DOLPHIN
Dolphin Offshore Enterprises (India) share price & financials
- Price
- ₹377
- Market cap
- ₹2.6k Cr
- Sector
- Oil, Gas & Consumable Fuels
What Dolphin Offshore Enterprises (India) Limited does
Dolphin Offshore Enterprises (India) Limited is a Mumbai-registered oil & gas company (CIN activity code: extraction of crude petroleum and natural gas) listed on the BSE and NSE. It operates through two wholly owned overseas subsidiaries — Dolphin Offshore Enterprises (Mauritius) Private Limited and Beluga International DMCC, based in the UAE — that anchor its international operations. Several of its directors also serve on the boards of Deep Industries Limited and its onshore oilfield-services subsidiaries (Deep Energy Resources, Deep Exploration Services, Deep Onshore Drilling Services, Breitling Drilling and Deep Methane), reflecting common promoter-group ties to India's onshore drilling sector.
- Overseas subsidiaries
- 2 (Mauritius; UAE - DMCC)
- Stock exchange listings
- BSE (522261) and NSE (DOLPHIN)
- Registered CIN activity
- Extraction of crude petroleum and natural gas (CIN: L11101MH1979PLC021302)
- Affiliated promoter group
- Common directors with Deep Industries Limited and its onshore drilling/exploration subsidiaries
Quarterly results
Q1 FY27: revenue up 168.8%, net profit up 36.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17 | 28 | 20 | 16 | 25 +47% | 30 +7% | 45 +125% | 43 +169% |
| EBITDA | 13 | 16 | 11 | 16 | 22 +69% | 22 +38% | 12 +9% | 25 +56% |
| Net profit | 13 | 16 | 10 | 11 | 16 +23% | 13 −19% | 28 +180% | 15 +36% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +59.7% 1Y
1Y: ₹406.35 on 10 Sept 2025 → ₹649. High ₹720.4 (7 Sept 2026), low ₹332.9 (9 Dec 2025).
Financials, as filed
Revenue grew 307.1% a year over 2 years, FY24 to FY26. Operating margin widened to 62.1%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹7 Cr | ₹73 Cr | ₹116 Cr |
| Operating profit | ₹-3 Cr | ₹46 Cr | ₹72 Cr |
| Operating margin | -42.9% | 63.0% | 62.1% |
| Interest | ₹0 Cr | ₹1 Cr | ₹14 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹16 Cr |
| Net profit | ₹5 Cr | ₹47 Cr | ₹68 Cr |
| Net margin | 71.4% | 64.4% | 58.6% |
| Cash from operations | ₹4 Cr | ₹10 Cr | ₹45 Cr |
| Free cash flow | ₹9 Cr | ₹-160 Cr | ₹-28 Cr |
| ROCE | 1.0% | 15.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY18 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹17 Cr | ₹17 Cr | ₹3 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Reserves | ₹566 Cr | ₹25 Cr | ₹174 Cr | ₹217 Cr | ₹298 Cr | ₹349 Cr |
| Borrowings | ₹64 Cr | ₹131 Cr | ₹18 Cr | ₹1 Cr | ₹194 Cr | ₹203 Cr |
| Other liabilities | ₹146 Cr | ₹165 Cr | ₹6 Cr | ₹5 Cr | ₹27 Cr | ₹51 Cr |
| Total liabilities | ₹793 Cr | ₹338 Cr | ₹201 Cr | ₹227 Cr | ₹523 Cr | ₹608 Cr |
| Fixed assets | ₹289 Cr | ₹66 Cr | ₹58 Cr | ₹3 Cr | ₹286 Cr | ₹309 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹47 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹20 Cr | ₹0 Cr | ₹15 Cr | ₹32 Cr | ₹34 Cr |
| Other assets | ₹503 Cr | ₹253 Cr | ₹143 Cr | ₹164 Cr | ₹205 Cr | ₹265 Cr |
| Total assets | ₹793 Cr | ₹338 Cr | ₹201 Cr | ₹227 Cr | ₹523 Cr | ₹608 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 1% to 13,344.
- Promoters
- 75.0%
- FIIs
- 4.6%
- DIIs
- 0.3%
- Public
- 20.1%
Since Jun 2025
- Promoters 0.00 pp
- FIIs 0.00 pp
- DIIs 0.00 pp
How it drifted, 12 quarters
Over this window promoters fell from 95.0% to 75.0% — −20.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 95.0%, DIIs 2.0%, Public 3.0%.Dec '23: Promoters 75.0%, FIIs 12.8%, DIIs 1.6%, Public 10.6%.Mar '24: Promoters 75.0%, FIIs 12.8%, DIIs 1.6%, Public 10.6%.Jun '24: Promoters 75.0%, FIIs 12.8%, DIIs 1.6%, Public 10.6%.Sep '24: Promoters 75.0%, FIIs 12.8%, DIIs 1.6%, Public 10.6%.Dec '24: Promoters 75.0%, FIIs 12.8%, DIIs 1.6%, Public 10.6%.Mar '25: Promoters 75.0%, FIIs 4.6%, DIIs 1.5%, Public 19.0%.Jun '25: Promoters 75.0%, FIIs 4.6%, DIIs 0.3%, Public 20.1%.Sep '25: Promoters 75.0%, FIIs 4.6%, DIIs 0.3%, Public 20.1%.Dec '25: Promoters 75.0%, FIIs 4.6%, DIIs 0.3%, Public 20.1%.Mar '26: Promoters 75.0%, FIIs 4.6%, DIIs 0.3%, Public 20.1%.Jun '26: Promoters 75.0%, FIIs 4.6%, DIIs 0.3%, Public 20.1%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Dolphin Offshore Enterprises (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Deep Onshore Services Private Limited | 74.99% | unchanged |
| Krishang Vaibhav Shah | 4.00% | unchanged |
| Unico Global Opportunities Fund Limited FPI fund | 2.83% | unchanged |
| Pushpaben Gadhecha | 2.35% | unchanged |
| Ebisu Global Opportunities Fund Limited FPI fund | 1.74% | unchanged |
| Kinnari Vaibhav Shah | 1.50% | unchanged |
| Bela Himanshu Shah | 1.50% | unchanged |
| Monarch Networth Capital Limited | 1.26% | unchanged |
| Gadhecha Hasmukh Ugarchand (Huf) | 1.25% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Dolphin Offshore Enterprises (India) Limited
Guides on how to read this kind of business and the numbers that matter.