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

• Market Cap: ₹15.59B
• Dividend Yield: N/A
• Average Volume (3M): 368.00
• Price to Earnings (P/E): 30.4
• Beta (1Y): 0.70
• Revenue Growth: 481.64%
• EPS Growth: 258.51%
• Country: IN
• Employees: 878
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 2.83
• Shares Outstanding: 40,004,580
• 10 Day Avg. Volume: 116
• 30 Day Avg. Volume: 368
• 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

• Rating: 64 Neutral
• Price Target: ₹448.00 ▲(17.28% 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.

Dolphin Offshore Enterprises India Ltd. Business Overview & Revenue Model

Company Description

Dolphin Offshore Enterprises India Ltd. (DOLPHIN) is a leading provider of engineering, procurement, construction, and installation services in the offshore oil and gas industry. Operating primarily in India and internationally, the company specializes in delivering integrated solutions for offshore projects, including subsea pipeline installation, offshore platform construction, and maintenance services. DOLPHIN's core offerings also extend to marine logistics and support services, catering to the needs of oil and gas companies in various stages of exploration and production.

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 significant financial recovery with strong revenue and profit growth. The balance sheet reflects improved equity and manageable leverage, while cash flows indicate better operational efficiency. However, historical losses and high liabilities pose a risk 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	821.21M	740.19M	64.67M	0.00	0.00	153.56M
Gross Profit	556.04M	483.58M	36.46M	-75.08M	-135.22M	-117.50M
EBITDA	543.95M	458.82M	25.66M	-6.52M	-7.60M	-643.99M
Net Income	502.60M	464.80M	55.73M	361.08M	-142.82M	-849.64M
Balance Sheet
Total Assets	0.00	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	0.00	1.65B	11.63M	180.25M	1.31B	1.28B
Total Liabilities	-2.72B	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: 382.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 382 is below the 20-day moving average (MA) of 383.04, below the 50-day MA of 403.48, and below the 200-day MA of 383.83, indicating a bearish trend. The MACD of -5.85 indicates Negative momentum. The RSI at 41.62 is Neutral, neither overbought nor oversold. The STOCH value of 55.83 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
SEAMECLTD	69 Neutral	₹21.96B	18.84	―	―	-13.53%	-19.71%
HINDOILEXP	69 Neutral	₹21.34B	14.51	―	―	-49.37%	-26.26%
JINDRILL	69 Neutral	₹15.87B	6.66	―	0.17%	31.27%	187.19%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
DOLPHIN	64 Neutral	₹15.59B	30.35	―	―	481.64%	258.51%
DEEPINDS	52 Neutral	₹30.64B	17.44	―	0.64%	45.21%	-152.68%