Shivganga Drillers IPO
Shivganga Drillers IPO — date, issue size, SEBI status & DRHP details 2025
Shivganga Drillers filed its draft red herring prospectus (DRHP) with SEBI on 19 Dec 2025 for an IPO of a fresh issue of up to ₹400 crore. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Shivganga Drillers is an Indore-based oilfield services company that runs five onshore drilling rigs for oil and gas producers in India. Revenue from operations grew from Rs 60.01 crore in FY2023 to Rs 354.45 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Shivganga Drillers IPO stands
From draft to listing. Today is 24 October 2026.
- DRHP filed 19 Dec 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 19 Dec 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Shivganga Drillers IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue only |
|---|---|
| Fresh issue | Up to ₹400 Cr |
| Offer for sale | None |
| Total issue size | ₹400 Cr |
| Pre-IPO placement | Up to ₹80 Cr (reduces the fresh issue) |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Aryaman Financial Services Limited |
| Registrar | Bigshare Services Private Limited |
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 60.01 crore in FY2023 to Rs 192.97 crore in FY2024 and Rs 354.45 crore in FY2025.
- 02Restated profit after tax rose from Rs 3.92 crore in FY2023 to Rs 62.34 crore in FY2025, and EBITDA margin moved from 18.85% to 31.72%.
- 03RoE was 44.86% and RoCE was 54.50% in FY2025.
- 04The order book was Rs 800.26 crore as of 30 November 2025, against FY2025 revenue of Rs 354.45 crore.
- 05Operating cash flow was Rs 62.99 crore in FY2025 against a profit after tax of Rs 62.34 crore.
- 06The fleet grew from 3 rigs in FY2023 to 5 rigs, and wells completed rose from 8 to 16 between FY2023 and FY2025.
- 07Debt to equity eased from 1.20 in FY2024 to 0.64 in FY2025 as net worth rose to Rs 138.98 crore.
Risks · 9
- 01Top five customers gave 99.57% of FY2025 revenue, and the largest customer alone gave 66.00%.
- 02Sun Petrochemicals gave 71.54% of FY2024 revenue and a public sector explorer gave 20.83%, so the customer mix shifts sharply year to year.
- 03The company has only five rigs, so any rig downtime directly cuts utilisation and revenue.
- 04The company has not yet placed orders for most of the Rs 285 crore of plant and machinery it plans to buy from the issue.
- 05The whole issue is a fresh issue of Rs 400 crore, and Rs 85.50 crore of it goes to repay borrowings. General corporate purposes can be up to 25% of the gross proceeds.
- 06Contingent liabilities include corporate guarantees of Rs 61.07 crore to Amrit Papers Pvt Ltd and Rs 16.28 crore to Aditi Enterprises Pvt Ltd as of 30 June 2025.
- 07Other current assets rose from Rs 22.22 crore at 31 March 2024 to Rs 58.07 crore at 31 March 2025, and Rs 93.89 crore at 30 June 2025.
- 08Finance costs were Rs 21.66 crore in FY2025, and total borrowings were Rs 89.41 crore.
- 09One material proceeding of Rs 4.64 crore is pending against the company.
Shivganga Drillers financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 97.73 | 354.45 | 192.97 | 60.01 |
| Total Income | 97.87 | 359.90 | 197.39 | 64.74 |
| EBITDA | 31.47 | 112.43 | 51.09 | 11.31 |
| Profit After Tax | 20.78 | 62.34 | 27.46 | 3.92 |
| Net Worth | 159.76 | 138.98 | 76.22 | 48.75 |
| Total Borrowing | 84.28 | 89.41 | 91.53 | 25.07 |
| Total Assets | 342.01 | 297.06 | 209.30 | 91.09 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹370.5 crore of the fresh issue is earmarked to named objects.
About Shivganga Drillers
The company was incorporated in 2005 as Shivganga Drillers Private Limited. It became a public limited company in 2025. The registered office is at Indore, Madhya Pradesh.
The company runs a fleet of five rigs. They are made by Foremost, Atlas Copco, S&S, Hong-Hua and Nabors. Four of the five rigs have a capacity of 950 HP to 1,000 HP. The number of rigs rose from 3 in FY2023 to 4 in FY2024 and 5 in the quarter ended 30 June 2025.
Most contracts are performance based, with billing per metre drilled. In FY2025 the company dug 22,380 metres and completed 16 wells. Revenue per rig was Rs 71.33 crore in FY2025. As of 30 November 2025 the order book stood at Rs 800.26 crore, which is firm contracts and letters of award.
The customer base is very narrow. Sun Petrochemicals gave 66.00% of FY2025 revenue and a public sector oil and gas explorer gave 13.41%. The company had 432 employees as of 31 October 2025, of which 403 are permanent.
The industry
The Indian drilling services market grew from USD 1,331 million in 2020 to USD 2,214 million in 2024, a 13.5% CAGR. The industry report projects USD 2,856 million by 2030, a 4.6% CAGR between 2025 and 2030. Onshore drilling has over 85% share of the market. Integrated drilling services are expected to rise from 28.8% in 2020 to over 31% by 2030.
Customer concentration: Top 5 customers gave 99.57% of FY2025 revenue (99.77% in FY2024). The largest customer gave 66.00% in FY2025.
Promoters & management
Promoters hold 74.99% and the promoter group holds 23.71% before the issue, which adds up to 98.70%.
| Name | Role |
|---|---|
| Bhanwar Lal Rathi | Chairman and Whole-time Director |
| Manoj Bahety | Managing Director |
| Mukul Bahety | Whole-time Director |
| Anuj Rathi | Whole-time Director |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Aryaman Financial Services Limited
4 issues handled (2 mainboard, 2 SME)Best listing: Shankesh Jewellers (+11.1%). Weakest: Narmadesh Brass Industries (-3.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Shivganga Drillers IPO: frequently asked
When will the Shivganga Drillers IPO open?
The Shivganga Drillers IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Shivganga Drillers IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Shivganga Drillers IPO?
Shivganga Drillers filed its draft red herring prospectus (DRHP) with SEBI on 19 Dec 2025 for an IPO of a fresh issue of up to ₹400 crore. The DRHP puts the total at about ₹400 crore.
Has SEBI approved the Shivganga Drillers IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Shivganga Drillers IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Shivganga Drillers IPO GMP once the RHP and price band are out.
What will Shivganga Drillers do with the IPO money?
As per the DRHP: Capital expenditure towards purchase of plant and machinery (₹285 crore); Repayment or pre-payment of certain borrowings (₹85.5 crore); General corporate purposes.
Who are the lead managers of the Shivganga Drillers IPO?
The book running lead managers are Aryaman Financial Services Limited. Bigshare Services Private Limited is the registrar.
Is Shivganga Drillers profitable?
Yes. Restated profit after tax was Rs 62.34 crore in FY2025 and Rs 27.46 crore in FY2024, on revenue from operations of Rs 354.45 crore in FY2025.
Who owns Shivganga Drillers?
Promoters hold 74.99% and the promoter group holds 23.71% before the issue. Anuj Rathi is the largest promoter shareholder with 25.87%.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Shivganga Drillers files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
