Synopsis: Deep Industries shares gained after securing a Rs 148 crore, four-year drilling rig contract from Oil India Ltd. The order enhances revenue visibility and strengthens its Rs 2,967 crore order book. Backed by robust Q3 earnings growth and a diversified client base, the development reinforces the company’s positioning in India’s upstream oilfield services sector.
The shares of this company, which is in the business of oil and gas field services. The company specialises in providing air & gas compression services, drilling and workover services, gas dehydration services, etc., and had its shares in the news following the company bagging a deal from Oil India Ltd for a mobile drilling rig package.
With the market cap of Rs 2,440 crore, the shares of Deep Industries Ltd have jumped about 1% and reached a high at Rs 384.25, compared to their previous day’s closing price of Rs 381.30. The shares are trading at a PE of 10.6, whereas its industry PE is at 10.6.
About the order
Deep Industries Limited has been awarded a Letter of Award by Oil India Limited for the supply of a 1000 HP mobile drilling rig package in the states of Assam and Arunachal Pradesh, with an estimated value of approximately Rs 148 crore over a period of four years. The award of this contract by a respected public sector undertaking adds to the revenue visibility and further strengthens the company’s market position in the oilfield services sector.
From a financial point of view, the company has been awarded an order of Rs 148 crore over a period of four years, which adds to the revenue visibility and further strengthens the company’s order book. Since this is an order in the ordinary course of business and not a related-party transaction, it is a reflection of the company’s competitiveness in the market rather than any support from the group companies.
From a strategic point of view, this is a positive step towards Deep Industries Limited expanding its business in the upstream oil & gas services sector, especially in the Northeast region. With the energy exploration activities picking up in the country, the company’s contracts with Oil India Limited may open up further bidding opportunities.
Financials
The revenue from operations for the company stood at Rs 222 crores in Q3 FY26 compared to Q3 FY25 revenue of Rs 155 crores, up by about 43 per cent YoY. Similarly, the net profit stood at Rs 71 crore in Q3 FY26, up compared to the Rs 48 crore profit in Q3 FY25. The order book stands at Rs 2,967 crore as of January 2026.
Deep Industries has been enjoying a diverse customer base in the oil, gas, and energy chain in India for a long time, including the large public sector companies and large private sector companies like ONGC, Oil India, GAIL, Reliance Industries, Gujarat Gas, GSPL, and Essar. The fact that Deep Industries have a diverse customer base in the oil and gas industry indicates that they have good industry credibility and the ability to generate repeat business.
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