Introduction
Established on 17th October 1983, Jindal Drilling & Industries Limited is a more than 40-year-old company engaged in offshore oil well drilling, directional drilling, mud logging, and seamless pipe-related services for the oil and gas sector. Promoted by the D.P. Jindal Group, the company forms part of a diversified industrial legacy that has its roots in India’s pipe and tube industry and has, over the decades, expanded into multiple businesses linked to energy, steel, and industrial manufacturing.
The broader Jindal Group began its business journey several decades ago through its early entry into steel pipes and tubes, where it emerged as one of the pioneering manufacturers in India and was among the first to establish a fully indigenously designed pipe and tube plant in the country. After building leadership in steel pipes and tubes, the group progressively diversified into tea plantations, casing pipes, offshore oil drilling, and seamless pipes, thereby creating a broad-based industrial platform. This long history of diversification and execution laid the foundation for Jindal Drilling & Industries Limited’s entry into the oil and gas services sector
The company operates within a group philosophy that places strong emphasis on perseverance, hard work, innovation, quality, customer satisfaction, and teamwork. The group’s values also extend to employee welfare, open communication, and maintaining an informal yet performance-oriented working environment. These principles have shaped the operating culture of Jindal Drilling & Industries Limited and supported its long-standing relationships across the oil and gas value chain.
Jindal Drilling & Industries Limited is led within the larger vision of Shri D.P. Jindal, Chairman of the group companies, whose contribution to India’s industrial sector includes the indigenous development of a 200 kW tube welder and the establishment of the first state-of-the-art seamless manufacturing facility in India. He is also credited with helping create the country’s largest tube manufacturing capacity. Over the years, his achievements earned him the National Unity Award in 1994, while his business leadership was recognised by Business Standard, which described him as a “Strategist.” He has also remained closely associated with trade and industry bodies, having served as Ex-President of the Federation of Engineering Industries of India and Ex-Chairman of the International Tube Association, India Chapter, in addition to contributing to academic and social causes through philanthropy, education, and healthcare initiatives.
Within the promoter family, Shri Saket Jindal has been associated with the growth and globalisation of Maharashtra Seamless Limited, focusing on internationally recognised standards, financial discipline, people management, customer satisfaction, cost effectiveness, product quality, and service excellence. Shri Raghav Jindal, who serves as Managing Director of Jindal Pipes Limited and Jindal Drilling & Industries Limited, brings an international business perspective supported by his academic background from the London School of Economics & Political Science. His stated focus has been on strengthening market leadership through strategic alliances, acquisitions, investments, safety, quality, and long-term commitments, while positioning the group companies for stronger participation across energy, petrochemical, engineering, and construction sectors.
As of 31 March 2025, the group companies headed by Shri D.P. Jindal reported an aggregate turnover of around Rs. 8,863 crore, and all the companies in the group have been awarded ISO 9001:2015 certification by BVQI. The group’s core businesses span Jindal Pipes Limited, Jindal Drilling & Industries Limited, Maharashtra Seamless Limited, and United Seamless Tubulaar Private Limited, each contributing to the broader industrial ecosystem built by the group.
Jindal Pipes Limited, the flagship company of the group, was incorporated in 1970 with an initial capacity of 30,000 TPA for steel pipes and tubes under the “JINDAL STAR” brand. Over time, it expanded production capacity to 3,60,000 TPA and developed into one of India’s leading manufacturers of ERW, black, and galvanised steel pipes and tubes. Its product range spans multiple thicknesses and diameters and caters to sectors such as agriculture, oil, refineries, housing, irrigation, engineering, fire fighting, tubular poles, and structural applications. The company operates from Ghaziabad and multiple regional manufacturing facilities across Maharashtra, Telangana, Karnataka, and Odisha, and serves major customers including ONGC, IOCL, OIL, HPCL, BHEL, NTPC, BPCL, L&T, Reliance Industries, and others.
Within this industrial framework, Jindal Drilling & Industries Limited has built itself into a leading offshore drilling services contractor in India’s oil and gas sector. The company combines more than three decades of offshore drilling experience with an efficient and experienced operational and management team, supported by a skilled workforce that it considers one of its greatest strengths. It has developed capabilities across offshore drilling, directional drilling, and mud logging services, while also continuing to carry out seamless pipe-related processing activities such as heat treatment, cold processing, threading, finishing, re-threading casing pipes on job-work basis, and trading in steel pipes.
In offshore drilling, the company has established a strong operating profile through the deployment of jack-up rigs for ONGC and other oil and gas clients. It has been recognised for maintaining near-100% efficiency standards across its rigs, while paying high attention to health and safety regulations and achieving strong commercial operating speeds. Over time, the company built a fleet profile that includes owned and rented offshore jack-up rigs. It has operated multiple rigs with ONGC in India, while one offshore jack-up rig has also been under refurbishment in the UAE. The scale of its offshore operations has evolved significantly over the years. During 2015-16, the company operated one jack-up rig and later commenced operations of another rig, Rowan Louisiana, awarded by ONGC in May 2016. During 2018-19, it operated two jack-up rigs. During 2021-22, the count expanded to five jack-up rigs. In 2023-24, the company operated two jack-up rigs for the full year, one for ten months, one for eight months, and one for five months. In 2024-25, it operated four jack-up rigs for the full year, one for six months, and one for one month.
Directional drilling has emerged as another important vertical for the company. Jindal Drilling & Industries Limited states that it was the first Indian company to provide horizontal and directional drilling services, beginning in 2003. Since then, it has drilled more than 800 wells involving diverse trajectories and complexities. Its directional drilling business is supported by powerful steerable down-hole mud motors, measurement while drilling tools, resistivity and gamma tools, gyros, drilling jars, stabilizers, and a full-fledged workshop at Nagothane in Raigad for uninterrupted support. The business is backed by a team of experienced directional drillers and MWD engineers. The company has completed 40 directional drilling contracts for major clients including ONGC, GSPC, Niko Resources, Essar Oil, GeoEnpro, JTI, Selan, and Oilex, while six contracts are currently under execution with eight kits deployed across India. The development of this segment can also be seen in its operating history: in 2012, the company commenced operations for three sets of directional drilling tools in ONGC Ankleshwar and one set in ONGC Ahmedabad, and also completed a two-well contract with Naftogaz India Pvt. Ltd.; in 2015-16, it was operating sixteen directional drilling units along with split units on call; in 2018-19 it operated six directional drilling sets; in 2021-22 six sets again; and in both 2023-24 and 2024-25 it operated eight directional drilling sets on an average basis.
Mud logging constitutes another important service line. The company has highlighted that it became the largest mud logging service provider in North East India and Western onshore India, both of which are important regions for oil and gas exploration in the country. The scale of this business expanded materially, growing from 11 units to 23 units by 2018-19. In operational terms, the company had eleven mud logging units in 2015-16, twenty-two units in 2018-19, twenty-two again in 2021-22, sixteen on an average basis in 2023-24, and six on an average basis in 2024-25.
The company also has a legacy connection to seamless casing pipes and finishing facilities. It came out with a rights issue in January 1994 to partly finance finishing facilities for seamless pipes, primarily used by its sister concern Maharashtra Seamless Limited and to a smaller extent by ONGC and OIL. These seamless pipes find applications in oil, automobiles, fertilisers, chemicals, process industries, and bearings. The installed capacity for threading, end finishing, and upsetting of seamless pipes stood at 75,000 MT up to March 2002. The company also undertakes heat treatment, cold processing, threading, and finishing of seamless pipes, thus maintaining an industrial linkage between drilling services and pipe processing capabilities.
The evolution of Jindal Drilling & Industries Limited has also involved several strategic corporate actions. In 2006, the company filed two Schemes of Arrangement before the Hon’ble High Court of Punjab and Haryana for the demerger of Casinvest Division into Haryana Capfin Limited and for the merger of Newsco Newtech Pvt. Ltd. and Discovery Hydrocarbons Pvt. Ltd. with the company. The schemes were approved on 27 July 2006 and became effective from the appointed date of 1 April 2005. In the same period, the company’s Casing Pipe Division was sold. Discovery Hydrocarbons Pvt. Ltd. had formed a wholly owned subsidiary, Discovery Drilling Pte. Ltd. in Singapore in April 2006, and following the merger, this entity initially became part of the company’s structure. On 2 February 2007, after fresh allotment of shares to financial parties, Discovery Drilling Pte. Ltd. became a joint venture in which the company held 49.07% equity. Discovery Hydrocarbons had also entered into a vessel construction agreement with Keppel Fels Limited for the construction of a new premium jack-up rig. During 2007-08, the company acquired a 49% stake in Virtue Drilling Pte. Ltd., Singapore, which then became another joint venture company of the firm.
The company has continued to strengthen its rig ownership and asset base through acquisitions. In 2018-19, it purchased the jack-up rig Discovery-I from its joint venture company Discovery Drilling Pte. Ltd. at a cost of USD 75 million. In FY2025, it acquired another jack-up rig, Jindal Pioneer, from the same joint venture entity for a consideration of USD 75 million. These transactions underline the company’s strategy of building greater control over offshore drilling assets while reinforcing its role as a long-term service provider to India’s energy exploration sector.
The strength of Jindal Drilling & Industries Limited is also supported by the wider industrial ecosystem of the group. Maharashtra Seamless Limited, incorporated in 1988, was established to address India’s demand-supply gap in seamless pipes and today has large-scale production facilities for carbon and alloy steel hot-finished and cold-finished seamless pipes, along with ERW pipes, coating facilities, renewable energy assets, and import-substitute products such as subsea line pipes, drill pipes, and cylinder pipes. It is the first and only manufacturer in India capable of offering both seamless and ERW pipes up to 20-inch OD, with a turnover of around Rs. 5,216 crore for the year ended 31 March 2023. Similarly, United Seamless Tubulaar Private Limited, the Telangana unit acquired by the group, operates a modern hot rolled seamless pipe and tube manufacturing mill using advanced FQM retained mandrel mill technology from Danieli, Italy. With capacity of 3,50,000 TPA and certifications including ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015, USTPL is positioned to support import substitution in high-value seamless pipe applications across energy, petrochemical, engineering, construction, and OEM sectors.
Taken together, Jindal Drilling & Industries Limited represents the oil and gas services arm of a deeply integrated industrial group with longstanding expertise in pipes, seamless tubes, drilling assets, and energy-linked manufacturing. Backed by the Jindal Group’s legacy, technical orientation, and diversified capabilities, the company has developed into an established player in offshore drilling, directional drilling, and mud logging, while also preserving its connection to seamless pipe processing and related engineering services. Its operating history, asset acquisitions, specialised contracts, and integration with the wider group ecosystem position it as an important participant in India’s oil and gas exploration and support services space.
Business
Offshore Drilling
Offshore drilling is one of the company’s key service offerings, focused on supporting petroleum and natural gas exploration in offshore and deepwater regions. The activity involves drilling boreholes beneath the seabed through specialized rigs positioned in coastal and open-sea locations. Depending on water depth and operating conditions, offshore drilling can be carried out through different rig formats such as drilling barges, jack-up rigs, submersible rigs, semi-submersible rigs, and drillships.
Jindal Drilling & Industries Limited is among the leading private sector players in offshore drilling in India’s oil and gas sector and has been engaged in this business since 1989. Backed by around three decades of operational experience, the company has built its offshore drilling business on an experienced workforce, strong technical capabilities, and a high standard of service execution. Its operations are supported by a strong focus on health and safety, while its rigs have consistently delivered nearly 100% efficiency standards and strong commercial operating speed relative to peers.
Directional / Horizontal Drilling
Directional and horizontal drilling forms a key part of the company’s service portfolio, enabling precise wellbore placement in reservoirs that are not vertically accessible. This technique involves deviating the wellbore along a planned trajectory to reach subsurface targets located at a lateral distance, thereby improving reservoir access, increasing rate of penetration, and optimizing overall recovery. With advancements in drilling technologies such as jetting action, specialized drill bits, whipstocks, and steerable downhole mud motors (SDMM), directional drilling has become more efficient and cost-effective across complex drilling environments.
Jindal Drilling & Industries Limited was the first Indian company to offer directional and horizontal drilling services, commencing operations in this segment in 2003. The company provides integrated solutions supported by advanced measurement while drilling (MWD) systems that deliver accurate real-time data, enabling timely decision-making and improved drilling precision. Its services focus on achieving cost and time efficiencies while ensuring optimized wellbore placement and enhanced reservoir exposure.
The company’s directional drilling capabilities are supported by a comprehensive range of equipment, including MWD systems with positive pulse technology, gamma probes, directional electronics, and surface systems for real-time monitoring of tool face, inclination, azimuth, and gamma plots. The MWD tools are retrievable, reducing operational risks in difficult drilling conditions, and are powered by high-temperature lithium batteries capable of extended downhole operations. Additionally, the company deploys positive displacement motors with adjustable bent housing to facilitate precise steering based on desired well profiles.
Jindal Drilling & Industries Limited maintains a strong asset base with multiple ready-to-deploy MWD tool sets, a large fleet of steerable downhole mud motors, drilling jars, and non-magnetic drill collars, enabling quick mobilization and efficient execution of contracts. Its operations are supported by a team of experienced directional drillers and MWD engineers, along with a strategically located service and maintenance workshop equipped with modern facilities, including torque testing systems, crane handling capabilities, and specialized testing units for drilling equipment.
The company has established relationships with leading oil and gas exploration companies such as ONGC, GSPC, GeoEnpro, Oilex, and Joshi Technologies International, and continues to execute multiple contracts across India. Its consistent execution track record, supported by technical expertise and operational readiness, positions the company as a reliable provider of directional and horizontal drilling services in the domestic oil and gas sector.
MWD Services
Measurement While Drilling (MWD) services form an integral part of the company’s drilling solutions, enabling real-time monitoring and control of well trajectories. This technology is used to determine the precise position of the well by continuously measuring parameters such as direction, inclination, and tool face, thereby assisting directional drillers in steering the well safely along a planned path. The MWD system is installed within the bottom hole assembly (BHA) and can be configured with different sensors based on operational requirements to deliver accurate subsurface data.
Jindal Drilling & Industries Limited enhances operational efficiency through the use of retrievable MWD tools, which can be recovered via wireline without the need to pull out the entire drill string. This significantly reduces rig downtime and improves overall drilling efficiency, making it a valuable component of the company’s integrated drilling service offerings.
Mud Logging Services
Mud logging services form an important part of the company’s drilling support offerings, involving continuous monitoring and analysis of drilling fluid and rock cuttings to generate real-time geological and drilling data. This helps in identifying hydrocarbon zones, improving drilling efficiency, and ensuring safety through early detection of potential hazards.
Jindal Drilling & Industries Limited has been providing mud logging services since 1991 to major E&P companies such as ONGC, OIL, GAIL, and others. The company operates advanced mud logging units equipped with real-time data acquisition systems, gas detection technologies, and specialized analytical tools, supported by skilled engineers and geologists. With a strong presence in North East and Western India, the company has scaled its operations significantly and currently operates multiple mud logging units on long-term contracts, reinforcing its position as a leading service provider in this segment.
Clients
Financials
For the year ended March 25
For the year ended March 2025 (FY25), the company delivered a strong financial performance, reporting its highest-ever EBITDA of Rs. 293.80 crore and a net profit of Rs. 140.84 crore on a standalone basis.
On a consolidated basis, EBITDA stood at Rs. 368.85 crore, while net profit was reported at Rs. 215.90 crore.
During the year, the company significantly strengthened its balance sheet, with total debt reducing sharply from Rs. 294 crore to Rs. 164 crore.
In addition, the company maintained a strong liquidity position, with investments of Rs. 606 crore and cash and cash equivalents of Rs. 99 crore as of March 2025.
Despite maintaining a large capital base with a significant portion held in investments, which has historically kept return ratios relatively subdued, the company witnessed a notable improvement in profitability metrics in FY2025, with Return on Capital Employed (ROCE) rising to 16%.
For Q3FY26
The company reported revenue from operations of Rs. 242 crore, marginally higher compared to Rs. 238 crore in Q2FY26. However, total revenue declined during the quarter due to the reversal of other income amounting to Rs. 100.43 crore, which had been recognized in the previous quarter on account of interest and foreign exchange gains related to old ONGC receivables. This adjustment follows the appeal filed by ONGC in the Supreme Court against the earlier favourable order of the Bombay High Court, the impact of which had been accounted for in Q2FY26.
On a year-on-year basis, net sales stood at Rs. 241.58 crore in December 2025, reflecting a marginal growth of 0.89% compared to Rs. 239.46 crore in December 2024.
The company reported a net loss of Rs. 33.39 crore during the quarter.
EBITDA for the quarter remained negative at Rs. 8.82 crore, as compared to a positive EBITDA of Rs. 95.28 crore in December 2024, primarily impacted by the reversal of previously recognized income.
Sectorial Outlook
The sector outlook for Jindal Drilling & Industries Limited appears constructive over the medium term, although near-term volatility has risen sharply because of the ongoing conflict in West Asia. For India, the immediate risk is clear: the country remains heavily dependent on imported crude, and recent disruptions around the Strait of Hormuz have pushed up oil prices, weakened the rupee, and raised concerns around inflation and growth. Reuters reported this week that India has secured roughly 60 days of crude supply and diversified sourcing, but the broader macro backdrop remains sensitive to any prolonged disruption in Gulf energy flows.
For the offshore drilling and oilfield services segment, however, such geopolitical stress also strengthens India’s long-term push for energy security and domestic production. That is directly relevant for companies like Jindal Drilling. India’s upstream policy direction has clearly shifted toward expanding exploration acreage and accelerating offshore activity. The Directorate General of Hydrocarbons’ OALP Round X, launched in February 2025, is the largest acreage round under the HELP regime, with 25 blocks on offer across about 1,82,589 sq. km, of which 19 are offshore. Around 70% of the offered area falls in deepwater or ultra-deepwater, showing that the next phase of Indian exploration is becoming increasingly offshore-led.
This is further supported by the broader exploration pipeline already being built over the last few years. DGH’s Hydrocarbon Outlook notes that the first eight OALP rounds awarded 144 exploration blocks covering 2,42,057 sq. km, while cumulative investment under India’s contract regime had reached about USD 55.1 billion by March 2024. That indicates a steadily expanding opportunity set for drilling contractors, rig operators, and allied service providers as more awarded blocks move from licensing into actual exploration and development work.
The demand side also remains supportive. India’s petroleum consumption has continued to trend higher, with December 2025 fuel demand reaching a record 21.75 million metric tonnes, up 5.3% year on year, according to Reuters citing oil ministry data. On the gas side, the IEA expects India’s natural gas demand to rise by nearly 60% by 2030, while domestic production is expected to grow only moderately. The IEA also notes that deepwater fields in the Krishna-Godavari basin already account for nearly a quarter of India’s gas production. That means India will need both more domestic upstream investment and continued offshore development to improve supply security.
For Jindal Drilling specifically, this creates a favorable structural backdrop. A larger offshore exploration pipeline, greater policy support for domestic drilling, and ONGC’s renewed focus on offshore and deepwater activity should support demand for rigs, directional drilling, mud logging, and related services. Recent reports indicate ONGC is pursuing a very large deepwater drilling program, with fresh tendering tied to its effort to strengthen domestic hydrocarbon output and reduce import dependence. While not every opportunity will flow immediately to private contractors, the direction of travel is positive for established Indian drilling service players with proven offshore execution capability.
That said, the outlook is not without risks. Elevated crude prices do not automatically translate into immediate drilling acceleration, especially when war-related disruptions raise insurance, logistics, and operating costs. Reuters reported that the current Iran-linked conflict has tightened conditions for oilfield services globally, with security concerns and disrupted infrastructure offsetting some of the normal benefits of higher oil prices. For India, a prolonged period of very high crude prices could also pressure government finances, inflation, and customer spending plans. So the sector outlook is best described as strong in the medium term but volatile in the near term.
Overall, the Indian offshore oil and gas services sector is entering a phase where strategic necessity is becoming more important than cyclical oil-price movements alone. Because India remains exposed to imported energy shocks, policy support for domestic exploration and offshore development is likely to remain firm. In that environment, companies such as Jindal Drilling & Industries Limited are well placed to benefit from higher domestic drilling intensity, especially if OALP blocks, ONGC projects, and offshore redevelopment programs move ahead as planned.
Conclusion
Jindal Drilling & Industries Limited, a 40+ year old company engaged in offshore drilling, directional drilling, and oilfield services, operates as a key player in India’s upstream oil and gas sector. Backed by the strong legacy of the D.P. Jindal Group, the company combines experienced operations, high efficiency levels, and a diversified service portfolio. With a strengthened balance sheet, improving return ratios, and consistent operational performance, it is well positioned to benefit from India’s increasing focus on energy security and offshore exploration. While near-term volatility due to global geopolitical tensions may persist, the long-term outlook remains favorable driven by rising domestic demand and expanding exploration activities.