South West Pinnacle Exploration order book reaches Rs 767.1 crore

South West Pinnacle Exploration reported a Rs 767.1 crore order book in H1-FY27, up from Rs 215.7 crore in FY24, led by Rs 455.4 crore of mineral survey and exploration work and Rs 222.1 crore of coal-bed methane (CBM) production.

How has SWPE's order book changed?

SWPE's order book increased by Rs 551.4 crore from FY24 to H1-FY27, rising from Rs 215.7 crore to Rs 767.1 crore. The H1-FY27 total was 3.56 times the FY24 figure and Rs 185.9 crore above the Rs 581.2 crore order book reported for FY26.

The reported progression shows additions in each disclosed period. The order book rose by Rs 113 crore between FY24 and FY25, by Rs 252.5 crore between FY25 and FY26, and by Rs 185.9 crore from FY26 to H1-FY27. FY refers to the fiscal year and H1 refers to its first half, as used in SWPE's presentation.

The H1-FY27 number is an order-book measure rather than a disclosed revenue forecast. SWPE does not provide contract completion dates, billing milestones, execution schedules or an order-book-to-revenue conversion rate for the Rs 767.1 crore total.

Which services account for SWPE's order book?

Mineral survey and exploration is SWPE's largest disclosed order-book segment at Rs 455.4 crore, or 59.4% of the H1-FY27 total. CBM production is second at Rs 222.1 crore, or 29.0%, taking the two largest segments to Rs 677.5 crore, equivalent to 88.3% of the order book.

Aquifer mapping accounts for Rs 59.5 crore, while seismic and coal drilling represents Rs 23.8 crore and geophysical survey represents Rs 6.4 crore. Together, these three smaller categories total Rs 89.7 crore, compared with Rs 677.5 crore across mineral exploration and CBM production.

SWPE describes mineral exploration as including core drilling, large-diameter core drilling, reverse-circulation drilling, down-the-hole drilling and mud-rotary drilling. Its CBM production service covers infrastructure used to dewater coal seams, release and collect methane, and then compress, process and transport the gas.

How many ongoing projects does SWPE have?

SWPE lists 20 ongoing projects in H1-FY27, comprising 12 mineral survey and exploration projects, six aquifer-mapping projects, one CBM production project and one seismic and coal-drilling project. Mineral exploration therefore has both the highest project count and the largest disclosed order-book value of Rs 455.4 crore.

The project count and order-book mix differ across segments. One CBM production project represents Rs 222.1 crore of order book, while the 12 mineral projects represent Rs 455.4 crore. SWPE does not disclose the individual value, duration, start date or margin of any of those contracts.

Aquifer mapping has six ongoing projects and Rs 59.5 crore of order book, whereas seismic and coal drilling has one project and Rs 23.8 crore. Geophysical survey has Rs 6.4 crore in the segment order-book table, but SWPE does not separately list a geophysical-survey project count in its 20-project table.

What is SWPE's customer mix?

Private customers account for 77% of SWPE's H1-FY27 order book, while government customers account for 23%. The presentation provides these shares for the Rs 767.1 crore total but does not allocate the order book to individual customers or contracts.

SWPE identifies Reliance Industries, Oil India and Dart Energy among clients in its CBM exploration services. Its project examples also include CBM production drilling for Reliance Industries, CBM exploratory drilling for Dart Energy, chromite core drilling for Tata Steel Limited, and large-diameter kimberlite core drilling for Rio Tinto.

The presentation also identifies public-sector-linked work in several service lines. SWPE says it secured an underground-drilling order from Hindustan Copper Ltd., completed two large passive seismic tomography projects for Oil India over the last three years, and delivered aquifer studies for state and national water-resource departments. It does not state whether those assignments are included in the H1-FY27 order book.

What equipment and operating history support SWPE's work?

SWPE reports 43 top-drive hydrostatic drilling rigs and two Schramm rigs for CBM production. Its seismic and geophysical equipment includes three digital 2D/3D recording systems, about 8,000 to 8,500 seismic channels, one Vibroseis unit and four geophysical logging units.

Cumulative drilling reached 3,300 kilometres in H1-FY27, compared with 3,200 kilometres in 2026 and 2,800 kilometres in 2025. The presentation also states that SWPE has completed about 33 lakh metres of drilling, 6.5 lakh metres of geophysical logging, 515 square kilometres of 3D seismic surveys and 411 line kilometres of 2D seismic surveys.

For CBM production, SWPE says a drilling contract was renewed and that two imported CBM rigs were deployed for the project. It also says four advanced rigs were commissioned and are operational in its new underground-drilling domain, although the presentation provides no rig utilisation, capital expenditure or project schedule.

Conclusion

SWPE's H1-FY27 order book was Rs 767.1 crore, up Rs 551.4 crore from FY24, with mineral survey and exploration and CBM production contributing Rs 677.5 crore together. The disclosed project count is also concentrated in mineral exploration, which has 12 of the company's 20 ongoing projects, while private customers account for 77% of the order book.

What to watch next is execution across the Rs 455.4 crore mineral-exploration segment and the Rs 222.1 crore CBM production segment, as SWPE does not disclose conversion timing or contract-level milestones. Management has also disclosed two imported CBM rigs following a contract renewal and four commissioned underground-drilling rigs as it expands capabilities for deep-access mining and infrastructure projects.