DOLPHIN

Dolphin Offshore Enterprises (India) Limited

Offshore support vessels and drilling services provider

Energy›Oil, Gas & Consumable Fuels›Oil›Offshore Support Solution Drilling

dolphinoffshore.com

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Key metrics

Price as of 2026-10-16

Stock price

₹652.40

Market cap

2,612 Cr

Stock P/E

36.3

P/B

7.38

ROE (FY26)

19.4%

ROCE (FY26)

13.3%

Operating margin (FY26)

48.7%

Debt / equity (FY26)

0.57

OCF / EBITDA (FY26)

62.6%

OCF / EBITDA (3Y)

51.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Dolphin Offshore (Dolphin Offshore Enterprises (India)) provides offshore support services to the oil and gas industry, from deploying and managing specialised vessels to logistics, accommodation and subsea work.

Company snapshot

1stBy market cap

Ranked among 5 companies in Offshore Support Solution Drilling.

What we see

Positives

✓Net margin of 58.9% — the business keeps a healthy share of every rupee it earns.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2023	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	2 Cr	2 Cr	2 Cr	8 Cr	17 Cr	29 Cr	20 Cr	16 Cr	25 Cr	30 Cr	45 Cr	43 Cr
Operating expenses (approx.)	1 Cr	1 Cr	7 Cr	2 Cr	4 Cr	13 Cr	9 Cr	0.82 Cr	3 Cr	8 Cr	33 Cr	18 Cr
EBITDA	0.87 Cr	0.72 Cr	-5 Cr	6 Cr	13 Cr	16 Cr	11 Cr	16 Cr	22 Cr	22 Cr	12 Cr	25 Cr
OPM %	42.4%	40.5%	-253.4%	73.8%	75.8%	55.1%	55.4%	95.0%	89.4%	74.9%	27.1%	59.1%
Other income	3 Cr	0.14 Cr	0.95 Cr	2 Cr	0.29 Cr	1 Cr	-0.19 Cr	0.0031 Cr	4 Cr	2 Cr	12 Cr	0.03 Cr
Interest	0.35 Cr	0.03 Cr	0.15 Cr	0.03 Cr	0.05 Cr	0.27 Cr	0.86 Cr	2 Cr	3 Cr	4 Cr	5 Cr	4 Cr
Depreciation	0.38 Cr	0.38 Cr	0.28 Cr	0.07 Cr	0.07 Cr	0.07 Cr	0.0007 Cr	2 Cr	4 Cr	5 Cr	5 Cr	5 Cr
Profit before tax	4 Cr	0.45 Cr	-4 Cr	8 Cr	13 Cr	16 Cr	10 Cr	11 Cr	19 Cr	16 Cr	14 Cr	16 Cr
Tax %	0.0%	0.0%	138.0%	5.0%	-0.5%	5.6%	-1.6%	-4.8%	17.8%	16.9%	-100.2%	10.2%
Net profit	4 Cr	0.45 Cr	1 Cr	8 Cr	13 Cr	16 Cr	10 Cr	11 Cr	16 Cr	13 Cr	28 Cr	15 Cr
EPS (₹)	₹11.17	₹1.34	₹4.16	₹1.89	₹3.23	₹3.89	₹2.61	₹2.83	₹3.90	₹3.32	₹7.08	₹3.70

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2017	Mar 2018	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	208 Cr	168 Cr	0 Cr	6 Cr	74 Cr	116 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	163 Cr	128 Cr	0.65 Cr	10 Cr	28 Cr	44 Cr	Sign in free for the trailing twelve months
EBITDA	45 Cr	40 Cr	-0.65 Cr	-4 Cr	46 Cr	72 Cr	Sign in free for the trailing twelve months
OPM %	21.4%	23.8%	—	-54.3%	62.0%	62.2%	Sign in free for the trailing twelve months
Other income	21 Cr	0.83 Cr	0 Cr	4 Cr	3 Cr	17 Cr	Sign in free for the trailing twelve months
Interest	10 Cr	13 Cr	0.42 Cr	0.93 Cr	1 Cr	14 Cr	Sign in free for the trailing twelve months
Depreciation	42 Cr	36 Cr	8 Cr	1 Cr	0.21 Cr	16 Cr	Sign in free for the trailing twelve months
Profit before tax	-12 Cr	-8 Cr	36 Cr	0.26 Cr	48 Cr	60 Cr	Sign in free for the trailing twelve months
Tax %	5.2%	-11.9%	0.0%	-2014.9%	2.3%	-14.4%	Sign in free for the trailing twelve months
Net profit	-11 Cr	-9 Cr	36 Cr	6 Cr	46 Cr	69 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹-10.76	₹-4.70	₹457.29	₹15.85	₹11.62	₹17.13	Sign in free for the trailing twelve months
Dividend payout %	—	—	0.0%	0.0%	0.0%	0.0%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2017	Mar 2018	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	—	—	3 Cr	4 Cr	4 Cr	4 Cr
Reserves	—	—	174 Cr	217 Cr	268 Cr	349 Cr
Borrowings	—	—	18 Cr	—	165 Cr	203 Cr
Other liabilities	—	—	6 Cr	6 Cr	24 Cr	51 Cr
Total liabilities	—	—	201 Cr	227 Cr	461 Cr	608 Cr
Fixed assets (net)	—	—	58 Cr	1 Cr	1 Cr	309 Cr
CWIP	—	—	0 Cr	47 Cr	222 Cr	—
Investments	—	—	0 Cr	15 Cr	27 Cr	34 Cr
Loans & advances	—	—	0 Cr	15 Cr	0 Cr	0 Cr
Trade receivables	—	—	143 Cr	141 Cr	197 Cr	233 Cr
Cash & bank	—	—	0.64 Cr	0.16 Cr	8 Cr	10 Cr
Other assets	—	—	0.03 Cr	8 Cr	5 Cr	22 Cr
Total assets	—	—	201 Cr	227 Cr	461 Cr	608 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2017	Mar 2018	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	-8 Cr	22 Cr	-4 Cr	4 Cr	10 Cr	45 Cr
Cash from investing	22 Cr	-7 Cr	0.07 Cr	-24 Cr	-167 Cr	-75 Cr
Cash from financing	-13 Cr	-18 Cr	5 Cr	20 Cr	164 Cr	31 Cr
Net cash flow	0.71 Cr	-2 Cr	0.45 Cr	-0.48 Cr	8 Cr	2 Cr
Free cash flow (OCF − Capex)	—	—	-4 Cr	4 Cr	-172 Cr	-28 Cr

Ratios

Metric	Mar 2017	Mar 2018	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	-17.2%	-3.1%	18.7%	0.5%	11.2%	13.3%
ROE %	-34.9%	-18.0%	20.4%	2.5%	17.1%	19.4%
Debtor days	426	644	—	7975	971	727
Inventory days	80	59	—	0	0	0
Days payable	786	631	—	0	263	299
Cash conversion cycle	-281	72	—	7975	709	429
OCF / EBITDA %	-17.4%	56.3%	—	—	22.8%	62.6%
OCF / EBITDA % (3 years)	—	—	—	—	23.0%	51.7%
Debt / equity	0.56	0.97	0.10	—	0.60	0.57
Current ratio	1.19	1.07	6.06	36.92	9.72	5.54
Net debt / EBITDA	0.00	0.00	—	—	3.41	2.67