Any current/future new fundraising through debt or equity?

The QIP (Qualified Institutional Placement) planned by Deep Industries Limited has been paused and is not proceeding currently. Regular capex for gas processing plants and rigs will be funded through internal accruals and loans, as the company is comfortable increasing its currently low debt within limits. For the Production Enhancement Contract (PEC) capex, funding will also come through internal accruals and debt. Acquisition plans may differ or be postponed to the next year; there is no specific mention of funding these via QIP or debt at this moment. The management expressed confidence in

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

Regular capex for gas processing plants and rigs is being funded through internal accruals and loans, with comfortable debt levels allowing some increase in borrowing. PEC (Production Enhancement Contract) capex around INR 160 crores will be funded through accruals and debt. Acquisition plans (like Dolphin targets) may differ and could potentially shift to the next year; funding for acquisitions may involve waiting for QIP or using debt. QIP (Qualified Institutional Placement) process is currently paused but not expected to impact growth or capex plans as internal cash generation and deb

Future growth expectations in sales/revenue/volumes?

Deep Industries is confident of strong future revenue growth, targeting over 30-35% growth for FY '27 based on existing order book (Page 13). Similar growth rates are expected in the subsequent year, subject to new order inflows (Page 13). The Production Enhancement Contract (PEC) project is expected to ramp up steadily, reaching above INR150 crores annual revenue by FY '27-'28 (Pages 6 and 12). Offshore business and new rigs/assets deployment contribute to diversified growth (Page 6). The order book remains strong at around INR2,967 crores with a bidding pipeline of approximately INR800 crore

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

Deep Industries expects revenue growth of over 30-35% for FY '27 and similar growth in the following year, driven by a robust order book and regular tender wins. The Production Enhancement Contract (PEC) is anticipated to ramp up to INR 150 crores annually by FY '27-'28, contributing increasingly to revenues. Q3 FY '26 saw a 49.8% YoY net profit growth and 46.3%-47.6% EBITDA margins, indicating strong profitability maintained. Management is confident about sustaining EBITDA margins between 46% to 48%, with strong operating cash flow supporting future growth. Pricing improvements and vo

Current/ Expected Orderbook/ Pending Orders?

As of February 6, 2026, Deep Industries Limited's order book stood at approximately INR 2,967 crores, providing strong revenue visibility for upcoming quarters. The bidding pipeline is around INR 800 crores tentatively; however, amounts may vary. Success rate for bids varies by vertical, with some verticals having success rates exceeding 50%. Regular tenders are being floated by oil and gas producers, including ONGC, and the company is consistently bidding and securing orders. There was a slight dip in order wins in the recent quarter (~INR 140 crores) compared to previous quarters (INR 200-30

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Deep Industries LtdQ4 FY27Oil

Deep Industries Ltd Q4 FY27 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 3

Fundraise

Yes

Order

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→Deep Industries is confident of strong future revenue growth, targeting over 30-35% growth for FY '27 based on existing order book (Page 13).
→Similar growth rates are expected in the subsequent year, subject to new order inflows (Page 13).
→The Production Enhancement Contract (PEC) project is expected to ramp up steadily, reaching above INR150 crores annual revenue by FY '27-'28 (Pages 6 and 12).
→Offshore business and new rigs/assets deployment contribute to diversified growth (Page 6).
→The order book remains strong at around INR2,967 crores with a bidding pipeline of approximately INR800 crores, ensuring a steady flow of orders (Page 5).
→Expansion into new verticals like carbon capture, biogas, and hydrogen is under evaluation, potentially providing new growth avenues (Page 14).
→The company expects minimal impact on growth and capex despite pausing the QIP, relying on internal accruals and manageable debt levels for funding (Pages 13-15).

Margin guidance

Category 3

→Deep Industries expects revenue growth of over 30-35% for FY '27 and similar growth in the following year, driven by a robust order book and regular tender wins.
→The Production Enhancement Contract (PEC) is anticipated to ramp up to INR 150 crores annually by FY '27-'28, contributing increasingly to revenues.
→Q3 FY '26 saw a 49.8% YoY net profit growth and 46.3%-47.6% EBITDA margins, indicating strong profitability maintained.
→Management is confident about sustaining EBITDA margins between 46% to 48%, with strong operating cash flow supporting future growth.
→Pricing improvements and volume growth both contribute to earnings expansion.
→Acquisition opportunities and new contracts are being evaluated to enhance long-term value but are not yet finalized.
→Overall focus remains on disciplined execution, asset reliability, and capital efficiency to sustain earnings growth.

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Fundraise plans

Yes

→The QIP (Qualified Institutional Placement) planned by Deep Industries Limited has been paused and is not proceeding currently.
→Regular capex for gas processing plants and rigs will be funded through internal accruals and loans, as the company is comfortable increasing its currently low debt within limits.
→For the Production Enhancement Contract (PEC) capex, funding will also come through internal accruals and debt.
→Acquisition plans may differ or be postponed to the next year; there is no specific mention of funding these via QIP or debt at this moment.
→The management expressed confidence in managing growth and capex without the QIP, leveraging cash generation and debt raising capacity as needed.

Order book

→As of February 6, 2026, Deep Industries Limited's order book stood at approximately INR 2,967 crores, providing strong revenue visibility for upcoming quarters.
→The bidding pipeline is around INR 800 crores tentatively; however, amounts may vary.
→Success rate for bids varies by vertical, with some verticals having success rates exceeding 50%.
→Regular tenders are being floated by oil and gas producers, including ONGC, and the company is consistently bidding and securing orders.
→There was a slight dip in order wins in the recent quarter (~INR 140 crores) compared to previous quarters (INR 200-300 crores), expected to spill over into Q4.
→The company anticipates good conversions in Q4 based on tenders submitted, with some tenders where they are L1 (leading bidder).

Capex plans

Yes

→Regular capex for gas processing plants and rigs is being funded through internal accruals and loans, with comfortable debt levels allowing some increase in borrowing.
→PEC (Production Enhancement Contract) capex around INR 160 crores will be funded through accruals and debt.
→Acquisition plans (like Dolphin targets) may differ and could potentially shift to the next year; funding for acquisitions may involve waiting for QIP or using debt.
→QIP (Qualified Institutional Placement) process is currently paused but not expected to impact growth or capex plans as internal cash generation and debt capacity are sufficient.
→Minor capex is involved in new business areas like carbon capture utilization and storage (CCUS), but nothing major yet.
→The company is actively exploring strategic investments, including in CCUS, compressed biogas, and hydrogen segments, but no firm commitments at this stage.

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