JINDAL DRILLJindal Drilling & Industries Ltd.NSE:JINDRILLTechnicalAnalystSucrit## Jindal Drilling & Industries Ltd. (CMP ₹678.00, NSE: JINDRILL) **The SmartWay Research Desk | 9 September 2026** A New Delhi‑based offshore drilling and oilfield services company, incorporated in 1983. Jindal Drilling is part of the **D.P. Jindal Group**, engaged in **offshore drilling rigs, oilfield services, and seamless casing pipes** for exploration and production companies. **Promoter Holding (Jun 2026):** **D.P. Jindal Group — ~66.8% stake (no pledges)** --- ### FY22–FY26 Snapshot - **Revenue Growth:** FY26 revenue ₹1,242 Cr vs ₹1,842 Cr in FY25 (‑32.6% YoY). → **Weak** - **Net Profit:** FY26 PAT ₹82 Cr vs ₹212 Cr in FY25 (‑61.3% YoY). → **Weak** - **Operating Margin:** FY26 EBITDA ₹162 Cr, margin 13.0% vs 21.2% last year (‑820 bps). → **Weak** - **Equity Capital:** Stable, face value ₹5. → **Good** - **Dividend Policy:** Dividend ₹1.50/share declared for FY26. → **Neutral** - **Asset Building:** Investments in **rig modernization and offshore expansion**. → **Good** - **Sales:** Dependent on **crude oil cycles and ONGC contracts**. → **Neutral** - **Expense:** Employee and infra costs remain elevated. → **Neutral/Weak** - **EPS:** FY26 EPS ₹11.25 vs ₹29.10 last year (‑61.3%). → **Weak** --- ### Institutional Interest & Ownership Trends (Jun 2026) - **Promoter Holding:** ~66.8% (no pledges) - **FII Holding:** ~0.6% - **DII Holding:** ~0.2% - **Retail & Others:** ~32.4% --- ### Strategic Moves & Innovations - Expansion in **offshore drilling rigs and oilfield services**. - Focus on **long‑term contracts with ONGC and global E&P companies**. - Investments in **rig modernization and safety compliance**. - Diversification into **seamless casing pipes manufacturing**. --- ### Cash Flow & Balance Sheet Strength - Market cap ~₹1,750 Cr. - Debt‑to‑equity ratio ~0.12 (low leverage). - Book value per share ₹548.00; P/B ~1.2. - EPS (TTM) ₹11.25; P/E ~60.2. --- ### Risk Factors - Very high **P/E ratio ~60.2**, valuations expensive despite weak earnings. - Dependence on **crude oil price cycles and E&P activity**. - Volatility in **quarterly earnings due to contract timing**. - Competition from Aban Offshore, Selan Exploration, and global offshore drillers. --- ### Investor Takeaway Jindal Drilling has shown **volatile performance in FY26**, slipping into weaker margins and profits after strong FY25. Promoter confidence remains high with ~66.8% stake. The company’s long‑term outlook depends on **oil price stability and offshore drilling demand**, while near‑term risks include earnings volatility and contract dependence. At CMP ₹678.00, valuations are **expensive (P/E ~60.2, P/B ~1.2)**, making it a **high‑risk cyclical play** tied to crude oil cycles.