NSE: DOLPHIN · BSE: 522261
DOLPHIN OFF ENT (IND) L
Provides offshore support services for the oil and gas drilling sector under a single 'Oil and Gas Offshore Support Services' segment. FY26 consolidated revenue was Rs 11,642.04 lakhs, with net profit of Rs 6,853.79 lakhs and EBITDA margin of 77.13%. The cost mix is asset-heavy — depreciation accounts for 13.4% of revenue, materials 19.7%, and employee costs just 0.7% — indicating a capital-intensive model. Incorporated a new wholly-owned subsidiary, Beluga International (IFSC) Private Limited, at GIFT City in March 2026 to operate as a finance company leasing ships and ocean vessels; it is yet to start operations. In Q1 FY27, consolidated revenue jumped to Rs 4,284.65 lakhs from Rs 1,644.30 lakhs a year earlier. The auditor has repeatedly emphasised Expected Credit Loss provisions on aged trade receivables — Rs 904.95 lakhs consolidated for FY26 and Rs 1,110.49 lakhs for Q1 FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oil and Gas Offshore Support Services (100%). Asset-heavy, capital-intensive offshore oil and gas services business.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 0 | 6 | 74 | 116 |
| EBITDA (ex other income) | 44 | (2) | 46 | 72 |
| margin % | — | (29.9) | 62.0 | 62.2 |
| Owners' profit | 0 | 6 | 46 | 81 |
| EPS, as reported (₹) | 457.29 | 15.85 | 11.62 | 17.13 |
| ROE % · ROCE % | 20.4 · 20.6 | 2.5 · 0.5 | 17.1 · 11.2 | 19.4 · 13.3 |
| Debt / equity (x) | 0.10 | 0.00 | 0.60 | 0.57 |
| Cash from operations | (4) | 4 | 10 | 45 |
| Capex | 0 | 0 | (183) | (74) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17 | 29 | 20 | 16 | 25 | 30 | 45 | 43 |
| Profit before tax | 13 | 16 | 10 | 11 | 19 | 16 | 14 | 16 |
| Net profit | 13 | 16 | 10 | 11 | 16 | 13 | 28 | 15 |
| EPS (₹) | 3.23 | 3.89 | 2.61 | 2.83 | 3.90 | 3.32 | 7.08 | 3.70 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DOLPHIN OFF ENT (IND) L ◆ | 2,360 | 32.8 | 6.68 | 28.4 | 19.4 | 10.8 | — | 59.1 |
| JINDAL DRILLING IND. LTD | 1,460 | 7.6 | 0.80 | 4.0 | 11.6 | 11.1 | 20.2 | 40.3 |
| ALPHAGEO (INDIA) LIMITED | 148 | — | 0.58 | — | (5.5) | (7.4) | (4.8) | 27.6 |
| AAKASH EXPLORATION SER L | 81 | 15.6 | 1.35 | 5.5 | 2.2 | 2.6 | — | 10.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.8 | 21.8 | 11 of 15 | 29% |
| P/B | 6.7 | 1.5 | 15 of 15 | 0% |
| ROCE | 10.8 | 6.4 | 6 of 17 | 69% |
| ROE | 19.4 | 8.5 | 1 of 16 | 100% |
| Debt / Equity | 0.6 | 0.1 | 16 of 16 | 0% |
| EBITDA margin | 59.1 | 28.0 | 3 of 15 | 86% |
| Revenue growth | 160.6 | 45.2 | 1 of 15 | 100% |
| Profit growth | 30.7 | 37.6 | 9 of 16 | 47% |
| Market cap | 2360 | 2006 | 7 of 16 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board meeting set for October 2026 results | results | low | — | — |
| 8 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 21 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 26 Aug 2026 · All 5 resolutions passed at 47th AGM; MD Rupesh Savla re-appointed | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Dolphin Offshore 47th AGM held on Aug 25, 2026, 5 items transacted | board shareholder meetings | low | — | — |
| 19 Aug 2026 · DOLPHIN OFF ENT clarifies on price movement, says purely market driven | regulatory legal | high | — | — |
| 18 Aug 2026 · NSE seeks clarification from Dolphin Offshore on price movement | regulatory legal | medium | — | — |
| 1 Aug 2026 · Newspaper ad published for 47th AGM notice, e-voting and book closure | compliance | minimal | — | — |
| 31 Jul 2026 · 47th AGM scheduled for 25 August 2026 | board shareholder meetings | low | — | — |
| 31 Jul 2026 · Notice of 47th AGM and Annual Report FY 2025-26 with book closure and e-voting details | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.