South West Pinnacle Exploration Ltd., established in 2006, is a rapidly growing, integrated exploration service provider in India. The company has built a strong reputation over its 19+ years of operation by offering end-to-end drilling and exploration solutions across a diverse range of sectors. These include coal, ferrous and non-ferrous minerals, atomic minerals, and both conventional and unconventional energy resources like Coal Bed Methane (CBM). The company is managed by an experienced leadership team, headed by Promoter and MD Vikas Jain and Co-Promoter and Joint MD Piyush Jain, who guide its strategic direction and operational execution.

Operationally, South West Pinnacle commands a significant fleet of 40 advanced drill rigs with capabilities of reaching depths up to 2,500 meters. This physical infrastructure is supported by a skilled team of 15 geoscientists and specialized geophysical survey and logging equipment. This combination of machinery and expertise allows the company to undertake complex projects, having successfully completed over 160 projects for a marquee client list that includes government entities and private sector giants such as Reliance, Vedanta, Oil India, ONGC, and Hindalco. The company's operational excellence is underscored by its impeccable safety record, having drilled over 3 million meters without a single Lost Time Injury (LTI) since its inception.

The company's service portfolio is extensive, covering CBM production, aquifer mapping, 2D/3D seismic exploration, underground drilling, and general mineral exploration. This diversification has allowed it to build a robust presence across India and expand internationally through strategic joint ventures in Oman, targeting copper and gold mining. South West Pinnacle is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), reflecting its growth from its initial listing on the NSE EMERGE platform in 2018.

Official Website: www.southwestpinnacle.com

• Revenue Performance: Operating Revenue has shown strong growth, increasing from INR 1,243 Mn in FY23 to INR 1,803 Mn in FY25. For the first nine months of FY26 (9M-FY26), revenue stood at INR 1,653 Mn, a 57% year-over-year increase from INR 1,053 Mn in 9M-FY25.

• Profitability Growth: Profit After Tax (PAT) has demonstrated significant improvement, rising from INR 90 Mn in FY23 to INR 164 Mn in FY25. For 9M-FY26, PAT reached INR 200 Mn, a substantial increase from INR 64 Mn in the corresponding period of the previous year. The 3-year PAT CAGR is 15%.

• Order Book: The company maintains a robust and growing order book, which stood at INR 4,448 Mn as of December 31, 2025. This represents strong growth from INR 2,157 Mn in FY24 and INR 3,287 Mn in FY25, providing clear revenue visibility for the future. The order book is balanced between government (54%) and private (46%) clients.

• Balance Sheet Health: The company's Net Worth has steadily increased from INR 1,137 Mn in FY23 to INR 1,814 Mn in H1-FY26. The Debt-to-Equity ratio has improved, decreasing from 0.75 in FY24 to 0.51 as of H1-FY26, indicating a stronger and less leveraged financial position.

• Return Ratios: Return on Capital Employed (ROCE) was recorded at 12% in FY25, showing consistency from the previous year. Return on Equity (ROE) stood at 10% in FY25, up from 7% in FY24.

The company is demonstrating strong financial momentum with accelerating revenue, expanding profitability, a robust order book, and an improving balance sheet.

• Integrated Service Provider: The company offers a comprehensive, end-to-end suite of services, from initial exploration and planning (geological surveys, seismic data acquisition) to drilling, extraction, and geological reporting. This integrated model positions it as a one-stop solution for clients.

• Diverse Domain Expertise: South West Pinnacle operates across multiple high-value domains, including Coal Bed Methane (CBM) exploration and production, aquifer mapping, 2D/3D seismic exploration, underground drilling, and exploration for a wide array of minerals (coal, ferrous, non-ferrous, atomic).

• Specialized and Niche Capabilities: The company has developed expertise in niche areas such as Large Diameter Core (LDC) drilling for diamond exploration, Reverse Circulation (RC) drilling, and utilizing Passive Seismic Tomography (PST) technology for oil and gas exploration.

• Proven Track Record and Safety: With over 19 years of experience, 160+ successful projects, and over 3 million meters drilled, the company has a proven track record. Its zero Lost Time Injury (LTI) record since inception is a significant operational benchmark and a key differentiator.

• International Presence: Through strategic joint ventures in Oman, the company has expanded its footprint beyond India, engaging in large-scale copper and gold mining contracts. This provides geographical diversification and access to new markets.

South West Pinnacle's unique position stems from its fully integrated service portfolio, deep expertise across diverse exploration domains, and a proven track record of safe and successful project execution in both domestic and international markets.

• Global Supercycle: The global mineral and energy exploration industry is driven by the transition to clean energy, electrification, and the strategic need to secure critical raw materials. The global exploration services market is projected to exceed USD 20.1 billion by 2032.

• India's Untapped Potential: India possesses one of the world's largest unexplored geological basins, rich in coal, iron ore, bauxite, and other minerals. The current low depth of exploration presents a significant opportunity for growth in drilling and seismic survey services.

• Strong Domestic Demand: Growing domestic demand for power, infrastructure, and manufacturing is accelerating the need for reliable sourcing of minerals and energy. Coal remains a critical energy source, accounting for over 70% of power generation, with production targeted to reach 1.40 billion tonnes by 2027.

• Favorable Government Policies: The Indian government is actively promoting exploration through initiatives like commercial coal block auctions, 100% FDI in oil & gas exploration, and a focus on reducing import dependency. The target to auction over 500 mineral blocks by 2026 provides a strong tailwind for the sector.

• Market Growth Projections: The Indian mineral exploration equipment market is expected to grow from USD 6.73 billion in 2024 to USD 13.45 billion by 2033, registering a CAGR of 7.40%. This indicates sustained investment and activity in the sector.

The industry is positioned for significant growth, supported by a global commodity supercycle, India's vast untapped resources, strong domestic demand, and favorable government policies aimed at boosting domestic exploration and production.

• Revenue and Profit Trajectory: The company's operating revenue grew by 35% from FY23 to FY25, while PAT grew by 82% over the same period. This trend has accelerated in 9M-FY26, with revenue up 57% and PAT up 212.5% year-over-year.

• Order Book Expansion: The order book has more than doubled from INR 2,157 Mn in FY24 to INR 4,448 Mn as of December 2025. This provides strong revenue visibility and indicates a high demand for its services.

• Segmental Revenue Shift: In FY25, the revenue mix showed a significant contribution from CBM Production (30%), Coal Business (25%), and Aquifer Mapping (15%). This diversification across high-growth segments supports a stable growth outlook.

• Infrastructure and Drilling Growth: The company has steadily increased its cumulative drilling, reaching 3,000 km by the end of 2026 (estimated). It operates a fleet of 40 advanced rigs, including recently acquired rigs for the new underground drilling segment.

• Net Worth Appreciation: Net worth has consistently grown, from INR 1,137 Mn in FY23 to INR 1,814 Mn in H1-FY26, reflecting the company's ability to generate and retain profits to fund future growth.

The company is in a high-growth phase, evidenced by its rapidly expanding order book, accelerating financial performance, and strategic diversification into new, high-demand service segments.

• Coal & Mineral Exploration: With over 500 mineral blocks set to be auctioned by 2026 and a government focus on exploring for rare earth and critical minerals, there is a significant domestic opportunity.

• Oil & Gas Exploration: Government initiatives like OLAP (Open Acreage Licensing Policy) and 100% FDI are set to boost exploration activities for new oil and gas reserves, creating demand for seismic surveys and drilling services.

• Aquifer Mapping & Groundwater Management: The National Project on Aquifer Management (NAQUIM) by the Central Ground Water Board (CGWB) is driving high demand for hydrogeological surveys and studies, a key service area for the company.

• International Expansion: The company sees emerging opportunities in mineral-rich regions like the Middle East, Africa, and Central Asia, where governments are opening up their mining sectors to foreign investment. Its JVs in Oman serve as a launchpad for this strategy.

• Unconventional Energy Sources: India's vast, underexplored potential in Coal Bed Methane (CBM), shale gas, and geothermal energy presents a long-term growth opportunity as energy demand continues to rise.

The company is well-positioned to capitalize on substantial opportunities driven by government policies in domestic mineral, energy, and water exploration, as well as through strategic international expansion.

• Drilling Infrastructure: The company operates a fleet of 40 state-of-the-art Top Drive Hydrostatic Drilling Rigs. This includes 2 specialized Schramm rigs for CBM production and 4 newly acquired rigs dedicated to the underground drilling segment, indicating recent capital expenditure to enter new markets.

• Seismic and Geophysical Equipment: The company owns 3 digital 2D/3D seismic recording systems with approximately 8,000-8,500 seismic channels, 1 Vibroseis unit, and 3 Geophysical Logging Units. This advanced equipment base supports its integrated exploration services.

• Strategic Investments (Capex): The company has made strategic capital allocations, including an AUD 0.5 Million investment in Alara Resources Ltd (ARL) in Australia and an investment for a 17.50% share in Al Hadeetha Mining LLC (AHML) in Oman. These investments are aimed at securing long-term mining assets.

• Coal Block Development: The acquisition of a coal block in Jharkhand with 84 million tonnes of reserves represents a significant future capital project. Mine development is set to accelerate post-license issuance, requiring substantial capex.

• Ongoing Mobilization: The company is actively mobilizing additional rigs and equipment to support a growing demand pipeline, signaling that it is operating at high utilization and is continuing to invest in capacity.

The company is actively deploying capital to expand its operational capacity, enter new service verticals like underground drilling, and secure long-term growth through strategic investments in mining assets both in India and overseas.

• Oman Joint Ventures: The company plans to continue developing its two JVs in Oman. The first JV is executing a USD 125 million copper mining contract. The second JV, which was awarded a large mining block with copper and gold reserves, has commenced exploration activities and is moving to accelerate the process with an Airborne geological survey.

• Commercial Coal Mining: A key future plan is the development of its awarded coal block in Jharkhand. The company has completed the DGPS survey and submitted its application, with a target to commence coal production by FY 2027–28.

• Expansion in Aquifer Mapping: Having secured contracts worth over INR 1,000 Mn from CGWB, the company will focus on executing these large-scale aquifer mapping projects, a critical area of national importance.

• Strengthening Niche Segments: The company plans to expand its capabilities in high-value niche segments like underground drilling, for which it has already secured an order from Hindustan Copper Ltd. and commissioned four new rigs.

• Capital Infusion for Growth: The company raised capital through a preferential issue in February 2025, indicating its intent to fund its ambitious growth plans, including overseas investments and domestic project development.

The company's future strategy is centered on monetizing its acquired coal block, expanding its high-value international mining operations in Oman, and scaling its presence in key domestic sectors like aquifer mapping and underground drilling.

• EBITDA Margin Expansion: EBITDA margins have shown a consistent upward trend, improving from 16.25% in FY23 to 18.64% in FY25. The expansion has accelerated significantly in 9M-FY26, reaching 22.93%, a 679 basis point improvement year-over-year.

• PAT Margin Improvement: PAT margins have also expanded, moving from 7.24% in FY23 to 9.10% in FY25. For 9M-FY26, the PAT margin stood at 12.10%, a 602 basis point increase compared to the same period in the previous year.

• Quarterly Performance: In Q3-FY26, the company achieved its highest-ever EBITDA, with an EBITDA margin of 28.23% and a PAT margin of 14.67%. This demonstrates strong operational efficiency and profitability on recent projects.

• Drivers of Margin Improvement: The shift in revenue mix towards higher-margin businesses like CBM production (30% of revenue in FY25) and specialized exploration services is a likely contributor to the margin expansion.

The company is demonstrating impressive margin expansion, with both EBITDA and PAT margins on a clear upward trajectory, reflecting improved operational leverage and a favorable business mix.

• Government Accreditation: The company was declared an accredited agency by the Government of India via a Gazette notification. This key development enables it to conduct prospecting and exploration of mining blocks without waiting for a prospecting license, potentially speeding up project timelines.

• Board Enhancements: The Board of Directors has been strengthened with the appointment of experienced independent directors, including Mr. Rajendra Prasad Ritolia, a veteran mining professional and former CMD of Central Coalfields Ltd.

• Project Execution Status: Over 20 projects are currently under execution across India, covering most of the company's exploration domains. The development of the Jogeshwar coal block in Jharkhand has commenced and is progressing at full pace.

• International Progress: Exploration activities, including remote sensing at the Al Hadeetha Mining Ltd. JV in Oman, are proceeding as planned.

• Capital Structure: Promoters hold a significant 68.85% stake in the company as of December 31, 2025, indicating strong alignment with minority shareholders.

Recent updates show significant progress in regulatory standing, project execution, and corporate governance, which strengthen the company's operational foundation and growth outlook.