Duke Offshore Limited

Energy — Oil & Gas Equipment & Services · BSE

₹108.70+₹2.13 (+2.00%)

DalalBaazaar Score

35 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The company is currently losing money. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

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

What does this company do?

Duke Offshore Limited engages in offshore business in India.

IndustryOil & Gas Equipment & Services

SectorEnergy

Employees3

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 -14.4% 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 ROE15.3%

DalalBaazaar Score

35/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking
✗ P/B of 25.44x is a steep premium to book

Quality vs. Valuation

Company Quality

38/ 100

Weak

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

Valuation

21/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 23% over 3 years.
Return on capital is rising
ROCE has improved from -20.5% to -14.4%.

🔴 What Needs Attention1

Return on equity is falling
ROE has dropped from -7.7% to -15.5% — each rupee of shareholder capital earns less than it did.

Red Flags

5 items require attention · 3 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 5.97x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only -37.6x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.72 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 23% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 5.97x. Interest is payable whether or not the business has a good year.
Returns on shareholder capital are falling
ROE has dropped from -7.7% to -15.5%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
2Interest cover stays above 3x✗ -37.6x
How much operating profit can fall before interest stops being comfortably covered.
3ROCE stays above 8%✗ -14.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 10 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)
✓ 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

1 good · 3 neutral · 7 weak

Market Cap

₹107 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

25.44x

Rich

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

EPS (TTM)

₹-0.59

Loss-making

Negative earnings per share — the business is losing money

ROE

-15.5%

Weak

Weak capital efficiency

ROCE

-14.4%

Weak

Low return on total capital employed

Debt/Equity

5.97x

High

High leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

70.5%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-563.9%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.72

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.45

Defensive

Steadier than the market

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

90.7 / 69.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3 Cr	₹4 Cr	₹0 Cr	—	—
EBITDA	-₹0 Cr	₹1 Cr	-₹1 Cr	-₹2 Cr	—
EBITDA Margin	-12.7%	31.1%	-1902.2%	—	—
PAT (Net Profit)	-₹0 Cr	₹1 Cr	-₹2 Cr	-₹1 Cr	—
EPS	₹-0.46	₹1.26	₹-2.23	₹-0.66	—
ROE	-7.7%	17.5%	-45.5%	-15.5%	—
ROCE	-20.5%	5.5%	-42.7%	-14.4%	—
Total Debt	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-8.3%
Free Cash Flow	₹0 Cr	₹0 Cr	-₹0 Cr	-₹0 Cr	—

🔴 ROE has fallen from -7.7% to -15.5% over 3 years (-7.8 pts).

🟢 ROCE has risen from -20.5% to -14.4% over 3 years (+6.1 pts).

🟢 Total Debt has shrunk at 8.3% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹5 Cr

Total Liabilities

₹1 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.4%

Corporate Actions

Ex-Dividend Date

19 Sept 2017

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	15.3%

Recent News

6 general

Duke Offshore Upper Circuit Today: Price, Data and Peers

Univest, 17 Oct

Duke Offshore open offer reminder urges physical shareholders to act before Aug 19

scanx.trade, 11 Aug

Duke Offshore Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Duke Offshore: Aspect Global Takes Control, Open Offer Gets No Shares

Kalkine India, 12 Oct

Aspect Global's Duke Offshore open offer draws zero takers, stake holds at 70.61%

Dealroom, 06 Aug

Duke Offshore Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

3 of 3 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑