About Shivganga Drillers IPO
Shivganga Drillers Ltd.’s DRHP was filed with the stock exchanges (SEBI) on 12th December, 2025. The DRHP covers a complete Book Building Offering (100%), and consists of a new issue of equity shares amounting to approximately ₹400 crore, without any Offer For Sale (OFS).
The book-building price band, open/close dates for bidding, and expected date of listing on stock exchanges have yet to be finalised and will occur on BSE & NSE. The Book Running Lead Manager (BRLM) for Shivganga Drillers IPO is Aryaman Financial Services Ltd. and BigShare Services Pvt Ltd is acting as Registrar to the Offer.
Company Background
Founded on August 8, 2005, Shivganga Drillers Ltd., based in Kanpur, initially started as a small business but has grown extensively over the years into a publicly traded company by September 2025. In addition, Shivganga Drillers Ltd. has developed a robust service offering that allows for the design and provision of many different types of drilling services for oil & gas companies. In the market, they have become one of the leading technology innovators within their industry, providing affordable solutions for customers throughout the drilling supply chain.
Operations & Product Range
Shivganga Drillers Ltd. operates as an integrated service provider, offering a wide array of solutions to upstream operators in India. Its core services include onshore drilling and offshore Operations and Management (O&M). The company provides equipment rental services and integrated project management, covering the entire lifecycle of a well—from planning and execution to rig management. A specialized area of expertise for the firm is air-hammer drilling in hard-rock formations, which is essential for specific geological terrains in India.
Facilities & Capacity
The company operates out of its primary corporate and registered office in Indore. Its production and operational capacity are driven by a fleet of drilling rigs and specialized equipment used for onshore and offshore contracts. To maintain high performance, the company focuses on "condition monitoring" and "preventive maintenance" of its fleet. According to the filing, Shivganga Drillers Ltd. plans to utilize a portion of the IPO proceeds to further expand its equipment base and enhance its service delivery capabilities across new exploration blocks.
Brands & Market Presence
The Shivganga Drillers Ltd.’s market presence is defined by its strong relationships with exploration and production (E&P) companies. While it operates primarily in the domestic Indian market, its technical capabilities allow it to compete for high-value contracts in both onshore and offshore segments. The company holds various quality and safety certifications, including QEHS (Quality, Environment, Health, and Safety) standards, which are mandatory for operating in the high-risk oil and gas environment.
Revenue Streams & Business Model
The business model of Shivganga Drillers Ltd. is built on high-value service contracts and recurring income streams. Key revenue sources are:
- Onshore Drilling contribute approx 80.50% of revenue in FY25.
- Offshore O&M contributes approx 19.07% to the top line in the same period.
- Another source of income is renting out specialized drilling equipment.
Management & Shareholding
Promoters & Shareholding
The Shivganga Drillers IPO is sponsored by a group of Founders and Directors who own 88.50 percent of the company before the offer. These Founders have a lot of experience in the industry and in oilfield services. They want to use the marketplace to make Shivganga Drillers a bigger and more well known brand around the world. Shivganga Drillers will get a lot of benefits from this. The Founders of Shivganga Drillers are very serious, about making Shivganga Drillers a successful company.
(Shivganga Drillers Ltd. Founders/Promoters: Bhanwar Lal Rathi, Manoj Bahety, Mukul Bahety, Anuj Rathi, Shreyas Bahety, Sunita Bahety, and Priyanka Rathi)
Board & Key Management
The Board members of Shivganga Drillers Ltd. are chaired by Bhanwar Lal Rathi, with Manoj Bahety serving as the Managing Director. Rajat Sharma (CEO) and Giraj Daga (CFO) both professionally manage the leadership team of the company. The board also includes independent directors to ensure corporate governance and regulatory compliance.
Shivganga Drillers IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | 100 % Fresh Issue |
| Total Issue Size | ₹ 400.00 Crore |
| Fresh Issue(Ex Market Maker) | ₹ 400.00 Crore |
| Offer for Sale | Nil (No existing shareholders are selling) |
| Issue Type | Book Built Issue |
| Listing At | NSE and BSE |
| Share Holding Pre Issue | 98.70 % (Promoter Group) |
Shivganga Drillers IPO Financial Information
Latest Revenue
97.87
₹ Crore
Profit After Tax
20.78
₹ Crore
Net Worth
159.76
₹ Crore
Total Borrowing
84.28
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 342.01 | 97.87 | 20.78 | 159.76 | 154.47 | 84.28 | |||
| 31 Mar 2025 | 297.06 | 359.90 | 62.34 | 138.98 | 133.69 | 89.41 | |||
| 31 Mar 2024 | 209.30 | 197.39 | 27.46 | 76.22 | 71.35 | 91.53 | |||
| 31 Mar 2023 | 91.09 | 64.74 | 3.92 | 48.75 | 43.88 | 25.07 | |||
| Amount in ₹ Crore | |||||||||
Shivganga Drillers Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 44.86% |
| ROCE | 54.50% |
| Debt/Equity | 0.64 |
| RoNW | 44.86% |
| PAT Margin | 17.58% |
| EBITDA Margin | 33.08% |
| Price to Book Value | [.] |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹11.64 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The company intends to use the IPO proceeds of Shivganga Drillers IPO from the fresh issue for several strategic purposes:
- • Funding the purchase of new specialized drilling rigs and equipment.
- • Repayment of debt to improve the debt-equity ratio.
- • Funding the working capital requirement of ongoing and upcoming projects.
- • General corporate purposes
Conclusion
Shivganga Drillers IPO is another major participant in India's oil service sector, with the projected revenue growth and mixed business model (onshore and offshore) positions them to benefit from India's increasing attention toward domestic oil and gas exploration. Although the overall business remains capital-intensive, with some exposure to volatile global crude oil prices, the company's emphasis on an integrated project management model and tailored drilling techniques provides it with a unique
Frequently Asked Questions
Recommended Advisory Services
Ready to take your company public? Explore our specialized IPO advisory services tailored for Indian enterprises.
The India IPO Publication is managed by an editorial team that includes highly experienced finance journalists, market researchers and professionals from the capital markets industry who strive to create high-quality content based on credible sources. Our editors write about IPOs, capital markets, corporate news, capital-raising strategies, regulations and other business matters to ensure our audience stays updated with the latest information. We conduct detailed research and fact-check all information before publishing any content to ensure credibility.
Competitive Strengths
Specialized Technology: Uses air-hammer drilling for efficient hard rock penetration.
Performance Contracts: Bills per-meter drilled, ensuring speed and client cost-savings.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 12/12/2025 | - |
| 2 | SEBI/Exchange approval received | - | - |
Shivganga Drillers IPO Timeline
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 Lot | [.] | ₹14,000 – ₹15,000 |
| Individual investors (Retail) (Max) | 13 - 14 Lots | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14 - 15 Lots | [.] | Above ₹2,00,000 |
| S-HNI (Max) | 66 - 70 Lots | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ Lots | [.] | Above ₹10,00,000 |