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Dolphin Offshore Enterprises India Ltd.
(DOLPHIN)
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Rating:64Neutral
Price Target:
₹591.00
▼(-3.89% Downside)
Action:Reiterated
Date:08/19/26
The score is mainly shaped by strong recent earnings and improving balance-sheet health, tempered by weak cash generation (negative free cash flow). Technicals remain supportive due to a strong uptrend, but very overextended momentum increases near-term pullback risk. Valuation is a modest drag due to the high P/E and no dividend support.
Positive Factors
Accelerating Revenue Growth
Accelerating revenue growth indicates improving demand for Dolphin’s offshore oil and gas services and stronger business momentum. If sustained, the larger revenue base can support better utilization, operating leverage, and reinvestment in specialized marine and subsea capabilities over the coming quarters.
Negative Factors
Negative Free Cash Flow
Negative free cash flow means recent earnings are not converting fully into cash available for debt reduction, reinvestment, or shareholder returns. Although the outflow improved in FY2026, continued cash conversion weakness can reduce financial flexibility and increase reliance on funding or working-capital improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Revenue Growth
Accelerating revenue growth indicates improving demand for Dolphin’s offshore oil and gas services and stronger business momentum. If sustained, the larger revenue base can support better utilization, operating leverage, and reinvestment in specialized marine and subsea capabilities over the coming quarters.
Read all positive factors
Dolphin Offshore Enterprises India Ltd. (DOLPHIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹24.28B
Dividend Yield1.83%
Average Volume (3M)2.34K
Price to Earnings (P/E)33.8
Beta (1Y)1.04
Revenue Growth73.92%
EPS Growth43.29%
CountryIN
Employees878
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)18.00
Shares Outstanding40,004,580
10 Day Avg. Volume1,107
30 Day Avg. Volume2,343
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, established in Mumbai in 1979, provides a comprehensive suite of offshore and marine services for India's oil and gas sector. Its offerings include specialized underwater operations such as air, mixed ...
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 | 1.43B | 1.16B | 740.19M | 64.67M | 0.00 | 0.00 |
| Gross Profit | 907.22M | 770.33M | 483.58M | 34.09M | -75.08M | -135.22M |
| EBITDA | 829.55M | 897.96M | 458.82M | 25.66M | -6.52M | -7.60M |
| Net Income | 720.20M | 685.38M | 464.80M | 55.73M | 361.08M | -142.82M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 6.08B | 4.61B | 2.27B | 2.01B | 3.38B |
| Cash, Cash Equivalents and Short-Term Investments | 437.56M | 437.56M | 358.03M | 148.45M | 6.45M | 1.95M |
| Total Debt | 0.00 | 2.03B | 1.65B | 11.63M | 180.25M | 1.31B |
| Total Liabilities | -3.53B | 2.54B | 1.89B | 61.33M | 236.25M | 2.96B |
| Stockholders Equity | 3.53B | 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
Positive
614.90
Price Trends
637.35
Negative
519.51
Positive
467.36
Positive
Market Momentum
-10.28
Positive
47.81
Neutral
52.07
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 614.9 is below the 20-day moving average (MA) of 617.97, below the 50-day MA of 637.35, and above the 200-day MA of 467.36, indicating a neutral trend. The MACD of -10.28 indicates Positive momentum. The RSI at 47.81 is Neutral, neither overbought nor oversold. The STOCH value of 52.07 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | ₹14.37B | 7.48 | ― | 0.20% | 11.72% | -19.52% | |
73 Outperform | ₹3.50B | 17.16 | ― | 1.05% | 26.40% | 48.98% | |
66 Neutral | ₹20.05B | 32.50 | ― | 0.31% | 82.01% | 22.46% | |
64 Neutral | ₹24.28B | 33.82 | ― | 1.83% | 73.92% | 43.29% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | ₹1.56B | -339.93 | ― | 2.04% | 8.64% | 95.08% | |
43 Neutral | ₹1.58B | -4.47 | ― | ― | -1.58% | -779.21% |
* General Sector Average
IN:DOLPHIN
Dolphin Offshore Enterprises India Ltd.
607.00
241.00
65.85%
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Alphageo (India) Ltd.
244.65
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IN:ASIANENE
Asian Energy Services Limited
408.80
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IN:GLOBALVECT
Global Vectra Helicorp Limited
112.90
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IN:JINDRILL
Jindal Drilling & Industries Ltd.
495.90
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IN:UNIDT
United Drilling Tools Limited
172.20
-31.24
-15.35%
Dolphin Offshore Enterprises India Ltd. Corporate Events
Dolphin Offshore Announces 47th AGM, E-Voting and Book Closure Details
Aug 1, 2026
Dolphin Offshore Enterprises (India) Ltd. has published newspaper advertisements in English and Marathi announcing its 47th Annual General Meeting, scheduled for Tuesday, 25 August 2026. The notices also outline details of e-voting arrangements an...
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.