Deep Industries' ONGC contract provisionally suspended; ₹5-6 Cr revenue impact expected.
Deep Industries received a provisional suspension from ONGC for a drilling rig contract due to sabotage. The company disputes the suspension and is pursuing legal remedies. An impact on Q4 FY26 revenue of approximately ₹5-6 Crores is anticipated.
The suspension is provisional and the company is contesting it legally. While an revenue impact of ₹5-6 Crores is anticipated, other contracts and operations remain unaffected.
The company has received a provisional suspension of a contract from ONGC, which is expected to impact revenue.
Deep Industries Limited has received a provisional suspension intimation from Oil and Natural Gas Corporation Limited (ONGC) concerning the contract for charter hiring of a 90 MT mobile drilling rig for CBM Asset, Bokaro.
The suspension follows a Force Majeure event where the rig was subjected to sabotage by unidentified individuals, resulting in an FIR and a police status quo order that restricted access and operations.
The company believes the provisional suspension is legally untenable, citing Force Majeure provisions under the contract and Indian statute, and is actively pursuing legal remedies. All other existing ONGC contracts and ongoing business operations remain unaffected and are being executed without disruption.
Deep Industries anticipates this development could impact its revenue by approximately ₹5-6 Crores during the fourth quarter of FY 2025-26. The company remains confident in a favourable outcome and focused on delivering value to its stakeholders.
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