Dolphin Offshore Enterprises India Ltd. (DOLPHIN) AI Stock Analysis

• Market Cap: ₹18.11B
• Dividend Yield: N/A
• Average Volume (3M): 2.65K
• Price to Earnings (P/E): 34.2
• Beta (1Y): 0.55
• Revenue Growth: 212.48%
• EPS Growth: 135.64%
• Country: IN
• Employees: 878
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 3.90
• Shares Outstanding: 40,004,580
• 10 Day Avg. Volume: 953
• 30 Day Avg. Volume: 2,655
• PEG Ratio: 0.04
• Price to Book (P/B): 4.33
• Price to Sales (P/S): 15.93
• P/FCF Ratio: -7.37
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: ₹525.00 ▲(9.52% Upside)

The score is primarily supported by a strong financial turnaround and bullish technical trend (price above key moving averages with positive MACD). The main constraint is valuation (P/E 36.216) and elevated momentum readings (RSI/Stoch) that increase the risk of a near-term pullback.

Positive Factors

Revenue Growth

The significant revenue growth indicates a strong recovery and positions Dolphin Offshore for continued expansion in the offshore services market.

Profitability

Improved profitability margins suggest efficient operations and strong cost management, enhancing long-term financial stability.

Balance Sheet Improvement

The increase in equity reflects better asset management and financial health, providing a solid foundation for future growth and investment.

Negative Factors

Historical Volatility

Past financial instability raises concerns about potential future risks, highlighting the need for sustained performance to ensure stability.

High Liabilities

High liabilities can strain financial resources and limit flexibility, posing a risk if market conditions deteriorate or past issues recur.

Cash Flow Concerns

While operating cash flow is positive, high capital expenditures could constrain cash availability, affecting long-term investment capacity.

Dolphin Offshore Enterprises India Ltd. Business Overview & Revenue Model

Company Description

Dolphin Offshore Enterprises (India) Limited provides offshore and marine services to the oil and gas industry in India. It offers underwater services, including air, mixed gas, and saturation diving services. The company also offers design and engineering services. In addition, it provides ship and rig repair services; marine logistics; vessel operations and management, and fabrication services. Further, the company offers offshore hook-up and commissioning; and electrical, and instrumentation services, as well as undertakes turnkey EPC contracts. Dolphin Offshore Enterprises (India) Limited was incorporated in 1979 and is based in Mumbai, India.

How the Company Makes Money

DOLPHIN generates revenue through multiple streams, primarily by providing contract-based services in the offshore oil and gas sector. The company's revenue model is based on long-term contracts with major clients, which include national and international oil companies. Key revenue streams include engineering and construction services, subsea installation projects, and maintenance contracts. Additionally, DOLPHIN may benefit from partnerships with other industry players and joint ventures that enhance its project capabilities and market reach. The company also capitalizes on its expertise in marine logistics to offer integrated solutions that attract further business opportunities in the offshore sector.

Dolphin Offshore Enterprises India Ltd. Financial Statement Overview

Summary

Dolphin Offshore Enterprises has shown a strong financial recovery with significant revenue and profit growth. The balance sheet reflects improved equity and manageable leverage, while cash flows indicate better operational efficiency. However, historical volatility and past financial instability present potential risks.

Income Statement

Dolphin Offshore Enterprises exhibited a remarkable turnaround in revenue and profitability over the past year. The company reported a significant increase in Total Revenue from INR 64.67 million in 2024 to INR 740.19 million in 2025, indicating a strong recovery and growth trajectory. Gross Profit Margin and Net Profit Margin both improved substantially, with the latter reaching 62.79% in 2025, showcasing strong profitability. However, the historical data shows periods of zero revenue and losses, which highlight past volatility and potential future risks.

Balance Sheet

The company's balance sheet shows a robust improvement in Stockholders' Equity, which increased to INR 2,724.05 million in 2025 from INR 2,213.27 million in 2024. The Debt-to-Equity Ratio stands at a manageable 0.60, indicating a reasonable level of leverage. The Equity Ratio improved, reflecting better asset management. However, the company has historically faced high liabilities and negative equity, suggesting potential vulnerabilities if past conditions recur.

Cash Flow

Operating cash flow is positive at INR 104.70 million, showing improvement in cash generation. The Free Cash Flow to Net Income ratio suggests efficient cash usage. However, the significant capital expenditure reported in 2025 impacts free cash flow growth, and historical negative cash flows indicate a potential risk of cash management issues persisting.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	821.21M	740.19M	64.67M	0.00	0.00	0.00
Gross Profit	556.04M	483.58M	36.46M	-75.08M	-135.22M	-18.06M
EBITDA	543.95M	458.82M	25.66M	-6.52M	-7.60M	-23.66M
Net Income	502.60M	464.80M	55.73M	361.08M	-142.82M	-71.49M
Balance Sheet
Total Assets	0.00	4.61B	2.27B	2.01B	3.38B	2.68B
Cash, Cash Equivalents and Short-Term Investments	358.03M	358.03M	148.45M	6.45M	1.95M	1.47M
Total Debt	0.00	1.65B	11.63M	180.25M	1.31B	1.31B
Total Liabilities	-2.72B	1.89B	61.33M	236.25M	2.96B	2.96B
Stockholders Equity	2.72B	2.72B	2.21B	1.77B	420.15M	-271.22M
Cash Flow
Free Cash Flow	0.00	-1.60B	35.30M	-44.23M	-8.56M	0.00
Operating Cash Flow	0.00	104.70M	35.30M	-44.23M	-8.56M	-23.31M
Investing Cash Flow	0.00	-1.67B	-235.68M	700.00K	0.00	0.00
Financing Cash Flow	0.00	1.64B	195.56M	48.03M	7.97M	22.60M

Dolphin Offshore Enterprises India Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 479.35
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DOLPHIN, the sentiment is Positive. The current price of 479.35 is above the 20-day moving average (MA) of 440.37, above the 50-day MA of 398.83, and above the 200-day MA of 395.82, indicating a bullish trend. The MACD of 22.24 indicates Positive momentum. The RSI at 57.26 is Neutral, neither overbought nor oversold. The STOCH value of 55.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:DOLPHIN.

Dolphin Offshore Enterprises India Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SEAMECLTD	71 Outperform	₹27.24B	30.97	―	―	-12.66%	-44.61%
DOLPHIN	69 Neutral	₹18.11B	34.20	―	―	212.48%	135.64%
JINDRILL	66 Neutral	₹15.76B	4.69	―	0.18%	34.80%	252.88%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
HINDOILEXP	58 Neutral	₹19.95B	14.13	―	―	-16.59%	-16.91%
DEEPINDS	52 Neutral	₹25.74B	-65.45	―	0.67%	55.21%	-128.34%
ALPHAGEO	49 Neutral	₹1.41B	-8.53	―	3.53%	―	―

Dolphin Offshore Enterprises India Ltd. Corporate Events

Dolphin Offshore Enterprises Mourns the Loss of Independent Director

Dolphin Offshore Enterprises (India) Limited has announced the unfortunate passing of Mr. Ashokkumar Ratilal Patel, a Non-Executive Independent Director, on December 13, 2025. Mr. Patel’s leadership significantly benefited the company, and his unexpected demise is considered an immense and irreparable loss. The Board of Directors and employees have extended their deepest condolences to his family.

Dolphin Offshore Secures SEBI Compliance Certification for Q3 2025

Dolphin Offshore Enterprises India Ltd. announced the receipt of a confirmation certificate under SEBI’s Depositories and Participants Regulations, 2018, for the quarter ending September 30, 2025. This certification, issued by their Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd., confirms the dematerialization of securities and their listing on stock exchanges, ensuring compliance with regulatory requirements and potentially enhancing investor confidence.