Jindal Drilling & Industries Ltd

- No plans for new fundraising through debt or equity currently. - The company is debt averse and prefers to reduce existing debt aggressively. - Gross debt reduced from INR282 crores (March 2024) to INR139 crores (March 2025). - Net cash position improved to INR131 crores as of March 2025. - Acquisition of Jindal Pioneer was funded through internal accruals without new debt. - Management stated there will be no requirement of debt to fund acquisitions. - Future investments or asset acquisitions will only be done if contracts are secured—no speculative investment. - No immediate plans mentioned for equity fundraising or external capital raising.

- No concrete plans for capital investment or asset acquisitions in the current year as per Raghav Jindal (Page 10). - Company is open to acquiring different assets or services but only if feasible and with a contract in place (Page 10). - No immediate timelines for consolidation or bringing more assets under Jindal Drilling, such as Explorer and Virtue 1, though consolidation remains a consideration (Page 9). - Cash generated is primarily being used for acquisition payments (Jindal Pioneer) and refurbishment costs of rigs (Pages 14-15). - The company actively explores diversification into related oil and gas services like directional drilling and mud logging but is focused mainly on offshore rigs currently (Page 9). - Debt is aggressively being reduced, with no indication of leveraging for new asset purchases without secured contracts (Page 15).

- The company expects record revenue and profits in FY '26, with conservative revenue guidance around INR 898 crores, likely to be exceeded. - New contracts are anticipated at higher day rates than the unusually low INR 35,000 seen recently; rates of INR 44,000 to INR 48,000 are cited for some rigs. - Revenue for FY '27, '28, and '29 is expected to be in line with FY '25 or FY '26, contingent on securing good rates. - The order book stands robust at INR 1,791 crores, securing visibility for near-term revenue. - Jindal Explorer’s refurbishment and redeployment by November 2025 is expected to contribute to revenues post-deployment. - The company remains the largest offshore drilling contractor for ONGC and expects to benefit significantly from upcoming tenders. - Growth is subject to fluctuations in oil and gas cycles, but Jindal aims to minimize impacts through strategic contract wins.

- FY '26 is expected to deliver record revenue and profits, with a conservative order book guidance of INR 898 crores, likely to be surpassed. - Margins are expected to hold around a blended 35% for FY '26. - Debt will continue to reduce aggressively, strengthening the balance sheet and supporting growth. - New contracts post-2025 are anticipated at higher day rates than current low benchmarks (expectation in $60,000+ range), supporting revenue growth in FY '27-29. - Acquisition of Jindal Pioneer and operational improvements will contribute positively to profitability and EPS. - Revenue for FY '27, '28, and '29 is expected to be on par with or above FY '25/'26 levels, driven by higher rig rates and new contracts. - EPS saw growth from INR 39 to INR 49 (FY '24 to FY '25) and is expected to maintain this positive trajectory alongside revenue gains.

- The order book of Jindal Drilling & Industries Limited stands at INR 1,791 crores as per the Q4 FY25 earnings presentation (Page 4). - The order book includes the new contract of Jindal Explorer (Page 4). - FY'26 order book detailed with an expected revenue of around INR 900 crores (Page 9). - New contracts, including for Jindal Explorer, are expected to be awarded towards late 2025 or early 2026 after tender processes (Page 12). - Contract durations are based on the number of wells instead of fixed timelines, causing some variability in contract expiry (e.g., Jindal Pioneer expected around Sept 2025 but can vary) (Page 17). - Some rigs like Jindal Explorer currently under refurbishment and expected redeployment on new contract by November 2025 or earlier (Page 18). - The company expects new contract rates to be higher than current low rates seen in some tenders (Page 12).