Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
South West Pinnacle Exploration Ltd (NSE: SOUTHWEST) Q4 2026 Earnings Call dated May. 06, 2026
Corporate Participants:
purvangi jain — Investor Relations
Piyush Jain — Joint Managing Director
Vikas Jain Promoter — Managing Director and Chairman
Analysts:
Maitri Shah — Analyst
Dhruv Rawani — Analyst
Keshav Garg — Analyst
Rahul Gupta — Analyst
Ankur Kumar — Analyst
Saket Kapoor — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Southwest Pinnacle Exploration Ltd. Q4FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal an operator by pressing STAR and then zero on your touch tone telephones. I now hand the conference over to Ms. Purvangi Jain from Valorum Advisors. Thank you.
And over to you ma’. Am.
purvangi jain — Investor Relations
Thank you. Good evening everyone and a very warm welcome to you all. My name is Purvangi Jain from Valerim Advisors. We represent the investor relations of Southwest Pinnacle Exploration Limited. On behalf of the company, I would like to thank you all for participating in the company’s earnings call for the fourth quarter and financial year end 2026. Before we begin a quick cautionary statement. Some of the statements made in today’s earnings conference call may be forward looking in nature. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ from those anticipated.
Such statements are based on management’s belief as well as assumptions made by and information currently available to the audiences. Are cautioned not to place any undue reliance on these forward looking statements in making any investment decision. The purpose of today’s conference call is purely to educate and bring awareness about the company’s fundamental business and financial quarter under review. Now let me introduce you to the management participating with us in today’s earnings call. We have with us Mr.
Vikas Jain, Managing Director and Chairman and Mr. Piyush Jain, Joint Managing Director. Without any delay, I request Mr. Piyush Jain to start with his opening remarks. Thank you. And over to you sir.
Piyush Jain — Joint Managing Director
Thank you Pruk Purwangi and good evening to everyone and a very warm welcome to all of you for joining our earnings conference call. It’s a pleasure to connect with you all today and share how Southwest Pinnacle Exploration Limited has been progressing. As some of you may be new to our company, I would like to begin with a brief overview about the company. Then move to our financial performance for the quarter four of the year under review. Southwest Pinnacle is one of India’s leading private exploration and drilling service providers offering end to end integrated solutions across a broad spectrum of services including coal and non coal mineral exploration, aquifer mapping, coal bed methane exploration and production, 2D and 3D Seismic exploration Seismic exploration using passive seismic tomography, underground building and coal business operations.
Over the last 19 years we have built a strong track record of operational excellence having successfully completed more than 165 projects across India and select international markets as well. We currently operate a fleet of 40 advanced drilling rigs supported by a team of geoscientists and specialized geophysical and logging equipment. We have drilled over 32 lakh meters without a single lost time injury, a record that reflects our strong focus on safety and disciplined execution. Our marquee clientele includes Reliance Industries, Vedanta Oil India, ongc, cmpdi, cgwb, Hindustan Corporate and Hindalco among others.
We are currently executing 19 ongoing projects across various regions in India. Further exploration activities at our coal block in Jharkhand are progressing at full scale during the year. We were also notified as an accredited prospecting agency by the Ministry of Coal, Government of India for carrying out prospecting operations related to coal and ignite operations, further strengthening our presence in the mining and exploration segment. Lastly, on the international front, we continue to strengthen our presence in Oman through our joint ventures.
Our first JV with Alara Resources Limited continues to perform well while exploration activities have also commenced at the newly awarded mining block under our second JV in Oman. With this, I would like to now request our CMD Mr. Vikar Jain to take you through the operation highlights for the P day.
Vikas Jain Promoter — Managing Director and Chairman
Yeah, thank you Piyush and good evening everyone. Let me first brief you on our financial performance for the fourth quarter and financial year ended 2026 followed by which I will provide you some of the key operational highlights for this period and the review as well. I’m pleased to share that FY2026 was a landmark year for the company wherein we achieved our highest ever annual performance. Further, Q4FY26 also marked our best ever quarterly performance in terms of profitability reflecting strong execution and operational momentum.
The operating Revenue for the fourth quarter stood at around INR 78 crores representing a 5% increase year on year. EBITDA stood at approximately INR 20 crores reflecting a growth of 32% year on year while the EBITDA margin was around 26.25%. Profit After Tax for the quarter stood at INR 13 crores compared to INR 10 crores in Q4FY25 representing a strong growth of 30% on a year on year basis. For the full financial year 2026 the operating revenue was INR 243 crores which is an increase of 75% year on year the EBITDA stood at INR 58 crores, an increase of 74% year on year translating into an EBITDA margin of 23.99%.
The net profit after tax grew almost 101% year on year to INR 33 crores with a packed margin of 13.58%. It is pertinent to mention here that this performance is despite dynamic and often challenging business environment. During this challenging time we have expanded our footprint, client relationship and enhanced our capability across multiple domains of mineral exploration and drilling. The strong performance was driven by consistent project execution, operational efficiency and a diversified order mix during the year.
During the quarter we also secured our largest ever single order worth over INR 300 crores from Hindustan Zinc Limited. Currently we are executing 19 ongoing projects across multiple regions and exploration domains. The quality of our order book also has improved significantly with over two thirds of the orders coming from private sector clients, resulting in stronger cash flows and improved working capital efficiency. Today, the importance of mineral exploration cannot be undermined. In a world shaped by increasing geopolitical uncertainties, supply chain disruptions and global risk for critical minerals, countries are reevaluating their resources strategies.
India, with its growing economic ambitions and infrastructure needs, must ensure reliable access to natural resources that power industries, energy transition and technological advancement exploration is the foundation of this strategy. Without robust and scientific exploration, there can be more sustainable mining, no resource security and no long term industrial growth. Our work directly support this national priority, helping identify new reserves, improve resource estimation and reduce dependence on import.
Over the past year we have invested significantly in modern technologies, advanced geophysical techniques and data driven exploration methods. We’ve also focused on strengthening our talent pool, ensuring that our team remained at the cutting edge of innovation and execution excellence. In line with our growth strategy, we operated across the highest number of exploration domains during the year with our presence across six active domains while also expanding our geographic footprint across eight states in India.
We also maintained an impeccable safety record with zero injuries across all operations during the year. We were also notified as an accredited prospecting agency by the Ministry of Coal to carry out exploration activity in coal and ignite. Currently our development in coal block in Jharkhand is in full swing. The drilling is about to complete and once it is completed we shall be preparing our geological report and thereby mining plan the overseas operations in Oman. Our third business team is also going on well.
As Piyush said, we have two long ventures in Oman. First being in the first, we are executing a mining services contract which is an 11 year contract and along with we have four rigs which is currently booked for next two years. In the second JV we have been allocated a mineral block spread across 1,400 square kilometers having minerals like silver, gold, copper, basalt and chromite. Exploration is going on and we shall, we shall keep you updated. Further improving our long term international growth strategy.
We have made a strategic investment in Australia listed company with a primary interest in Oman. All in all, our three verticals of our business are going on well and smoothly. With increased impetus on the government on exploration and energy security. We expect to be on excellent growth trajectory and are confident of achieving around 20% growth year on year in short to medium term with sustainable increase in bottom line. With substantial increase in bottom line. Lastly, our return ratios have also improved significantly during the year with return on equity improving from 10 to 16% while return on capital employed increased from 16 to 23% reflecting improved profitability and efficient capital utilization.
We remain focused on expanding our capabilities, maintaining execution excellence and creating sustainable value for all our stakeholders. With this I conclude the opening remarks. We are now open to the floor for question and answer session.
Questions and Answers:
Operator
Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may enter STAR followed by one on their touchstone telephones. If you wish to withdraw yourself from the question queue, you may enter STAR and two participants are requested to please use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the queue assembles. The first question is from the line of Maitri Shah from Satya Capital.
Please go ahead.
Maitri Shah
Yeah, hello. I’m audible.
Dhruv Rawani
Yeah. Yes.
Maitri Shah
Yeah. Hello. Good evening. Congratulations on the great result. A few questions. Firstly on the Hindustan zinc order that we received close to 300 crores. What sort of execution timeline do we have on that?
Vikas Jain Promoter
Yeah, while we are speaking the execution is underway and we should be starting the operation anytime now. And this contract is for four years.
Maitri Shah
Okay, four years. Okay. So do we expect the execution to happen quite linearly? Like 25% of the order to be kind of added to our revenues? Is that what the expectation is?
Vikas Jain Promoter
No, the client want us to do it as soon as possible. But the time period given to us is four years. We shall try to do it within the time frame.
Maitri Shah
Okay, that is correct. And the margins on this order, how are they like? Are we getting orders on a much better higher margins going through? Now how do you see the scenario and the margins shaping exploration
Vikas Jain Promoter
Sector and all? As I’ve Said during my opening statement, the exploration sector is going on. Well, there is a huge shortage of resources currently in the market. So the margins are great right now.
Maitri Shah
Okay, any quantification on what range of margins are you seeing right now in the market?
Vikas Jain Promoter
See we can’t give you quantification as such because we don’t work on project to project basis as far as margins are concerned.
Maitri Shah
So
Vikas Jain Promoter
Yeah, so the margins are great as I’ve told you.
Maitri Shah
Yeah, yeah, no worries. Okay. And the total order book we have close to 580 crores. Again on the timeline, how do you see this order being executed over how long of a period?
Vikas Jain Promoter
See the contracts, the contracts ranges from three months to four years. The largest contact we have now is from Hindustan Singh which will be ending in four year time. So this is an ever going thing. So we keep on adding contracts and we keep on working at the site. So yeah. And all the contracts which you have received are almost on the verge of execution right now.
Maitri Shah
Barring the Hindustan contract, the rest of the 280 million sort of order book, what timeline do you have on that? If you could say.
Vikas Jain Promoter
Yeah, so these contracts, they all range from three months to long term basis. Like you know some contracts are for six months, one year. So there is no particular time frame for each contract. These are all governed by contracts to contracts.
Maitri Shah
Okay. The idea is to keep
Vikas Jain Promoter
The resources engaged at site.
Maitri Shah
Okay. Also the five. Could
Operator
You return to the question queue please?
Maitri Shah
Yes,
Operator
Thank you. The next question is from the line of Keshav guy from Countercyclical pms. Please go ahead.
Keshav Garg
Sir, you alluded to in your opening comments that we can expect 20% revenue growth and a disproportionate increase in profitability for FY26. So, so if you could just quantify that from the 24 EBITDA margin last year, what in your mind are you aiming for? What kind of EBITDA margin should we expect?
Vikas Jain Promoter
See as you can see our past track record, like if you see financial year 25, you will see that if you compare it with financial year 26, a growth of 35% revenue has given us a profit, almost double the profit. So when we say that we grow by 20% year on year basis, there would be substantial increase in profitability in the bottom line. And EBITDA should also increase because once you cover your fixed cost. We are a service provider company. So once you start covering your fixed cost, the margin, the profit margin goes abnormally high.
Keshav Garg
Understood. And sir, our receivables look quite high. It Seems we have a credit period of around six months. So is that understanding correct?
Vikas Jain Promoter
See there are few sectors where the. Where the payment takes time. But yeah, most of the private clients we have. As I said that more than two thirds of our order book now consists of private clients where the payment is being given at a much faster rate as compared to the government clients. So it should improve and moreover you know most of the debtor period which is there also includes potential money. So that’s why it looks higher. But in real terms it is not that high. The debtor period.
Keshav Garg
Understood, sir. And lastly sir, what is the total capex we need to incur on our coal block and in the Oman joint venture and any other capex that you might be looking at. And are we looking at expanding our rig count from the current 40? And so if you could just explain how all these capex.
Vikas Jain Promoter
Yeah. Coming to the rigs as we speak. We have almost four rigs under order which would be delivered to us in next three to six months time. Coming to. So it’s an ever growing thing. We keep on ordering rigs from time to time. The correlation sector is doing well right now as far as coal block is concerned total capex would be around 400 crores which is in two phases. In first phase it would be 200 crores. In second phase it would be another 200 crores. As far as Oman operations are concerned we.
We are committed to to spend like our share of investment. Since it’s a joint venture company our share of investment would be anywhere between 15 to 20 crores over the period of next 3 to 5 years.
Keshav Garg
Understood sir. And this rig sir, we are buying from this Apollo Techno or Revati equipment or we are importing it from foreign.
Vikas Jain Promoter
These are mixed. Not buying from these companies. It’s a mix. Some imported rigs and some local domestic rigs depending on the capacity and usage.
Keshav Garg
Understood sir. And for these four rigs what’s the capex you mentioned?
Vikas Jain Promoter
Depending on the size and capacity of the rig.
Keshav Garg
Okay. Understood sir. Thank you very much. I’ll join the question.
Operator
Thank you. Participants with Questions may enter. Star and 1. The next question is from the line of Dhruv Rawani from PriceBridge PMS. Please go ahead.
Dhruv Rawani
Hello sir, just one question on the. So you mentioned about the 40% growth in revenues. So our order book has grown from 321 crores to. We are currently at 581 crores or so for this year. What is your internal target for FY27 end in terms of order bookings? Any visibility that you can provide.
Vikas Jain Promoter
Currently we have participated in tenders worth more than 5 to 700 crores. We should be getting more orders in next one to two months. So as and when we keep on adding our order book, we will be updating the market.
Dhruv Rawani
Okay. Another thing is if we look at our total order book size, Aquifer mapping has a reasonable share this particular year which will go into execution. And FY27 is what I assume so would the that would be accurate to the margins would be further
Vikas Jain Promoter
The question again.
Dhruv Rawani
So you know if you look at the total order book size this year, the aquifer mapping has a good order book as of FY26 end. So EBITDA margins can go up further from here because of that share or share of mix. Change in mix of the order book. Specifically because of
Vikas Jain Promoter
Kiffer mapping order we got in financial year 2425. And we have covered quite a bit. In fact we have covered. We have almost executed more than half of the orders. So it gives us good margin. And currently and as I know from the market or from our clients that there would be fresh tenders also coming in in this segment in which we shall be participating.
Rahul Gupta
Okay
Dhruv Rawani
Sir, thank you.
Operator
Thank you. The next question is from the line of Uncle Kumar from Alpha Capital. Please go ahead.
Keshav Garg
Hello
Ankur Kumar
Sir. Thank you for taking my question one on the HZL Hindustan drink order. Have we started executing or we expect in in coming time
Vikas Jain Promoter
In next two weeks we shall start the order executing the order.
Ankur Kumar
Sorry sir, you were not clear.
Vikas Jain Promoter
I think in next two weeks we should start executing the order.
Ankur Kumar
Okay sir. And you said as in can we expect like 70, 75 crore per year or like first year could be more or less.
Vikas Jain Promoter
See as I said during my first question answer session that the time given by the client is four years. And in our history has been that we have always achieved the target much before the timeline given by the client. So in this case also we shall try to do it as early as possible. So if you talk about the contract it is 75 crores a year because divide 300 crores by 75. But we shall try to do it as early as possible.
Ankur Kumar
Sure sir. Thank you.
Operator
Thank you. The next question is from the line of Keshav Garg from countercyclical pms. Please go ahead.
Keshav Garg
So if you could just explain to your layman investors that in what is the kind of competitive scenario in this industry. Now I understand in 2D 3D seismic survey this Alpha Geo and Asian Energy are the competitors. And sir, so in drilling side of the business who is our major competitor?
Vikas Jain Promoter
See it all depends on the like we went to multiple domains of exploration of natural resources and everywhere within the. Within those domains there are different, different players depending on the size and the depth and the kind of requirement the client has. So it is very difficult to come out with the answer as to what all competitors because that would take almost a day to explain you each and every competition in each and every segment but just to cut it short we may have two or three competitors everywhere depending on the segment, depending on the contract we are fighting in for.
Operator
Mr. Gar, do you have any more questions?
Keshav Garg
Yes, yes, yes, you mentioned the 400 crore capex in the coal mine so how are we going to raise those funds? Any plan to raise equity or debt?
Vikas Jain Promoter
As I said that it would be in two phases so you know the second phase would come out from the revenue and profits of the first phase only. So roughly the initial investment would be around 200 crores and even in that 200 crores most of it would be in the non fund base means giving guarantees and securities to the government so you know. So the initial investment in cash would more or less come from the internal internal profits which we made the banks and the offtake agreements which we enter into with the potential clients.
Keshav Garg
Understood. And sir, any idea about what the cost of production will be or the breakeven price of coal below which this mine will make losses?
Vikas Jain Promoter
See we do our positions on coal index price so the coal index price for this particular grade currently around 3,100 rupees per ton although the market price is much high right now but we work on the coal index price right now and based on the coal index price and the cost we should we shall be able to have 40 to 45% IRR coming out of the coal operations
Ankur Kumar
EBITDA will be around 46%
Keshav Garg
Understood sir and so you mentioned that what I Understood that with 200 crore fund and non fund based investment which will fund through internal accural the phase one of the mining can start.
Vikas Jain Promoter
Yes,
Keshav Garg
Understood sir, thank you very much.
Vikas Jain Promoter
I have said internal activities, offage agreements from the potential clients and banks.
Keshav Garg
Understood? Answer what are the volumes? Expected volumes?
Operator
Yeah, sure,
Keshav Garg
Sure, sure.
Operator
Thank you so much. The next question is from the line of Saket Kapoor from Kapoor Co. Please go ahead.
Saket Kapoor
Yeah, I hope I’m audible. When we look at our number on a sequential basis are December and March quarter comparable or any seasonality aspect that kicks into it or what? How should one read when a comparison is drawn between sequential numbers.
Vikas Jain Promoter
See we are in service industry and service industry is very different from manufacturing industry. So you have to you know quarter to quarter growth and quarter to quarter analysis is not I believe this is my personal belief that this is not practical. But yeah, definitely there are so many, so many factors which leads to a high growth in a particular quarter or a low growth in a particular quarter. You know we move from contract to contract. The asset demobilizes from one location and it goes to it mobilize to the second location.
So we as a company we try to minimize the mobilization and the demobilization time. So yeah, definitely there is, you know, as far as the quarter is concerned, this is my take. And normally third and quarter, third and fourth quarters are the better quarters in any financial year. Monsoon, monsoon, you know last year monsoon quarter was one of the best quarters because the rigs were deployed in locations where you know rain was not affecting the operation. This year also it is going to be the same most for keeping our fingers crossed we have contracts to be executed in areas where you know the rain will not be affecting the.
Will not be affecting the operations. So all in all FY27 we should be able to deliver good results.
Saket Kapoor
Okay so because you have highlighted in the business update that the point is mentioned that the present order book contains order which you just mentioned that which will entail company to run operations smoothly even in rainy season mitigating the risk of revenue loss during month. So that is what you are trying to. So yes, hello. Yes sir. Sir, the the second point which I trying to understand is about the opportunity of this coal bed methane business part. Sir, when we look in your look at your presentation the CBM production and the equifier mapping had the highest share at CBM production having 37% and equipment at 5%.
So currently I think so the with this intake of large order from hindustanjing subsidiary things have changed materially. So how is the CBM vertical going to contribute going ahead in terms of the revenue visibility and the bid pipeline?
Vikas Jain Promoter
EDM should well be on course to deliver similar to better results this financial year. Exploration industry should do should grow well and along with you know CDN there’s also government impetus on underground coal gasification and we should get phenomenal results from this sector as well in this financial year.
Saket Kapoor
Can you come again?
Vikas Jain Promoter
Underground coal gasification is a new domain in the exploration segment which has recently been launched by the government of India. So we should get some animal results from this sector as well in the coming years and this year as well.
Saket Kapoor
Okay. So as of now, sir, we do not have anything on the order book. Firstly, I
Vikas Jain Promoter
Don’t have anything on UCG underground qualification right now. But we are talking to different clients on this. On this subject.
Saket Kapoor
Right, sir. And one small point and I’ll join the queue. Sir, when we look at our closing balances for property plant that has gone up from significantly from 62.5 crore to closer to 90 crore. And looking at the cash flow we have invested around 43 crore rupees for the current year. So if you could just give us some understanding in terms of what have. In terms of the assets that we have added with this investment.
Vikas Jain Promoter
See, we have assets. We have added multiple rigs in this financial year. We have also bought a warehouse for our stores in Central India. And this is why the investment. The investment in properties and assets have gone up from 61 odd crores to 90 odd crores.
Ankur Kumar
Mainly. Mainly it represents. Just let me come in. Mainly to represent the cap. The CapEx we have incurred for second phase of reliance project.
Saket Kapoor
Okay. Sir, how much has been the Reliance contribution for the last quarter or for the last financial year? And how is going this going to ramp up for the current financial year.
Vikas Jain Promoter
Lines? And we expect the same scenario this year as well. And we’ve ordered for one more rig which should be delivered to us sometime in the month of September, October.
Saket Kapoor
Sir, I didn’t get you completely. Can you repeat once again? Sir,
Vikas Jain Promoter
I said currently. Currently two of our rigs are deployed with Reliance. We also ordered for one more risk. And it should be delivered to us in the month of September, October this financial year. So we shall have three operating rigs within in this financial year.
Saket Kapoor
Okay. So I was looking at the revenue number, sir. How much have the Reliance portfolio contributed for the last quarter? And if you could just give the yearly contribution. And how will this ramp up?
Vikas Jain Promoter
It’s about 35% of our total revenue.
Saket Kapoor
Okay. And this will move up to.
Operator
I’m sorry, I
Saket Kapoor
Will join the queue. Ma’, am, only sir is answering me. And that. That is what I’m.
Vikas Jain Promoter
It should remain a little bit higher to 40 this financial year. You can say.
Saket Kapoor
Okay. On the. On an improved revenue. That is what you are. Sir, I. I’m joining the queue again, sir.
Operator
Thank you. The next question is from the line of Rahul Gupta from Nave Advisory. Please go ahead.
Rahul Gupta
Yes, good afternoon, sir. My first question is regarding the Jharkhand Code block where you are waiting on the Pl Come ML application which is pending with the government. So I wanted to know the Status about it.
Vikas Jain Promoter
We as I said now we are maybe certified agency. So we don’t need a. We don’t need anymore. Because we are already notified now. And we once we were notified in the month of November after the notification we started our exploration program in the state of Jharkhand. We are on the verge of completing the exploration part. Once that is done, we shall be initiating the preparation of GR and then mining plan. So that is that part is done and over.
Rahul Gupta
Okay sir. Thank you. And the second question that I have is regarding the Reliance contract. So sir, are you expecting the contract to extend for three or more six months? Extensions? Yes. Yes. Okay sir. Thank you.
Operator
Thank you. The next question is from the line of Keshav Garg from countercyclical pms. Please go ahead.
Keshav Garg
So what kind of debt we are looking at to close FY27
Vikas Jain Promoter
We should be. We should be closing at the lowest level of debt this year.
Keshav Garg
Okay. So the basically the debt from should reduce from the current level of roughly 80 crores. No. But despite funding the 100 Karol or 200 Korea coal capex
Vikas Jain Promoter
That is not required in this financial year. After the approval of the mining plan it should take about two years time to start the production. So. So the funding will not be required this year except for a small bank guarantee which will be given to the central government once the mining plan is approved. So that too will be coming in at non fund waste coming from banks.
Keshav Garg
Understood sir. So this coal bed methane which is contributing 37% of our revenue. How is this expected to going ahead? Is it expected to increase in our mix or reduce or stay at the current level? And how long is this block with us? What’s the life of this block?
Vikas Jain Promoter
As I told that currently both aren’t currently deployed with Reliance. And the third is under manufacturing which should be delivered to us in the month of September. So revenue revenue should increase from this segment in this financial year.
Keshav Garg
Okay. So basically this coal bed methane production we are not doing. We our rigs are basically in that sector, are deployed in that sector.
Vikas Jain Promoter
Yeah, we are instrumental. Like our assets are deployed and the client is producing coal.
Keshav Garg
Understood. So the coal bed methane block is not okay.
Vikas Jain Promoter
We are just service provider to our clients.
Keshav Garg
Understood sir. Thank you very much.
Operator
Thank you. The next question is from the line of Dhruv Ravani from Prince Bridge pms. Please go ahead.
Dhruv Rawani
Hello sir. Recently there were a lot of CDM blocks which are awarded a couple of them to Reliance and a few of them to other parties. You feel apart from Reliance you would be able to get orders from other parties also.
Vikas Jain Promoter
That is where we are also ordering more rigs in this particular segment. So we are talking to multiple clients as far as CBN is concerned. And also UCG would require similar assets undergone coal gasification. So we believe we expect the fleet in this domain to increase in the coming future.
Dhruv Rawani
Okay. So just, you know, just trying to understand. There were a couple of global companies which were there who have apparently won the tender. You believe they can get their own technology or they would have to contact domestic players only for, you know, executing it on the ground. How do you feel this will work out?
Vikas Jain Promoter
These all are international bidding. So. But you know, like we are free to participate, but as far as CBN exploration and billing is concerned, we are the market leader right now. Okay. Okay, sir.
Operator
Thank
Vikas Jain Promoter
You.
Operator
Thank you. Ladies and gentlemen. If you have any questions at this time, you may enter star and one on your handsets. The next question is from the line of Saket Kapoor from Kapoor Co. Please go ahead.
Saket Kapoor
Yes, sir. In continuation to the opening remarks, you mentioned about revenue growth of 40% for the current financial years. And get. I want to get my numbers corrected.
Vikas Jain Promoter
20%
Saket Kapoor
Revenue growth of 20%.
Vikas Jain Promoter
Yeah, but I also said that, you know, with a growth of 20% there is a significant increase in the bottom line.
Saket Kapoor
Okay. Since you mentioned in the business update part that now there will be more linearity in the, in the quarterly revenue just to have a better understanding of how the business work. So we can, we can take this quarter revenue as a, as a, as a benchmark for the existing quarters also. Or they will be visualizing in the, in the reporting as has been earlier also the case.
Vikas Jain Promoter
You need to say about the first quarter.
Saket Kapoor
First quarter. Yes, sir. Just to understand and model it out how the profile will look like going ahead for the current financial year.
Vikas Jain Promoter
The operations are continuing, we are adding number of trade, large contracts are coming in. So definitely there should be substantial growth this financial year as well.
Ankur Kumar
Okay.
Saket Kapoor
Just my point was that in many companies we have seen that between H1 and H2 the revenue split is say 55, 45, 60, 40. So that was my sense of understanding of
Vikas Jain Promoter
Q3 and Q4 are the best is the best you know how to. But you know, we can say that in this financial year there would be continuity in the growth across all quarters because we have enough work orders in hand plus enough to cater them monsoon season as well. You know, we expect the risk to be working well and deployed in the monsoon season as well. So we should have an all around growth this Year also.
Saket Kapoor
Okay sir, in the business update part you did alluded to the fact that we have done a strategic investment in the Australian limited company having interest mainly in the Oman and the Middle east countries. So can you explain the the synergies. And
Vikas Jain Promoter
As I said that you know we have two joint ventures in Oman and those Australia that. That Australian company whereby we have made strategic investment Australia are also our joint joint venture partners. So that will strengthen our relationship even better with the company. With the joint venture partners in Oman.
Saket Kapoor
Okay. This is the same company Madam, just to conclude. Yes ma’. Am. Ah, I’m just concluding ma’. Am. And I joined with you sir in. In one of the earlier company update which you. You did with. With. With the valorant team. You did mention about yourself being a director in one of the Australian
Vikas Jain Promoter
Companies.
Saket Kapoor
Okay, I will join the queue for my closing question. Thank you.
Operator
Sure. Thank you. We have the next question from the line of Rahul Gupta neve advisory. Please go ahead.
Rahul Gupta
Oh yes sir. Sir, actually I wanted to about the mining option problem that the Indian companies are facing. The total blocks auction have been around 594 but the amount of non operational blocks is around 512. So can you give a guidance on what is changing right now and how fast will the execution will be?
Vikas Jain Promoter
See the coal block. First of all it is not 594. If you talk about specifically coal block it is around 200 coal blocks. You may be talking about other minerals. So right now let’s focus on the coal block only. So it’s about approximately 200 and the auction started somewhere in 2020. The commercial coal block auction by the government of India. And you know generally there’s a lead time of five to six years, seven years on an average for the gold blocks to start. So right now you will see a low number.
But the government is. Since we are on the. You know we are one of the coal block owners. So we see the kind of follow ups being done by the central government, the Ministry of Coal. It is very. It is very aggressive and we shall see a phenomenal increase in numbers of operating coal block in the near future.
Rahul Gupta
Okay sir. Thank you.
Operator
Thank you. The next question is from the line of Keshav Garg from countercyclical pms. Please go ahead.
Keshav Garg
So if you could give us some idea that how many total rigs are operating in the country? Like we are having 40 rigs. How much would be the total in the country?
Vikas Jain Promoter
So anywhere between 125 to 150 rigs are operating hydraulic Rigs.
Keshav Garg
Okay, understood. And sir, so what is the occupancy of these 40 rigs that we have? Are all of them currently deployed or some of them are like undeployed?
Vikas Jain Promoter
No more than 100%. In fact, some of them are also working under us as subcontractors, almost more than 10R.
Keshav Garg
Okay, and sir, what is the, like the, the what’s the rate of these rigs? Like how is it determined on a per day basis or per month basis or hourly basis?
Vikas Jain Promoter
The rig deployed in the exploration. Mineral. Mineral exploration sector is on per meter basis.
Keshav Garg
Per meter.
Vikas Jain Promoter
Yeah.
Keshav Garg
Okay. So, so the more you dig, the more you
Vikas Jain Promoter
The break in the oil and gas gives you delays.
Keshav Garg
Understood, sir. And like our fixed asset base increased significantly from 67 to 115 crore last year. So this is on due to the increase in the fleet count?
Vikas Jain Promoter
Yes, we’ve increased almost seven to eight weeks in the last financial year.
Ankur Kumar
Okay, okay, understood.
Keshav Garg
So now do the rates keep on going up or down or these are stable rates like you told us on a per meter basis.
Vikas Jain Promoter
Currently exploration sector is in demand right now. So there is a huge shortage of resources. So we are seeing good increase in the rates given by the customers.
Keshav Garg
Understood
Piyush Jain
Sir, thank you very much.
Operator
Thank you. The next question is from the line of UTSAV Bahiti, an individual investor. Please go ahead.
Ankur Kumar
Hello sir. Am I audible?
Operator
Yes sir.
Ankur Kumar
Yeah, congratulations to the great set of numbers. I have a few questions like you had briefly mentioned, mentioned in your presentation that we are entering into a super cycle. So can you just touch upon that like what is the scenario like? And I mean how might we benefit from that?
Vikas Jain Promoter
There has been what we can see since the Ukraine, Russia war globally. You know, countries are trying to become self reliant and, and with the recent Iran, Israel, US war, the geopolitical tensions and the crisis in the crude oil and other mineral sector and the need for critical mineral and rare earth sectors. We can see that the government is putting a lot of emphasis on the natural discovery of natural resources. What we are having within our country, our country is very good and you know, we have huge natural resources, be it mineral, be it oil and gas, be it technical mineral.
We have a huge shale gas deposit. So government, government is giving, giving a lot of incentives and the policy is directed towards more exploration in these sectors so that these resources could be, you know, undercover and can be taken out of beneath the ground. And so, and this can be seen last one or two years of our operations also that all our domains are cohesively running well as A well unit. And we expect this thing to continue over next three to five years.
Ankur Kumar
Okay sir, thank you. And there’s one more question sir. So like you said that there’ll be a substantial amount of coal blocks which will be you know, starting. So will that kind of open up a new stream for us? Kind of a revenue stream, I mean apart from the coal block that we have. So
Vikas Jain Promoter
As I said, we are working on the geological report and then we’ll be working on the mining plan. So once we have these data approved then we shall be able to know how much we will be able to produce per annum and how much revenue we should we shall be getting in from our coal mining business.
Ankur Kumar
No sir, I was asking that just keeping our coal mining, our operations apart. There, there will be a lot of coal blocks that will be active. So will that generate any revenue for us? I mean will that. Yeah,
Vikas Jain Promoter
Yeah, yeah. See the demand, the demand for coal production will keep on going. You know currently we are sitting at about 1 billion tonnes per annum and by 2030 we are expecting production of 1.4 billion ton of coal. And so will the demand for power increase. You know, so coal is not going anywhere, anywhere now.
Ankur Kumar
Okay sir. And yeah, that will be also. Thank you.
Operator
Thank you. Participants with questions may enter star and one on the handsets. The next question is from the line of Saket Kapoor from Kapoor Co. Please go ahead.
Saket Kapoor
Yes sir. As we look at our presentation, slide number 17, the projects and the order book details you have, we could see that there are 19 projects that are ongoing and in the order book also it is the CBM and the Aquafir mapping that are more operational will be contributing to do to the revenue PI for the current year. Is that understanding correct?
Ankur Kumar
Yes, yes.
Saket Kapoor
Okay. And sir, when we look at this Aquafill mapping part of the story, sir, what is the, the opportunity that we have currently and how is the bit bit pipeline currently shipping shaping up for the same?
Vikas Jain Promoter
This is the most, one of the most important strategic project for the Ministry of Jakti Government of India. As we all know that you know the quality and the quantity of water is depleted groundwater. That is the reason why the government came out with the aquifer mapping projects. So the idea is to drill a water well, put the casing in and you know install dwlr, that’s the digital water level recorder. They the government from time to time, to be precise, central down water boat from time to time they draw samples, they analyze the quality and the quantity of water.
So it is very, it is a It’s a very important project and the scope and the size of the project will be increasing in coming years and we shall be getting more opportunities to participate in new tenders in new states and increase the volume in this segment as well.
Dhruv Rawani
In terms of the capex that we have done, what kind
Saket Kapoor
Of water is replied? There is no kbook in
Vikas Jain Promoter
This.
Saket Kapoor
Okay, okay, okay. I’ll join against that maybe.
Operator
Thank you. The next question is from the line of Keshavkar Counter cyclical pms. Please go ahead.
Keshav Garg
So I’m trying to understand that these rigs, drilling rigs, is it a one time affair or is it a consumable kind of item like I mean for a coal mine, is it.
Vikas Jain Promoter
Drilling is a one time affair. Drilling rig is a one time affair.
Keshav Garg
Okay. When we do drilling
Vikas Jain Promoter
We use, we use rods and bits. These are consumables.
Keshav Garg
Okay, so basically we. So so let’s say for the coal bed methane we just drill once and then the gas keeps on coming out till the life of the well is there. Is that understanding correct?
Vikas Jain Promoter
The delivery goes there building well as per the instructions given by the client and then once the gas starts or once the client is satisfied, they move from one location to the other location.
Keshav Garg
Answer Are these rigs fungible? Like the same rig that can be used in coal bed methane, can be used in coal, can be used in aqua fire, can be used in any other copper or any underground mineral
Vikas Jain Promoter
For different purposes.
Keshav Garg
Okay, so. Okay, okay, understood. And so sir, and what about onshore oil and gas? Do I mean these rigs
Vikas Jain Promoter
Can do onshore oil gas as well.
Keshav Garg
Okay, but CBM Rick cannot do, let’s say copper or something else.
Vikas Jain Promoter
No, no, no.
Keshav Garg
Okay, understood sir, thank you very much.
Operator
Thank you. The next question is from the line of Rahul Gupta from Neve Advisory. Please go ahead.
Rahul Gupta
Sir, as you mentioned previously that the government is becoming aggressive and opening new blocks. So what kind of demand are we expecting? Are we expecting to get more tenders from the government in any kind of mineral segment?
Vikas Jain Promoter
Government is auctioning the blocks and definitely the new LRP would require more drilling to be done in the block to assess the resources. So yeah, definitely more is in the way.
Rahul Gupta
Okay sir, thank you.
Operator
Thank you. I now hand the conference over to the management from Southwest Pinnacle Exploration Ltd. For closing comments.
Vikas Jain Promoter
So thank you all for participating in this earnings con call. I hope we were able to answer all your questions satisfactory and at the same time offer insights into our business. If you have any further questions or would like to know more about the company, please reach out to our IR Managers at Ballorum Advisors. Thank you so much.
Operator
Thank you very much, everyone. On behalf of Southwest Pinnacle Exploration Limited, that concludes this conference call. Thank you all for joining us. And you may now disconnect your lines. Thank you.
Ankur Kumar
Thank you. Thank you.