Dolphin Offshore Enterprises (India) Limited (DOLPHIN)
₹554.05 -5.81% last close, 23 Oct
Snapshot
Dolphin Offshore Enterprises (India) Limited closed at ₹554.05 on 23 Oct 2026, 19.4% above its 200-day average, with an RSI(14) of 34.3 and a P/E of 30.92. On the daily chart it is in a range, with a technical score of 15/100 (strong bearish). In the quarter ended June 2026, revenue grew 167.8% and net profit grew 34.7% from a year earlier. The board meets on 31 Oct 2026 to consider the Q2 FY27 results. Data as of 23 Oct 2026.
Price
- Price
- ₹554.05
- Day change
- -5.81%
- Market Cap
- ₹2,216 Cr
- 52-week range
- ₹322.00 – ₹749.50
- From 52-week high
- -26.08%
Financials23 Oct 2026
- P/E
- 30.92
- P/B
- 6.28
- ROE
- 20.3%
- ROCE
- 15.0%
- Debt to Equity
- 0.58
- OPM
- 57.4%
- YoY qtr sales growth
- 167.8%
- YoY qtr profit growth
- 34.7%
- Dividend Yield
- 0.00%
Latest quarter Jun 2026 · Consolidated
Technicals23 Oct 2026
- Trend
- Range
- Technical score
- 15/100 · Strong bearish
- MACD
- Bearish
- RSI (14)
- 34.35
- ADX (14)
- 20.57
- SuperTrend
- Bearish
- vs 20-day SMA
- -12.64%
- vs 50-day SMA
- -12.20%
- vs 200-day SMA
- +19.35%
- RS rating
- 92.00
- Nearest support
- ₹497.00
- Nearest resistance
- ₹555.25
Exchange activity23 Oct 2026
- Delivery
- 45.54% vs 48.86% average
- Volume vs its average
- 0.6×
- Price band
- 1 band close in ~20 sessions
Events
- Next results
- 31 Oct 2026 (Q2 FY27)
- Latest results
- Q1 FY27, filed 24 Jul 2026
- Board meeting filing
- 24 Jul 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Q2 FY27 results
📅 Next results: 31 Oct 2026 (board meeting)Dolphin Offshore Enterprises (India) Limited's board meets on 31 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Dolphin Offshore's revenue was ₹42.8 Cr (+167.8% year on year, -4.8% on the previous quarter), and net profit ₹14.8 Cr (+34.7% year on year); the operating margin was 59.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹42.8 | +167.8% | -4.8% |
| Operating profit | ₹25.3 | +58.2% | +110.9% |
| Net profit | ₹14.8 | +34.7% | -47.1% |
| EPS (₹) | 3.70 | +30.7% | -47.7% |
| Operating margin | 59.1% | — | — |
DOLPHIN delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 45.54% of the DOLPHIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.86%. That is close to its usual level. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 52.5% · 49.5% · 65.5% · 46.6% · 45.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Dolphin Offshore Enterprises (India) Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd, dated October 3, 2026. It confirms that share certificates received for dematerialisation during the quarter were duly processed, verified, and cancelled. This filing is entirely procedural and has no impact on operations or earnings.
- Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
- Certificate received from RTA MUFG Intime India Private Limited dated October 3, 2026
- Filing submitted to BSE and NSE on October 8, 2026
Dolphin Offshore Enterprises (India) Limited has announced the closure of its trading window for Designated Persons and their immediate relatives starting October 01, 2026. This closure complies with SEBI (Prohibition of Insider Trading) Regulations, 2015 for the upcoming un-audited financial results for the quarter and half-year ending September 30, 2026. The window will remain closed until 48 hours after the declaration of the financial results. The specific date of the board meeting to review the results will be announced separately.
- Trading window closes on October 01, 2026
- Covers financial results for quarter and half-year ending September 30, 2026
- Trading reopens 48 hours post declaration of un-audited results
Dolphin Offshore Enterprises (India) Limited has submitted the Scrutinizer's Report and voting results for its 47th Annual General Meeting held on August 25, 2026. All 5 resolutions were approved with 100% of votes cast in favor. Key resolutions passed include the adoption of FY26 financial statements, approval of material related-party transactions for the company and its subsidiaries, and the re-appointment of Mr. Rupesh Kantilal Savla as Managing Director. Promoter voting stood at 100% participation on non-interested resolutions, while public non-institutional participation was 42.18%.
- 100% of valid votes were cast in favor across all 5 ordinary and special resolutions
- Resolution on re-appointment of Rupesh Kantilal Savla as Managing Director passed with 33,395,033 votes in favor and only 1 against
- Material Related Party Transactions approved by non-promoter public shareholders with 3,395,033 votes in favor (42.18% public turnout)
- Total shares eligible to vote stood at 40,004,580 based on the cut-off date of August 18, 2026
Dolphin Offshore Enterprises (India) Limited conducted its 47th Annual General Meeting on August 25, 2026. Key business items placed for voting included the adoption of FY26 audited standalone and consolidated financial statements, re-appointment of Mr. Rupesh Kantilal Savla as Managing Director, and approval of material related-party transactions for both the company and its subsidiaries. The FY26 auditor and secretarial reports contained no qualifications or adverse observations. Final voting results will be submitted separately.
- 47th AGM held on August 25, 2026 via Video Conferencing between 11:00 AM and 11:17 AM
- Re-appointment of Rupesh Kantilal Savla as Managing Director placed for shareholder approval
- Approval sought for Material Related Party Transactions at both parent and subsidiary levels
- Statutory and secretarial audit reports for FY26 reported zero qualifications or adverse remarks
Dolphin Offshore Enterprises (India) Limited responded on August 19, 2026, to an NSE surveillance inquiry dated August 18, 2026, regarding significant price movement in its shares. The company clarified that all material events and price-sensitive information under Regulation 30 of SEBI LODR Regulations have been disclosed within stipulated timelines. It confirmed there is no undisclosed information pending that could impact price or volume behaviour, noting the fluctuations are purely market-driven.
- Response issued to NSE surveillance query dated August 18, 2026 (Ref: NSE/CM/Surveillance/17368)
- Confirmed compliance with Regulation 30 of SEBI LODR disclosure norms
- Zero pending or undisclosed material price-sensitive information reported
- Attributed recent share price fluctuations to market dynamics
Dolphin Offshore Enterprises has announced its 47th Annual General Meeting (AGM) for August 25, 2026, to be held via video conferencing. The company has released its Annual Report for FY 2025-26, a period where revenue reached ₹115.62 Cr, up from ₹69.15 Cr in the previous year. Shareholders as of the cut-off date of August 18, 2026, will be eligible to vote on company resolutions. The e-voting period is scheduled from August 21 to August 24, 2026.
- 47th Annual General Meeting scheduled for August 25, 2026, at 11:00 AM IST
- Cut-off date for e-voting eligibility fixed as August 18, 2026
- E-voting window opens on August 21, 2026, and closes on August 24, 2026
- Book closure period set from August 19, 2026, to August 25, 2026
- FY26 Revenue of ₹115.62 Cr and PAT of ₹67.88 Cr to be discussed
Dolphin Offshore Enterprises (India) Limited has scheduled its 47th Annual General Meeting (AGM) for August 25, 2026. Key agenda items include the adoption of FY26 financial statements, where the company reported TTM revenue of ₹116 Cr and a PAT of ₹68 Cr. Shareholders will also vote on the re-appointment of Mr. Rupesh Kantilal Savla as Managing Director for a 5-year term and the approval of material Related Party Transactions (RPTs). The company is currently pursuing a ₹500 Cr fleet expansion, making governance and RPT oversight critical for investors.
- 47th Annual General Meeting scheduled for August 25, 2026, at 11:00 a.m. IST via Video Conferencing.
- Book closure for membership register set from August 19, 2026, to August 25, 2026.
- Cut-off date for e-voting eligibility fixed as August 18, 2026.
- Proposed re-appointment of Managing Director Rupesh Kantilal Savla for a 5-year term starting December 6, 2026.
- Seeking shareholder approval for Material Related Party Transactions for both the company and its subsidiaries.
Dolphin Offshore reported a strong start to FY27 with consolidated revenue reaching ₹42.85 Cr, a 160% increase from ₹16.44 Cr in Q1 FY26. Consolidated Net Profit grew 30.7% YoY to ₹14.81 Cr, despite an Expected Credit Loss (ECL) provision of ₹5.02 Cr. The company's Q1 revenue alone represents approximately 37% of its total TTM revenue, indicating significant scaling. Additionally, the company received in-principle approval for its new IFSC subsidiary, Beluga International, on July 10, 2026, marking progress in its international expansion strategy.
- Consolidated Revenue for Q1 FY27 stood at ₹42.85 Cr compared to ₹16.44 Cr in the previous year's quarter.
- Consolidated Net Profit increased to ₹14.81 Cr from ₹11.33 Cr in Q1 FY26.
- Recognized an Expected Credit Loss (ECL) provision of ₹5.02 Cr (₹502.18 lakhs) as of June 30, 2026.
- Earnings Per Share (EPS) improved to ₹3.70 from ₹2.83 in the corresponding quarter last year.
- New subsidiary Beluga International (IFSC) Private Limited received in-principle approval from IFSC on July 10, 2026.
The Board of Dolphin Offshore has approved the re-appointment of Mr. Rupesh Kantilal Savla as Managing Director for a five-year term, effective December 07, 2026. Mr. Savla brings over 29 years of experience in the energy sector and has been central to the company's recent operational turnaround. This leadership continuity is vital as the company pursues a significant Rs 500 Cr fleet expansion and targets a 130% growth rate. The appointment remains subject to shareholder approval at the upcoming Annual General Meeting.
- Re-appointment for a fixed term of 5 consecutive years.
- New tenure officially commences on December 07, 2026.
- Managing Director possesses over 29 years of specialized experience in the energy sector.
- Leadership continuity supports the planned Rs 500 Cr investment in 4 new offshore vessels.
Dolphin Offshore Enterprises (India) Limited has approved its un-audited financial results for the quarter ended June 30, 2026. The board also approved the re-appointment of Mr. Rupesh Kantilal Savla as Managing Director for a five-year term starting December 7, 2026. This leadership continuity is significant as the company manages its ongoing INR 500 Cr fleet expansion strategy. Mr. Savla brings over 29 years of experience in the energy sector to lead the company's 130% projected growth trajectory.
- Re-appointment of Mr. Rupesh Kantilal Savla as Managing Director for a 5-year term effective December 7, 2026.
- Approval of standalone and consolidated un-audited financial results for the quarter ended June 30, 2026.
- MD possesses over 29 years of experience in the energy sector and an MBA from Bentley College, USA.
- The company is currently pursuing a strategic INR 500 Cr fleet expansion involving 4 new vessels.
- Board meeting was conducted and concluded within 70 minutes (12:00 PM to 1:10 PM).
Dolphin Offshore Enterprises has incorporated a 100% subsidiary, Beluga International (IFSC) Private Limited, in GIFT City, Gujarat. The subsidiary received provisional registration on July 10, 2026, to operate in the ship and ocean vessel leasing business. The initial paid-up capital is ₹1.82 Cr, which is approximately 0.96% of the parent company's net worth of ₹190 Cr. This move provides a tax-efficient platform to support the company's broader ₹500 Cr fleet expansion strategy.
- Received provisional registration at GIFT City-IFSC on July 10, 2026, for ship leasing operations
- Authorized capital of ₹2,00,00,000 (₹2 Cr) divided into 2 crore equity shares
- Initial paid-up capital of ₹1,82,00,000 (₹1.82 Cr) to be infused via cash consideration
- 100% ownership and control held by Dolphin Offshore Enterprises (India) Limited
- Business focus on operating leases for ships, ocean vessels, and related equipment
Dolphin Offshore Enterprises (India) Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Registrar and Share Transfer Agent (RTA) MUFG Intime India Pvt. Ltd, confirms the processing of dematerialization requests for the quarter ended June 30, 2026. It verifies that physical share certificates received were mutilated, cancelled, and the names of depositories were substituted in the register. This is a standard administrative filing required for all listed entities in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by RTA MUFG Intime India Pvt. Ltd (formerly Link Intime)
- Verification that dematerialized securities are listed on the stock exchanges
- Physical certificates were mutilated and cancelled as per SEBI guidelines
Dolphin Offshore Enterprises (India) Limited has announced that its trading window will be closed starting July 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the un-audited financial results for the quarter ending June 30, 2026. The window will remain shut for designated persons and their relatives until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results is yet to be determined and will be shared in a future update.
- Trading window closure begins on July 01, 2026, for the quarter ending June 30, 2026.
- Restriction applies to all Designated Persons and their immediate relatives as per SEBI regulations.
- The window will reopen 48 hours after the announcement of the Q1 un-audited financial results.
- The board meeting date for financial result approval will be announced at a later date.
Deep Onshore Services Private Limited, the promoter of Dolphin Offshore Enterprises (India) Limited, has filed its annual disclosure under SEBI Takeover Regulations. The promoter confirms holding 3,00,00,000 equity shares, which constitutes 74.99% of the company's total equity. Crucially, the declaration states that no encumbrances or pledges were made on these shares, directly or indirectly, during the financial year ended March 31, 2026. This is a routine but important transparency filing for shareholders.
- Promoter Deep Onshore Services holds a significant 74.99% stake in Dolphin Offshore.
- Total shareholding reported is 3,00,00,000 equity shares as of March 31, 2026.
- Declaration confirms zero encumbrance (pledging) of promoter shares during the financial year.
- Compliance filed under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Dolphin Offshore Enterprises reported a significant financial turnaround in FY26, with annual net profit surging to ₹3,753.55 lakhs from ₹324.16 lakhs in FY25. The Q4 FY26 performance was particularly strong, posting a net profit of ₹2,697.21 lakhs, though this was significantly aided by a deferred tax asset recognition of ₹1,397.08 lakhs. Total annual income nearly doubled to ₹3,979.00 lakhs. Additionally, the company has re-appointed M/s. Manubhai & Shah LLP as its internal auditors for the 2026-27 financial year.
- Annual Net Profit surged to ₹37.54 crore in FY26 from ₹3.24 crore in the previous fiscal year.
- Q4 FY26 Total Income rose sharply to ₹20.99 crore compared to ₹4.87 crore in Q4 FY25.
- Recognized a one-time deferred tax asset of ₹13.97 crore in Q4 based on future taxable profit assessments.
- Management recognized an Expected Credit Loss (ECL) provision of ₹4.02 crore for the year ended March 31, 2026.
- M/s. Manubhai & Shah LLP re-appointed as Internal Auditors for the financial year 2026-27.
Company profilewritten 13 Dec 2025
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment: Offshore Support Services. Revenue from operations grew by 130% YoY, increasing from INR 6.47 Cr in FY 2023-24 to INR 14.88 Cr in FY 2024-25, driven by the refurbishment and deployment of key assets.
Geographic Revenue Split
While specific percentage splits are not disclosed, the company operates globally with a presence in India, Thailand, Mexico, Malaysia, Indonesia, and several African countries. A new subsidiary, Beluga International DMCC, was incorporated in Dubai in January 2024 to expand Middle Eastern operations.
Profitability Margins
Net Profit Margin (NPM) was recorded at 19.13% in Q1 FY24, a significant recovery from -31.34% in FY18. Operating Profit Margin (OPM) showed extreme volatility, reaching 123.77% in Q1 FY24 compared to -4.63% in FY18, reflecting the high-operating-leverage nature of vessel chartering.
EBITDA Margin
Operating Profit Margin was 18.19% in Q3 FY19 and improved to 123.77% in Q1 FY24. Core profitability is highly sensitive to vessel utilization rates; for instance, the Prabha Barge generates USD 30,000 per day net of opex.
Capital Expenditure
The company has planned a major capital investment of approximately INR 500 Cr over the next 12 to 15 months. This will be used to acquire two DSVs/PSVs and two Anchor Handling Tug Supply (AHTS) vessels to capitalize on rising offshore demand.
Credit Rating & Borrowing
CRISIL Ratings has withdrawn its ratings on DOEIL's bank facilities following the company's request and full repayment of dues. Previously, the group faced credit stress with ratings at 'CRISIL D' (Issuer Not Cooperating). Future borrowing for the INR 500 Cr expansion will be a mix of debt and equity.
Operational Drivers
Raw Materials
The business is service-oriented; primary 'raw' inputs are specialized vessels (DSVs, PSVs, AHTS), fuel (MGO), and specialized diving gases (Helium/Oxygen) for saturation diving. Vessel refurbishment costs are a major expense category.
Import Sources
Vessels are typically sourced or chartered globally; refurbishment activities were recently conducted in Indian shipyards. Specialized diving equipment and gases are often imported from global maritime hubs.
Key Suppliers
Not specifically named, but the company interacts with global shipyards for refurbishment and international vessel brokers for acquisitions.
Capacity Expansion
Current capacity includes the refurbished Prabha Barge (on a 3-year contract) and one AHTS vessel. Planned expansion includes adding 4 new vessels (2 DSVs/PSVs and 2 AHTS) within 15 months to meet the 130% growth in service demand.
Raw Material Costs
Not disclosed as a percentage of revenue, but the company notes that high capital costs for building and maintaining offshore vessels are a primary financial risk.
Manufacturing Efficiency
Efficiency is measured by vessel utilization and day rates. The Prabha Barge has achieved 100% utilization under its new 3-year contract.
Logistics & Distribution
Not applicable as services are provided on-site at offshore oil fields.
Strategic Growth
Expected Growth Rate
130%
Growth Strategy
Growth will be achieved through a strategic INR 500 Cr fleet expansion (4 new vessels), leveraging the 45-year brand reputation to secure long-term charters like the current 3-year Prabha Barge contract, and expanding the Dubai-based ship chartering business via Beluga International DMCC.
Products & Services
Integrated offshore services including air/mixed gas/saturation diving, underwater construction, vessel management, ship repairs, and barge chartering for the oil and gas industry.
Brand Portfolio
Dolphin Offshore Enterprises (India) Limited, Beluga International DMCC.
New Products/Services
Resumption of specialized diving and underwater construction services; new ship chartering services via the Dubai subsidiary expected to contribute significantly to future revenue.
Market Expansion
Targeting global oil and gas hubs with a focus on the Middle East (via Dubai) and existing markets in SE Asia and Africa.
Strategic Alliances
The company was acquired by Deep Onshore Services Private Limited (DOSPL), a subsidiary of Deep Industries Limited, providing strategic financial backing and operational synergies.
External Factors
Industry Trends
The industry is seeing a rise in demand for offshore support vessels due to renewed oil and gas exploration and offshore renewable energy projects. The company is positioning itself as a global integrated service provider to capture this 130% growth trend.
Competitive Landscape
Competes with global offshore service providers; competitive advantage stems from refurbished assets and the strategic backing of Deep Industries.
Competitive Moat
The moat is based on 45 years of specialized expertise in high-risk saturation diving and underwater engineering, which has high entry barriers due to safety requirements and capital intensity (INR 500 Cr for fleet).
Macro Economic Sensitivity
Highly sensitive to global oil prices and energy demand; economic downturns lead to reduced investment in offshore projects.
Consumer Behavior
Shift toward integrated 'turnkey' project requirements from oil majors rather than standalone vessel charters.
Geopolitical Risks
Operations in diverse regions like Africa and SE Asia expose the company to regional regulatory shifts and trade barriers.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI (LODR) Regulations 2015, Merchant Shipping Acts, and international maritime safety standards for diving and vessel operations.
Environmental Compliance
The company must comply with stringent maritime environmental protection standards and safety regulations for high-risk offshore operations.
Taxation Policy Impact
Standard corporate tax rates apply; the company operates through Mauritius and Dubai subsidiaries which may offer fiscal efficiencies for international chartering.
Risk Analysis
Key Uncertainties
Volatility in oil prices (High impact), liquidity risks associated with high capital expenditure (INR 500 Cr), and potential technological obsolescence of older vessels.
Geographic Concentration Risk
Historically diversified across India, SE Asia, and Africa, but currently expanding Middle East concentration via Dubai.
Third Party Dependencies
High dependency on oil and gas majors for long-term charter contracts.
Technology Obsolescence Risk
Older vessels may become obsolete due to new environmental regulations or advances in subsea technology, requiring costly upgrades.
Credit & Counterparty Risk
Receivables quality has improved as evidenced by the 128% change in the Debtors Turnover Ratio, though client concentration remains a risk.
