Overview

Detailed Summary

Dolphin Offshore Enterprises (India) Ltd specializes in providing underwater services to the Indian oil and gas industry, including diving, vessel management, and pipeline inspections.
Despite its historical reliability as a contractor, the company recently underwent corporate insolvency proceedings due to payment defaults, signaling significant financial distress.
At its peak, the company expanded operations internationally, offering services in countries such as Vietnam, China, and Malaysia, indicating a previous ambition for global reach.
Recent asset divestments, including the sale of subsidiaries and investments, suggest a strategic shift to streamline operations amid restructuring efforts.

Sector: Oil
Industry: Offshore Support Solution Drilling
Market Cap: 1,650 Cr
Volatility: Low Risk
P/E Ratio: 24.1
Industry P/E: 10.9
PEG Ratio: 0.0
P/B Ratio: 4.7
52W High: 505.90
52W Low: 323.00

Sales CAGR

1Y: 1044.05%
3Y: —
5Y: —
10Y: -7.30%

Profit CAGR

1Y: 734.47%
3Y: —
5Y: —
10Y: —

ROE

TTM: 19.39%
3Y: 13.14%
5Y: 10.36%
10Y: —

ROCE

TTM: 13.32%
3Y: 10.33%
5Y: 8.21%
10Y: —

Technicals

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Forecasts

Peers

Energy Oil, Gas & Consumable Fuels Oil

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ANTELOPUS		595.00	2,634 Cr	29.39	4.02	0.00	13.67	18.24	10.87
PRABHA		168.00	2,300 Cr	-5609.78	5.29	0.00	-0.35	-0.36	-0.07
HINDOILEXP		144.95	2,211 Cr	20.83	1.62	0.00	7.99	7.96	5.09
JINDRILL		581.90	1,899 Cr	8.02	1.06	0.15	18.74	23.09	9.13
DOLPHIN		404.00	1,666 Cr	24.30	4.71	0.00	19.39	13.32	11.28
ASIANENE		314.60	1,559 Cr	37.36	2.76	0.29	8.53	10.33	5.63
GNRL		98.00	1,239 Cr	170.86	6.84	0.00	0.88	2.85	3.41
Median: 7 Co.	—	314.60	1,899 Cr	24.30	4.02	0.00	8.53	10.33	5.63

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	1.78	1.95	8.34	17	29	20	16	25	30	45
Expenses	1.06	6.88	2.18	4.05	13	9.11	0.83	2.62	7.54	33
Operating Profit	0.72	-4.93	6.16	13	16	11	16	22	22	12
OPM %	40.45	-252.82	73.86	75.79	55.12	55.43	94.95	89.36	74.87	27.09
Other Income	0.14	1.52	1.89	0.29	1.12	-0.19	0.00	4.04	1.70	12
Interest	0.03	0.15	0.03	0.05	0.27	0.86	2.47	3.30	3.60	4.87
Depreciation	0.38	0.28	0.07	0.07	0.07	0.00	2.34	3.77	4.59	4.94
Profit Before Tax	0.45	-3.85	7.95	13	16	10	11	19	16	14
Tax %	0.00	137.92	4.91	-0.54	5.64	-1.55	-4.81	17.76	16.91	-100.21
Net Profit	0.45	1.46	7.55	13	16	10	11	16	13	28
EPS in Rs	0.13	0.42	1.89	3.23	3.89	2.61	2.83	3.90	3.32	7.08

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	358	196	158	208	168	0.00	0.00	6.47	74	82
Expenses	230	104	91	163	128	0.76	0.65	9.98	28	27
Operating Profit	128	93	67	45	40	-0.76	-0.65	-3.51	46	55
OPM %	35.80	47.26	42.42	21.45	23.83	—	—	-54.30	61.99	67.39
Other Income	-24	-18	10	-3.40	0.83	0.00	45	6.08	3.10	NaN
Interest	21	15	12	10	13	0.00	0.42	0.93	1.21	3.65
Depreciation	21	22	21	42	36	14	7.51	1.38	0.21	2.48
Profit Before Tax	62	38	45	-12	-7.71	-14	36	0.26	48	50
Tax %	2.14	6.02	7.50	5.16	-11.93	0.00	0.00	-2,014.91	2.29	0.36
Net Profit	61	36	41	-11	-8.63	-14	36	5.57	46	50
EPS in Rs	15.23	8.92	10.29	3.29	—	—	—	1.57	11.62	17.13
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	17	17	17	17	17	17	3.16	4.00	4.00
Reserves	259	333	374	428	573	566	25	174	217	268
Borrowings	122	118	66	61	58	64	131	18	1.16	165
Other Liabilities	223	142	97	98	106	149	166	5.60	4.97	24
Total Liabilities	621	609	554	603	753	795	338	201	227	461
Fixed Assets	207	216	201	189	324	289	66	58	2.62	1.11
CWIP	1.17	0.56	13	19	0.13	0.13	0.00	0.00	47	222
Investments	0.27	0.21	0.02	0.02	0.02	0.02	20	0.00	15	27
Other Assets	413	392	340	395	430	506	253	143	164	211
Total Assets	621	609	554	603	753	795	338	201	227	461

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	58	62	89	20	-7.75	22	-0.86	-4.42	3.53	10
Cash from Investing Activity	-12	-9.75	-1.55	-4.74	22	-6.50	0.00	0.07	-24	-167
Cash from Financing Activity	-43	-51	-88	-17	-13	-18	0.80	4.80	20	164
Net Cash Flow	2.41	1.75	-0.73	-1.69	0.71	-2.29	-0.06	0.45	-0.48	8.20

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Oct 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	94.98%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%
FIIs	0.00%	21.05%	12.82%	12.82%	12.82%	12.82%	12.82%	4.57%	4.57%	4.57%	4.57%	4.58%
DIIs	2.00%	1.58%	1.58%	1.60%	1.60%	1.60%	1.60%	1.47%	0.31%	0.31%	0.31%	0.31%
Public	3.01%	2.38%	10.60%	10.59%	10.59%	10.59%	10.59%	18.97%	20.13%	20.13%	20.13%	20.12%
Total Shareholders	11,440	11,314	10,972	11,254	13,613	13,016	13,283	13,604	13,526	13,075	12,989	13,892

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Projection

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