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Dolphin Offshore Enterprises (India) Ltd (DOLPHIN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522261 NSE: DOLPHIN Oil Exploration | Small Cap | Dolphin Offshore Ent Share Price

₹639.25 -11.80 (-1.81%)

As on 30-Sep'26 16:59

Dolphin Offshore Enterprises (India) Ltd (DOLPHIN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522261 NSE: DOLPHIN Oil Exploration | Small Cap | Dolphin Offshore Ent Share Price

₹639.25 -11.80 (-1.81%)

As on 30-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,605 Cr.
Current Price
₹639.3
52-Week Low / High
₹323 / 749
TTM EPS
₹18
TTM Sales
₹143 Cr.
Book Value per Share
₹92.1
P/E Ratio
36.16
Higher than its 5-year historical median
Industry PE
7.8
Price to Book (P/B)
7.07
In line with its 5-year historical median
Price to Sales (P/S)
18.24
Lower than its 5-year historical median
EV/EBITDA
28.11
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
21.90%
Outperforms industry median
Return on Capital Employed (ROCE)
14.92%
Outperforms industry median
Return on Assets (ROA)
13.07%
Operating Profit Margin
62.2%
Net Profit Margin
58.87%
Gross Profit Margin
64.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
-
-21.17%
Operating Profit Growth (1 Year)
-
57.76%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
47.46%
Asset Quality
Promoter Holding
74.99%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹364 Cr.
Equity
₹4 Cr.
Face Value
₹1
All Time Low / High
₹0.11 / 948.75

Dolphin Offshore Enterprises (India) stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Strong
Q.1 Is Dolphin Offshore Enterprises (India) Ltd a good quality company?
Dolphin Offshore Enterprises (India) Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Dolphin Offshore Enterprises (India) Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Dolphin Offshore Enterprises (India) Ltd vs industry peers?
Dolphin Offshore Enterprises (India) Ltd revenue CAGR is -7.04%, compared to the industry median CAGR of 9.12%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Dolphin Offshore Enterprises (India) Ltd?
Promoters hold 74.99% of the Dolphin Offshore Enterprises (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Dolphin Offshore Enterprises (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 55.8% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dolphin Offshore Enterprises (India) Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ-15.7%-3.2%-9.3%-50.5%-3.9%-2.4%38.1%1%3.2%11.8%-
Value Creation
Index ⓘ
-2.1-1.2-1.7NANANA1.7-0.9-0.8-0.2-

Growth Parameters ⓘ

Sales ⓘ62.254.880.215.40006.514.911.714
Sales YoY Gr.--11.9%46.2%-80.8%-100%NANANA130%-21.2%-
Adj EPS ⓘ-1.1-1.2-2-4.9-0.4-0.23.51.50.56.49.3
YoY Gr.-NANANANANANA-56.1%-70.8%1315.6%-
BVPS (₹) ⓘ6.75.73.8-1.2-1.6-1.833.237.338.147.547.7
Adj Net
Profit ⓘ
-18.5-19.8-33.7-81.4-7.2-2.411.16.11.825.537
Cash Flow from Ops. ⓘ4.2-11.118.5-36.70.7-0.9-4.41.616.3-
Debt/CF from Ops. ⓘ15.1-8.44.9-3.5202.3-153.6-4.104729.3-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ-16.9%NANA-21.2%
Adj EPS ⓘNANA22%1315.6%
BVPSⓘ24.3%NA12.7%24.6%
Share Price 54.4% 333% 155% 65.7%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
-14.3-19.1-42.2-36930.48.629.44.81.214.919.5
Op. Profit
Mgn % ⓘ
5.9-12.9-44-392.300038-1.349.644.3
Net Profit
Mgn % ⓘ
-29.7-36.1-42-5300009512217.4269.6
Debt to
Equity ⓘ
0.611.4-6.4-4.8-4.50.200.31-
Working Cap
Days ⓘ
1,3701,4951,0695,4990006,9774,0718,8907,035
Cash Conv.
Cycle ⓘ
1471612251,7910006,3402,8313,4596,308

Valuation of Dolphin Offshore Ent - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25Mar'26
Sales35819615820816800674116
Operating Expenses ⓘ + 2491049816313211102844
Manufacturing Costs184474459740012623
Material Costs0010000000
Employee Cost 342717161600001
Other Costs ⓘ 3029368842118220
Operating Profit ⓘ 10993614536-1-1-44672
Operating Profit Margin (%) 30.5%47.3%38.4%21.4%21.4%---54.3%62.0%62.2%
Other Income ⓘ + 311017215004317
Exceptional Items ⓘ -35-280-240045200
Interest ⓘ 2115121013001114
Depreciation ⓘ 21222142361481016
Profit Before Tax ⓘ 623845-12-8-143604860
Tax ⓘ 123-1100-51-9
Profit After Tax 613641-11-9-143664669
PAT Margin (%) 17.0%18.2%26.0%-5.4%-5.2%--86.2%62.8%58.9%
Adjusted EPS (₹)3.62.12.5-0.7-0.5-0.911.41.411.617.1
Dividend Payout Ratio (%)0%0%0%0%-19.40%0%0%0%0%0%
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 34939144459058242177221272353
Share Capital ⓘ 16.7716.7716.7716.7716.7716.773.16444
Reserves ⓘ 33337442857356625174217268349
Debt +11866615864131180165203
Long Term Debt140001000165203
Short Term Debt1046560576313018000
Minority Interest0000000000
Trade Payables5247445063100201919
Others Liabilities ⓘ 1711325355836631117
Total Liabilities ⓘ 690637602753792338201222457592

Fixed Assets

Net Fixed Assets ⓘ +216201189324289665831309
Gross Block32433434736436527126442325
Accumulated Depreciation10813315840752052061116
CWIP ⓘ 113190000472220
Investments ⓘ 00000200152734
Inventories101098860000
Trade Receivables191175240232292146143141197233
Cash Equivalents 161491015010810
Others Assets ⓘ 25622313717918810101717
Total Assets ⓘ 690637602753792338201222457592
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 628920-822-1-441045
PBT ⓘ 623845-12-8-143604860
Adjustment ⓘ 685647565614-372-221
Changes in Working Capital ⓘ -61-0-69-51-25-0-41-35-36
Tax Paid ⓘ -7-4-2-1-0000-00
Cash Flow From Investing Activity ⓘ + -10-2-522-700-24-167-75
Capex 0-0-0-00006-170-74
Net Investments 0010000-14-12-6
Others ⓘ -10-2-522-700-15165
Cash Flow From Financing Activity ⓘ + -51-88-17-13-18152016431
Net Proceeds from Shares ⓘ 00000033900
Net Proceeds from Borrowing ⓘ -39-3500000016535
Interest Paid ⓘ -21-15-12-10-13-00-1-0-4
Dividend Paid ⓘ -3000000000
Others ⓘ 12-38-5-3-612-180-0
Net Cash Flow ⓘ 2-1-21-2-00-082
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)19.59.649.85-2.15-1.47-4.5732.922.818.8321.9
ROCE (%)17.9311.211.7-0.220.76-3.4819.810.5714.8114.92
Asset Turnover Ratio0.510.30.260.310.22000.030.220.22
PAT to CFO Conversion(x)1.022.470.49N/AN/AN/A-0.110.670.220.65
Working Capital Days
Receivable Days208339.90478.60414.60570.20008,010.30835.40674.30
Inventory Days19.2018.7021.2014.5016.6000000
Payable Days0000000000

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Dolphin Offshore Enterprises (India) Ltd FAQs

The current trading price of Dolphin Offshore Ent on 30-Sep-2026 16:59 is ₹639.2.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Sep-2026 the market cap of Dolphin Offshore Ent stood at ₹2,604.5 Cr

The latest P/E ratio of Dolphin Offshore Ent as of 29-Sep-2026 is 70.00.

The latest P/B ratio of Dolphin Offshore Ent as of 29-Sep-2026 is 13.64.

The 52-week high of Dolphin Offshore Ent is ₹749.0 and the 52-week low is ₹323.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dolphin Offshore Ent is ₹13.80 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Dolphin Offshore Enterprises (India) Ltd is a average quality company.

The key valuation ratios of Dolphin Offshore Enterprises (India) Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Dolphin Offshore Enterprises (India) Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Dolphin Offshore Enterprises (India) Ltd

Dolphin Offshore Enterprises was incorporated on May 17, 1979 as a private limited company with a vision of building national capacity for the nascent offshore oil industry by providing diving, underwater engineering and allied services

Dolphin Offshore Enterprises (India) Limited (DOEIL) is a leading provider of underwater services to the Indian oil and gas industry. Over the years, it has developed a diversified portfolio for undertaking turnkey projects involving sub-sea and marine services and as an EPC contractor. All its services are certified to ISO 9001 and by the American Bureau of Shipping.

The company went in for its Initial Public Offer in 1994 and is now listed on the Bombay and National Stock Exchanges. In order to acquire important assets needed for its expanding business, it also went in for Foreign Currency Convertible Bonds worth $15 million in December 2005. The company's paid up capital and reserves as on March 31, 2008 was Rs 73.72 crore and turnover for the year then ended was Rs 227.70 crore. Based upon its qualification as a Main Contractor for EPC contracts by ONGC this turnover is expected to increase over the next few years, barring unforeseen circumstances.

The company formed an association with Taylor Diving & Salvage Company Inc, a subsidiary of the US-based Halliburton Group and commenced diving operations in the same year. Through this association, DOEIL became the first Indian company to acquire the technology for all aspects of offshore diving and, underwater engineering. To date, it remains the leading Indian company in this field. DOEIL has since, expanded.

In 1994, the company acquired its first vessel, the Ganga Dolphin. The company has since expanded its fleet to 6 harbour tugs and 3 vessels with 2 new vessels and an accommodation cum construction barge under construction.

With a 30 year track record of delivering on a range of underwater, on water,above water and onshore projects, DOEIL has qualified to independently handle two major turnkey projects for ONGC in 2008. That year the company's order book stood at $112 million.

Since its inception, DOEIL has been meticulous in maintaining the highest international standards for safety of personnel and offshore environment. All the company's products are certified to ISO 9001:2000 by the American Bureau of Shipping.

To keep pace with the new challenges of deepwater recovery of hydrocarbons and the impacts of Climate Change, DOEIL has begun work on establishing International Public-Private Sector cooperation for development of underwater technology and environment protection, search and rescue operations and setting up of training facilities. The client list of the company includes-Aban Lloyd, Bechtel International Inc.,Brown & Root, Cairn Energy India Pvt. Ltd.,C.C.C (Underwater Engineering),Cochin Shipyard Ltd., Engineers India Ltd.,Essar Oil Ltd., Essar Shipping, Essar Construction, ETPM, Fugro Geonics Pvt. Ltd., Global Offshore Industries L.L.C, Great Eastern Shipping Co. Ltd, Hindustan Petroleum Corporation Ltd, Hindustan Shipyard Ltd, Hyundai Heavy Industries Co. Ltd, Indian Oil Corporation Ltd, Indian Coast Guard, Instrumentation Ltd, Iranian Offshore Engineering & Construction Co., Larsen & Toubro Ltd. (L&T) and many more.

Recognizing the immediate global shortage of underwater professionals, the company is launching its own in house training program for divers and underwater technicians and to ensure the Country can build up its pool of professionals with international certification.

Services provided by the company are:

  • Underwater construction services entailing modification and redevelopment of existing offshore facilities
  • Pre-engineering surveys
  • Diving support for pipe laying, including pipe line stabilization
  • Inspection, maintenance and repairs of platforms
  • Installation and replacement of pipelines, risers and conductors
  • Underwater ship repair and maintenance
  • Rig support diving services including UWILD surveys
  • Inspection required for various certifying bodies such as ABS, DNV and USCG certifications
  • ROV services which until now have been carried out for ONGC on board their drill ships, in collaboration with Oceaneering International

Subsidiaries of the company

  • Procyon Offshore Services Limited (100% subsidiary)
  • Dolphin Offshore Enterprises (Mauritius) Private Limited (100% subsidiary)
  • Dolphin International Risk Services Limited (100% subsidiary)
  • Global Dolphin Drilling Company Limited

Associate Companies:

  • Dolphin Offshore Projects Limited
  • Kanika Shipping Limited
  • Oakland Trading Private Limited
  • Bioseek Diabetes Care (India) Private Limited

Awards/Achievements

The company's products are certified to ISO 9001:2000 by the American Bureau of Shipping.

IMCA Certification - DOEIL is a Contractor (CO) Member of the International Maritime Contractors Association (Diving and Marine Divisions), and the Company's Quality Management System reflects the recommendations of IMCA.

Recent developments

DOEIL, celebrated it 30th anniversary in May 2009 with a series of events including a joint seminar with the Economic Times which attracted a large turnout of offshore professionals and media.

Beas Dolphin owned by Dolphin Offshore Enterprises (Mauritius) Pvt. Ltd. wholly owned subsidiary of DOEIL was launched on April 26, 2009.

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