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Swing Capital

Dolphin Offshore Enterprises (India) Ltd

NSE: DOLPHIN BSE: 522261

Incorporated in 1979, Dolphin Offshore Enterprises Ltd providing services to the offshore oil and gas industry[1]

₹412
52W: ₹322 — ₹506
PE 43.9 · Book ₹47.5 · +767% vs book
Market Cap₹1,646 Cr
Stock P/E43.9Price to Earnings
ROCE11.8%Return on Capital
ROE21.9%Return on Equity
Div. Yield0%Face Value ₹1

Weaknesses

  • −Stock is trading at 8.58 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Tax rate seems low
  • −Company has a low return on equity of 10.5% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Earnings include an other income of Rs.28.1 Cr.
  • −Company has high debtors of 3,521 days.

Shareholding Pattern

Promoters74.99%
FIIs4.58%
DIIs0.31%
Public20.13%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.99%74.99%74.99%74.99%74.99%74.99%74.99%74.99%
FIIs12.82%12.82%12.82%4.57%▼8.34.57%4.57%4.57%4.58%▲0.0
DIIs1.58%1.6%▲0.01.6%1.47%▼0.10.31%▼1.20.31%0.31%0.31%
Public10.62%10.6%▼0.010.59%▼0.018.96%▲8.420.13%▲1.220.12%▼0.020.13%▲0.020.13%

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales22001140065
Expenses1701950105
Operating Profit1-50-12-10051
OPM %40%-245%0%0%18%-31%10%-22%94%11%
Net Profit02103014627
EPS ₹0.110.410.25-0.010.69-0.120.310.881.456.74

AI Insights

Revenue Trend

Mar 2026 revenue at ₹12Cr, down 20% YoY. OPM at 50%.

Debt Position

Borrowings at ₹185Cr. Debt-to-equity ratio: 0.99x. Moderate leverage.

Institutional Flow

DIIs: 0.31% (-1.69pp change). FIIs: 4.58% (+4.58pp change). Promoters hold 74.99%.

Margin & Efficiency

ROCE improving from 11% (Mar 2012) to 12% (Mar 2026). Working capital days: 3579.

Valuation

PE 43.9x with 11.8% ROCE. Price is 767% above book value of ₹47.5. Dividend yield: 0%.

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