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Shivganga Drillers Limited IPO

DRHP 12 Dec 2025

DRHP filed
12 Dec 2025
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Shivganga Drillers Limited: what the offer document says

An onshore oil-and-gas drilling contractor with five rigs is issuing ₹4,000 million of new shares, mainly for ₹2,850 million of new plant and machinery and ₹855 million of debt repayment. Revenue grew almost sixfold from ₹600 million in FY23 to ₹3,544 million in FY25 at an EBITDA margin above 30%, but one private client, Sun Petrochemicals, provided 54–72% of revenue in the latest three periods, and five customers nearly all of it.

Published 21 Sep 2026 · 1,380 words · read from the DRHP

01At a glance

What the company does — onshore drilling, offshore operations and maintenance, equipment rental and integrated project management for oil and gas producers in India, including air-hammer drilling in hard rock (DRHP p.27). It owned five rigs at June 2025 (DRHP p.121, DRHP p.225).

Who pays it — exploration and production companies: Sun Petrochemicals was 53.98% of revenue in the June 2025 quarter and 66.00% in FY25, and the top five customers 97.98% and 99.57% (DRHP p.31, DRHP p.40). A public-sector producer provided 35.34% of FY23 revenue and none in the June quarter (DRHP p.40).

Why it is raising money — ₹2,850.00 million for plant and machinery, ₹855.00 million to repay borrowings, and the rest for general purposes (DRHP p.28).

How fast it has grown — revenue from ₹600 million in FY23 to ₹1,930 million in FY24 and ₹3,544 million in FY25, and ₹977 million in the three months to June 2025 (DRHP p.30).

The one thing to understand — a small fleet working for very few clients. The company has five rigs, completed 16 wells in FY25, and depends on one private producer for most of its revenue; its growth came as rigs were added and that client's share rose (DRHP p.40, DRHP p.121).

02The business, in plain words

A drilling contractor owns rigs and crews and hires them out to oil and gas producers, usually on multi-year rate contracts, to drill wells to a target depth, and bills under those contracts.

An oil producer in Gujarat needs development wells drilled → it contracts Shivganga for a rig and crew → the rig drills the wells to depth → Shivganga bills the producer under the rate contract.

In FY25 the company drilled 22,380 metres and completed 16 wells (DRHP p.121).

Earnings equation: Profit ≈ rigs working × contract rate − crew, fuel and maintenance cost − depreciation and interest. EBITDA margin was 32.20% in the June quarter (DRHP p.121).

03Where the money comes from

Share of revenueFY23FY24FY25Q1 FY26
Sun Petrochemicals27.31%71.54%66.00%53.98%
Public-sector producer35.34%20.83%13.41%nil
Top five customers99.78%99.77%99.57%97.98%

Source: DRHP p.31, DRHP p.40. Q1 FY26 is three months.

OperationsFY23FY24FY25Q1 FY26
Rigs3445
Wells completed812166
Metres drilled9,64317,52922,3809,265

Source: DRHP p.121.

04The growth record

₹ million, restatedFY23FY24FY25Q1 FY26
Revenue from operations600.131,929.733,544.48977.26
EBITDA113.13510.921,124.26314.65
EBITDA margin18.85%26.48%31.72%32.20%
Profit after tax39.16274.64623.43207.79
Cash from operations69.3563.59629.8643.93

Source: DRHP p.30, DRHP p.121, DRHP p.353. Q1 FY26 is three months.

05What the growth is made of

More rigs and higher revenue per rig. Revenue per rig from onshore drilling rose from ₹198 million in FY23 to ₹713 million in FY25 (DRHP p.121). The company spent ₹602 million on capex in FY24 and ₹559 million in FY25 (DRHP p.121). Metres drilled more than doubled over the two years (DRHP p.121).

06Earnings quality

Cash lagged profit in FY24 and the June quarter: operating cash flow was ₹63.59 million against ₹274.64 million of profit in FY24, and ₹43.93 million against ₹207.79 million in the quarter, which the document attributes to receivables, payables and other working capital (DRHP p.30, DRHP p.353). FY25 cash flow matched profit (DRHP p.353). There are no auditor qualifications not given effect in the restated accounts (DRHP p.30).

07The balance sheet

₹ millionMar 2023Mar 2024Mar 2025Jun 2025
Net worth487.52762.171,389.831,597.62
Total borrowings250.71915.32894.07842.82
Debt to equity0.511.200.640.53

Source: DRHP p.30, DRHP p.121.

08What the money is for

Use of net proceeds₹ million
Plant and machinery2,850.00
Repay or prepay borrowings855.00
General corporate purposesnot yet stated

Source: DRHP p.28.

09Who is selling

Nobody. The issue is a fresh issue only, of up to ₹4,000 million (DRHP p.27).

10Promoters

The promoters are Bhanwar Lal Rathi, Manoj Bahety, Mukul Bahety, Anuj Rathi, Shreyas Bahety, Sunita Bahety and Priyanka Rathi (DRHP p.27). No proceedings are listed by or against the promoters (DRHP p.31). Shiva Drillers (India) Private Limited, a promoter-group company, is authorised to carry on the same business; the document says it has no operations and does not compete (DRHP p.56).

11Who already owns it

Holder, before the issueShare
Anuj Rathi25.87%
Sunita Bahety16.10%
Manoj Bahety13.83%
Shreyas Bahety and Priyanka Rathi18.69%
Promoter group, including Gunjan Daga and Amrit Exim23.71%

Source: DRHP p.28. The fourth row is our arithmetic. Promoters and promoter group hold 98.70% (DRHP p.28).

12What changed just before the IPO

  • Fifth rig — a Nabors 1,000 HP rig newly acquired (DRHP p.225).
  • Client mix — no revenue from the public-sector producer in the June quarter (DRHP p.40).
  • Margins — EBITDA margin above 30% since FY25 (DRHP p.121).

13Capacity and expansion

Five rigs: a Foremost DR24 of 525 HP, an Atlas Copco Predator of 950 HP overhauled in FY25, an S&S of 1,000 HP, a Honghua of 1,000 HP and the new Nabors of 1,000 HP (DRHP p.225). The proceeds fund ₹2,850 million of plant and machinery (DRHP p.28).

14Market size and industry structure

The CareEdge report cited in the offer document puts India's drilling services market at USD 2,214 million in 2024 and projects USD 2,856 million by 2030, with onshore drilling over 85% of it (DRHP p.27). Those projections are CareEdge's, and newboard has not tested them.

15Competitive position

What the document claims, and what it rests on:

  • Long client relationships — over a decade with Sun Petrochemicals and GNRL Oil & Gas (DRHP p.226).
  • Air-hammer drilling for hard-rock wells, including an ONGC contract for 14 wells in frontier basins from FY22 to FY25 (DRHP p.225).

Against that: dependence on one private client, contract expiry, a small fleet that may need costly upgrades, and competition from Indian and foreign drillers (DRHP p.31, DRHP p.32).

16Peers the company named

The document names Asian Energy Services and Deep Industries as listed peers and gives an average peer P/E of 13.68 (DRHP p.120). The full peer table was not read for this study.

No P/E is possible for the company until a price band is set.

17Risks, in plain words

  • One client. Sun Petrochemicals was 54–72% of revenue in the latest three periods (DRHP p.40).
  • Five customers. Nearly all revenue (DRHP p.31).
  • Oil activity. Demand for rigs follows exploration spending (DRHP p.31).
  • Contracts. Expiry or termination (DRHP p.31).
  • Technology. Rigs may need expensive upgrades (DRHP p.31).

18Litigation and regulatory matters

Proceedings outstandingCount₹ million
Against the company — other material146.42

Source: DRHP p.30. No proceedings are listed against the promoters or directors (DRHP p.31).

20What the offer document does not say

In the sections read for this study, the document does not give:

  • When the Sun Petrochemicals contracts expire, or their remaining value, in the pages read.
  • What equipment the ₹2,850 million pays for and how many rigs it adds, in the pages read.
  • Why the public-sector producer's revenue fell to nil, in the pages read.
  • What the ₹46.42 million claim against the company concerns, in the pages read.
  • The price band, lot size or issue dates, which is normal at DRHP stage.

21Five questions for management

  1. How long do the Sun Petrochemicals contracts run, and at what rates?
  2. How many rigs will the ₹2,850 million pay for, and are contracts lined up for them?
  3. Why did work for the public-sector producer end?
  4. What was the revenue per rig in the June quarter, annualised, and why is it lower than FY25?
  5. Will Shiva Drillers (India) be wound up or restricted from competing?

1Sources and cited facts

This study was read from 1 document the company filed. The 31 figures it cites are listed under the document each came from, with the page and the sentence as printed.

Shivganga Drillers Limited DRHPdrhp · filed 2025-12-1231 facts
  1. 1
    At a glanceWhat the company does** — onshore drilling, offshore operations and maintenance, equipment rental and integrated project management for oil and gas producers in India, including air-hammer drilling in hard rock (DRHP p.27).p.27

    “What the company does** — onshore drilling, offshore operations and maintenance, equipment rental and integrated project management for oil and gas producers in India, including air-hammer drilling in hard rock (DRHP p.27).”

  2. 2
    At a glanceA public-sector producer provided 35.34% of FY23 revenue and none in the June quarter (DRHP p.40).p.40

    “A public-sector producer provided 35.34% of FY23 revenue and none in the June quarter (DRHP p.40).”

  3. 3
    At a glanceWhy it is raising money** — ₹2,850.00 million for plant and machinery, ₹855.00 million to repay borrowings, and the rest for general purposes (DRHP p.28).p.28

    “Why it is raising money** — ₹2,850.00 million for plant and machinery, ₹855.00 million to repay borrowings, and the rest for general purposes (DRHP p.28).”

  4. 4
    At a glanceHow fast it has grown** — revenue from ₹600 million in FY23 to ₹1,930 million in FY24 and ₹3,544 million in FY25, and ₹977 million in the three months to June 2025 (DRHP p.30).p.30

    “How fast it has grown** — revenue from ₹600 million in FY23 to ₹1,930 million in FY24 and ₹3,544 million in FY25, and ₹977 million in the three months to June 2025 (DRHP p.30).”

  5. 5
    The business, in plain wordsIn FY25 the company drilled 22,380 metres and completed 16 wells (DRHP p.121).p.121

    “In FY25 the company drilled 22,380 metres and completed 16 wells (DRHP p.121).”

  6. 6
    The business, in plain wordsEBITDA margin was 32.20% in the June quarter (DRHP p.121).p.121

    “EBITDA margin was 32.20% in the June quarter (DRHP p.121).”

  7. 7
    What the growth is made ofRevenue per rig from onshore drilling rose from ₹198 million in FY23 to ₹713 million in FY25 (DRHP p.121).p.121

    “Revenue per rig from onshore drilling rose from ₹198 million in FY23 to ₹713 million in FY25 (DRHP p.121).”

  8. 8
    What the growth is made ofThe company spent ₹602 million on capex in FY24 and ₹559 million in FY25 (DRHP p.121).p.121

    “The company spent ₹602 million on capex in FY24 and ₹559 million in FY25 (DRHP p.121).”

  9. 9
    What the growth is made ofMetres drilled more than doubled over the two years (DRHP p.121).p.121

    “Metres drilled more than doubled over the two years (DRHP p.121).”

  10. 10
    Earnings qualityFY25 cash flow matched profit (DRHP p.353).p.353

    “FY25 cash flow matched profit (DRHP p.353).”

  11. 11
    Earnings qualityThere are no auditor qualifications not given effect in the restated accounts (DRHP p.30).p.30

    “There are no auditor qualifications not given effect in the restated accounts (DRHP p.30).”

  12. 12
    Who is sellingThe issue is a fresh issue only, of up to ₹4,000 million (DRHP p.27).p.27

    “The issue is a fresh issue only, of up to ₹4,000 million (DRHP p.27).”

  13. 13
    PromotersThe promoters are Bhanwar Lal Rathi, Manoj Bahety, Mukul Bahety, Anuj Rathi, Shreyas Bahety, Sunita Bahety and Priyanka Rathi (DRHP p.27).p.27

    “The promoters are Bhanwar Lal Rathi, Manoj Bahety, Mukul Bahety, Anuj Rathi, Shreyas Bahety, Sunita Bahety and Priyanka Rathi (DRHP p.27).”

  14. 14
    PromotersNo proceedings are listed by or against the promoters (DRHP p.31).p.31

    “No proceedings are listed by or against the promoters (DRHP p.31).”

  15. 15
    PromotersShiva Drillers (India) Private Limited, a promoter-group company, is authorised to carry on the same business; the document says it has no operations and does not compete (DRHP p.56).p.56

    “Shiva Drillers (India) Private Limited, a promoter-group company, is authorised to carry on the same business; the document says it has no operations and does not compete (DRHP p.56).”

  16. 16
    Who already owns itPromoters and promoter group hold 98.70% (DRHP p.28).p.28

    “Promoters and promoter group hold 98.70% (DRHP p.28).”

  17. 17
    What changed just before the IPOFifth rig** — a Nabors 1,000 HP rig newly acquired (DRHP p.225).p.225

    “Fifth rig** — a Nabors 1,000 HP rig newly acquired (DRHP p.225).”

  18. 18
    What changed just before the IPOClient mix** — no revenue from the public-sector producer in the June quarter (DRHP p.40).p.40

    “Client mix** — no revenue from the public-sector producer in the June quarter (DRHP p.40).”

  19. 19
    What changed just before the IPOMargins** — EBITDA margin above 30% since FY25 (DRHP p.121).p.121

    “Margins** — EBITDA margin above 30% since FY25 (DRHP p.121).”

  20. 20
    Capacity and expansionFive rigs: a Foremost DR24 of 525 HP, an Atlas Copco Predator of 950 HP overhauled in FY25, an S&S of 1,000 HP, a Honghua of 1,000 HP and the new Nabors of 1,000 HP (DRHP p.225).p.225

    “Five rigs: a Foremost DR24 of 525 HP, an Atlas Copco Predator of 950 HP overhauled in FY25, an S&S of 1,000 HP, a Honghua of 1,000 HP and the new Nabors of 1,000 HP (DRHP p.225).”

  21. 21
    Capacity and expansionThe proceeds fund ₹2,850 million of plant and machinery (DRHP p.28).p.28

    “The proceeds fund ₹2,850 million of plant and machinery (DRHP p.28).”

  22. 22
    Market size and industry structureThe CareEdge report cited in the offer document puts India's drilling services market at USD 2,214 million in 2024 and projects USD 2,856 million by 2030, with onshore drilling over 85% of it (DRHP p.27).p.27

    “The CareEdge report cited in the offer document puts India's drilling services market at USD 2,214 million in 2024 and projects USD 2,856 million by 2030, with onshore drilling over 85% of it (DRHP p.27).”

  23. 23
    Competitive positionLong client relationships** — over a decade with Sun Petrochemicals and GNRL Oil & Gas (DRHP p.226).p.226

    “Long client relationships** — over a decade with Sun Petrochemicals and GNRL Oil & Gas (DRHP p.226).”

  24. 24
    Competitive positionAir-hammer drilling** for hard-rock wells, including an ONGC contract for 14 wells in frontier basins from FY22 to FY25 (DRHP p.225).p.225

    “Air-hammer drilling** for hard-rock wells, including an ONGC contract for 14 wells in frontier basins from FY22 to FY25 (DRHP p.225).”

  25. 25
    Peers the company namedThe document names Asian Energy Services and Deep Industries as listed peers and gives an average peer P/E of 13.68 (DRHP p.120).p.120

    “The document names Asian Energy Services and Deep Industries as listed peers and gives an average peer P/E of 13.68 (DRHP p.120).”

  26. 26
    Risks, in plain wordsOne client.** Sun Petrochemicals was 54–72% of revenue in the latest three periods (DRHP p.40).p.40

    “One client.** Sun Petrochemicals was 54–72% of revenue in the latest three periods (DRHP p.40).”

  27. 27
    Risks, in plain wordsFive customers.** Nearly all revenue (DRHP p.31).p.31

    “Five customers.** Nearly all revenue (DRHP p.31).”

  28. 28
    Risks, in plain wordsOil activity.** Demand for rigs follows exploration spending (DRHP p.31).p.31

    “Oil activity.** Demand for rigs follows exploration spending (DRHP p.31).”

  29. 29
    Risks, in plain wordsContracts.** Expiry or termination (DRHP p.31).p.31

    “Contracts.** Expiry or termination (DRHP p.31).”

  30. 30
    Risks, in plain wordsTechnology.** Rigs may need expensive upgrades (DRHP p.31).p.31

    “Technology.** Rigs may need expensive upgrades (DRHP p.31).”

  31. 31
    Litigation and regulatory mattersNo proceedings are listed against the promoters or directors (DRHP p.31).p.31

    “No proceedings are listed against the promoters or directors (DRHP p.31).”

Not on this page yet: the peer table the issuer printed. Each is added when the pipeline extracts it from the offer document.