Any current/future new fundraising through debt or equity?

Deep Industries Limited is planning to raise approximately ₹300 crores through a Qualified Institutional Placement (QIP) equity fundraising. The fundraise aims to support expansion, acquisitions, and capital expenditure including a ₹400-600 crores CAPEX plan, with ₹100 crores already spent and the rest planned for future. The rationale includes maintaining low leverage, strengthening the balance sheet to capture growth, and preparing for potential acquisitions. The company has received all necessary approvals and conducted non-deal roadshows; they are awaiting the right market timing to

Any current/future capex/capital investment/strategic investment?

The company is planning a total CAPEX of ₹600 crores, with ₹100 crores already spent and the balance to be incurred in the future, including CAPEX for production and contract-related activities. A ₹300 crore QIP fundraise is underway to support this CAPEX as well as to strengthen the balance sheet and be prepared for potential acquisitions. The CAPEX focuses on expansion, acquisition of new assets, and production enhancement contracts. The addition of new assets, including six rigs in the last eight months and investments in gas processing projects, is expected to drive revenue growth an

Future growth expectations in sales/revenue/volumes?

Deep Industries expects consolidated revenue growth of more than 35% year-on-year for FY26, potentially higher depending on new assets and contracts. (Page 9, 16) Production Enhancement Contract (PEC) revenue is anticipated at around Rs. 140 crores for FY26, with strong margin (~50% EBITDA). (Page 6, 13) Dolphin Offshore is expected to grow over 40% YoY, targeting Rs. 100 crores top line in FY26 with asset additions planned. (Page 16) Additional rigs and assets added in current year will contribute fully from next financial year, supporting 35%-38% growth in FY27. (Page 7, 16) H2 FY26 is expec

Future growth expectations in earnings/operating earnings/profits/EPS?

For FY26, Deep Industries expects revenue growth of more than 35% YoY, with potential to exceed this figure. Operating EBITDA margins are anticipated to improve beyond the current 45%-46% range in coming quarters. Production Enhancement Contract (PEC) is projected to generate Rs. 140-150 crores revenue from FY27 with approx. 50% EBITDA margin. Standalone business growth remains strong, with H2 FY26 expected to outperform H1, continuing momentum of 60%-70% YoY growth. New assets and rigs addition will contribute incremental revenues and support continued profitability. Continued posit

Current/ Expected Orderbook/ Pending Orders?

As of November 2025, Deep Industries' total order book has crossed Rs. 3,050 crores. Out of this, Rs. 1,300+ crores relate to a 15-year production enhancement contract (PEC). Excluding the PEC, about Rs. 1,650 crores of orders are executable over the next 2.5 years. There is a bidding pipeline close to Rs. 700 crores, with a substantial portion expected to convert. The company witnesses continuous bidding activity, indicating dynamic order inflow. Dolphin Offshore expects strong growth with new asset additions advancing, contributing to order book expansion. The firm expects continued growth i

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Deep Industries LtdQ3 FY25Oil

Deep Industries Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹475P/E: 7.7Market Cap: ₹2.9K CrSector: Oil

Management growth scorecard

Revenue

Category 1

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→Deep Industries expects consolidated revenue growth of more than 35% year-on-year for FY26, potentially higher depending on new assets and contracts. (Page 9, 16)
→Production Enhancement Contract (PEC) revenue is anticipated at around Rs. 140 crores for FY26, with strong margin (~50% EBITDA). (Page 6, 13)
→Dolphin Offshore is expected to grow over 40% YoY, targeting Rs. 100 crores top line in FY26 with asset additions planned. (Page 16)
→Additional rigs and assets added in current year will contribute fully from next financial year, supporting 35%-38% growth in FY27. (Page 7, 16)
→H2 FY26 is expected to have higher growth than H1, with overall continuous momentum. (Page 16)
→The company is actively bidding on a pipeline of around Rs. 700 crores, with good conversion expected. (Page 6)
→Gas business and other verticals maintain similar margin profiles, underpinning steady revenue growth. (Page 15)

Margin guidance

Category 2

→For FY26, Deep Industries expects revenue growth of more than 35% YoY, with potential to exceed this figure.
→Operating EBITDA margins are anticipated to improve beyond the current 45%-46% range in coming quarters.
→Production Enhancement Contract (PEC) is projected to generate Rs. 140-150 crores revenue from FY27 with approx. 50% EBITDA margin.
→Standalone business growth remains strong, with H2 FY26 expected to outperform H1, continuing momentum of 60%-70% YoY growth.
→New assets and rigs addition will contribute incremental revenues and support continued profitability.
→Continued positive bottom line and profitability expected for the rest of FY26 and beyond.
→Fundraise of Rs. 300 crores via QIP planned to support CAPEX, asset acquisitions, and growth opportunities, strengthening the balance sheet for future expansion.

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Fundraise plans

Yes

→Deep Industries Limited is planning to raise approximately ₹300 crores through a Qualified Institutional Placement (QIP) equity fundraising.
→The fundraise aims to support expansion, acquisitions, and capital expenditure including a ₹400-600 crores CAPEX plan, with ₹100 crores already spent and the rest planned for future.
→The rationale includes maintaining low leverage, strengthening the balance sheet to capture growth, and preparing for potential acquisitions.
→The company has received all necessary approvals and conducted non-deal roadshows; they are awaiting the right market timing to close the QIP, potentially by the end of the current financial/calendar year.
→No mention of new debt fundraising was indicated; focus is primarily on equity through QIP.

Order book

Yes

→As of November 2025, Deep Industries' total order book has crossed Rs. 3,050 crores.
→Out of this, Rs. 1,300+ crores relate to a 15-year production enhancement contract (PEC).
→Excluding the PEC, about Rs. 1,650 crores of orders are executable over the next 2.5 years.
→There is a bidding pipeline close to Rs. 700 crores, with a substantial portion expected to convert.
→The company witnesses continuous bidding activity, indicating dynamic order inflow.
→Dolphin Offshore expects strong growth with new asset additions advancing, contributing to order book expansion.
→The firm expects continued growth in the order book over the coming quarters driven by production enhancement contracts, rig additions, and offshore assets.

Capex plans

Yes

→The company is planning a total CAPEX of ₹600 crores, with ₹100 crores already spent and the balance to be incurred in the future, including CAPEX for production and contract-related activities.
→A ₹300 crore QIP fundraise is underway to support this CAPEX as well as to strengthen the balance sheet and be prepared for potential acquisitions.
→The CAPEX focuses on expansion, acquisition of new assets, and production enhancement contracts.
→The addition of new assets, including six rigs in the last eight months and investments in gas processing projects, is expected to drive revenue growth and margin improvement.
→The company is actively evaluating acquisition opportunities and keeping options open to acquire used offshore vessels at favorable prices.

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