Dolphin Offshore Enterprises (India) Ltd.
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ABOUT
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Latest quarter profit grew 1207.2% YoY, showing strong momentum
- Working capital cycle has improved - days down from 1034 to 726
CONS
- A large part of profit comes from other income (29.1% of PBT)
- Company has a low return on capital employed of 10.1%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.49x)
- Company's sales have been declining over the last five years
- Free cash flow has been persistently negative
- Effective tax rate is unusually low at -14.4% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ONGC | 232.55 | 6.72 | 292554.39 | 5.70 | 6554.44 | -43.27 | 204987.35 | 25.68 | 15.96 | 7.85 |
| OIL | 488.25 | 9.51 | 79419.13 | 2.36 | 4026.83 | -80.32 | 12886.27 | 47.27 | 12.43 | 46.35 |
| DEEPINDS | 774.70 | 24.01 | 4958.08 | 0.32 | 89.15 | 44.48 | 278.92 | 39.81 | 7.44 | 38.77 |
| ANTELOPUS | 1139.35 | 30.19 | 4006.22 | 0.00 | 543.20 | 4741.35 | 1310.40 | 2488.19 | 22.91 | 70.18 |
| ASIANENE | 534.55 | 45.18 | 2600.44 | 0.23 | 12.76 | 126.51 | 271.19 | 135.06 | 16.63 | 8.09 |
| DOLPHIN | 649.90 | 36.10 | 2599.90 | 0.00 | 148.14 | 1207.16 | 428.46 | 2505.73 | 14.92 | 59.07 |
| HINDOILEXP | 185.25 | 97.57 | 2449.81 | 0.00 | 6.24 | -85.79 | 114.18 | 45.17 | 12.33 | 4.82 |
| JINDRILL | 633.55 | 9.58 | 1836.10 | 0.16 | 47.14 | -28.69 | 275.39 | 8.38 | 15.30 | 35.72 |
| GNRL | 104.05 | 82.65 | 1596.15 | 0.00 | 11.35 | 488.84 | 5.72 | 70.36 | -0.56 | 202.01 |
| AAKASH | 9.10 | 18.18 | 92.14 | 0.00 | 0.26 | -36.86 | 23.35 | 7.11 | 5.39 | 9.38 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 2 | 2 | 8 | 17 | 28 | 20 | 16 | 25 | 30 | 45 | 43 | |
| 1 | 1 | 1 | 7 | 2 | 4 | 13 | 9 | 1 | 3 | 16 | 43 | 26 | |
| Operating Profit | -0 | 1 | 1 | -5 | 6 | 13 | 16 | 11 | 16 | 22 | 14 | 2 | 16 |
| OPM % | -24.64% | 42.44% | 40.45% | -252.82% | 73.86% | 75.79% | 55.12% | 55.43% | 95.01% | 89.36% | 47.57% | 5.46% | 38.41% |
| 1 | 3 | 0 | 2 | 2 | 0 | 1 | -0 | 0 | 4 | 2 | 12 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 3 | 4 | 5 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 5 | 5 | 5 |
| Profit before Tax | 0 | 4 | 0 | -4 | 8 | 13 | 16 | 10 | 11 | 19 | 16 | 14 | 16 |
| Tax % | 0.00% | 0.00% | 0.00% | 137.92% | 4.91% | -0.54% | 5.64% | -1.55% | -4.81% | 17.76% | 16.93% | -100.24% | 10.16% |
| Net Profit | 0 | 0 | 0 | 0 | 8 | 13 | 16 | 10 | 11 | 16 | 13 | 28 | 15 |
| 0.17 | 1.12 | 0.11 | 0.42 | 1.89 | 3.23 | 3.89 | 2.61 | 2.83 | 3.90 | 3.32 | 7.08 | 3.70 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 358 | 196 | 158 | 208 | 168 | 0 | 0 | 6 | 74 | 116 | 143 | |
| 249 | 104 | 98 | 163 | 132 | 1 | 1 | 10 | 28 | 44 | 88 | |
| Operating Profit | 109 | 93 | 61 | 45 | 36 | -1 | -1 | -4 | 46 | 72 | 55 |
| OPM % | 30.47% | 47.26% | 38.36% | 21.45% | 21.42% | — | — | -54.30% | 61.99% | 62.17% | 38.65% |
| -5 | -18 | 17 | -3 | 5 | 0 | 45 | 6 | 3 | 17 | 17 | |
| Interest | 21 | 15 | 12 | 10 | 13 | 0 | 0 | 1 | 1 | 14 | 16 |
| Depreciation | 21 | 22 | 21 | 42 | 36 | 14 | 8 | 1 | 0 | 16 | 18 |
| Profit before Tax | 62 | 38 | 45 | -12 | -8 | -14 | 36 | 0 | 48 | 60 | 66 |
| Tax % | 2.14% | 6.02% | 7.50% | 5.16% | -11.93% | -0.00% | 0.00% | -2014.91% | 2.29% | -14.40% | -9.80% |
| Net Profit | 61 | 36 | 41 | -11 | -9 | -14 | 36 | 6 | 46 | 69 | 72 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -8.52 | 45.73 | 1.39 | 11.62 | 17.13 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | -19.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -12%
- 5 Years:
- -7%
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 4%
- 5 Years:
- —
- 3 Years:
- 24%
STOCK PRICE CAGR
- 10 Years:
- 54%
- 5 Years:
- 343%
- 3 Years:
- 183%
- 1 Year:
- 60%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 14%
- 3 Years:
- 15%
- Last Year:
- 22%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 3 | 4 | 4 | 4 |
| 333 | 374 | 428 | 573 | 566 | 25 | 174 | 217 | 268 | 349 | |
| 118 | 66 | 61 | 58 | 64 | 131 | 18 | 1 | 165 | 203 | |
| Trade Payables | 52 | 47 | 44 | 50 | 63 | 100 | 2 | 0 | 19 | 19 |
| 171 | 132 | 53 | 55 | 83 | 66 | 3 | -1 | 1 | 17 | |
| Total Liabilities | 690 | 637 | 602 | 753 | 792 | 338 | 201 | 222 | 457 | 592 |
| 216 | 201 | 189 | 324 | 289 | 66 | 58 | 3 | 1 | 309 | |
| Capital Work in Progress | 1 | 13 | 19 | 0 | 0 | 0 | 0 | 47 | 222 | 0 |
| 0 | 0 | 0 | 0 | 0 | 20 | 0 | 15 | 27 | 34 | |
| 10 | 10 | 9 | 8 | 8 | 6 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 141 | 197 | 233 | |
| Cash & Bank | 16 | 14 | 9 | 10 | 15 | 0 | 1 | 0 | 8 | 10 |
| 447 | 399 | 377 | 411 | 480 | 246 | 143 | 17 | 1 | 7 | |
| Total Assets | 690 | 637 | 602 | 753 | 792 | 338 | 201 | 222 | 457 | 592 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 70 | 93 | 22 | -7 | 23 | -1 | -4 | 4 | 10 | 45 | |
| Cash from Investing | -10 | -2 | -5 | 22 | -7 | 0 | 0 | -24 | -167 | -75 |
| Cash from Financing | -51 | -88 | -17 | -13 | -18 | 1 | 5 | 20 | 164 | 31 |
| 2 | -1 | -2 | 1 | -2 | -0 | 0 | -0 | 8 | 2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - Dolphin Offshore Enterprises (India) Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 25, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-25 - Dolphin Offshore Enterprises (India) Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 25, 2026
2026-08-19 - Significant movement in price has been observed in Dolphin Offshore Enterprises (India) Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Dolphin Offshore Enterprises (India) Limited has submitted their response.
2026-08-18 - Significant movement in price has been observed in Dolphin Offshore Enterprises (India) Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
2026-08-01 - Dolphin Offshore Enterprises (India) Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-31 - Dolphin Offshore Enterprises (India) Limited has informed the Exchange regarding ''.
2026-07-31 - Dolphin Offshore Enterprises (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 25, 2026
2026-07-28 - Dolphin Offshore Enterprises (India) Limited has informed the Exchange regarding 'Submission of OCR copy of Financials results for the quarter ended on 30th June, 2026'.
2026-07-26 - Dolphin Offshore Enterprises (India) Limited has informed the Exchange about Copy of Newspaper Publication
News
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