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Dolphin Offshore Enterprises (India) (DOLPHIN) had a P/E of 33.9× on 6 Nov 2026, above the industry P/E of 28.7×, and the shares are 15% below their 52-week high. It earns ROCE of 13% and ROE of 22%, and net profit grew 24% a year over 3 years. Debt is 0.42× equity. It is a small-cap company with a market cap of ₹2,548 Cr, ranked 2nd of 12 Oil & Gas Equipment & Services companies by market cap; the shares rose 59% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹648.05
Day high
₹650.00
Day low
₹625.70
Prev. close
₹653.85
Volume
14.2K

Health check

3 good · 1 fair · 2 to check
  • ReturnsAhead

    +58.6% over a year, better than 5 of 7 peers.

  • Price tagPricier

    P/E 33.9 vs industry 28.7.

  • GrowthSlow

    Profit +23.8% a year over 3 years.

  • ProfitabilityAverage

    ROCE 13.3% vs peer median 13.3%.

  • Balance sheetSolid

    Debt 0.42× equity, interest covered 5.2×, Piotroski 7 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Oil & Gas Equipment & Services

11 listed peers. Screen the industry

Small cap

₹2,548 Cr, #2 of 12 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Sep 2026: sales ₹162 Cr · profit ₹75 Cr
Market cap
₹2,548 Cr
Small cap
P/E
33.9
Industry 28.7
Price to book
6.54
Peers 3.14
Dividend yield
0.00%
ROE
21.7%
Peers 15.0%
ROCE
13.3%
Peers 13.3%
Debt to equity
0.42
Debt ₹164 Cr
EPS (TTM)
₹18.79
Face value ₹1
OPM (TTM)
42.0%
Net margin 46.4%
Sales growth
+77.6%
Latest quarter vs a year ago
Profit growth
+20.2%
Latest quarter vs a year ago
Price to sales
15.73
EV/EBITDA 29.9

Strengths and risks

Strengths

  • Return on equity of 21.7%.
  • Quarterly profit up 20.2% on a year ago.
  • Quarterly sales up 77.6% on a year ago.
  • Net margin of 46.4%.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Dolphin Offshore Enterprises (India)

Dolphin Offshore Enterprises (India) Limited provides offshore and marine services to the oil and gas industry in India. The company offers diving and underwater services, including underwater construction services entailing modification and redevelopment of existing offshore facilities; pre-engineering surveys; diving support for pipe laying and pipeline stabilization; inspection, maintenance, and repair of platforms; installation and replacement of…

Headquarters
Mumbai
Sector
Energy
ISIN
INE920A01037
Website
dolphinoffshore.com

Price range

52 weeks

₹322.00₹749.50

Today

₹625.70₹650.00
Avg volume (3M)
85.7K
1-year return
plus 58.6%
From 52-week high
minus 15.0%

Peers · Oil & Gas Equipment & Services

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
AEGISVOPAKAegis Vopak Terminals246.50plus 4.17%27,31296.344.77.9%52.6%0.9037.7%minus 13.7%
DOLPHINDolphin Offshore Enterprises (India)636.85minus 2.60%2,54833.937.413.3%44.7%0.42–plus 58.6%
ASIANENEAsian Energy Services401.65plus 0.34%1,95531.821.713.3%9.1%0.2693.4%plus 16.5%
JINDRILLJindal Drilling And Industries515.30minus 0.64%1,4937.83.813.3%21.8%0.0524.8%minus 11.3%
LIKHITHALikhitha Infrastructure211.45minus 2.47%83525.513.8–11.0%0.007.8%minus 8.8%
SOUTHWESTSouth West Pinnacle Exploration176.40minus 8.42%57613.510.822.7%20.8%0.3925.0%plus 7.2%
CRYOGENICCryogenic OGS374.45plus 4.99%53546.145.021.5%23.6%0.1422.8%plus 64.4%
TRISHAKTTrishakti Industries289.05minus 4.71%48833.127.111.6%29.6%1.9113.4%plus 113.0%
Median of 7 peers–−0.64%83531.821.713.3%21.8%0.2624.8%7.2%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
24.63045.442.843.7
6.412.13822.421.3
18.217.97.320.422.4
74.1%59.6%16.2%47.7%51.3%
41.711.703.3
3.33.64.943.8
191614.116.522
17.8%16.9%−100.2%10.2%14.6%
15.613.328.314.818.8
3.903.327.083.704.69

Profit & loss

Yearly, ₹ crore
Profit CAGR 3Y
+23.8%
EPS CAGR 3Y
+55.3%
ROE
21.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
–6.574116
––+1044.5%+57.3%
–4.228.144
−0.72.345.972.4
–35.4%62.0%62.2%
−00.80.70
0.40.91.214.2
7.51.40.215.6
44.7−0.62.417.4
36.10.347.659.9
–−2014.9%2.3%−14.4%
36.15.646.568.5
–minus 84.6%+734.0%+47.5%
4.571.5911.6217.13

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
3.2444
174217268349
181.2165203
5.652451.1
201227461608
57.749.2223309
–46.5222–
0.614.835.743.7
143117−18.9255
201227461608

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
−4.43.510.545.3
0.1−23.6−167−74.9
4.819.616431.1
0.4−0.58.21.5
––−170−73.5
−4.43.5−160−28.2

Shareholding pattern

Source: NSE filings
75.0%
promoters
  • Promoters74.99%
  • Public25.01%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202674.99%25.01%0.00
30 Jun 202674.99%25.01%0.00
31 Mar 202674.99%25.01%0.00
31 Dec 202574.99%25.01%0.00
30 Sep 202574.99%25.01%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you