South West Pinnacle FY26: Highest-Ever Revenue, PAT Doubles, Order Book at INR 5,812 Mn
South West Pinnacle Exploration Ltd reported its highest-ever FY26 revenue of INR 2,430 Mn (+34.8% YoY) and PAT of INR 330 Mn (+101.2% YoY), with EBITDA margin expanding 535 bps to 23.99%. The company holds a robust order book of INR 5,812 Mn as of March 31, 2026, operates 19 active projects across 8 states, and has made a strategic AUD 0.5 million investment in an Australian-listed mining company with Oman operations. ROCE improved from 16% to 23% and ROE from 10% to 16% during the year.
*this image is generated using AI for illustrative purposes only.
South West Pinnacle Exploration Ltd has announced its audited financial results for the year ended March 31, 2026, alongside an updated investor presentation filed under Regulation 30 on May 5, 2026. The company reported its highest-ever annual revenue and profitability for FY26, with statutory auditors M/s Doogar & Associates issuing an unmodified opinion on the financial statements for both standalone and consolidated operations. The Board of Directors meeting was held on May 4, 2026, at which the audited standalone and consolidated financial statements were approved.
FY26 Financial Performance
South West Pinnacle delivered a strong full-year performance, achieving record revenue and profit metrics. The following table summarises the consolidated annual performance (figures in INR Mn):
| Particulars (INR Mn): | FY26 | FY25 | Y-o-Y |
|---|---|---|---|
| Revenue from Operations: | 2,430 | 1,803 | +34.8% |
| Total Expenses: | 1,847 | 1,467 | +25.9% |
| EBITDA: | 583 | 336 | +73.5% |
| EBITDA Margin (%): | 23.99% | 18.64% | +535 Bps |
| Other Income: | 36 | 48 | -25.0% |
| Depreciation: | 114 | 96 | +18.8% |
| Finance Cost: | 84 | 87 | -3.4% |
| PBT: | 435 | 214 | +103.3% |
| PAT: | 330 | 164 | +101.2% |
| PAT Margin (%): | 13.58% | 9.10% | +448 Bps |
| Diluted EPS (INR): | 10.82 | 5.83 | +85.6% |
The company recorded its highest-ever Profit Before Tax (PBT) and Profit After Tax (PAT) during the year, with growth of 103.3% and 101.2% year-on-year, respectively. Return on Equity (ROE) improved significantly from 10% to 16%, and Return on Capital Employed (ROCE) increased from 16% to 23% during the year.
Q4 FY26 Quarterly Performance
The fourth quarter of FY26 reflected strong momentum in both profitability and operational efficiency. The table below presents the consolidated Q4 performance (figures in INR Mn):
| Particulars (INR Mn): | Q4 FY26 | Q4 FY25 | Y-o-Y | Q3 FY26 | Q-o-Q |
|---|---|---|---|---|---|
| Revenue from Operations: | 777 | 738 | +5.3% | 627 | +23.9% |
| Total Expenses: | 573 | 583 | -1.7% | 450 | +27.3% |
| EBITDA: | 204 | 155 | +31.6% | 177 | +15.3% |
| EBITDA Margin (%): | 26.25% | 21.00% | +525 Bps | 28.23% | -198 Bps |
| Depreciation: | 32 | 22 | +45.5% | 31 | +3.2% |
| Finance Cost: | 21 | 21 | NA | 21 | NA |
| PBT: | 168 | 129 | +30.2% | 126 | +33.3% |
| PAT: | 130 | 100 | +30.0% | 92 | +41.3% |
| PAT Margin (%): | 16.73% | 13.55% | +318 Bps | 14.67% | +206 Bps |
| Diluted EPS (INR): | 4.27 | 3.55 | +20.3% | 3.02 | +41.4% |
The company delivered its highest-ever Q4 PBT and PAT growth of 30.2% and 30.0%, respectively. On a standalone basis, Profit Before Tax for Q4 stood at ₹1,507.14 lakh, while the consolidated figure was ₹1,677.68 lakh.
Multi-Year Financial Trend
South West Pinnacle has demonstrated consistent growth across key financial metrics over the past four fiscal years, as presented below (figures in INR Mn):
| Particulars (INR Mn): | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from Operations: | 1,243 | 1,334 | 1,803 | 2,430 |
| EBITDA: | 202 | 247 | 336 | 583 |
| EBITDA Margin (%): | 16.25% | 18.52% | 18.64% | 23.99% |
| PAT: | 90 | 83 | 164 | 330 |
| PAT Margin (%): | 7.24% | 6.22% | 9.10% | 13.58% |
| Diluted EPS (INR): | 3.21 | 2.96 | 5.83 | 10.82 |
The company's three-year PAT CAGR stands at 54%, reflecting sustained improvement in profitability.
Balance Sheet and Cash Flow
As of March 31, 2026, the company's financial position strengthened considerably. The table below presents key balance sheet highlights (figures in INR Mn):
| Parameter (INR Mn): | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Assets: | 3,321 | 2,761 | 2,349 |
| Shareholders Funds: | 2,035 | 1,706 | 1,215 |
| Non-Current Liabilities: | 229 | 203 | 359 |
| Current Liabilities: | 1,057 | 852 | 775 |
| Property, Plant & Equipment: | 918 | 625 | 725 |
| Trade Receivables: | 1,166 | 763 | 574 |
| Debt/Equity Ratio: | 0.39 | — | — |
On a standalone basis, net cash inflow from operating activities for FY26 was ₹1,195.92 lakh, compared to ₹2,568.69 lakh in FY25. Net cash outflow from investing activities was ₹3,663.22 lakh, primarily driven by payments for purchase of property, plant and equipment of ₹4,254.36 lakh. Closing cash and cash equivalents on a standalone basis stood at ₹88.81 lakh, while on a consolidated basis it was ₹129.40 lakh.
Order Book and Segment Overview
South West Pinnacle reported a robust order book of INR 5,812 Mn as of March 31, 2026, providing operational continuity even during the monsoon season. The order book mix improved significantly, with over two-thirds of orders from private clients, resulting in stronger cash flows. The segment-wise order book breakdown is as follows:
| Segment: | Order Book Value (INR Mn) |
|---|---|
| Survey and Exploration of Mineral: | 4,373 |
| CBM Production: | 553 |
| Aquifer Mapping: | 576 |
| Seismic Exploration Services (Passive Seismic Tomography): | 72 |
| Seismic & Coal Drilling: | 238 |
| Total: | 5,812 |
The company currently has 19 ongoing projects across India, spanning six exploration domains and eight states. The Drilling & Exploration segment remained the sole revenue contributor in FY26, generating consolidated revenue of INR 2,430 Mn. The Coal Business segment reported no revenue during FY26, as operations are in the development phase following the company's notification as an accredited prospecting agency for coal and lignite exploration under a Ministry of Coal gazette notification dated November 26, 2025. Segment assets for Drilling & Exploration stood at ₹31,281.15 lakh and for Coal Business at ₹1,930.58 lakh as at March 31, 2026.
Operational Capabilities and Key Highlights
South West Pinnacle operates a fleet of 47 state-of-the-art Top Drive Hydrostatic Drilling Rigs (including 5 in pipeline), 2 rigs for underground drilling, 2 Schramm rigs for CBM production, and 4 newly acquired rigs for underground drilling. The company's seismic equipment includes 3 digital 2D/3D seismic recording systems with approximately 8,000–8,500 seismic channels and 1 Vibroseis unit. To date, the company has completed 32 lakh meters of drilling, 6.5 lakh meters of geophysical logging, 515 sq.km. of 3D seismic surveys, and 411 LKM of 2D seismic surveys across coal, minerals, oil and gas exploration. The company has maintained an impeccable safety record with zero Lost Time Injuries (LTI) across all operations since inception.
During FY26, the company secured the largest-ever single order of over INR 300 crore from a prestigious group and made a strategic investment of AUD 0.5 million in ARL, an exploration and mining company listed on the Australian Stock Exchange. ARL holds a 51% share in a joint venture company in Oman that owns and operates a copper and gold mine. The company has also established two joint venture companies in Oman to tap into mineral resources including copper, gold, silver, chromite, lead, nickel, manganese, and zinc.
Board Decisions and Auditor's Report
At the Board meeting held on May 4, 2026, the directors approved the audited standalone and consolidated financial statements and results for the quarter and year ended March 31, 2026, following a review by the Audit Committee. The board also appointed Mr. Anmol, Manager (Audit and Accounts) and a qualified Chartered Accountant, as internal auditor for FY 2026-27. M/s Doogar & Associates, Chartered Accountants (ICAI Firm Registration Number: 000561N), issued an unmodified opinion confirming the financial results give a true and fair view in conformity with Indian Accounting Standards. The audit was signed by Partner Vardhman Doogar (Membership No. 517347) from New Delhi on May 4, 2026. The consolidated audit report noted a going concern paragraph in respect of South West Resources Private Limited (formerly known as Pilot Pipelines Private Limited), which had accumulated losses of INR 314.88 Lakhs with current liabilities exceeding current assets by INR 266.40 Lakhs; however, results were prepared on a going concern basis given financial support from the holding company.
Historical Stock Returns for South West Pinnacle
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -8.35% | -1.94% | +6.20% | +28.25% | +86.08% | +532.02% |
How will South West Pinnacle's newly accredited status as a coal and lignite exploration agency under the Ministry of Coal translate into revenue contributions from the Coal Business segment in FY27, and what timeline is expected for commercial operations?
Given the significant capital expenditure of ₹4,254 lakh on property, plant and equipment in FY26 and the addition of new drilling rigs, how will the expanded fleet capacity impact the company's ability to scale its order book beyond the current INR 5,812 Mn?
What are the strategic growth prospects and expected financial returns from the joint venture companies established in Oman, particularly given the AUD 0.5 million investment in ARL and exposure to copper, gold, and other mineral resources?
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