Dolphin Offshore Enterprises India Ltd. (IN:DOLPHIN)
:DOLPHIN
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Dolphin Offshore Enterprises India Ltd.
(DOLPHIN)
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Rating:64Neutral
Price Target:
₹455.00
▼(-5.08% Downside)
Action:Reiterated
Date:05/09/26
The score is primarily held back by weak cash generation (negative free cash flow despite strong reported profitability), which raises funding and execution risk. Offsetting this are strong recent income-statement momentum and an improved balance sheet, while technicals are moderately supportive and valuation (P/E ~23) is reasonable but not clearly discounted.
Positive Factors
Business model & service specialization
Dolphin operates a specialized offshore services model using dedicated marine assets and crews for subsea construction, maintenance and support. Such operational specialization creates structural barriers to entry, supports contract-led revenue and underpins durable service demand from energy infrastructure clients.
Negative Factors
Negative free cash flow
Persistent negative free cash flow despite reported profitability signals weak cash conversion and potential working-capital or heavy investment needs. This reduces financial flexibility, raises funding risk for capex and debt service, and makes earnings less reliable as a source of internal funding over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Business model & service specialization
Dolphin operates a specialized offshore services model using dedicated marine assets and crews for subsea construction, maintenance and support. Such operational specialization creates structural barriers to entry, supports contract-led revenue and underpins durable service demand from energy infrastructure clients.
Read all positive factors
Dolphin Offshore Enterprises India Ltd. (DOLPHIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹16.27B
Dividend YieldN/A
Average Volume (3M)2.65K
Price to Earnings (P/E)23.1
Beta (1Y)0.58
Revenue Growth57.28%
EPS Growth47.45%
CountryIN
Employees878
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)13.23
Shares Outstanding40,004,580
10 Day Avg. Volume953
30 Day Avg. Volume2,655
Financial Highlights & Ratios
PEG Ratio0.49
Price to Book (P/B)4.48
Price to Sales (P/S)13.60
P/FCF Ratio-48.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 en...
How the Company Makes Money
null...
Dolphin Offshore Enterprises India Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
42
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 900.09M | 1.16B | 740.19M | 64.67M | 0.00 | 0.00 |
| Gross Profit | 621.94M | 770.33M | 483.58M | 36.46M | -75.08M | -135.22M |
| EBITDA | 674.73M | 723.75M | 458.82M | 25.66M | -6.52M | -7.60M |
| Net Income | 529.48M | 685.38M | 464.80M | 55.73M | 361.08M | -142.82M |
Balance Sheet | ||||||
| Total Assets | 5.23B | 6.08B | 4.61B | 2.27B | 2.01B | 3.38B |
| Cash, Cash Equivalents and Short-Term Investments | 339.52M | 437.56M | 358.03M | 148.45M | 6.45M | 1.95M |
| Total Debt | 1.94B | 2.03B | 1.65B | 11.63M | 180.25M | 1.31B |
| Total Liabilities | 2.21B | 2.54B | 1.89B | 61.33M | 236.25M | 2.96B |
| Stockholders Equity | 3.02B | 3.53B | 2.72B | 2.21B | 1.77B | 420.15M |
Cash Flow | ||||||
| Free Cash Flow | -327.10M | -323.91M | -1.60B | 35.30M | -44.23M | -8.56M |
| Operating Cash Flow | 336.51M | 411.19M | 104.70M | 35.30M | -44.23M | -8.56M |
| Investing Cash Flow | -656.64M | -749.09M | -1.67B | -235.68M | 700.00K | 0.00 |
| Financing Cash Flow | 258.43M | 353.34M | 1.64B | 195.56M | 48.03M | 7.97M |
Dolphin Offshore Enterprises India Ltd. Technical Analysis
Negative
479.35
Price Trends
409.25
Negative
421.04
Negative
407.85
Negative
Market Momentum
1.01
Positive
45.23
Neutral
22.25
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 479.35 is above the 20-day moving average (MA) of 416.84, above the 50-day MA of 409.25, and above the 200-day MA of 407.85, indicating a bearish trend. The MACD of 1.01 indicates Positive momentum. The RSI at 45.23 is Neutral, neither overbought nor oversold. The STOCH value of 22.25 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹40.39B | 14.25 | ― | ― | 46.12% | 180.51% | |
70 Outperform | ₹30.07B | 15.31 | ― | 0.67% | 54.60% | ― | |
69 Neutral | ₹22.58B | 62.34 | ― | ― | -23.18% | -36.32% | |
68 Neutral | ₹18.73B | -12.45 | ― | 0.18% | 25.34% | 83.21% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | ₹16.27B | 23.10 | ― | ― | 57.28% | 47.45% | |
52 Neutral | ₹1.43B | -6.12 | ― | 3.53% | 24.71% | -990.82% |
* Energy Sector Average
IN:DOLPHIN
Dolphin Offshore Enterprises India Ltd.
408.00
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6.58%
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Dolphin Offshore Enterprises India Ltd. Corporate Events
Dolphin Offshore Adds Independent Director to Bolster Board Oversight
Mar 12, 2026
Dolphin Offshore Enterprises India Ltd. has strengthened its board by appointing chartered accountant Vinit Rameshchandra Mundra as an additional non-executive, independent director, effective March 12, 2026. Subject to shareholder approval, Mundr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.