Deep Industries
Deep Industries
Oil & GasKey Fundamentals
MicrocapOffshore OperationsOil & GasTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 42.7% CAGR over last 5 years
- Company's working capital requirements have reduced from 204 days to 137 days
Weaknesses
3- Tax rate seems low
- Company has a low return on equity of 12.4% over last 3 years.
- Company has high debtors of 197 days.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoDeep Industries Ltd is a mid-cap energy services company with a market cap of ~₹2,982 Cr, trading at a PE of 15x. The company has demonstrated strong revenue growth (38% CAGR over 3 years, 55% TTM sales growth) and profit growth (63% CAGR over 3 years), supported by a growing order book of ~₹2,967 Cr from clients like ONGC and Oil India Ltd. However, high debtor days of 197 and questions around tax sustainability warrant attention.
- TTM revenue growth of 55% YoY indicates strong demand momentum, with FY26 revenue reaching ~₹891 Cr versus ~₹576 Cr in FY25
- Compounded profit growth of 63% CAGR over 3 years and 42% CAGR over 5 years demonstrates consistent earnings expansion
- PE ratio of 15x is moderate for a company delivering 55% TTM sales growth, suggesting reasonable valuation relative to growth
- Order book of ~₹2,967 Cr with recent contract wins (₹148 Cr from Oil India Ltd, ₹84 Cr from ONGC) provides multi-year revenue visibility
- ROE has improved from 12% (5-year average) to 19% in the last year, indicating improving capital efficiency
- Operating profit margin of 37-38% in FY25-FY26 reflects a structurally profitable business model in energy services
- Low debt-to-equity ratio of approximately 0.10 provides financial flexibility for future capex and contract execution
- Stock has delivered a 33% CAGR over 3 years and 55% CAGR over 5 years, reflecting sustained market re-rating
- Debtor days at 197 days is extremely high, tying up significant working capital and creating cash flow risk given reliance on government PSU clients
- FY25 reported a net loss of ₹-79 Cr due to exceptional/other income items of ₹-219 Cr, raising concerns about earnings volatility
- Tax rate appears unusually low, and any normalization toward the 25% corporate rate could compress net profits materially
- Heavy client concentration with ONGC and Oil India Ltd creates revenue dependency risk on a few PSU customers
- Dividend payout ratio of only ~9% (FY26) and dividend yield of 0.66% offers limited income return to shareholders
- 10-year financial data is sparse with no reported 10-year CAGR figures for sales or profit, limiting long-term track record assessment
- The energy services sector is cyclical and dependent on upstream capex decisions by ONGC/Oil India, which can shift with government policy or oil prices
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- ₹83.81 Cr ONGC order win Jun 20
Deep Industries secured a ₹83.81 crore order from ONGC for gas compression services in Assam, providing three years of revenue visibility.
- Investor meets scheduled Jun 23 Jun 18
Deep Industries will hold one-on-one meetings with analysts and investors on June 23, 2026, in Mumbai. No unpublished price sensitive information will be shared.
- Trading window closed for Q1FY26 Jun 18
Trading window shut from July 01, 2026, until 48 hours after Q1FY26 results are declared, per insider trading regulations.
TL;DR: Deep Industries is demonstrating order book momentum with a fresh ₹83.81 Cr ONGC contract adding three-year revenue visibility in gas compression services. No material headwinds are visible in recent news flow. The upcoming investor meets and Q1FY26 results could provide the next catalyst or risk event depending on execution commentary and earnings delivery.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 101 | 101 | 105 | 120 | 123 | 131 | 155 | 167 | 200 | 221 | 222 | 249 | 279 |
| Expenses | 58 | 63 | 65 | 82 | 73 | 73 | 88 | 111 | 118 | 129 | 121 | 167 | 171 |
| Operating Profit | 43 | 39 | 40 | 38 | 51 | 57 | 67 | 57 | 82 | 92 | 100 | 82 | 108 |
| OPM % | 42% | 38% | 38% | 32% | 41% | 44% | 43% | 34% | 41% | 41% | 45% | 33% | 39% |
| Other Income | 7 | 10 | 9 | 12 | 11 | 7 | 9 | -245 | 13 | 21 | 10 | -183 | 24 |
| Interest | 2 | 1 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 7 | 4 | 3 | 4 |
| Depreciation | 9 | 9 | 9 | 7 | 10 | 10 | 10 | 11 | 13 | 15 | 16 | 16 | 16 |
| PBT | 39 | 38 | 37 | 40 | 49 | 51 | 62 | -202 | 78 | 91 | 90 | -120 | 112 |
| Tax % | 20% | 22% | 25% | 7% | 21% | 19% | 23% | 2% | 21% | 22% | 21% | -94% | 20% |
| Net Profit | 31 | 30 | 28 | 37 | 39 | 42 | 48 | -207 | 62 | 71 | 71 | -7 | 89 |
| EPS in Rs | 4.88 | 4.59 | 4.25 | 5.64 | 5.79 | 6 | 6.81 | -32.68 | 9.19 | 10.53 | 10.63 | -2.24 | 13.34 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 313 | 318 | 262 | 194 | 322 | 341 | 427 | 576 | 891 | 970 |
| Expenses | 149 | 165 | 136 | 113 | 205 | 211 | 260 | 335 | 532 | 588 |
| Operating Profit | 164 | 153 | 126 | 81 | 116 | 131 | 167 | 241 | 358 | 382 |
| OPM % | 52% | 48% | 48% | 42% | 36% | 38% | 39% | 42% | 40% | 39% |
| Other Income | 3 | 2 | 3 | 6 | 3 | 56 | 30 | -228 | -142 | -128 |
| Interest | 12 | 12 | 11 | 9 | 5 | 5 | 8 | 12 | 18 | 18 |
| Depreciation | 103 | 98 | 90 | 88 | 24 | 30 | 34 | 41 | 59 | 62 |
| PBT | 52 | 44 | 28 | -10 | 91 | 152 | 154 | -40 | 140 | 173 |
| Tax % | 96% | 69% | -10% | -744% | 20% | 17% | 19% | 96% | -41% | — |
| Net Profit | 2 | 14 | 31 | 65 | 72 | 125 | 125 | -79 | 197 | 224 |
| EPS in Rs | 199 | 1,358 | 3,110 | 10.12 | 11.27 | 19.58 | 19.35 | -14.08 | 28.12 | 32.26 |
| Div. Payout % | 0% | 0% | 0% | 0% | 14% | 9% | 13% | -22% | 9% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 32 | 32 | 32 | 32 | 32 | 32 |
| Reserves | 2 | 10 | 37 | 1,030 | 1,098 | 1,338 | 1,411 | 1,788 | 1,967 |
| Borrowings | 231 | 102 | 83 | 41 | 32 | 70 | 160 | 205 | 203 |
| Other Liabilities | 1,086 | 1,106 | 1,115 | 70 | 99 | 147 | 303 | 361 | 374 |
| Total Liabilities | 1,319 | 1,218 | 1,236 | 1,173 | 1,260 | 1,587 | 1,906 | 2,386 | 2,576 |
| Fixed Assets | 1,085 | 980 | 948 | 868 | 868 | 1,007 | 979 | 1,081 | 1,472 |
| CWIP | 1 | 4 | 3 | 1 | 5 | 20 | 220 | 258 | 56 |
| Investments | 64 | 10 | 9 | 29 | 73 | 48 | 142 | 152 | 142 |
| Other Assets | 169 | 223 | 276 | 276 | 314 | 512 | 566 | 895 | 906 |
| Total Assets | 1,319 | 1,218 | 1,236 | 1,173 | 1,260 | 1,587 | 1,906 | 2,386 | 2,576 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 200 | 92 | 47 | 81 | 55 | 88 | 255 | 210 | 270 |
| Investing | -124 | 32 | -59 | -11 | -76 | -108 | -317 | -248 | -233 |
| Financing | -58 | -147 | 4 | -54 | 14 | 29 | 69 | 28 | -39 |
| Net Cash Flow | 19 | -23 | -8 | 16 | -7 | 8 | 7 | -10 | -2 |
| Free Cash Flow | 201 | 102 | -10 | 76 | 26 | -25 | 44 | 1 | 53 |
| CFO/OP | 132 | 66 | 44 | 105 | 52 | 63 | 165 | 85 | 80 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 99 | 146 | 217 | 240 | 154 | 270 | 237 | 373 | 197 |
| Inventory Days | — | — | — | — | — | 776 | — | — | — |
| Days Payable | — | — | — | — | — | 942 | — | — | — |
| Cash Conversion Cycle | 99 | 146 | 217 | 240 | 154 | 104 | 237 | 373 | 197 |
| Working Capital Days | -6 | 100 | 226 | 227 | 180 | 334 | 219 | 256 | 137 |
| ROCE % | — | 33% | 34% | -1% | 8% | 8% | 10% | 12% | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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60 extracted metrics + investor summaries across FY18–FY27.
Documents
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Company Information
Incorporated in 1991, Deep Industries Ltd is in the business of Oil and Gas field services. The company specializes in providing Air & Gas Compression Services, Drilling and Workover Services, Gas Dehydration Services, etc.. The company also provides integrated project management services.[1]
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