crore from ₹455.20 crore, while profit before tax increased 27.2% to ₹215.30 crore from ₹169.31 crore.
PAT for H1 FY27 was ₹170.37 crore, up 28.2% from ₹132.93 crore in H1 FY26. Basic EPS increased to ₹25.29 from ₹19.72.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 574.34 | 420.51 | +36.6% |
| Profit before tax | 215.30 | 169.31 | +27.2% |
| Net profit | 170.37 | 132.93 | +28.2% |
| EPS (₹) | 25.29 | 19.72 | +28.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,843.94 crore, compared with ₹2,594.99 crore at 31 March 2026, and total equity was ₹2,270.41 crore against ₹2,112.30 crore. Borrowings increased to ₹232.94 crore from ₹202.98 crore, while cash rose to ₹52.30 crore from ₹15.39 crore.
Inventories increased to ₹154.29 crore from ₹94.28 crore, trade receivables fell to ₹471.64 crore from ₹480.14 crore, and trade payables rose to ₹96.04 crore from ₹93.23 crore. H1 FY27 operating cash flow was ₹154.72 crore, compared with ₹114.29 crore in H1 FY26; investing cash flow was negative ₹123.35 crore against negative ₹94.76 crore, and financing cash flow was ₹5.54 crore against negative ₹30.34 crore. Capital expenditure was ₹91.64 crore versus ₹125.63 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,844 | 2,595 |
| Total equity | 2,270 | 2,112 |
| Borrowings | 232.94 | 202.98 |
| Cash and equivalents | 52.30 | 15.39 |
| Inventories | 154.29 | 94.28 |
| Trade receivables | 471.64 | 480.14 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 154.72 | 114.29 |
| Cash from investing | −123.35 | −94.76 |
| Cash from financing | 5.54 | −30.34 |
| Capital expenditure | 91.64 | 125.63 |
Source: Company's results filing (XBRL).
How has Deep Industries done over the last 8 quarters?
Revenue increased year on year in each of the last eight quarters and reached ₹295.43 crore in Q2 FY27, the highest level in the reported series. Profit rose year on year in each of the last two quarters, reaching ₹81.22 crore in Q2 FY27 after ₹89.14 crore in Q1 FY27. The EBITDA margin reached 45.2% in Q3 FY26, fell to 32.9% in Q4 FY26, and stood at 36.0% in Q2 FY27.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statement of assets and liabilities, cash flow statement and the statutory auditors’ limited review report. It also appointed Nishtha Patel as Company Secretary and Compliance Officer and Key Managerial Personnel on 3 November 2026.
What did the auditors point out?
The auditors also stated that they did not review the interim financial information of Deep International DMCC, Dubai and SAAR International FZ-LLC, Dubai, which were included in the consolidated unaudited financial results. The review report noted that a review was substantially less in scope than an audit and did not enable the auditors to obtain assurance that all significant matters would be identified.
What did Deep Industries' management say?
Management maintained FY27 and FY28 operating-revenue growth guidance of 30–35%, supported by an existing order book of approximately ₹3,089 crore and a bidding pipeline of ₹700–800 crore for FY27–28. It maintained EBITDA guidance of ₹350–370 crore for FY27 and ₹470–500 crore for FY28, and expected H2 FY27 to be better than H1 FY27 as production-enhancement revenue increased.
Management said the ONGC production-enhancement contract was expected to contribute ₹50–60 crore in the balance of FY27 and about ₹150 crore in FY28, with roughly ₹150 crore of capex over the next 12 months. Dolphin capex of ₹100–200 crore remained contract-dependent. Management said capex would be funded by internal accruals and debt, with no equity raise currently planned.
Chairman and Managing Director Paras Thakkar said the company’s expansion was disciplined and contract-backed, and that it committed capex only after securing a firm deployment contract. He also said the company was confident of securing more long-term Dolphin charter-hire contracts. Management identified elevated crude, freight, logistics and insurance costs, the Morvi delay, qualification requirements for higher-capacity drilling, Dolphin tender conversion and legacy Dolphin receivable collection as risks.
How did Deep Industries shares react?
After the filing appeared, the stock was down 6.3% after five minutes, 7.3% after 15 minutes and 6.4% after 30 minutes. It closed 10.3% below the previous close of ₹677.95 on the reaction day, from a price of ₹669.50 when the filing appeared. By the next day’s close, the stock was down 4.1% from its pre-results close.
The Oil industry’s other stocks had a median reaction-day move of negative 0.2%, making Deep Industries’ relative move negative 10.1 percentage points; by the next day, the industry median was up 1.4% and Deep Industries’ relative move was negative 5.6 percentage points. Earlier reaction-day moves were negative 2.2% on 28 July 2026, negative 2.5% on 14 May 2026, negative 1.3% on 5 February 2026 and positive 3.4% on 7 November 2025.
| After the filing | Stock | Oil median |
|---|---|---|
| 5 minutes | −6.3% | |
| 15 minutes | −7.3% | |
| 30 minutes | −6.4% | |
| Reaction day | −10.3% | −0.2% |
| Next day | −4.1% | +1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | −2.2% |
| 14 May 2026 | −2.5% |
| 5 February 2026 | −1.3% |
| 7 November 2025 | +3.4% |
| 4 August 2025 | +8.1% |
| 2 May 2025 | +1.3% |
| 30 January 2025 | +6.0% |
| 28 October 2024 | +1.6% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Deep Industries' revenue in Q2 FY27?
Revenue from operations was ₹295.43 crore, up 33.7% from ₹221.01 crore in Q2 FY26 (consolidated).
Did Deep Industries make a profit in Q2 FY27?
Yes. Net profit was ₹81.22 crore, against a net profit of ₹71.23 crore in Q2 FY26.
What was Deep Industries' EPS in Q2 FY27?
Basic earnings per share were ₹11.95, against ₹10.53 in Q2 FY26.
How did Deep Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −10.3% from the previous close; the median Oil stock moved −0.2%.
When did Deep Industries announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of The Bard Meeting To Be Held On November 3, 2026. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 3 November 2026) · PDF
- Results For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 3 November 2026) · PDF
- Announcement Under Regulation 30 (LODR) (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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