South West Pinnacle Exploration Limited has secured three Letters of Award (LOA) and Work Orders aggregating to over ₹22.68 Crores (including GST) for exploration, drilling, and related support services. The orders span operations across two states — Odisha and Rajasthan — and are expected to be executed during the current financial year. The company made this disclosure under Regulation 30, updating the stock exchanges on May 12, 2026.

Key Order Details

The following table summarises the three work orders received by South West Pinnacle Exploration Limited:

Letter of Award from Odisha Lift Irrigation Corporation Ltd

South West Pinnacle Exploration Limited received two Letters of Award from Odisha Lift Irrigation Corporation Ltd for the installation of successful deep borewells for a Solar Pumping system in the state of Odisha. The aggregate value of both work orders is approximately ₹9.68 Crores (including GST). Odisha Lift Irrigation Corporation Ltd is a State Public Sector Undertaking (PSU) under the Government of Odisha.

Work Order from Hindmetal Exploration Services Private Ltd

The company also received a Work Order from Hindmetal Exploration Services Private Ltd for imparting exploration, drilling, and support services in the state of Rajasthan. The aggregate value of this contract is approximately ₹13 Crores (including GST). Hindmetal Exploration Services Private Ltd is a 100% subsidiary of M/s Hindustan Zinc Limited.

Summary of Orders

All three LOAs/Work Orders are expected to be completed during the current financial year. The orders reflect South West Pinnacle Exploration Limited's continued engagement with both public sector undertakings and private sector clients across multiple states for exploration and drilling services.

South West Pinnacle Exploration Limited delivered its strongest-ever financial performance in FY26, achieving record highs across revenue, EBITDA, and profitability metrics. The company's Managing Director and Chairman, Mr. Vikas Jain, and Joint Managing Director, Mr. Piyush Jain, shared these results and operational highlights during the Q4 FY26 Earnings Conference Call held on May 06, 2026.

Record Financial Performance in FY26

FY26 was described as a landmark year for the company, with both the full year and Q4 delivering best-ever results. The following tables summarise the key financial metrics:

Return ratios also improved significantly during the year, with return on equity rising from 10% to 16% and return on capital employed increasing from 16% to 23%. Management highlighted that the strong operating leverage inherent to a service business was a key driver — a 35% revenue growth translated into 101% PAT growth as incremental revenue beyond fixed cost coverage yielded disproportionately higher margins.

Largest-Ever Order and Strengthening Order Book

During the quarter, South West Pinnacle secured its largest-ever single order worth over INR 300 crores from Hindustan Zinc Limited, a contract spanning 4 years. Management indicated that execution was expected to commence within two weeks of the call date. The company's total order book stands at approximately INR 581 crores, compared to INR 321 crores previously, reflecting strong order accretion. Over two-thirds of the current order book comprises private sector clients, contributing to stronger cash flows and improved working capital efficiency.

Management also indicated that tenders worth INR 500 to INR 700 crores have been participated in, with new orders expected within the next one to two months.

Business Verticals and Operational Highlights

South West Pinnacle operates across three primary business verticals — domestic exploration and drilling services, coal block development in Jharkhand, and international operations in Oman through joint ventures.

Domestic Operations:

• The company operates across six active exploration domains including coal and non-coal mineral exploration, aquifer mapping, coal bed methane (CBM) exploration, 2D and 3D seismic exploration, underground drilling, and coal business operations.
• CBM operations contributed approximately 35% of total revenue, with two rigs currently deployed with Reliance Industries. A third rig is under manufacturing and is expected to be delivered in September-October of the current financial year. Management expects CBM's revenue contribution to range between 35% to 40% in the current financial year on an improved revenue base.
• Aquifer mapping, executed under the Central Ground Water Board's mandate, held a significant share of the order book, with more than half of existing orders already executed. Management noted that fresh tenders are expected in this segment and the scope of the project is expected to increase in coming years.
• The company was notified as an accredited prospecting agency by the Ministry of Coal, Government of India, for carrying out prospecting operations related to coal and lignite.
• South West Pinnacle has drilled over 32 lakh meters across its history without a single lost time injury.
• Management noted that approximately 145 to 150 hydraulic rigs are currently operating across the country, with South West Pinnacle operating 40 of them at over 100% utilisation including subcontractors.
• Underground coal gasification (UCG), a domain recently promoted by the Government of India, was flagged as an emerging opportunity. While no UCG orders are currently in the order book, the company is in active discussions with potential clients. Management also noted that CBM rigs can be deployed for UCG, and the fleet in this domain is expected to expand.

Coal Block Development (Jharkhand):

• Exploration drilling at the company's coal block in Jharkhand is nearing completion. Upon completion, the company will prepare a geological report followed by a mining plan.
• Total CAPEX for the coal block is estimated at approximately INR 400 crores, structured in two phases of INR 200 crores each. Phase 1 funding is expected to be sourced from internal accruals, offtake agreements, and bank facilities, predominantly on a non-fund basis.
• Management indicated that coal operations are projected to deliver an EBITDA of approximately 46%, with an IRR of 40% to 45% based on the coal index price of approximately Rs. 3,100 per ton for the relevant grade.
• Production is not expected to commence within the current financial year, as mining plan approval is anticipated to be followed by approximately two years of development.

International Operations (Oman):

• The company has two joint ventures in Oman. The first JV with Alara Resources Limited involves an 11-year mining services contract, with four rigs booked for the next two years.
• The second JV has been allocated a mineral block of 1,400 square kilometres containing silver, gold, copper, basalt, and chromite, with exploration currently underway.
• South West Pinnacle has also made a strategic investment in an Australian-listed company with primary interests in Oman, with the Managing Director serving as a director on its board. Management noted this investment strengthens the relationship with its joint venture partners in Oman. The company's share of investment in Oman JV operations is expected to be between INR 15 crores to INR 20 crores over the next three to five years.

Capital Expenditure and Fleet Expansion

The company's fixed asset base increased from INR 67 crores to INR 115 crores during FY26, driven by the addition of 7 to 8 rigs and CAPEX incurred for the second phase of the Reliance project. A warehouse for stores in central India was also acquired during the year. Four additional rigs are currently on order and are expected to be delivered within the next three to six months. Management indicated that debt levels — currently at approximately INR 80 crores — are expected to close at their lowest levels in FY27, as coal block CAPEX funding requirements are not anticipated in the current financial year.

Outlook and Growth Strategy

Management expressed confidence in achieving approximately 20% revenue growth year-on-year in the short to medium term, accompanied by a substantial increase in profitability. For FY27, management noted that the company has sufficient work orders in hand to sustain growth across all quarters, including the monsoon season, as contracts have been secured in geographies where rainfall is not expected to disrupt operations. The company highlighted that Q3 and Q4 are generally the stronger quarters in any financial year, though continuity of growth across all quarters is anticipated in FY27.

South West Pinnacle also pointed to the broader macro tailwinds shaping the exploration sector, including heightened geopolitical tensions, global supply chain disruptions, and India's growing focus on critical minerals and energy security. With a diversified order mix, expanding rig fleet, and growing government focus on mineral exploration, the company remains positioned across multiple high-demand exploration segments.