Key Financial Performance - Q2 FY27
Revenue & Profitability:
- Revenue from operations: ₹286 crore
- Other income: ₹8 crore
- Total revenue: ₹294 crore
- Profit before tax: ₹98 crore
- Tax expense: ₹23 crore
- Profit after tax: ₹75 crore
- EPS: Not quantified in disclosure
Expense Breakdown:
- Operational expenses: ₹122 crore
- Employees benefit expenses: ₹28 crore
- Finance cost: ₹1 crore
- Depreciation & amortization: ₹40 crore
- Other expenses: ₹5 crore
Quarterly Comparison
Q2 FY27 vs Q1 FY27:
- Revenue from operations increased from ₹275 crore to ₹286 crore (4% increase)
- Profit after tax increased from ₹52 crore to ₹75 crore (44% increase)
Q2 FY27 vs Q2 FY26:
- Revenue from operations increased from ₹238 crore to ₹286 crore (20% increase)
- Profit after tax decreased from ₹121 crore to ₹75 crore (38% decrease)
- The decrease is attributed to the impact of a favorable Bombay High Court order in Q2FY26 that was subsequently appealed by ONGC in Supreme Court, leading to reversal in Q3FY26
Half-Yearly Performance (H1 FY27)
- Revenue from operations: ₹561 crore
- Total revenue: ₹576 crore
- Profit after tax: ₹128 crore
Operational Highlights
Fleet Overview:
- Leading offshore drilling services contractor in India's oil & gas sector
- Over 35 years of offshore drilling experience
- 3 owned offshore jack-up rigs (Discovery-I, Jindal Supreme, Jindal Pioneer)
- 3 rented offshore jack-up rigs (Virtue-I, Jindal Star, Jindal Explorer)
- Currently operating 4 offshore jack-up rigs with ONGC in India
- 1 offshore jack-up rig completed refurbishment in UAE & awaiting reopening of Strait of Hormuz
- Provides mud logging & directional drilling services to oil & gas sector
Order Book Status (as on 30/09/2026):
- Total order book: ₹1,652 crore (approximately $175 million)
- New 3-year contracts for Rig Virtue-I & Rig Jindal Star expected in November 2026
- Rig Jindal Pioneer has completed refurbishment in UAE & will be deployed in Q4 FY27
- Status of new ONGC contracts: received for 1 rig in early Nov 26 & expected for 2 rigs in later Nov 26
Order Book Breakdown by Rig (₹ crore):
- Discovery-I: ₹578 crore (₹27 crore in H2 FY27, ₹551 crore from May 27-May 30)
- Jindal Supreme: ₹306 crore (₹146 crore in H2 FY27, ₹160 crore in FY28)
- Jindal Pioneer: ₹471 crore (₹28 crore in H2 FY27, ₹157 crore in FY28, ₹157 crore in FY29, ₹129 crore in FY30)
- Virtue-I: ₹27 crore (H2 FY27)
- Jindal Star: ₹27 crore (H2 FY27)
- Jindal Explorer: ₹243 crore (₹59 crore in H2 FY27, ₹117 crore in FY28, ₹67 crore in FY29)
Order Book Timeline (₹ crore):
- H2 FY27: ₹314 crore
- FY28: ₹594 crore
- FY29: ₹408 crore
- FY30: ₹313 crore
- FY31: ₹23 crore
Financial Position
Borrowings & Debt (September 2026):
- Loan for rig refurbishment: ₹35 crore (reduced from ₹69 crore in March 2026)
- Gross debt: ₹35 crore
- Working capital borrowing: ₹15 crore
- Liquid investments: ₹338 crore
- Cash: ₹7 crore
- Liquidity available: ₹345 crore
- Net cash position: ₹295 crore (improved from ₹128 crore in March 2026)
Shareholding Structure
- Shareholding pattern as of 30 September 2026 was referenced but specific details were not provided in the excerpt.
Forward-Looking Statements & Risk Factors
The document contains forward-looking statements based on management's current views and assumptions, involving known and unknown risks including:
- Uncertainties in future oil and gas prices & their impact on investment programs by oil and gas companies
- Economic & political conditions
- The company disclaims any duty to update the information presented
Investor Contact
Kaushal Bengani, Deputy General Manager - Investor Relations & Finance
Tel: +91-124-4624177