Jindal Drilling & Industries Limited has issued a formal response to stock exchanges regarding queries about increased trading volumes in the company's securities. The response was submitted to both BSE and NSE on March 3, 2026, addressing concerns about the recent surge in trading activity.

Stock Exchange Communication

The company received queries from both major stock exchanges seeking clarification on the significant increase in trading volume of its securities across exchanges in recent times. Company Secretary Binaya Kumar Dash signed the official response addressing these concerns.

Regulatory Compliance Statement

In its response, Jindal Drilling & Industries emphasized its commitment to regulatory compliance and transparency. The company stated that all material information has been duly informed to the stock exchanges in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.

The management clarified that there is no other development or information required to be disclosed to stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates companies to disclose material events and information that could impact investor decisions.

Corporate Structure

The company operates from multiple locations with its interim corporate office located in Sector-44, Gurgaon, Haryana. The registered office is situated in Pipe Nagar, Village Sukeli, Raigad district, Maharashtra. Jindal Drilling & Industries is part of the Jindal Group of India and maintains membership with the International Association of Drilling Contractors, Houston, Texas, USA.

Market Response

The formal clarification aims to address market concerns and maintain transparency regarding the recent trading activity. Such communications are standard practice when exchanges notice unusual trading patterns and seek explanations from listed companies to ensure market integrity and investor protection.

Jindal Drilling & Industries has announced its Q3 financial results, revealing a decline in key operational metrics compared to the same period in the previous year. The company has also released the transcript of its earnings conference call held on 30 January 2026, providing detailed insights into its performance and future outlook.

Financial Performance Overview

The company's Q3 results show a contraction in both absolute EBITDA figures and margin percentages. The operational performance indicates pressure on the company's ability to generate earnings before interest, taxes, depreciation, and amortization.

Management Commentary on Other Income Impact

During the earnings conference call, Deputy General Manager Kaushal Bengani explained that the operational performance remained broadly in line with earlier communications. However, significant variations occurred in the Other Income line item due to a legal matter with ONGC.

The company had previously recorded a gain of around ₹100 crores on an original receivable of ₹66 crores following a favourable Bombay High Court ruling. However, since ONGC appealed this decision to the Supreme Court, making the matter sub-judice again, the auditors and Board decided to reverse the previously booked income in Q3.

Fleet Operations and Future Contracts

Managing Director Raghav Jindal provided updates on the company's rig operations during the earnings call. Three rigs are scheduled for contract completion during the current financial year, with refurbishment costs expected to range between ₹50 crores to ₹100 crores per rig.

Market Outlook and Tender Activity

The management expressed optimism about upcoming ONGC tenders, with expectations of multiple tenders for 4 rigs in the near term. The company is positioning Jindal Pioneer for redeployment following its refurbishment phase, which concluded after the rig's contract ended in October 2025.

Jindal noted positive global trends, particularly Saudi Aramco's resumption of previously terminated contracts, which should support international rig demand. The company continues to explore international deployment opportunities while prioritizing longer-term contracts of 3-5 years in the Indian market.

Regulatory Compliance

Pursuant to Regulation 30 of SEBI Listing Obligations, the company filed the earnings call transcript with stock exchanges on 02 February 2026. The transcript is available on the company's website, providing stakeholders with comprehensive details of the Q3 performance discussion.