Dolphin Offshore Enterprises (India) Ltd (DOLPHIN) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 522261 | NSE: DOLPHIN | Oil Exploration | Small Cap

Dolphin Offshore Ent Share Price

353 -4.75 -1.33%
as on 05-Dec'25 15:40

Dolphin Offshore Enterprises (India) Ltd (DOLPHIN) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 522261 | NSE: DOLPHIN | Oil Exploration | Small Cap

DeciZen - make an informed investing decision on Dolphin Offshore Ent

Based on:

Overall Rating
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1. Quality


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2. Valuation


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3. Price Trend


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Dolphin Offshore Enterprises (India) stock performance -

Key Ratios
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P/E Ratio (SA):
203.49
Market Cap:
1,431.2 Cr.
52-wk low:
200
52-wk high:
599.9

Is Dolphin Offshore Enterprises (India) Ltd an attractive stock to invest in?


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10 Year X-Ray of Dolphin Offshore Ent: Login to view analysis.

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 not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -5.5%-15.7%-3.2%-9.3%-50.5%-3.9%-2.4%38.1%1%3.2%-
Value Creation
Index
-1.4-2.1-1.2-1.7NANANA1.7-0.9-0.8-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 29.462.254.880.215.40006.514.916
Sales YoY Gr.-111.3%-11.9%46.2%-80.8%-100%NANANA130%-
Adj EPS -1.8-1.1-1.2-2-4.9-0.4-0.23.51.50.51.8
YoY Gr.-NANANANANANANA-56.1%-70.8%-
BVPS (₹) 8.76.75.73.8-1.2-1.6-1.833.237.338.139.3
Adj Net
Profit
-30.8-18.5-19.8-33.7-81.4-7.2-2.411.16.11.87
Cash Flow from Ops. -3.94.2-11.118.5-36.70.7-0.9-4.41.61-
Debt/CF from Ops. -15.715.1-8.44.9-3.5202.3-153.6-4.1047-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -7.3%-0.6%NA130%
Adj EPS NANANA-70.8%
BVPS17.8%NANA2.2%
Share Price 39.5% 284.5% 843.7% -33.8%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-19.3-14.3-19.1-42.2-36930.48.629.44.81.24.6
Op. Profit
Mgn %
-99.75.9-12.9-44-392.300038-1.35.1
Net Profit
Mgn %
-104.5-29.7-36.1-42-530000951244.8
Debt to
Equity
0.40.611.4-6.4-4.8-4.50.200.30.4
Working Cap
Days
3,8201,3701,4951,0695,4990006,9774,0717,205
Cash Conv.
Cycle
9671471612251,7910006,3402,8316,520

Recent Performance Summary

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Latest Financials - Dolphin Offshore Enterprises (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 1.8 13.2
TTM Sales (₹ Cr.) 15.7 90
BVPS (₹.) 39.3 75.6
Reserves (₹ Cr.) 153 298
P/BV 9.10 4.74
PE 203.49 27.03
From the Market
52 Week Low / High (₹) 200.00 / 599.85
All Time Low / High (₹) 0.11 / 948.75
Market Cap (₹ Cr.) 1,431
Equity (₹ Cr.) 4
Face Value (₹) 1
Industry PE 10.1

Management X-Ray of Dolphin Offshore Ent:

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 (%)

Valuation of Dolphin Offshore Ent - Standalone Basis

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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Event Update

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Analyst's Notes

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Key Ratios of Dolphin Offshore Ent

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2962558015000615
Operating Expenses 596258115812111015
Manufacturing Costs1634397918000113
Material Costs0000000000
Employee Cost 12111012820000
Other Costs 31179255511182
Operating Profit -290-3-35-65-2-1-1-3-0
Operating Profit Margin (%) -99.7%0.2%-6.0%-44.0%-425.0%----51.7%-1.3%
Other Income 211121100046
Interest 121114171530011
Depreciation 4632222110
Exceptional Items 0-24000004520
Profit Before Tax -24-41-19-33-81-7-24204
Tax 2-2-2-14000-51
Profit After Tax -26-39-17-32-85-7-24263
PAT Margin (%) -89.3%-62.9%-31.3%-40.2%-553.0%---88.8%21.8%
Adjusted EPS (₹)-1.6-2.3-1.0-1.9-5.1-0.4-0.213.41.40.8
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 1461129564-20-27-30105149153
Share Capital 17171717171717344
Reserves 129957947-37-44-46102145149
Minority Interest0000000000
Debt6063939012813013118047
Long Term Debt00100000047
Short Term Debt606392901271301301800
Trade Payables6266658199100100200
Others Liabilities 28304258646666301
Total Liabilities 296271295293270268267129150201

Fixed Assets

Gross Block683636363636362531
Accumulated Depreciation51610111416171200
Net Fixed Assets 173026242220191331
CWIP 0000000000
Investments 202020202020200150
Inventories8766666000
Trade Receivables1147397115121121121115115117
Cash Equivalents 671414000100
Others Assets 131135132114101101101-01883
Total Assets 296271295293270268267129150201

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity -44-1118-371-1-421
PBT -24-41-19-33-81-7-24204
Adjustment 134824206552-432-5
Changes in Working Capital 8-2-1535-203-0-4-11
Tax Paid -1-1-0-3-00000-0
Cash Flow From Investing Activity 214-5114000-22-48
Capex -000-000008-0
Net Investments 1-1-7113000-1415
Others 205210000-15-63
Cash Flow From Financing Activity -17-816-2023-1152047
Net Proceeds from Shares 00000003390
Net Proceeds from Borrowing 000-100018047
Interest Paid -12-11-13-17-15-3-00-1-0
Dividend Paid 0000000000
Others -6329-23821-16-18-0
Net Cash Flow -0-000-0-0-00-0-0

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-16.52-30.32-16.54-40.35N/AN/AN/A112.364.522.15
ROCE (%)-5.52-15.73-3.16-9.33N/AN/AN/A38.0513.15
Asset Turnover Ratio0.080.220.190.270.050000.050.08
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/A-0.10.330.33
Working Capital Days
Receivable Days1,5105475654832,8080006,4752,838
Inventory Days10243422714300000
Payable Days0000000000

Dolphin Offshore Enterprises (India) Ltd Stock News

Dolphin Offshore Enterprises (India) Ltd FAQs

The current trading price of Dolphin Offshore Ent on 05-Dec-2025 15:40 is ₹353.0.
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 04-Dec-2025 the market cap of Dolphin Offshore Ent stood at ₹1,431.2.
The latest P/E ratio of Dolphin Offshore Ent as of 04-Dec-2025 is 203.5.
The latest P/B ratio of Dolphin Offshore Ent as of 04-Dec-2025 is 9.10.
The 52-week high of Dolphin Offshore Ent is ₹599.9 and the 52-week low is ₹200.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dolphin Offshore Ent is ₹15.73 ( Cr.) .

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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