Dolphin Offshore Enterprises (India) Limited
NSE: DOLPHINOffshore Support Solution Drilling
Share price
₹640.05
+3.23% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
61
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹2,560 Cr
P/E ratio
35.5
P/B ratio
7.2
ROCE
14.9%
ROE
22.1%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Our sales figures for this company step up at Jun 2024 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.
Whether it grew faster than its sector
Our sales figures for this company step up at Jun 2024 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
Priced at 0.3 times its growth rate, on earnings growth of 115%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Dolphin Offshore Enterprises (India) Limited — this one | 115%/yr | 35.5× | — |
| Coal India | -1%/yr | 8.1× | — |
| Indian Oil Corporation | 62%/yr | 5.2× | ₹0.08 |
| Bharat Petroleum Corporation | 107%/yr | 7.9× | — |
| GAIL India | 10%/yr | 11.1× | ₹1.1 |
| Oil India | -9%/yr | 8.6× | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies across the whole Oil, Gas & Consumable Fuels sector, it ranks 23 of 46 on returns, 2 of 47 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 14.9% on capital, ahead of 50% of companies across its whole sector. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years it made ₹54 crore of cash from the business but spent ₹239 crore on plant and equipment, ₹185 crore more than it made; the gap was from lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 107 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back more slowly than it used to: it went from being waiting 439 days for its cash to waiting 589 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
6 of 8 checks clear · 75%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Announced 24 Jul 2026 · Consolidated · Unaudited
Revenue
₹43 Cr
Revenue vs last year
+160.6%
Revenue vs last quarter
-5.5%
Net profit
₹15 Cr
Profit vs last year
+34.7%
Profit vs last quarter
-47.1%
Net margin
34.6%
EPS
₹3.70
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹2,560 Cr
- Prev close
- ₹640.05
- 52w High
- ₹750
- 52w Low
- ₹322
- Enterprise value
- ₹2,719 Cr
- Beta
- 0.6
- Price CAGR 1y
- 68.0%
- Price CAGR 3y
- 149.0%
- Price CAGR 5y
- —
- Price CAGR 10y
- 50.0%
Ratios
- Return on assets
- 11.3%
- PEG ratio
- 0.3
- P/E ratio
- 35.5
- P/B ratio
- 7.2
- EV / EBITDA
- 33.6
- Industry P/E
- 14.4
- ROCE
- 14.9%
- ROCE 5y average
- 6.8%
- ROE
- 22.1%
- Debt / Equity
- 0.6
- Interest coverage
- 5.3
- Dividend yield
- 0.0%
- ROE 3y average
- 16.0%
- ROE last year
- 22.0%
Annual P&L
- Annual revenue
- ₹116 Cr
- Annual profit
- ₹69 Cr
- Operating margin
- 62.0%
- Net profit margin
- 59.5%
- EBITDA margin
- 62.1%
- Sales growth 3y
- —
- Sales growth 5y
- -7.1%
- Profit growth 3y
- 115.0%
- Profit growth 5y
- —
- EPS
- ₹17.1
- Sales growth TTM
- 74.0%
- Profit growth TTM
- 43.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹43 Cr
- Profit latest quarter
- ₹15 Cr
- YoY quarterly sales growth
- 160.6%
- YoY quarterly profit growth
- 36.4%
- OPM latest quarter
- 59.1%
Balance Sheet
- Book Value
- ₹88.3
- Face Value
- ₹1.0
- Total debt
- ₹203 Cr
- Total cash
- ₹10 Cr
- Borrowings
- ₹203 Cr
- Reserves / Equity
- 87.3
Cash Flow
- Operating cash flow
- ₹45 Cr
- Free cash flow
- -₹28 Cr
- FCF yield
- -1.7%
- Net cash flow
- ₹2 Cr
Shareholding
- Promoter holding
- 75.0%
- FII holding
- 4.6%
- DII holding
- 0.3%
- Public holding
- 20.1%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Dolphin Offshore | 652.90 | 36.3 | 2,612 | 0.00 | 14.8 | 30.7 | 42.9 | 160.6 | 14.9 |
| Jindal Drilling | 598.10 | 8.9 | 1,733 | 0.17 | 47.1 | -28.7 | 275.4 | 8.4 | 13.7 |
| Alphageo (India) | 254.30 | 162 | 1.97 | 14.9 | 1660.5 | 82.1 | 101.1 | -7.2 | |
| Aban Offshore | 17.76 | 104 | 0.00 | 83.7 | 133.1 | 165.3 | 44.4 | ||
| Aakash Explor. | 8.24 | 24.0 | 83 | 0.00 | 0.5 | -3.7 | 27.9 | 16.9 | 7.6 |
| Median | 426.20 | 22.6 | 948 | 0.09 | 31.0 | 81.9 | 123.7 | 72.8 | 13.7 |
Competes with: Aakash Exploration Services Limited, Alphageo (India) Limited, Jindal Drilling And Industries Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.69 | 2.05 | 1.78 | 1.95 | 8.34 | 17 | 29 | 20 | 16 | 25 | 30 | 45 | 43 |
| Expenses | 1 | 1 | 1 | 7 | 2 | 4 | 13 | 9 | 1 | 3 | 8 | 33 | 18 |
| Material Cost | 0.02 | 0.88 | 5.54 | 17 | 10 | ||||||||
| Change in Inventories | 0 | 0 | 0 | 0 | 0 | ||||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | ||||||||
| Employee Cost | 0.08 | 0.08 | 0.08 | 0.54 | 0.26 | ||||||||
| Other Expenses | 0.73 | 1.66 | 1.91 | 16 | 6.95 | ||||||||
| Operating Profit | -0 | 1 | 1 | -5 | 6 | 13 | 16 | 11 | 16 | 22 | 22 | 12 | 25 |
| OPM % | -23 | 42 | 40 | -253 | 74 | 76 | 55 | 55 | 95 | 89 | 75 | 27 | 59 |
| Other Income | 1 | 3 | 0 | 2 | 2 | 0 | 1 | -0 | -0 | 4 | 2 | 12 | 0 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | ||||||||
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 3 | 4 | 5 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 2 | 4 | 5 | 5 | 5 |
| Profit before tax | 0 | 4 | 0 | -4 | 8 | 13 | 16 | 10 | 11 | 19 | 16 | 14 | 16 |
| Tax % | -0 | -0 | -0 | -138 | 5 | -1 | 6 | -2 | -5 | 18 | 17 | -100 | 10 |
| Net Profit | 0 | 4 | 0 | 1 | 8 | 13 | 16 | 10 | 11 | 16 | 13 | 28 | 15 |
| EPS in Rs | 0.04 | 1.12 | 0.11 | 0.36 | 1.89 | 3.23 | 3.89 | 2.61 | 2.83 | 3.90 | 3.32 | 7.08 | 3.70 |
| Diluted EPS in Rs | 2.83 | 3.90 | 3.32 | 7.08 | 3.70 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 200 | 416 | 358 | 196 | 158 | 208 | 168 | -0 | -0 | 6 | 74 | 116 | 143 |
| Expenses | 201 | 334 | 230 | 104 | 91 | 163 | 128 | 1 | 1 | 4 | 28 | 44 | 61 |
| Material Cost | 23 | ||||||||||||
| Change in Inventories | 0 | ||||||||||||
| Purchases of Stock-in-Trade | 0 | ||||||||||||
| Employee Cost | 0.77 | ||||||||||||
| Other Expenses | 20 | ||||||||||||
| Operating Profit | -1 | 82 | 128 | 93 | 67 | 44 | 40 | -1 | -1 | 2 | 46 | 72 | 82 |
| OPM % | -0.30 | 20 | 36 | 47 | 42 | 21 | 24 | 35 | 62 | 62 | 57 | ||
| Other Income | 47 | 15 | -24 | -18 | 10 | -3 | 1 | -0 | 45 | 0 | 3 | 17 | 17 |
| Exceptional items (within Other Income) | 0 | ||||||||||||
| Interest | 21 | 23 | 21 | 15 | 12 | 10 | 13 | -0 | 0 | 1 | 1 | 14 | 16 |
| Depreciation | 13 | 19 | 21 | 22 | 21 | 42 | 36 | 14 | 8 | 1 | 0.21 | 16 | 18 |
| Profit before tax | 12 | 55 | 62 | 38 | 44 | -12 | -8 | -14 | 36 | 0 | 48 | 60 | 66 |
| Tax % | 63 | 14 | 2 | 6 | 8 | -5 | 12 | -0 | -0 | -2,042 | 2 | -14 | |
| Net Profit | 4 | 47 | 61 | 36 | 41 | -11 | -9 | -14 | 36 | 6 | 46 | 69 | 72 |
| EPS in Rs | 0.26 | 2.81 | 3.63 | 2.13 | 2.45 | -0.66 | -0.51 | -0.85 | 11 | 1.39 | 12 | 17 | 18 |
| Diluted EPS in Rs | 17 | ||||||||||||
| Dividend Payout % | 59 | 5 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- -12%
- 5 years
- -7%
- 3 years
- —
- TTM
- 74%
Compounded profit growth
- 10 years
- 5%
- 5 years
- —
- 3 years
- 115%
- TTM
- 43%
Stock price CAGR
- 10 years
- 50%
- 5 years
- —
- 3 years
- 149%
- 1 year
- 68%
Return on equity
- 10 years
- —
- 5 years
- 11%
- 3 years
- 16%
- Last year
- 22%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 3 | 4 | 4 | 4 |
| Reserves | 224 | 259 | 333 | 374 | 428 | 573 | 566 | 25 | 174 | 217 | 268 | 349 |
| Borrowings | 183 | 166 | 139 | 66 | 61 | 58 | 64 | 131 | 18 | 1 | 165 | 203 |
| Other Liabilities | 67 | 180 | 121 | 97 | 98 | 105 | 146 | 165 | 6 | 5 | 24 | 51 |
| Total Liabilities | 492 | 621 | 609 | 554 | 603 | 753 | 793 | 338 | 201 | 227 | 461 | 608 |
| Fixed Assets | 218 | 207 | 216 | 201 | 189 | 324 | 289 | 66 | 58 | 3 | 1 | 309 |
| CWIP | 2 | 1 | 1 | 13 | 19 | 0 | 0 | -0 | -0 | 47 | 222 | -0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | -0 | 15 | 27 | 34 |
| Other Assets | 272 | 412 | 392 | 340 | 395 | 429 | 503 | 253 | 143 | 164 | 211 | 265 |
| Total Assets | 492 | 621 | 609 | 554 | 603 | 753 | 793 | 338 | 201 | 227 | 461 | 608 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 38 | 58 | 62 | 89 | 20 | -8 | 22 | -1 | -4 | 4 | 10 | 45 |
| Cash from Investing Activity | -15 | -12 | -10 | -2 | -5 | 22 | -6 | -0 | 0 | -24 | -167 | -75 |
| Cash from Financing Activity | -28 | -43 | -51 | -88 | -17 | -13 | -18 | 1 | 5 | 20 | 164 | 31 |
| Net Cash Flow | -4 | 2 | 2 | -1 | -2 | 1 | -2 | -0 | 0 | -0 | 8 | 2 |
| Free Cash Flow | 20 | 51 | 62 | 76 | 14 | -8 | 22 | -1 | -4 | 9 | -160 | -29 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 334 | 191 | 195 | 326 | 553 | 407 | 636 | 7,972 | 974 | 729 | ||
| Cash Conversion Cycle | 334 | 191 | 195 | 326 | 553 | 407 | 636 | 7,972 | 974 | 729 | ||
| Working Capital Days | 122 | 57 | 113 | 262 | 439 | 379 | 520 | 8,618 | 857 | 589 | ||
| ROCE % | 5 | 18 | 26 | 17 | 12 | 4 | 1 | -4 | 1 | 15 | 15 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
159inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
News
News and filings about Dolphin Offshore Enterprises (India) Limited. Open one to see why it matters.
19 Aug, 18:05 IST · Company event · low impact
Significant movement in price has been observed in Dolphin Offshore Enterprises (India) Limited.
18 Aug, 18:05 IST · Company event · low impact
Significant movement in price has been observed in Dolphin Offshore Enterprises (India) Limited.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Depends on the price of
- Crude Oil Brent
Sells to
- Mazagon Dock Shipbuilders Limited · Ship/rig repair, diving & marine support services
- Oil & Natural Gas Corporation · Integrated offshore oil & gas services, underwater/diving, marine support, EPC/repair (pri…
- Oil India · Offshore oil & gas & marine support services
- Reliance Industries · Offshore oil & gas & marine support services (KG basin)
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Oil, Gas & Consumable Fuels
- Industry
- Offshore Support Solution Drilling
- Classification
- Oil, Gas & Consumable Fuels › Offshore Support Solution Drilling
- ISIN
- INE920A01037
News impact
Big market events that reach Dolphin Offshore Enterprises (India) Limited, and how the effect spreads.
28 Sept, 17:46 IST · Market event · medium impact
India’s Russian crude imports hit five-month low
India bought less cheap Russian oil, squeezing refiners like Indian Oil and chemical makers, while storage and drilling helpers may gain a little.
Who it hits first
- India's imports of lower-priced Russian crude fell to a five-month low, so big refiners such as Reliance Industries, which refines oil and makes petrochemicals, and Indian Oil, the state-run fuel refiner and seller, must buy costlier replacement barrels.
- Brent crude trades near 100.5 dollars a barrel, up 13.97% in a month and 36.01% in three months, so the shift to pricier supply lands in an already dear market.
- Makers that use crude-based plastics, resins and chemicals, such as Tarsons Products, which makes plastic labware, and S H Kelkar, which makes fragrance inputs, face higher input bills that show up with a short delay.
Who may gain
- Aegis Vopak Terminals, which runs oil and gas storage terminals, may handle more volumes as refiners juggle extra supply sources.
- Dolphin Offshore, which maintains offshore rigs and vessels, and Hindustan Oil Exploration, a small oil and gas explorer, could gain if dearer crude spurs more home drilling.
Along the supply chain
Downstream
Downstream, buyers that run on refined fuel, such as IndiGo, the airline that buys fuel from Indian Oil, and Maruti Suzuki, the car maker supplied by Indian Oil, face higher running and freight costs that feed into tickets and vehicle costs with a lag.
Upstream
Upstream, firms that feed and support refineries, such as Deep Industries, which provides oilfield services to Reliance Industries, and GAIL India, which supplies gas to Indian Oil, see mixed effects as costlier crude squeezes refiner budgets but diversified sourcing can lift service and logistics work.
Where demand moves
Business
Refiners buy fewer discounted Russian barrels and more from other sources, pushing up their fuel-making costs; terminal operators store and move extra volumes, while makers of adhesives, explosives and lab plastics pay more for resins and pass part on slowly.
Capital
Investors turn cautious on refiners and crude-heavy chemical makers and lean a little toward storage terminals and oilfield service firms, with Brent near 100.5 dollars keeping sentiment nervous.
How it spreads across sectors
Automobile and Auto Components
Higher fuel and freight costs weigh on vehicle makers and parts sellers.
Chemicals
Makers of adhesives, fragrances and speciality inputs face higher oil-linked costs.
Fast Moving Consumer Goods
Daily-goods makers absorb higher packaging and freight bills with a delay.
Oil, Gas & Consumable Fuels
Refiners pay more for replacement crude, trimming near-term margins.
Power
Costlier fuel oil and freight add mild pressure to power generators using oil-linked inputs.
Commodity angle
Commodity
Crude Oil Brent
Move series
Crude Oil Brent
Note
Brent crude at 100.5 dollars a barrel, up 13.97% in a month, with a 3.694% move used for margins; the hit was copied into signals for Indian Oil (176.6 bps on 47.8% cost weight), Tarsons Products (103.4 bps) and S H Kelkar (88.65 bps).
Shock
price
Unit
USD/barrel
A pattern seen before
Cascade chain
- Russian crude share falls → refiners buy costlier replacement barrels
- Brent +3.694% → resin and chemical inputs dearer → margins -88.65 to -176.6 bps
- Higher fuel and freight → transport, paints, tyres and daily goods pass costs with a lag
Pattern name
Crude Oil Cascade
Patterns
- Crude Oil Cascade
Sectors queried
- Cement
- Chemicals
- FMCG
- Power
When it plays out
Immediate
In the next 1-7 days refiners flag costlier crude mix and traders mark down refiner and plastics shares slightly.
Medium term
Over 1-6 months margins recover if Russian discounts return or Brent cools, else price hikes spread to daily goods and freight.
Short term
Over 1-4 weeks chemical, paint and packaging makers guide to softer margins while terminals report busier handling.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 25 Jan 2024 | split | ₹0 |
|---|
Splits, bonuses & buybacks
- daily-prices repair: 7 rows from NSE's archive (replace 1, delete 1, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 12 Aug 2026 | JAYANTIBHAI VIRJIBHAI BABARIYA | BUY | 4,50,000 | ₹449.98 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-2631 Jul 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.