Synopsis:
South West Pinnacle Exploration Limited (SWPE) secured two coal exploration contracts worth Rs. 16.93 crore from JSW Energy (Utkal) and CMPDI, strengthening its FY26 revenue outlook and project portfolio across Odisha, MP, and Chhattisgarh.
Shares of one of India’s fastest-growing private exploration companies, with a strong track record in mineral and unconventional energy resource exploration, surged nearly 4 percent on Monday, after the company secured orders worth nearly Rs. 17 crores from JSW Energy and Coal India.
At 10:30 a.m., the shares of South West Pinnacle Exploration Limited were trading in the green at Rs. 130.7 on BSE, up by around 2 percent, as against its previous closing price of Rs. 128.3, with a market cap of Rs. 390 crores. The stock has delivered positive returns of around 9 percent in the last one year, but has fallen by over 6 percent in one month.
What’s the News
According to the latest filings with the stock exchanges, South West Pinnacle Exploration Limited (SWPE) has secured two significant Letters of Award (LOA)/work orders for coal exploration and related services, with an aggregate order value of around Rs. 16.93 crores.
The first order, valued at Rs. 15.26 crores, has been awarded by JSW Energy (Utkal) Limited for undertaking coal exploration and related services, including survey and geophysical logging in Odisha. This is a short-duration project, with the entire revenue expected to be realised within FY26, thereby contributing positively to the company’s top line during the year.
The scope of work includes exploration services, including diamond core drilling, drill core logging, packaging and transportation, along with photography and data management. SWPE will aim to achieve maximum coal recovery across both coal seams and non-coal stata. The project is expected to be completed within 3.5 months, including a 15-day mobilisation period, with implementation commencing once the Prospecting License-cum-Mining Lease (PL-cum-ML) is in place.
The second order, worth Rs. 1.67 crore, has been received from Central Mine Planning and Design Institute Limited (CMPDI), a Mini Ratna Public Sector Undertaking and 100 percent subsidiary of Coal India Limited, for providing Coal Exploration related services in the state of MP & Chhattisgarh.
The scope primarily covers geophysical and sonic logging services at exploration camps. As per the terms, SWPE must furnish a performance security deposit equivalent to 5 percent of the contract value within 21 days. The execution period for this project is 24 months.
Financials & More
SWPE reported a significant growth in its revenue from operations, showing a year-on-year increase of around 37 percent from Rs. 29.43 crores in Q1 FY25 to Rs. 40.22 crores in Q1 FY26. Likewise, the company’s net profit increased during the same period from Rs. 1.87 crores to Rs. 2.4 crores, representing a rise of over 28 percent YoY.
In FY25, SWPE’s operating revenue was primarily driven by CBM Production, which accounted for 30 percent of the total. The Coal Business contributed 25 percent, followed by Non-Coal Exploration Services and Aquifer Mapping, each comprising 15 percent. Coal Exploration Services made up 7 percent of the revenue, while Seismic Exploration Services using PST contributed 6 percent. The remaining revenue came from 2D/3D Seismic Exploration and Underground Drilling, each contributing 1 percent.
South West Pinnacle Exploration Limited provides end-to-end drilling, exploration and allied services to coal, ferrous, non-ferrous, atomic minerals and base metal mining industries and water & unconventional energy industries. Additionally, it also provides consultancy for geological field services and allied services and has an in-house team of surveys, besides 2D/3D Seismic Data Acquisition and Processing.
Further, the company has forayed into a new domain of 2D/3D Seismic data Acquisition and Processing using Passive Tomographic Technology (PST), which has great potential in areas like North East India, due to the growing needs of energy resources in our country, and the Government of India is supporting this cause in a big way. It has added new domains of geothermal, unconditional oil & gas and underground core drilling for copper & gold exploration.
It operates a fleet of 36 advanced drill rigs (with capabilities up to 2,000 meters), supported by 15 geoscientists and specialised logging and geophysical survey equipment. Its marquee clientele includes Reliance, Vedanta, Oil India, JK Cement, Hindustan Copper Limited and Hindalco, with operations spanning both domestic and select international markets.
Written by Shivani Singh
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