Jindal Drilling & Industries Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹238Cr
- +38.4% YoY
- Net profit
- ₹133Cr
- +291.2% YoY
- Margin
- 39%
- +21 pp YoY
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The short version
Future growth in sales and revenue is largely dependent on increased expenditure in the Indian oil and gas sector, as Jindal Drilling is a service provider dependent on sector activity. Future growth depends heavily on increased expenditure in the oil and gas sector in India, as the company is a service provider to this industry (Page 13).
From Jindal Drilling & Industries Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Future growth in sales and revenue is largely dependent on increased expenditure in the Indian oil and gas sector, as Jindal Drilling is a service provider dependent on sector activity.
- Management expects order book visibility only as rigs get dehired and new tenders are floated by ONGC; the company will participate in all tenders to build the order book beyond FY '27.
- The next few quarters are expected to be as good as previous ones, excluding impact from one-time other income.
- ONGC is currently issuing fewer tenders than expected, a trend likely to continue for another year, which may affect volume growth.
- The company is also exploring opportunities in directional drilling and other related segments to diversify revenue streams.
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Profitability & Margins
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Capital Expenditure Plans
- The company is currently undertaking refurbishment of rigs, including Jindal Pioneer (expected to complete refurbishment by Q4 FY '26) and others like Discovery-I, Virtue-I, and Jindal Star.
- Refurbishment costs for three rigs expected around INR 240-250 crores, amortized over contract duration.
- No current plans for acquiring new rigs in FY '27 or FY '28.
- The company is looking at opportunities within drilling segments such as directional drilling (recent tender won).
- Exploring a few other drilling-related sectors but nothing concrete announced yet.
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- The company currently has a strong order book secured till FY '27, primarily from contracts with ONGC.
- As of November 2025, 5 rigs (Discovery, Supreme, Virtue, Jindal Star, and Jindal Explorer) are operating with ONGC; Jindal Explorer recently secured a contract starting November 2025.
- Jindal Pioneer rig is under refurbishment and the company plans to bid in an ONGC tender (due early December 2025) for its deployment.
- Future order book additions depend on new tenders floated by ONGC as rigs complete existing contracts; the company intends to participate in all these.
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Jindal Drilling & Industries Ltd — Quarterly revenue & net profit
Jindal Drilling & Industries Ltd Q2 FY26 results — key figures
| ₹ Cr | Q2 FY26 | Q2 FY25 | YoY | Q1 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 238 | 172 | +38.4% | 254 | -6.3% |
| Operating profit (EBITDA) | 93 | 31 | +200% | 107 | -13.1% |
| Operating margin | 39% | 18% | +21 pp | 42% | -3 pp |
| Profit before tax | 173 | 40 | +332.5% | 85 | +103.5% |
| Net profit (PAT) | 133 | 34 | +291.2% | 66 | +101.5% |
| EPS (₹) | 45.73 | 11.89 | +284.6% | 22.81 | +100.5% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹263 Cr, net profit ₹45 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Jindal Drilling's management said in earlier quarters
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Jindal Drilling & Industries Ltd Q2 FY26 results?
Future growth in sales and revenue is largely dependent on increased expenditure in the Indian oil and gas sector, as Jindal Drilling is a service provider dependent on sector activity. Future growth depends heavily on increased expenditure in the oil and gas sector in India, as the company is a service provider to this industry (Page 13).
What is Jindal Drilling & Industries Ltd share price analysis?
Jindal Drilling & Industries Ltd currently shows a neutral. The stock trades at a P/E of 8.8 with a market cap of ₹1,704 Cr. Investors should review the full earnings analysis for detailed insights.
Is Jindal Drilling & Industries Ltd planning capital expenditure?
The company is currently undertaking refurbishment of rigs, including Jindal Pioneer (expected to complete refurbishment by Q4 FY '26) and others like Discovery-I, Virtue-I, and Jindal Star.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.