South West Pinnacle Exploration Limited
Current Price
₹244.35
As of 20 May 2026
Market Cap
₹743 Cr
As of 20 May 2026
Three-Engine Drilling Story; CRISIL Upgraded, Hindustan Zinc Rs.307 Cr Locked In
Report updated: 2026-05-18
South West Pinnacle Exploration Limited
India's leading private exploration & drilling services company — coal, non-coal minerals, CBM, 2D/3D seismic, underground drilling. Founded 2006, IPO NSE Emerge 2018, migrated to NSE Mainboard, BSE listed 2022. 40 drilling rigs, 19 years, 165+ projects, 32 lakh meters drilled with zero LTI. FY26 revenue Rs.243 Cr (+35%), PAT Rs.33 Cr (+101%), EBITDA margin 24%. Hindustan Zinc Rs.307 Cr 4-year contract (Feb 2026) is the largest order in company history. CRISIL BBB/Positive (upgraded from Stable, Dec 2025); Ministry of Coal accredited prospecting agency.
Rs.244
Share price
Rs.729 Cr
Market cap (Small Cap)
Rs.243 Cr
FY26 revenue (+35%)
Rs.33 Cr
FY26 PAT (+101%)
23.7x
Trailing P/E
68.85%
Promoter holding
Stock Funda Summary
- South West Pinnacle Exploration (SWPE) is a 19-year-old Gurgaon-based exploration & drilling services company founded 2006 by Vikas Jain (CMD) and Piyush Jain (Joint MD).
- Operates across three verticals: (a) India exploration services — 40 rigs, 19 ongoing projects, 8 states; (b) Oman overseas business — two JVs (Alara Resources 35% + Al Hadeetha 17.5%, 1,448 sq km block); (c) Owned coal block at Jogeshwar (Jharkhand, 84 Mn tons G4 reserves).
- Marquee clients: Reliance, Vedanta, ONGC, Oil India, CMPDI, Hindustan Zinc, Hindalco, Tata Steel, ArcelorMittal, JSW, UltraTech, Hindustan Copper, CGWB, Rio Tinto.
- FY26 was a landmark year: revenue Rs.243 Cr (+35%), PAT Rs.33 Cr (+101%), EBITDA margin 24%.
- Catalysts: Hindustan Zinc Rs.307 Cr 4-year contract (Feb 2026, largest ever), CRISIL upgrade BBB/Stable → BBB/Positive (Dec 2025), Ministry of Coal accreditation, net debt deleveraging Rs.82 Cr → Rs.23 Cr.
- Risks: DSO ~150 days, promoter fell 74.68%→68.85% on preferential issue, only 2/4 quarter concall transcripts available, coal block commercial production timeline pending.
- Order book Rs.580 Cr (incl HZ Rs.307 Cr).
- FII building from zero (0.01%→0.76% in 3 quarters)
- DII completely untapped.
- Mcap Rs.729 Cr (Small Cap).
- Mainboard listed (NSE + BSE).