Dolphin Offshore Enterprises (India) Limited

Energy — Oil & Gas Equipment & Services · NSE

₹658.00+₹23.85 (+3.76%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of Dolphin Offshore Enterprises (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Dolphin Offshore Enterprises (India) Limited provides offshore and marine services to the oil and gas industry in India.

IndustryOil & Gas Equipment & Services

SectorEnergy

Annual revenue₹116 Cr

How does it make money?

Turns over ₹116 Cr a year. Of every ₹100 of sales, about ₹59 reaches shareholders as profit, with ₹62 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are RELIANCE INDUSTRIES LTD, OIL AND NATURAL GAS CORP., BHARAT PETROLEUM CORP LT, INDIAN OIL CORP LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 13.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.4%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.04 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

75/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

35/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

36.6x

3Y Median

41.2x

40 monthly readings · mean 121.3x · range 3.7x–422.9x

Sector Median

6.9x

median of 4 sector peers

🟢Current valuation is approximately 11% below its 3y median of 41.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 432% above the peer median of 6.9x.

vs. its own history

Fair

41.2x median over 40 months · -11%

vs. sector peers

Expensive

6.9x median of 4 peers · +432%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

39.0x

PEG

1.53

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 20.6% to 13.3% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 1 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1027% over 3 years, from ₹18 Cr to ₹203 Cr.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 40.4x to 5.2x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹28 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 27% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 432% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 60%✓ 62.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Free cash flow remains positive✗ -₹28 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 10%✓ 13.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Interest cover stays above 4x✓ 5.2x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹2,632 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

36.6x

Fair

Fairly valued against the generic band

P/B Ratio

7.45x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹18

Profitable

Profitable on a per-share basis

ROE

19.4%

Strong

Strong capital efficiency

ROCE

13.3%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.57x

Low

Conservative leverage

Revenue Growth (YoY)

160.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

30.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹28 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

47.7%

Good

Healthy core-business profitability

Net Margin

50.4%

Good

Strong bottom-line conversion

Current Ratio

5.54

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.04

Defensive

Steadier than the market

52W Range Position

79%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

655.7 / 617.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

41.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	₹6 Cr	₹74 Cr	₹116 Cr	—
EBITDA	-₹1 Cr	₹3 Cr	₹47 Cr	₹72 Cr	—
EBITDA Margin	—	48.4%	62.9%	62.2%	—
PAT (Net Profit)	₹36 Cr	₹6 Cr	₹46 Cr	₹69 Cr	+23.8%
EPS	₹4.57	₹1.59	₹11.62	₹17.13	+55.3%
ROE	20.4%	2.5%	17.1%	19.4%	—
ROCE	20.6%	0.5%	11.2%	13.3%	—
Total Debt	₹18 Cr	₹1 Cr	₹165 Cr	₹203 Cr	+124.2%
Free Cash Flow	-₹4 Cr	₹4 Cr	-₹160 Cr	-₹28 Cr	—

🟢 EBITDA has turned positive, from -₹1 Cr to ₹72 Cr.

🟢 EBITDA Margin has risen from 48.4% to 62.2% over 3 years (+13.8 pts).

🟢 PAT (Net Profit) has grown at 23.8% a year over 3 years.

🟢 EPS has grown at 55.3% a year over 3 years.

🟡 ROE has held roughly flat at 19.4% over 3 years.

🔴 ROCE has fallen from 20.6% to 13.3% over 3 years (-7.3 pts).

🔴 Total Debt has grown at 124.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹608 Cr

Total Liabilities

₹254 Cr

Cash & Equivalents

₹10 Cr

Operating Cash Flow

₹45 Cr

Capex

-₹74 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

90.2%

Corporate Actions

Ex-Dividend Date

18 Jul 2013

Peer Comparison

Company	P/E	ROE
RELIANCE INDUSTRIES LTD	21.9x	8.3%
OIL AND NATURAL GAS CORP.	6.4x	11.7%
BHARAT PETROLEUM CORP LT	7.3x	17.1%
INDIAN OIL CORP LTD	5.3x	15.4%

Recent News

2 positive1 mixed3 general

DOLPHIN Stock Price and Chart — NSE:DOLPHIN

TradingView, 07 Sept

Dolphin Offshore Enterprises (India) Ltd. Share Price Rises

Univest, 17 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Dolphin Offshore Enterprises (India) (NSE:DOLPHIN) Has A Pretty Healthy Balance Sheet

Simply Wall Street, 24 Jan

Dolphin Offshore Enterprises (India) consolidated net profit rises 30.71% in the June 2026 quarter

Business Standard, 24 JulResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Dolphin Offshore Enterprises (India) Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Dolphin Offshore Slips 2.45% to ₹635.10 — DOLPHIN.NS Stalls at the Middle of Its Range - Dividend Arbitrage

siam.in, 16 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability

MiddlingFinancial Health

WeakValuation · Risk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑