Deep Industries Secures ₹59 Crore ONGC Gas Services Contract

INDUSTRIAL-GOODSSERVICES
Whalesbook Corporate News Logo
AuthorIshaan Verma|Published at:
Deep Industries Secures ₹59 Crore ONGC Gas Services Contract
Overview

Deep Industries has won a major contract worth approximately ₹59 crore from Oil and Natural Gas Corporation Limited (ONGC). The three-year deal covers natural gas compression, dehydration, and HC dew point depression services for ONGC's Rajamundry Asset, reinforcing its ties with key public sector energy firms.

Instant Stock Alerts on WhatsApp

Used by 10,000+ active investors

1

Add Stocks

Select the stocks you want to track in real time.

2

Get Alerts on WhatsApp

Receive instant updates directly to WhatsApp.

  • ✓Quarterly Results
  • ✓Concall Announcements
  • ✓New Orders & Big Deals
  • ✓Capex Announcements
  • ✓Bulk Deals
  • ✦And much more
Add StocksGet it on Google PlayDownload on the App Store

Deep Industries Secures ₹59 Crore ONGC Gas Services Contract

The Deal Details

Deep Industries Limited announced it has received a Letter of Award from ONGC for critical gas handling services. The contract involves hiring natural gas compressor equipment, gas dehydration units, and systems for HC dew point depression, to be deployed at ONGC's Rajamundry Asset. The award is valued at ₹59 crore over a three-year service period.

Significance for Deep Industries

This contract award demonstrates Deep Industries' ongoing relationship with ONGC, a major public sector undertaking. It reinforces the company's standing as a key service provider in the oil and gas sector, particularly for specialized equipment hiring. The award also strengthens the company's revenue visibility and operational stability.

Previous ONGC Contracts

Deep Industries has a strong, recurring relationship with ONGC, having secured multiple similar gas compression contracts in the past. Notable recent awards include a ₹39.6 crore contract in December 2024 and another for ₹49.66 crore in July 2024, both for gas compression services. These repeat wins signal consistent demand for Deep Industries' offerings.

Impact of the New Contract

  • Secures a new revenue stream of approximately ₹59 crore over three years.
  • Significantly strengthens the company's order book and business certainty.
  • Further validates Deep Industries' capabilities in gas compression and dehydration.
  • Reinforces the strong existing business relationship with ONGC.

Peer Comparison

Deep Industries specializes in oil and gas field equipment hiring. Its main clients are public sector energy giants like ONGC and Oil India Ltd. Other listed Indian companies in the broader oil and gas exploration and production sector include Hindustan Oil Exploration Company (HOEC) and Selan Exploration Technology Ltd.

Looking Ahead

  • When the services officially begin under the new ONGC contract.
  • How well Deep Industries executes the contract against its terms.
  • Any further updates on this specific contract.
  • Deep Industries' success in winning future contracts from ONGC and other E&P players.
  • The company's overall order book and future bid pipeline.

Get stock alerts instantly on WhatsApp

Quarterly results, bulk deals, concall updates and major announcements delivered in real time.

Add Stocks
Disclaimer:This content is for educational and informational purposes only and does not constitute investment, financial, or trading advice, nor a recommendation to buy or sell any securities. Readers should consult a SEBI-registered advisor before making investment decisions, as markets involve risk and past performance does not guarantee future results. The publisher and authors accept no liability for any losses. Some content may be AI-generated and may contain errors; accuracy and completeness are not guaranteed. Views expressed do not reflect the publication’s editorial stance.