The Board of Directors of Deep Industries Limited (NSE:DEEPINDS) met on July 28, 2026 and approved multiple corporate actions including unaudited financial results for the quarter ended June 30, 2026, adoption of the Deep Employee Stock Option Scheme 2026 authorising 15 lakh options to eligible employees, appointment of Mr. Rajeev Kumar Sinha as Senior Management Personnel, and acceptance of the resignation of Company Secretary Mrs. Shilpa Sharma, effective July 31, 2026.
Key Highlights
- The board approved unaudited standalone and consolidated financial results for Q1 FY27 (quarter ended June 30, 2026) following a limited review by statutory auditors M/s Mahendra N. Shah & Co.
- Deep Industries approved the Deep Employee Stock Option Scheme 2026 (DIL ESOP 2026) authorising grant of up to 15 lakh employee stock options to eligible employees as determined by the Nomination and Remuneration Committee, subject to shareholder approval.
- Exercise price per option under the scheme shall be determined by the NRC and shall not be less than the face value of Rs. 5 per equity share on the Grant Date. Vested options may be exercised within one to five years from vesting.
- The board appointed Mr. Rajeev Kumar Sinha, Chief Operating Officer with over 30 years in the oil and gas industry and B.Tech in Petroleum Engineering from IIT (ISM) Dhanbad, as Senior Management Personnel effective August 1, 2026.
- The board accepted the resignation of Company Secretary and Compliance Officer Mrs. Shilpa Sharma, effective from the closing business hours of July 31, 2026, who cited pursuit of opportunities outside the organisation.
- The board fixed Friday, August 21, 2026 as the Record Date for determination of shareholders eligible to receive the final dividend for FY 2025-26, subject to shareholder approval at the ensuing Annual General Meeting.
- The board approved alteration of the Articles of Association to enable the company to issue equity shares or other eligible securities under employee stock option or share-based employee benefit schemes in accordance with the Companies Act 2013 and SEBI regulations, subject to shareholder approval.
About the Company
Deep Industries Limited is a company engaged in oil and gas field services. Incorporated on November 23, 2006 and listed on the National Stock Exchange (NSE:DEEPINDS) and BSE Limited (Scrip Code: 543288), the company is headquartered in Ahmedabad, Gujarat. Its registered office is located at 12A & 14 Abhishree Corporate Park, Ambli-Bopal Road, Ambli, Ahmedabad-380058. The company operates in the upstream oil and gas sector, providing specialised services and technical expertise to energy exploration and production operators in India.
Announcement in Detail
On July 28, 2026, the Board of Directors of Deep Industries Limited held a meeting to consider and approve several corporate matters filed under Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board approved the unaudited financial results (standalone and consolidated) of the company for the quarter ended June 30, 2026, together with the Limited Review Report issued by the statutory auditors. These results are subject to the presentation and disclosure requirements of Regulation 33 of the Listing Regulations and have been prepared in accordance with Indian Accounting Standard 34 (Interim Financial Reporting) as prescribed under Section 133 of the Companies Act, 2013.
The board approved the Deep Employee Stock Option Scheme 2026 (DIL ESOP 2026) in accordance with the provisions of the Companies Act, 2013 and the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. Under the scheme, the company may grant up to 15 lakh employee stock options to eligible employees as determined by the Nomination and Remuneration Committee. Each option is exercisable into one fully paid-up equity share of face value Rs. 5 each. The Exercise Price per option shall be determined by the NRC and shall not be less than the face value on the Grant Date. Options shall vest not earlier than one year and not later than five years from the date of grant, and vested options may be exercised within one to five years from vesting. Shares arising from exercise of vested options shall not be subject to any lock-in period from the date of allotment. The scheme is subject to shareholder approval and other applicable regulatory approvals.
The board also approved an alteration to the Articles of Association by inserting a new enabling article to empower the company to issue, offer, allot and/or transfer equity shares or other eligible securities under one or more employee stock option or other share-based employee benefit schemes in accordance with the Companies Act, 2013 and the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, subject to shareholder approval and other regulatory approvals. Additionally, the board approved the appointment of Mr. Rajeev Kumar Sinha, Chief Operating Officer, as Senior Management Personnel of the company, effective August 1, 2026. Mr. Sinha holds a B.Tech in Petroleum Engineering from Indian Institute of Technology (ISM) Dhanbad and possesses over 30 years of experience in the oil and gas industry, with expertise in project management, operations and maintenance, production management, asset management and business strategy.
Impact on Investors
Investors will note that the approval of the DIL ESOP 2026 scheme represents a potential dilution mechanism whereby up to 15 lakh options may be granted to and exercised by eligible employees over time. Upon full exercise of all options, this would result in the issuance of up to 15 lakh equity shares of face value Rs. 5 each, thereby increasing the total number of shares outstanding. The filing does not disclose the current total number of shares outstanding or the percentage dilution this maximum grant would represent, therefore investors should review the company's latest shareholding pattern and capital structure disclosures to assess the quantum of potential dilution relative to existing shareholding.
The resignation of Company Secretary and Compliance Officer Mrs. Shilpa Sharma, effective July 31, 2026, represents a change in senior management responsible for governance and compliance matters. The company has not disclosed the identity of a successor or interim arrangement in this announcement. Shareholders will observe that the board has not announced a new appointment to this position at this time. The appointment of Mr. Rajeev Kumar Sinha as Senior Management Personnel recognises his 30 years of industry experience and operational expertise, though the filing does not detail the rationale for elevating his designation at this particular time. The fixed Record Date of August 21, 2026 for the final dividend of FY 2025-26 is a standard procedural action and will determine shareholder eligibility to receive any dividend if approved by shareholders at the ensuing Annual General Meeting.
Sector / Market Context
Deep Industries operates in the oil and gas field services segment, which serves as a supporting sector to upstream oil and gas exploration and production in India. The sector provides specialised technical services, equipment, and workforce to oil and gas operators. India's domestic oil and gas sector operates under the regulatory framework of the Ministry of Petroleum & Natural Gas and the Department of Hydrocarbons. Employee stock option schemes have become a common practice among Indian companies seeking to attract and retain skilled personnel, particularly in capital-intensive and technology-driven sectors such as oil and gas field services where technical expertise and operational continuity are critical competitive factors. The scheme approval, subject to shareholder ratification, is consistent with best practice governance in the Indian corporate sector under SEBI regulations governing share-based employee benefits.