Jindal Drilling Q1 FY27: Revenue Rises to ₹283 Crore, PAT Jumps 63% as Rig Order Book Stands at ₹1,310 Crore

BY ADMIN • FILED 10 Aug 2026, 12:23 PM

Jindal Drilling & Industries Limited (JDIL) delivered a strong financial performance in the first quarter of FY2027, supported by its offshore drilling operations, long-term rig contracts and healthy cash generation.

The company, one of India’s leading offshore drilling services contractors in the oil and gas sector, reported total revenue of ₹283 crore for Q1 FY27, compared with ₹263 crore in Q1 FY26.

Profitability also improved significantly, with EBITDA rising to ₹104 crore from ₹107 crore in the year-ago quarter, while profit after tax (PAT) stood at ₹52 crore, compared with ₹56 crore in Q1 FY26.

The company released its Q1 FY27 earnings presentation on August 10, 2026.

Jindal Drilling Q1 FY27 Financial Highlights

Jindal Drilling reported the following performance for the quarter ended June 30, 2026:

Particulars	Q1 FY27	Q1 FY26	Q4 FY26
Revenue from Operations	₹275 crore	₹254 crore	₹263 crore
Total Revenue	₹283 crore	₹263 crore	₹272 crore
EBITDA	₹104 crore	₹107 crore	₹78 crore
EBITDA Margin	38%	42%	30%
Profit Before Tax	₹71 crore	₹76 crore	₹44 crore
Profit After Tax	₹52 crore	₹56 crore	₹32 crore
PAT Margin	19%	22%	12%
EPS	₹18	₹19	₹11

The company delivered a substantial sequential improvement compared with Q4 FY26, when EBITDA was ₹78 crore and PAT was ₹32 crore.

However, EBITDA and PAT were lower compared with Q1 FY26.

Revenue Grows 8% Year-on-Year

Revenue from operations increased to ₹275 crore in Q1 FY27, compared with ₹254 crore in Q1 FY26.

Including other income of ₹7 crore, total revenue stood at ₹283 crore, compared with ₹263 crore in the corresponding quarter last year.

Sequentially, total revenue increased from ₹272 crore in Q4 FY26.

The quarterly revenue trend over the past five quarters was:

Q1 FY26: ₹263 crore
Q2 FY26: ₹347 crore
Q3 FY26: ₹161 crore
Q4 FY26: ₹272 crore
Q1 FY27: ₹283 crore

The company continues to benefit from long-term contracts for its offshore jack-up rigs.

EBITDA Margin Remains Strong

Jindal Drilling reported EBITDA of ₹104 crore in Q1 FY27, compared with ₹107 crore in Q1 FY26.

The EBITDA margin stood at 38%, against 42% in the year-ago quarter.

Sequentially, profitability improved considerably from Q4 FY26, when EBITDA stood at ₹78 crore with a margin of 30%.

The company’s EBITDA performance remains supported by its offshore drilling business, while directional drilling and mud logging services also contribute to earnings.

PAT at ₹52 Crore

Profit after tax stood at ₹52 crore in Q1 FY27, compared with ₹56 crore in Q1 FY26.

The PAT margin was approximately 19%, against 22% in Q1 FY26.

Compared with the previous quarter, however, the improvement was significant. PAT increased from ₹32 crore in Q4 FY26 to ₹52 crore in Q1 FY27.

The company’s Q1 FY27 profit before tax was ₹71 crore, compared with ₹76 crore in Q1 FY26 and ₹44 crore in Q4 FY26.

Lower Finance Cost Supports Profitability

Jindal Drilling continues to strengthen its balance sheet.

Finance costs declined to just ₹1 crore in Q1 FY27, compared with ₹3 crore in Q1 FY26 and ₹1 crore in Q4 FY26.

For FY26, finance costs stood at ₹8 crore, substantially lower than ₹16 crore in FY25.

The reduction in borrowing costs is helping the company retain more of its operating cash flow.

Strong Offshore Drilling Platform

Jindal Drilling has more than 35 years of offshore drilling experience and is one of India’s leading offshore drilling services contractors.

The company operates offshore jack-up rigs and also provides:

Mud logging services
Directional drilling services
Offshore drilling services

Its operational fleet includes both owned and rented rigs.

The company currently has three owned offshore jack-up rigs and three rented rigs.

It is currently operating five offshore jack-up rigs with ONGC in India, while one rig is undergoing refurbishment in the UAE.

Six-Rig Portfolio Under Long-Term Contracts

Jindal Drilling’s rig portfolio includes six jack-up rigs with long-term contracts.

Rig	Built	Design	Status
Discovery-I	2008	K’FELS B-Class	Owned
Jindal Supreme	1975	Marathon Letourneau 84F	Owned
Jindal Pioneer	2015	Letourneau 116E	Owned
Virtue-I	2008	K’FELS B-Class	Rented
Jindal Star	2013	Letourneau 116E	Rented
Jindal Explorer	2014	K’FELS B-Class	Rented

Jindal Supreme has undergone life enhancements in 2006, 2016 and 2020.

Rig Order Book Stands at ₹1,310 Crore

One of the key positives for Jindal Drilling is its strong order visibility.

As of June 30, 2026, the company’s approximate rig order book stood at:

USD 136 million, equivalent to approximately ₹1,310 crore.

The order book is spread across multiple rigs and contract periods.

Rig	Order Book ₹ Crore
Discovery-I	46
Jindal Supreme	384
Jindal Pioneer	477
Virtue-I	91
Jindal Star	36
Jindal Explorer	276
Total	1,310

The company has clarified that these figures are approximate calculations based on contracts received and may vary depending on actual operational performance.

Jindal Pioneer to be Deployed in Q3 FY27

A major development for the company’s fleet is the Jindal Pioneer.

The rig is currently undergoing refurbishment in the UAE and is expected to be deployed in Q3 FY27.

Jindal Pioneer has an approximate order book of ₹477 crore, making it the largest individual contributor to the company’s current rig order book.

The deployment should add another operating asset to the company’s fleet and support future revenue generation.

Order Book Provides Visibility Through FY30

The order book is distributed across multiple financial years.

Based on the company’s presentation, the approximate order book breakup is:

Period	Order Book
9M FY27	₹563 crore
FY28	₹440 crore
FY29	₹227 crore
FY30	₹80 crore
Total	₹1,310 crore

This provides the company with substantial revenue visibility over the next several years.

The presence of contracts extending into FY29 and FY30 also provides greater visibility beyond the immediate financial year.

Jindal Supreme Has ₹384 Crore Order Book

Jindal Supreme has an approximate order book of ₹384 crore, with its current contract running from October 2024 to October 2027.

The rig has an operating day rate of approximately US$40,000.

Jindal Explorer also has a sizeable order book of approximately ₹276 crore, with its contract running from November 2025 to November 2028.

Jindal Pioneer Carries the Largest Order Book

Jindal Pioneer has an approximate order book of ₹477 crore, with its contract period extending from October 2026 to October 2029.

Its operating day rate is approximately US$50,000.

Once refurbishment is completed and the rig is deployed in Q3 FY27, it could become an important contributor to the company’s future operating performance.

EBITDA Mix Remains Dominated by Rig Operations

The offshore rig business remains the company’s primary earnings contributor.

In Q1 FY27, total EBITDA was ₹104 crore.

The EBITDA contribution included:

Rig business: ₹93 crore
Directional Drilling: ₹11 crore

The company also has a mud logging business, although its contribution to EBITDA is relatively smaller.

For FY26, total EBITDA stood at ₹349 crore, including approximately ₹325 crore from rigs, ₹23 crore from directional drilling and ₹1 crore from mud logging.

This highlights the importance of the offshore rig business to JDIL’s overall profitability.

Balance Sheet Continues to Strengthen

Jindal Drilling’s balance sheet remains another key positive.

As of June 2026:

Gross debt: ₹52 crore
Working capital borrowing: ₹17 crore
Liquid investments: ₹248 crore
Cash: ₹4 crore
Net debt: negative ₹183 crore

In other words, the company remained in a net cash position.

At March 2026, net cash stood at approximately ₹128 crore.

Therefore, the net cash position improved significantly to approximately ₹183 crore by June 2026.

The company highlighted that gross debt continues to decline and the net cash position is improving rapidly despite the recent acquisition of the Jindal Pioneer rig.

Strong Cash Position Despite Fleet Expansion

The improvement in net cash is particularly noteworthy because Jindal Drilling has also been investing in its fleet.

The company said the improving net cash position reflects its strong cash-generation capabilities.

Gross debt declined from ₹69 crore in March 2026 to ₹52 crore in June 2026.

At the same time, liquid investments increased from ₹220 crore to ₹248 crore.

This gives Jindal Drilling financial flexibility to support future fleet investments, refurbishment and business expansion.

Long-Term Financial Growth

Jindal Drilling has delivered significant financial growth over the past few years.

Total revenue increased from:

FY22: ₹452 crore
FY23: ₹559 crore
FY24: ₹646 crore
FY25: ₹884 crore
FY26: ₹1,042 crore

EBITDA increased from ₹110 crore in FY22 to ₹349 crore in FY26.

The company’s EBITDA margin improved from 26% in FY22 to approximately 35% in FY26.

PAT also increased from ₹65 crore in FY22 to ₹173 crore in FY26.

EPS rose from ₹22 in FY22 to ₹60 in FY26.

This long-term growth demonstrates the company’s improved operating scale and profitability.

Shareholding Structure

As of June 30, 2026, the company’s shareholding structure was:

Promoters: 66.78%
Public investors holding more than 1%: 4.79%
Other public shareholders: 28.43%

The company also highlighted Ashish Chugh under its marquee investor information.

Important One-Time Impact From Bombay High Court Order

Jindal Drilling’s financial performance in FY26 was affected by an order of the Bombay High Court.

The favourable order was considered in Q2 FY26, but ONGC subsequently appealed the matter in the Supreme Court, resulting in a reversal in Q3 FY26.

Therefore, year-on-year comparisons for certain periods need to be interpreted in the context of this exceptional development.

Jindal Drilling & Industries enters FY27 with a strong order book, improving balance sheet and significant offshore drilling capabilities.

The company’s approximate ₹1,310 crore rig order book, combined with long-term contracts extending into FY29 and FY30, provides meaningful revenue visibility.

The upcoming deployment of Jindal Pioneer in Q3 FY27 is another important operational milestone, particularly given the rig’s approximately ₹477 crore order book.

At the same time, the company’s improving net cash position of around ₹183 crore and declining gross debt indicate a strong financial position.

For investors tracking the offshore oil and gas services sector, the key factors to watch going forward will be Jindal Pioneer deployment, rig utilisation, contract renewals, order-book additions, day rates, profitability and continued cash generation.

This article is based on the Q1 FY27 earnings presentation released by Jindal Drilling & Industries Limited on August 10, 2026. It is for informational purposes only and should not be considered investment advice.