35% Blended EBITDA Margin Target
Management reiterated the previously guided target of 35% blended EBITDA margin, which investors can use to model H2 earnings despite revenue decline from three rigs going into refurbishment.
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Jindal Pioneer Deployment in October 2026
The rig is currently under refurbishment in UAE through a joint venture and is expected to be completed by the first week of September, with deployment targeted for October 2026.
Three Rigs Redeployment in FY27
Discovery One, Jindal Star, and Virtue One are expected to be rehired within the current financial year following refurbishment, though subject to tender outcomes and customer requirements.
No Acquisitions Planned
Management explicitly stated they are not looking at any rig acquisitions and are focused solely on redeploying the three rigs due for dehiring, prioritizing risk minimization.
EBITDA ~₹350 crore for FY26 and similar next year
Management expects EBITDA of approximately ₹350 crore for the current fiscal year and a similar level next year.
Refurbishment capex of ₹50-100 crore per rig for three rigs de-hiring in FY27
Three rigs will be de-hired in FY27, requiring refurbishment expenditure of ₹50-100 crore each, amortized over contract duration.
Gradual rate increases expected in upcoming tenders
Management expects to increase rig rates gradually in upcoming tenders due to reduced international competition and ONGC's rig shortage.