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Major Drilling ( (TSE:MDI) ) has shared an update.
Major Drilling reported third-quarter fiscal 2026 revenue of $184.6 million, a 14.9% increase from a year earlier, but posted a net loss of $10.8 million as margins were pressured by strategic spending. The company ended the quarter with $39.6 million in net cash and total liquidity of $177.1 million, while continuing to modernize its fleet through targeted capital expenditures and the retirement of older drills.
Management said the outlook for calendar 2026 remains robust, pointing to record-high commodity prices, a surge in equity financing for TSX and TSX-V listed mining companies and sharply higher exploration budgets from senior miners. Major Drilling is investing ahead of anticipated demand by retaining and hiring crews, securing supplies and enhancing equipment availability, though it expects labour constraints to be a key headwind even as higher pricing and deployment of rigs drive phased revenue growth and gradual margin improvement.
The firm also highlighted regional growth opportunities, with the strongest increases in exploration spending expected in Canada and the U.S., followed by more gradual gains elsewhere. In governance developments, Major Drilling appointed veteran geologist and mining executive Shannon McCrae to its board of directors, adding deep industry and exploration expertise as the company prepares for a more active drilling cycle.
The most recent analyst rating on (TSE:MDI) stock is a Hold with a C$18.50 price target. To see the full list of analyst forecasts on Major Drilling stock, see the TSE:MDI Stock Forecast page.
Spark’s Take on TSE:MDI Stock
According to Spark, TipRanks’ AI Analyst, TSE:MDI is a Neutral.
Overall score reflects solid trend and improving demand signals from the latest earnings call, supported by a strong balance sheet, but held back by shrinking margins, weak free-cash-flow trends, and a demanding valuation (high P/E).
To see Spark’s full report on TSE:MDI stock, click here.
More about Major Drilling
Major Drilling Group International Inc., based in Moncton, New Brunswick, is the largest provider of drilling services to the mining sector and is listed on the TSX under the symbol MDI. The company operates an industry-leading fleet of nearly 700 rigs, focusing on exploration and development drilling for precious and base metal miners across multiple regions, with a strong emphasis on Canada and the U.S.
Average Trading Volume: 237,059
Technical Sentiment Signal: Buy
Current Market Cap: C$1.44B
For an in-depth examination of MDI stock, go to TipRanks’ Overview page.