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Dolphin Offshore Enterprises Q2 FY27 results: net profit up 20.2% to ₹18.76 crore, revenue up 77.6%
Dolphin Offshore Enterprises (India) Limited reported Q2 FY27 consolidated revenue of ₹43.73 crore for the July–September 2026 quarter, up 77.6% from ₹24.62 crore in the year-ago quarter. Net profit rose 20.2% to ₹18.76 crore and basic EPS was ₹4.69, while the EBITDA margin narrowed to 62.7% from 89.4%.
Key points
- Q2 FY27 consolidated revenue was ₹43.73 crore, up 77.6% from ₹24.62 crore in Q2 FY26 and up 2.1% from ₹42.85 crore in Q1 FY27.
- EBITDA rose to ₹27.40 crore from ₹22 crore a year earlier, but the EBITDA margin fell to 62.7% from 89.4%.
- Net profit for the quarter was ₹18.76 crore, up 20.2% year on year and 26.7% from ₹14.81 crore in the previous quarter; basic EPS was ₹4.69.
- For H1 FY27, revenue rose to ₹86.57 crore from ₹41.06 crore and net profit to ₹33.58 crore from ₹26.94 crore, with basic EPS of ₹8.39.
- Borrowings fell to ₹163.87 crore as of 30 September 2026 from ₹203.21 crore as of 31 March 2026, while cash rose to ₹24.2 crore from ₹9.91 crore.
How did Dolphin Offshore Enterprises perform in Q2 FY27?
Dolphin Offshore Enterprises reported consolidated revenue of ₹43.73 crore in Q2 FY27, against ₹24.62 crore in Q2 FY26 and ₹42.85 crore in Q1 FY27. Total income was ₹47.07 crore, up from ₹28.66 crore a year earlier and ₹42.88 crore in the previous quarter. On the standalone basis, revenue was ₹6.92 crore and net profit was ₹5.75 crore.
EBITDA for the quarter was ₹27.40 crore, against ₹22 crore in Q2 FY26 and ₹25.31 crore in Q1 FY27. The EBITDA margin was 62.7%, compared with 89.4% a year earlier and 59.1% in the previous quarter, a change of 3.6 percentage points sequentially.
Profit before tax rose to ₹21.98 crore from ₹18.98 crore in Q2 FY26 and ₹16.49 crore in Q1 FY27. Net profit for the quarter was ₹18.76 crore, against ₹15.61 crore a year earlier and ₹14.81 crore in the previous quarter, while basic EPS was ₹4.69 compared with ₹3.90 and ₹3.70 respectively. The net profit margin was 42.9%, down 20.5 percentage points from a year earlier.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 43.73 | 42.85 | 24.62 | +77.6% | +2.1% |
| Other income | 3.34 | 0.03 | 4.04 | −17.3% | +11033.3% |
| Total expenses | 25.09 | 26.39 | 9.68 | +159.2% | −4.9% |
| EBITDA | 27.40 | 25.31 | 22 | +24.5% | +8.3% |
| EBITDA margin | 62.7% | 59.1% | 89.4% | −26.7 pp | +3.6 pp |
| Profit before tax | 21.98 | 16.49 | 18.98 | +15.8% | +33.3% |
| Tax | 3.21 | 1.68 | 3.37 | −4.7% | +91.1% |
| Net profit | 18.76 | 14.81 | 15.61 | +20.2% | +26.7% |
| EPS (₹) | 4.69 | 3.70 | 3.90 | +20.3% | +26.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Dolphin Offshore Enterprises' costs and profit?
Total expenses rose to ₹25.09 crore in Q2 FY27 from ₹9.68 crore in Q2 FY26, an increase of ₹15.41 crore or 159.2%. Cost of materials consumed was ₹10.50 crore against ₹0.88 crore, a difference of ₹9.62 crore, while other expenses were ₹5.53 crore against ₹1.66 crore, a difference of ₹3.87 crore. Depreciation rose to ₹4.98 crore from ₹3.77 crore, employee cost to ₹0.29 crore from ₹0.08 crore, and finance costs to ₹3.79 crore from ₹3.30 crore.
Other income was ₹3.34 crore in Q2 FY27, down ₹0.70 crore from ₹4.04 crore in Q2 FY26 but up ₹3.31 crore from ₹0.03 crore in Q1 FY27. There was no exceptional item in any of the three quarters. Tax expense was ₹3.21 crore, down ₹0.16 crore from ₹3.37 crore a year earlier and up ₹1.53 crore from ₹1.68 crore in the previous quarter. Against Q1 FY27, total expenses were lower by ₹1.30 crore, with other expenses down ₹1.42 crore and finance costs down ₹0.17 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 10.50 | 0.88 | +9.62 | +1093.2% |
| Employee cost | 0.29 | 0.08 | +0.21 | +262.5% |
| Finance costs | 3.79 | 3.30 | +0.49 | +14.8% |
| Depreciation | 4.98 | 3.77 | +1.21 | +32.1% |
| Other expenses | 5.53 | 1.66 | +3.87 | +233.1% |
| Total expenses | 25.09 | 9.68 | +15.41 | +159.2% |
| Other income | 3.34 | 4.04 | −0.70 | −17.3% |
| Tax | 3.21 | 3.37 | −0.16 | −4.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹86.57 crore, up from ₹41.06 crore in H1 FY26, a difference of ₹45.51 crore or 110.8%. Total income rose to ₹89.95 crore from ₹45.11 crore, an increase of ₹44.84 crore or 99.4%.
Profit before tax for H1 FY27 was ₹38.47 crore against ₹29.79 crore in H1 FY26, a difference of ₹8.68 crore or 29.1%. Net profit was ₹33.58 crore compared with ₹26.94 crore, up ₹6.64 crore or 24.6%, and basic EPS was ₹8.39 against ₹6.73, a difference of ₹1.66 or 24.7%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 86.57 | 41.06 | +110.8% |
| Profit before tax | 38.47 | 29.79 | +29.1% |
| Net profit | 33.58 | 26.94 | +24.6% |
| EPS (₹) | 8.39 | 6.73 | +24.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets stood at ₹611.6 crore against ₹607.69 crore as of 31 March 2026, and total equity was ₹389.48 crore compared with ₹353.43 crore. Borrowings fell to ₹163.87 crore from ₹203.21 crore, while cash rose to ₹24.2 crore from ₹9.91 crore. Trade receivables were ₹197.76 crore against ₹232.67 crore, and trade payables were ₹20.64 crore against ₹18.84 crore.
For H1 FY27, net cash from operating activities was ₹89.86 crore, against ₹33.65 crore in H1 FY26. Investing cash flow was negative ₹35.64 crore compared with negative ₹65.66 crore a year earlier, and financing cash flow was negative ₹39.93 crore against positive ₹25.84 crore. Capital expenditure was ₹2.08 crore for H1 FY27, compared with ₹66.36 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 611.60 | 607.69 |
| Total equity | 389.48 | 353.43 |
| Borrowings | 163.87 | 203.21 |
| Cash and equivalents | 24.20 | 9.91 |
| Inventories | 0 | 0 |
| Trade receivables | 197.76 | 232.67 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 89.86 | 33.65 |
| Cash from investing | −35.64 | −65.66 |
| Cash from financing | −39.93 | 25.84 |
| Capital expenditure | 2.08 | 66.36 |
Source: Company's results filing (XBRL).
How has Dolphin Offshore Enterprises done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters. It bottomed at ₹16.44 crore in Q1 FY26, and has since climbed to ₹45.36 crore in Q4 FY26, easing to ₹42.85 crore in Q1 FY27 before reaching ₹43.73 crore in Q2 FY27. Profit rose year on year in each of the last three quarters, from ₹15.61 crore in Q2 FY26 to ₹28.33 crore in Q4 FY26, then falling to ₹14.81 crore in Q1 FY27 and recovering to ₹18.76 crore.
The EBITDA margin has been volatile, reaching 95.0% in Q1 FY26 and falling to 27.1% in Q4 FY26 before recovering to 59.1% in Q1 FY27 and 62.7% in Q2 FY27. The current quarter therefore combines the highest revenue in the series with a margin below the levels recorded a year earlier.
What did the auditors point out?
Mahendra N. Shah & Co issued a limited review report on the standalone and consolidated results for the quarter and half year ended 30 September 2026. The auditors stated that nothing came to their attention causing them to believe the statement had not disclosed the information required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, or that it contained any material misstatement. They noted that a review is substantially less in scope than an audit and that they do not express an audit opinion.
How did Dolphin Offshore Enterprises shares react?
The filing appeared after market hours, and the stock was up 1.7% on the reaction day from its previous close of ₹606.00, against a median move of 1.7% for the industry's other stocks, a difference of 0.1 percentage points. From the price when the filing appeared, the stock was down 0.1% after 5 minutes, up 1.8% after 15 minutes and up 2.5% after 30 minutes. By the next day's close it was up 2.3% from the pre-results close.
Earlier results-day moves have been mixed: the stock fell 5.8% on 24 July 2026, rose 4.6% on 5 May 2026, fell 6.8% on 29 January 2026, rose 18.8% on 1 November 2025 and fell 0.6% on 22 July 2025.
| After the filing | Stock | Oil median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | +1.8% | |
| 30 minutes | +2.5% | |
| Reaction day | +1.7% | +1.7% |
| Next day | +2.3% | −0.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | −5.8% |
| 5 May 2026 | +4.6% |
| 29 January 2026 | −6.8% |
| 1 November 2025 | +18.8% |
| 22 July 2025 | −0.6% |
| 28 April 2025 | +2.0% |
| 27 January 2025 | −2.9% |
| 25 October 2024 | +4.1% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Dolphin Offshore Enterprises' revenue in Q2 FY27?
Revenue from operations was ₹43.73 crore, up 77.6% from ₹24.62 crore in Q2 FY26 (consolidated).
Did Dolphin Offshore Enterprises make a profit in Q2 FY27?
Yes. Net profit was ₹18.76 crore, against a net profit of ₹15.61 crore in Q2 FY26.
What was Dolphin Offshore Enterprises' EPS in Q2 FY27?
Basic earnings per share were ₹4.69, against ₹3.90 in Q2 FY26.
How did Dolphin Offshore Enterprises shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.7% from the previous close; the median Oil stock moved +1.7%.
When did Dolphin Offshore Enterprises announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Meeting Of Board Of Directors (BSE, 24 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 31 October 2026) · PDF
- Results For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 31 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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