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Dolphin Offshore Enterprises (India) Limited

Dolphin Offshore Enterprises (India) Limited

DOLPHIN.NS
Dolphin Offshore Enterprises (India) LimitedIN flagNational Stock Exchange of India
396.50
INR
-2.95
- -
15.86BMarket Cap
Dolphin Offshore Enterprises (India) Limited
DOLPHIN.NS
(National Stock Exchange of India)

Recent

price

396.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2022
2023
2024
2025
2026
TTM
FRC
1,423.83
2,105.72
3,070.04
1,452.01
954.01
1,982.36
1,706.12
937.04
754.98
989.89
799.91
- -
- -
1.84
18.5
29.1
29.1
Revenue per Share
96.86
245.04
346.37
-0.01
20.46
224.69
290.6
170.26
196.32
-53.04
-41.17
-0.85
457.29
1.59
11.62
17.13
17.13
Basic EPS, GAAP
-245.6
275.13
-19.2
-135.82
94.35
237.37
296.39
362.98
66.83
-37.99
107.3
-0.05
-56.01
1
-40
-7.04
- -
Free Cash Flow per Basic Share
14.58
14.29
28.39
11.39
16.66
14.4
12
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
58.31
57.14
87.48
80
80
790.52
1,070.57
1,235.98
2,212.74
2,149.54
2,108.97
-4.27
-409.2
-7.37
5.15
1
1
Book Value per Share
392.1
629.92
1,129.44
1,153.07
1,090
1,253.51
1,607.59
1,808.95
2,845.51
2,760.21
2,723.36
2.5
2,245.76
62.97
68.1
88.33
88.33
Tangible Book Value per Share
2
2
2
2
2
2
2
2
2
2
2
168
1
35
40
40
40
Basic Weighted Avg Shares
2,336
3,525
5,530
3,044
2,000
4,156
3,577
1,965
1,583
2,075
1,677
- -
- -
65
740
1,164
1,164
Sales/Revenue/Turnover
15.9
19.64
18.06
-74.51
5.58
15.57
30.66
39.27
27.57
2.52
0.03
- -
- -
14.17
61.71
48.73
48.73
Operating Margin (%)
77
74
85
102
132
192
209
219
214
424
359
135
75
14
2
156
- -
Depreciation Expense
159
410
624
- -
43
471
609
357
412
-111
-86
-143
361
56
465
685
685
Net Income, GAAP
36.9
27.76
28.26
100
63.06
13.94
2.14
6.02
7.5
- -
- -
- -
- -
- -
2.29
- -
34.7
Effective Tax Rate (%)
6.8
11.64
11.28
- -
2.14
11.33
17.03
18.17
26
-5.36
-5.15
- -
- -
86.17
62.79
58.87
58.87
Profit Margin (%)
1,355
1,447
1,738
2,156
787
837
1,265
1,552
1,848
2,262
2,539
-781
1,196
1,677
2,100
2,319
2,319
Working Capital
1,698
1,834
1,718
1
681
302
140
4
4
5
8
2
- -
12
1,648
2,032
2,032
LT Debt
758
1,169
2,149
2,431
2,410
2,756
3,494
3,912
6,082
5,902
5,825
420
1,773
2,213
2,724
3,534
3,534
Total Equity
11.26
18.32
20.86
- -
1.32
14.29
24.82
15.69
7.24
- -
- -
- -
-6.03
- -
13.53
- -
- -
Return on Invested Capital (%)
15.27
26.93
37.69
- -
14
21.15
23.19
13.87
11.61
- -
- -
- -
160.24
- -
59.35
- -
55.35
Return on Capital (%)
171.54
428.83
492.77
-0.01
25.58
51.62
31.23
14.76
11.39
-2.43
-1.93
- -
- -
- -
- -
557.59
1,713.24
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
- -
- -
- -
LT Borrowings
1,937
- -
2,032
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
40
- -
40
Market Capitalization
15,599
19,176
15,833

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
2,338
- -
2,830
Cash, Cash Equivalents & STI
340
- -
438
Accounts Receivable, Net
1,987
- -
2,327
Inventories
- -
- -
- -
Total Current Liabilities
269
- -
511
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
39.68%
61.38%
29.74%
Free Cash Flow
-515.56%
-916.41%
-82.4%
Net Income, GAAP
26.34%
81.91%
47.46%
Sales/Revenue/Turnover
- -
- -
57.28%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7
20
18
19
65
2025
83
167
285
204
740
2026
164
246
300
454
1,164

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.04
1.12
0.11
- -
1.59
2025
1.89
3.23
3.89
2.61
11.62
2026
2.83
3.9
3.32
7.08
17.13

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Dolphin Offshore Enterprises (India) Limited (DOLPHIN.NS), incorporated in 1979 and headquartered in Mumbai, India, provides specialized offshore and marine services to the oil and gas industry, primarily in Indian waters. The company offers diving and underwater services, including diving support for pipe laying and pipeline stabilization; inspection, maintenance, and repairs of platforms; underwater ship, rig, and jack-up rig repairs; installation and replacement of tie-ins, risers, and conductors; rig support diving; pre-engineering surveys; and underwater construction services. It also provides fabrication and installation services for onshore and offshore structures; turnkey EPC projects; project management; marine operations and vessel management; design engineering; electrical, electronic, and hydraulic systems repairs; anchor handling tug supply (AHTS) operations; and related ancillary services such as marine logistics, pipeline inspections, geophysical surveys, and geotechnical services, with certifications including ISO 9001 and American Bureau of Shipping. A subsidiary of Deep Industries Ltd., Dolphin Offshore operates a fleet comprising one DP2 accommodation and work barge (Prabha, previously Vikrant Dolphin), four offshore support vessels (OSVs)/workboats, and one AHTS vessel, serving key clients such as ONGC, Oil India, Reliance Industries, Cairn India, Mazagon Dock Shipbuilders, and the Indian Navy. In recent developments, the company, through its wholly owned subsidiary Beluga International DMCC, entered a lease agreement in 2025 with Mexico-based Balash Shipping for its Prabha DP2 accommodation barge, marking a strategic expansion into international markets; it also acquired a 37% stake in an anchor handling tug in partnership with HF Offshore GMBH, Germany, to bolster AHTS capabilities. Additionally, Dolphin Offshore commenced operations of the Prabha barge in fiscal year 2025, appointed Captain Krishan Gopal as Chief Executive Officer, Mrs. Shivangi Digant Shah as Additional Non-Executive Independent Director, and M/s. RPSS & Co. as Secretarial Auditors, and reported strong financial results with consolidated half-year profit of Rs 2,694.09 lakh for the period ended September 30, 2025. These initiatives reflect ongoing fleet enhancements, leadership strengthening, and operational reactivation following prior challenges.