Capital Limited Raises 2026 Revenue Guidance After Strong Q3 Growth and MDU Deal
Mining services provider Capital Limited (LSE:CAPD) raised its full-year 2026 revenue target to between $435 million and $455 million following a 23.2% year-on-year increase in third-quarter revenue to $115.7 million. For the first nine months of the year, total revenue reached $334.7 million, up 32.2% from the prior-year period.
The revenue outlook increase reflects the consolidation of Metres Down Under (MDU), an Australian underground drilling contractor acquired on September 30, 2026. Growth in the third quarter was primarily driven by MSALABS, which achieved a record quarterly revenue of $26.0 million, up 23.8% year-on-year, and mining operations, which generated $25.2 million. Drilling revenue contracted slightly to $64.5 million as equipment was redeployed across higher-returning contracts.
Looking ahead, the company plans to integrate MDU, expand operations at Fortescue's Belinga Iron Ore Project with five additional rigs, and commission two additional geochemical laboratories in the fourth quarter. Tim Donnelly has also been appointed as Chief Operating Officer for Drilling and Mining to oversee operational leadership during this expansion phase.
Key points
- Capital Limited (LSE:CAPD) reported Q3 2026 revenue of $115.7 million, up 23.2% year-on-year.
- Full-year 2026 revenue guidance was raised to $435 million - $455 million following the MDU acquisition.
- MSALABS posted record quarterly revenue of $26.0 million, up 23.8% year-on-year.
- Secured a two-year extension and scope expansion at Fortescue's Belinga Iron Ore Project, adding five rigs.
- Appointed Tim Donnelly as Chief Operating Officer for Drilling and Mining.
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How we writeDisclaimerQuestions and answers
What was Capital Limited's revenue in Q3 2026?
Capital Limited generated total revenue of $115.7 million in Q3 2026, representing a 23.2% increase compared to Q3 2025.
Why did Capital Limited raise its 2026 revenue guidance?
Capital Limited raised its 2026 revenue guidance to $435-$455 million to reflect the consolidation of Metres Down Under (MDU) starting September 30, 2026.
Who is Capital Limited's new Chief Operating Officer?
Capital Limited appointed Tim Donnelly as Chief Operating Officer for Drilling and Mining. He previously served as General Manager of Artemis Gold's Blackwater Mine.