Deep Industries shares surged 9.5% to ₹487.50 in Tuesday's trading session after securing a significant contract worth ₹59 crore from Oil and Natural Gas Corporation (ONGC) for providing comprehensive natural gas services. According to the company's regulatory filing, the Letter of Award covers hiring of services for Natural Gas Compressor, Gas Dehydration & HC Dew Point Depression for Malleswaram of ONGC, Rajamundry Asset for a three-year period. The company clarified that neither the promoter nor promoter group companies have any interest in the entity awarding the order, and it does not fall under related-party transactions.
The company reported robust financial results for the December-ended quarter, with net profit rising 49.8% to ₹71.3 crore and revenue growing 43.1% to ₹221.5 crore. EBITDA increased 46.3% year-on-year to ₹110.1 crore, demonstrating strong operational performance across key metrics. This marks the company's second major contract win, following a ₹148 crore contract from Oil India in February for hiring a 1,000 HP mobile drilling rig package in Assam and Arunachal Pradesh.
In March 2026, Deep Industries entered into a Memorandum of Understanding (MOU) with Advait Greenergy (AGPL) to execute various Green Hydrogen project tenders and contracts. The partnership aims to cover government bodies, PSUs, private entities, and other organizations in India and abroad, positioning the company to capitalize on the growing green energy sector opportunities. The stock has delivered exceptional returns, surging 2,472% since April 2021, with the share touching a 52-week high of ₹578.00 and a 52-week low of ₹326.85.
The stock has maintained strong momentum over the years, delivering four consecutive years of positive returns from 2021 to 2024, with 2021 emerging as the strongest year posting a 123% gain. During the April 2021 to January 2025 period, the stock surged from ₹21.85 to ₹562, translating into a massive 2,472% gain. Despite recent pressures, the stock continues to trade 211% higher over the last two years and 1,180% over five years, reflecting the strong gains accumulated over the years.
