Mitchell Services Reports Strong Q1 FY27 Earnings
Key points
- FY27 Q1 revenue of $66.5m, up 25% vs FY26 Q1
- EBITDA of $18.7m, up 58% vs FY26 Q1
- Signed contracts for 10 rigs, aiming for 80 rigs by end of FY27
Full summary
Mitchell Services Limited (ASX: MSV) announced strong financial results for the September 2026 quarter (FY27 Q1). The company reported a 25% increase in revenue to $66.5 million, driven by a higher operating rig count and increased demand in the underground minerals sector. EBITDA rose 58% to $18.7 million, with underlying EBITDA at $15.3 million, excluding a one-off insurance benefit. The company signed drilling contracts for 10 additional rigs, aiming for a total of 80 rigs by the end of FY27. Cash on hand was $11.9 million as of September 30, 2026.
Guidance
FY27 Q1 revenue $66.5m, EBITDA $18.7m, EBT $13.3m
Outlook
Mitchell Services sees a pathway to 80 operating rigs by end of FY27, with strong demand in the underground minerals sector.
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