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

• Market Cap: ₹16.34B
• Dividend Yield: N/A
• Average Volume (3M): 717.00
• Price to Earnings (P/E): 32.5
• Beta (1Y): 0.93
• Revenue Growth: 481.64%
• EPS Growth: 258.51%
• Country: IN
• Employees: 878
• Sector: Energy
• Sector Strength: 63
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 2.83
• Shares Outstanding: 40,004,580
• 10 Day Avg. Volume: 426
• 30 Day Avg. Volume: 717
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: ₹448.00
• Price Target Upside: 9.67% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 64 Neutral
• Price Target: ₹448.00 ▲(9.67% Upside)

Dolphin Offshore Enterprises' overall stock score is driven primarily by its strong financial recovery and improved balance sheet. However, the technical indicators suggest a cautious outlook, and the high P/E ratio indicates potential overvaluation. The lack of dividend yield and absence of earnings call data further moderate the score.

Positive Factors

Revenue Growth

The significant increase in total revenue from INR 64.67 million in 2024 to INR 740.19 million in 2025 indicates a strong recovery and growth trajectory, showcasing the company's ability to capitalize on market opportunities and expand its service offerings effectively.

Balance Sheet Improvement

The improvement in stockholders' equity and a manageable Debt-to-Equity Ratio of 0.60 reflect better asset management and financial stability, providing a stronger foundation for future growth and resilience against market fluctuations.

Profitability

The substantial improvement in profit margins demonstrates the company's enhanced operational efficiency and cost management, which are crucial for sustaining profitability and competitive advantage in the oil and gas services industry.

Negative Factors

Historical Volatility

The company's history of revenue volatility and losses suggests potential risks in maintaining consistent financial performance, especially if market conditions become unfavorable or if the company fails to secure long-term contracts.

High Liabilities

High liabilities and past negative equity levels could pose financial risks, limiting the company's ability to invest in growth opportunities or weather economic downturns without significant restructuring or external financing.

Capital Expenditure Impact

The substantial capital expenditures, while potentially beneficial for long-term growth, currently constrain free cash flow, which could limit the company's financial flexibility and ability to respond to immediate operational needs or investment opportunities.

Dolphin Offshore Enterprises India Ltd. Business Overview & Revenue Model

Company Description

Dolphin Offshore Enterprises India Ltd. (DOLPHIN) is a leading provider of integrated services to the oil and gas industry in India. The company specializes in offshore construction, diving, and engineering services. It operates in sectors such as oil and gas exploration and production, offering a range of services including underwater engineering, ship repair, and maintenance, as well as chartering of vessels and equipment.

How the Company Makes Money

The company generates revenue primarily through its comprehensive suite of services tailored to the needs of the oil and gas industry. Key revenue streams include contracts for offshore construction projects, underwater engineering services, and vessel chartering. Dolphin Offshore Enterprises India Ltd. partners with major oil and gas companies to provide specialized services that ensure the operational efficiency and safety of offshore installations. The company's earnings are significantly influenced by its ability to secure long-term contracts and maintain strategic partnerships with industry leaders, which help stabilize its revenue flow in a sector that can be volatile due to fluctuating oil prices and regulatory changes.

Dolphin Offshore Enterprises India Ltd. Financial Statement Overview

Summary

Dolphin Offshore Enterprises has shown a significant financial recovery with strong revenue and profit growth. The balance sheet indicates improved equity and manageable leverage, while cash flows suggest better operational efficiency. However, historical losses and high liabilities pose a risk of financial instability if market conditions deteriorate.

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 2020
Income Statement
Total Revenue	740.19M	740.19M	64.67M	0.00	0.00	153.56M
Gross Profit	483.58M	483.58M	36.46M	-75.08M	-135.22M	-117.50M
EBITDA	491.58M	458.82M	25.66M	-6.52M	-7.60M	-643.99M
Net Income	464.80M	464.80M	55.73M	361.08M	-142.82M	-849.64M
Balance Sheet
Total Assets	4.61B	4.61B	2.27B	2.01B	3.38B	2.70B
Cash, Cash Equivalents and Short-Term Investments	358.03M	358.03M	148.45M	6.45M	1.95M	2.18M
Total Debt	1.65B	1.65B	11.63M	180.25M	1.31B	1.28B
Total Liabilities	1.89B	1.89B	61.33M	236.25M	2.96B	2.90B
Stockholders Equity	2.72B	2.72B	2.21B	1.77B	420.15M	-199.73M
Cash Flow
Free Cash Flow	0.00	-1.60B	35.30M	-44.23M	-8.56M	-510.45M
Operating Cash Flow	0.00	104.70M	35.30M	-44.23M	-8.56M	-510.45M
Investing Cash Flow	0.00	-1.67B	-235.68M	700.00K	0.00	132.44M
Financing Cash Flow	0.00	1.64B	195.56M	48.03M	7.97M	377.56M

Dolphin Offshore Enterprises India Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 408.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 408.5 is below the 20-day moving average (MA) of 425.71, below the 50-day MA of 433.34, and above the 200-day MA of 407.22, indicating a bearish trend. The MACD of -4.82 indicates Positive momentum. The RSI at 41.97 is Neutral, neither overbought nor oversold. The STOCH value of 31.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
JINDRILL	69 Neutral	₹17.45B	7.33		0.16%	31.27%	187.19%
HINDOILEXP	68 Neutral	₹22.47B	15.06		―	-49.37%	-26.26%
DEEPINDS	68 Neutral	₹34.37B	17.44		0.57%	45.21%	-152.68%
SEAMECLTD	67 Neutral	₹23.42B	20.27		0.11%	-13.53%	-19.71%
Sector *	65 Neutral	$15.27B	7.60	4.09%	5.25%	4.03%	-61.87%
DOLPHIN	64 Neutral	₹16.34B	32.51		―	481.64%	258.51%
ALPHAGEO	―	₹1.66B	102.30		3.04%	―	―