South West Pinnacle Exploration Limited has announced its financial results for the second quarter and first half of FY27, for the period ended September 30, 2026. The company reported 16% revenue growth and 23% profit growth on a year-on-year basis. At the same time, its order book has reached an all-time high.
The company shared this update with BSE Limited and the National Stock Exchange of India Limited on November 8, 2026. All figures are on a consolidated basis.
Revenue and Profit Both Move Up
Revenue from operations for H1 FY27 came in at ₹119.4 crore, up 16% from ₹102.7 crore in H1 FY26. EBITDA grew to ₹23.2 crore from ₹20.3 crore, an increase of around 14% year on year. EBITDA margin for H1 FY27 is 19.43%, compared to 19.77% in the same period last year.
Profit After Tax for H1 FY27 is ₹13.3 crore, up 23% from ₹10.8 crore in H1 FY26. PAT margin improved to 11.14% from 10.52%. On a comprehensive income basis, which includes PAT and Other Comprehensive Income, the figure rose to ₹20.1 crore from ₹10.8 crore in H1 FY26.
Key Financial Numbers
| Particulars | H1 FY27 | H1 FY26 | FY26 Full Year |
|---|---|---|---|
| Revenue from Operations | ₹119.4 crore | ₹102.7 crore | ₹243.0 crore |
| EBITDA | ₹23.2 crore | ₹20.3 crore | ₹58.3 crore |
| EBITDA Margin | 19.43% | 19.77% | 24% |
| Profit After Tax | ₹13.3 crore | ₹10.8 crore | ₹33.0 crore |
| PAT Margin | 11.14% | 10.52% | 13.58% |
Why Q2 Was Softer Than Expected
The company explained that Q2 execution was impacted by two factors — heavy monsoons and scheduled equipment maintenance. Both of these are temporary in nature and are expected to ease as the company moves into H2.
Q2 PAT was also impacted by higher diesel prices and other input costs. Management views these as cost-related challenges and says they do not reflect any change in the underlying business or growth outlook.
With monsoon-related disruptions now largely behind, the company expects equipment utilisation and operating efficiencies to improve in the second half.
Order Book Reaches All-Time High
One of the key highlights of this result is the order book. South West Pinnacle's order book has reached an all-time high of ₹767.1 crore. This is a significant number for a company that reported full year revenue of ₹243 crore in FY26.
The order book includes an Oman exploration services order exceeding ₹6 crore, which strengthens the company's international presence. A large and diversified order book provides visibility on future revenue and indicates the pipeline of work the company has to execute.
New Drilling Rigs Coming in Q3
To execute on this large order book, the company has secured funding for planned capital expenditure. New drilling rigs and equipment are expected to arrive in Q3 FY27. Once deployed, these are expected to significantly enhance execution capacity, accelerate mobilisation of pending work orders, and support revenue generation and profitability in the second half.
This is an important development because a key reason for the Q2 slowdown was equipment maintenance. With new rigs coming in, the company expects to be in a stronger position operationally in H2 FY27.
Jharkhand Coal Block: Geological Report Approved
South West Pinnacle has a coal block in Jharkhand that covers 266 hectares. The block has geological reserves of over 84 million tons. This is a long-term growth asset for the company.
Exploration activities at this coal block have been completed and the Geological Report has been submitted and approved. The mining plan is currently at an advanced stage of preparation and is expected to be submitted shortly. Mine development activities are to be undertaken on a fast-track basis once the plan is in place.
The company has also been notified as an accredited prospecting agency by the Ministry of Coal, Government of India, for carrying out prospecting operations for coal and lignite exploration.
Oman Operations: Two JVs Making Progress
The company has two joint ventures in Oman, both of which showed progress during H1 FY27.
The first JV, Alara Resources LLC, provides mining services under a long-term contract for copper and gold exploration in Oman. This JV reported a 603% year-on-year jump in FY26 PAT to OMR 352,000, which is approximately ₹8.67 crore. This highlights the improving financial performance of SWPEL's international operations.
The second Oman JV has been allocated a mining block by the Sultanate of Oman. An airborne survey was conducted over 1,400 square kilometres using the latest techniques for faster exploration over large mining blocks. This survey identified 12 prospective copper-gold targets. Surface geophysical investigations are expected to be carried out next, before moving to targeted drilling at the most promising sites.
CRISIL Rating Upgraded
During H1 FY27, CRISIL upgraded South West Pinnacle's credit rating to BBB+/Stable/A2, from BBB/Positive/A3+. A higher credit rating improves the company's ability to access funding and can reduce borrowing costs over time.
This upgrade came alongside the receipt of NSE and BSE trading approvals for equity shares allotted upon conversion of preferential warrants, after the company received the balance 75% consideration from warrant holders. These are capital-raising milestones that strengthen the company's balance sheet.
Operations: 20 Projects, 8 States, Zero LTIs
On the operational side, the company is currently executing 20 projects across eight Indian states. It has maintained a record of zero Lost Time Injuries across its operations, reflecting its commitment to workplace safety.
Over its 20-year history, South West Pinnacle has completed more than 166 projects for leading government and private organisations. The company has drilled approximately 3.3 million metres, carried out 6.5 lakh metres of geophysical logging, and completed 515 square kilometres of 3D seismic surveys and 411 LKM of 2D seismic surveys. It operates 47 state-of-the-art drilling rigs with capacities to drill up to 2,500 metres depth.
What CMD Vikas Jain Said
Vikas Jain, Chairman and Managing Director, said: "Management remains optimistic about the Company's growth prospects for H2 FY 2026–27, supported by its record order book of ₹768 crore, planned capacity expansion and encouraging developments across domestic and international operations."
On the new equipment, he said: "The expected delivery and deployment of new drilling rigs and equipment during Q3 should significantly enhance execution capabilities, accelerate mobilisation of pending work orders and support stronger revenue generation and operating profitability in the second half. With monsoon-related disruptions largely behind us, we anticipate improved equipment utilisation and operating efficiencies."
On the Jharkhand coal block, he added: "Jharkhand coal block represents an important long-term growth opportunity. Following successful completion and approval of the Geological Report, the forthcoming submission of the mining plan will mark another key step towards advancing the project."
On international operations: "Internationally, the improving financial performance of our first Oman JV and encouraging copper-gold exploration results from the second JV reinforce our confidence in the region's growth potential. The planned surface geophysical surveys and subsequent drilling activities are expected to provide further clarity on the mineral prospects."
South West Pinnacle Exploration Limited is an integrated service provider for end-to-end drilling and exploration of natural resources including coal, ferrous and non-ferrous minerals, atomic minerals, and conventional and non-conventional oil and gas. The company is headquartered in Gurugram, Haryana.