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

• Market Cap: ₹18.15B
• Dividend Yield: N/A
• Average Volume (3M): 2.65K
• Price to Earnings (P/E): 35.8
• Beta (1Y): 0.76
• Revenue Growth: 212.48%
• EPS Growth: 135.64%
• Country: IN
• Employees: 878
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 3.32
• 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: ₹439.00 ▼(-8.42% Downside)

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 turnaround

A multiyear jump in revenue demonstrates the company regained commercial traction and scale, improving contract coverage and utilization. Sustained higher top-line provides a stronger base for recurring cash flows, contract leverage and reinvestment, reducing prior operational fragility.

Improved profitability

Material margin expansion shows the firm is converting revenue into cash and earnings efficiently, implying better pricing, utilization or cost control. Higher margins strengthen free cash generation and buffer against offshore services cyclicality, supporting capital allocation and debt servicing.

Stronger balance sheet

Rising shareholders' equity and moderate leverage restore financial flexibility, enabling capex funding and bidding on contracts without excessive refinancing. A healthier capital structure reduces solvency risk and supports sustained operations in a capital-intensive marine services business.

Negative Factors

Historic revenue volatility

Past episodes of zero revenue and losses show the business has structural exposure to contract gaps and demand lulls. Even after recovery, recurring client concentration or short contract durations can cause sharp revenue swings and challenge the durability of recent improvements.

Capex pressures on cash flow

High capital spending to maintain or expand a vessel fleet depresses free cash flow despite positive operating cash flow. In a capital-intensive offshore services model, sustained heavy capex can strain liquidity and limit ability to build reserves or pursue growth without external financing.

Cyclicality of end market

Revenue depends on offshore E&P activity, which is structurally cyclical and tied to operator capital allocation. This exposes the company to multi-quarter swings in demand and contract renewals, making sustained revenue and utilization sensitive to industry investment cycles.

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

Strong recent turnaround with sharp revenue growth (INR 64.67m to INR 740.19m) and materially improved profitability, alongside improved equity and manageable leverage (Debt-to-Equity 0.60). Offsetting this, the history of zero revenue/loss periods and prior balance sheet stress increases volatility and downside risk.

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 443.85, above the 50-day MA of 412.79, and above the 200-day MA of 406.30, indicating a bullish trend. The MACD of 1.07 indicates Positive momentum. The RSI at 55.14 is Neutral, neither overbought nor oversold. The STOCH value of 53.31 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
DOLPHIN	69 Neutral	₹18.15B	35.82	―	―	212.48%	135.64%
JINDRILL	69 Neutral	₹13.93B	5.88	―	0.18%	34.80%	252.88%
SEAMECLTD	68 Neutral	₹32.44B	16.99	―	―	-12.66%	-44.61%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
HINDOILEXP	58 Neutral	₹20.54B	14.55	―	―	-16.59%	-16.91%
DEEPINDS	52 Neutral	₹23.81B	-60.55	―	0.67%	55.21%	-128.34%
ALPHAGEO	47 Neutral	₹1.34B	-8.10	―	3.53%	―	―

Dolphin Offshore Enterprises India Ltd. Corporate Events

Dolphin Offshore Publishes Unaudited Q3 and Nine-Month FY2025 Results in Newspapers

Dolphin Offshore Enterprises (India) Ltd. has announced that it has published its unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 in the English daily Active Times and the Marathi daily Lakshadweep. The results, which were approved by the board of directors at its meeting on 29 January 2026, have been disclosed in line with Regulation 47 and other applicable provisions of SEBI’s Listing Obligations and Disclosure Requirements, reinforcing the company’s compliance posture and providing public-market stakeholders with updated visibility into its recent financial performance.

Dolphin Offshore Board Clears Q3 and Nine-Month FY25 Unaudited Results

Dolphin Offshore Enterprises (India) Ltd. held a board meeting on January 29, 2026, where directors reviewed and approved the company’s unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The results, which were prepared under Indian Accounting Standard 34 for interim reporting, were accompanied by a limited review report from statutory auditor Mahendra N. Shah & Co., whose independent review concluded that the financial statements complied with SEBI’s listing and disclosure requirements and contained no material misstatements, providing regulatory assurance and transparency for investors and other stakeholders.

Dolphin Offshore Enterprises Files Unaudited Q3 and Nine-Month FY2025 Results With Clean Review

Dolphin Offshore Enterprises (India) Ltd. has reported its unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, following a board meeting held on 29 January 2026. The board approved these interim results along with the limited review reports issued by statutory auditor Mahendra N. Shah & Co., with the auditors stating that nothing had come to their attention to indicate any material misstatement or non-compliance with Indian accounting standards and SEBI disclosure requirements, providing investors and regulators with assurance on the integrity and regulatory compliance of the company’s interim financial reporting.

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.