Dolphin Offshore Enterprises (India) Ltd: Intrinsic Value & Share Price Analysis

Q: What is the current share price and 52-week range of Dolphin Offshore Enterprises (India) Ltd?

Dolphin Offshore Enterprises (India) Ltd is trading at 403.00 as of 14 April 2026, with a FY2026-2027 high of 506 and low of 297. The stock is currently in the middle of its 52-week range. Market cap stands at 1,612 Cr..

Q: Is Dolphin Offshore Enterprises (India) Ltd financially healthy?

Key indicators: ROCE of 14.7 % is moderate. Dividend yield is 0.00 %.

Fair Value

₹366.36Fairly Valued by 9.09%vs CMP ₹403.00

P/E (31.8) × ROE (18.7%) × BV (₹75.50) × DY (2.00%)

₹225.73Overvalued by 43.99%vs CMP ₹403.00

MoS: -78.5% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹625.52	24%	Under (+55.2%)
Graham Number	Earnings	₹146.65	14%	Over (-63.6%)
Earnings Power	Earnings	₹19.56	12%	Over (-95.1%)
DCF	Cash Flow	₹264.31	12%	Over (-34.4%)
Net Asset Value	Assets	₹75.50	8%	Over (-81.3%)
EV/EBITDA	Enterprise	₹43.50	10%	Over (-89.2%)
Earnings Yield	Earnings	₹126.60	8%	Over (-68.6%)
ROCE Capital	Returns	₹8.58	8%	Over (-97.9%)
Revenue Multiple	Revenue	₹18.50	6%	Over (-95.4%)
Consensus (9 models)		₹225.73	100%	Overvalued

Key Drivers: EPS CAGR 70.7% lifts DCF — verify sustainability. | Wide model spread (₹9–₹626) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 70.7%

*Investments are subject to market risks

Investment Snapshot

Dolphin Offshore Enterprises (India) Ltd scores 74/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health75/100 · Strong

ROCE 14.7% GoodROE 18.7% ExcellentD/E 0.10 Low debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed

Smart Money40/100 · Moderate

FII holding stable No changeDII holding down 1.16% MF sellingPromoter holding at 75.0% Stable

Earnings Quality55/100 · Moderate

OPM expanding (0% → 49%) ImprovingWorking capital: 857 days Capital intensive

Quarterly Momentum100/100 · Strong

Revenue (4Q): +65% YoY AcceleratingProfit (4Q): +32% YoY StrongOPM: 75.0% (up 20.0% YoY) Margin expansion

Industry Rank90/100 · Strong

P/E 31.8 vs industry 93.4 Cheaper than peersROCE 14.7% vs industry 10.6% Above peersROE 18.7% vs industry 9.9% Above peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:29 am

Market Cap	1,612 Cr.
Current Price	403
Intrinsic Value	₹225.73
High / Low	506/297
Stock P/E	31.8
Book Value	75.5
Dividend Yield	0.00 %
ROCE	14.7 %
ROE	18.7 %
Face Value	1.00
PEG Ratio	0.45

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Dolphin Offshore Enterprises (India) Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Dolphin Offshore Enterprises (India) Ltd	1,612 Cr.	403	506/297	31.8	75.5	0.00 %	14.7 %	18.7 %	1.00
Hindustan Oil Exploration Company Ltd	1,620 Cr.	123	199/118	21.8	103	0.00 %	12.3 %	11.8 %	10.0
Jindal Drilling & Industries Ltd	1,378 Cr.	476	887/440	7.12	511	0.21 %	13.8 %	11.1 %	5.00
Gujarat Natural Resources Ltd	1,176 Cr.	91.6	114/30.5	162	14.1	0.00 %	0.56 %	2.87 %	10.0
Deep Energy Resources Ltd	999 Cr.	312	/	694	121	0.00 %	0.39 %	0.35 %	10.0
Industry Average	37,995.83 Cr	387.82		93.43	600.59	1.02%	10.56%	9.87%	6.85

All Competitor Stocks of Dolphin Offshore Enterprises (India) Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	0	0	1	2	2	2	8	17	28	20	16	25	30
Expenses	1	0	1	1	1	7	2	4	13	9	1	3	8
Operating Profit	-1	-0	-0	1	1	-5	6	13	16	11	16	22	22
OPM %			-23%	42%	40%	-253%	74%	76%	55%	55%	95%	89%	75%
Other Income	-0	45	1	3	0	2	2	0	1	-0	0	4	2
Interest	0	0	0	0	0	0	0	0	0	1	2	3	4
Depreciation	2	2	0	0	0	0	0	0	0	0	2	4	5
Profit before tax	-3	42	0	4	0	-4	8	13	16	10	11	19	16
Tax %	0%	0%	0%	0%	0%	-138%	5%	-1%	6%	-2%	-5%	18%	17%
Net Profit	-3	42	0	4	0	1	8	13	16	10	11	16	13
EPS in Rs	-0.16	13.40	0.04	1.12	0.11	0.36	1.89	3.23	3.89	2.61	2.83	3.90	3.32

Last Updated: February 2, 2026, 6:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 4:00 am

Metric	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	304	200	416	358	196	158	208	168	0	0	6	74	92
Expenses	271	201	334	230	104	91	163	128	1	1	4	28	20
Operating Profit	34	-1	82	128	93	67	44	40	-1	-1	2	46	71
OPM %	11%	-0%	20%	36%	47%	42%	21%	24%			35%	62%	78%
Other Income	22	47	15	-24	-18	10	-3	1	0	45	0	3	6
Interest	18	21	23	21	15	12	10	13	0	0	1	1	10
Depreciation	10	13	19	21	22	21	42	36	14	8	1	0	11
Profit before tax	27	12	55	62	38	44	-12	-8	-14	36	0	48	56
Tax %	41%	63%	14%	2%	6%	8%	-5%	12%	0%	0%	-2,042%	2%
Net Profit	16	4	47	61	36	41	-11	-9	-14	36	6	46	51
EPS in Rs	0.96	0.26	2.81	3.63	2.13	2.45	-0.66	-0.51	-0.85	11.43	1.39	11.62	12.66
Dividend Payout %	16%	59%	5%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2011-2012	2012-2013	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-75.00%	1075.00%	29.79%	-40.98%	13.89%	-126.83%	18.18%	357.14%	-83.33%	666.67%
Change in YoY Net Profit Growth (%)	0.00%	1150.00%	-1045.21%	-70.77%	54.87%	-140.72%	145.01%	338.96%	-440.48%	750.00%

Dolphin Offshore Enterprises (India) Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2011-2012 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	-9%
5 Years:	%
3 Years:	%
TTM:	482%

Compounded Profit Growth
10 Years:	-3%
5 Years:	%
3 Years:	74%
TTM:	305%

Stock Price CAGR
10 Years:	46%
5 Years:	%
3 Years:	%
1 Year:	-34%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	8%
Last Year:	19%

Last Updated: September 5, 2025, 3:16 pm

Balance Sheet

Last Updated: December 4, 2025, 2:46 am

Month	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	17	17	17	17	17	17	17	17	17	3	4	4	4
Reserves	227	224	259	333	374	428	573	566	25	174	217	268	298
Borrowings	186	183	166	139	66	61	58	64	131	18	1	165	194
Other Liabilities	97	67	180	121	97	98	105	146	165	6	5	24	27
Total Liabilities	527	492	621	609	554	603	753	793	338	201	227	461	523
Fixed Assets	113	218	207	216	201	189	324	289	66	58	3	1	286
CWIP	101	2	1	1	13	19	0	0	0	0	47	222	0
Investments	0	0	0	0	0	0	0	0	20	0	15	27	32
Other Assets	312	272	412	392	340	395	429	503	253	143	164	211	205
Total Assets	527	492	621	609	554	603	753	793	338	201	227	461	523

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-13	38	58	62	89	20	-8	22	-1	-4	4	10
Cash from Investing Activity +	-7	-15	-12	-10	-2	-5	22	-6	0	0	-24	-167
Cash from Financing Activity +	10	-28	-43	-51	-88	-17	-13	-18	1	5	20	164
Net Cash Flow	-9	-4	2	2	-1	-2	1	-2	-0	0	-0	8
Free Cash Flow	-23	20	51	62	76	14	-8	22	-1	-4	9	-160
CFO/OP	33%	-6,742%	85%	54%	100%	33%	-16%	57%	113%	680%	142%	23%

Free Cash Flow

Month	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-152.00	-184.00	-84.00	-11.00	27.00	6.00	-14.00	-24.00	-132.00	-19.00	1.00	-119.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2023	Mar 2024	Mar 2025
Debtor Days	266	334	191	195	326	553	407	636		7,972	974
Inventory Days
Days Payable
Cash Conversion Cycle	266	334	191	195	326	553	407	636		7,972	974
Working Capital Days	72	122	57	113	262	439	379	520		8,618	857
ROCE %	9%	5%	18%	26%	17%	12%	4%	1%	-4%	1%	15%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	94.98%	94.98%	94.98%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%
FIIs	0.00%	0.00%	0.00%	12.82%	12.82%	12.82%	12.82%	12.82%	4.57%	4.57%	4.57%	4.57%
DIIs	2.00%	2.00%	2.00%	1.58%	1.58%	1.58%	1.60%	1.60%	1.47%	0.31%	0.31%	0.31%
Public	3.01%	3.01%	3.02%	10.60%	10.62%	10.62%	10.60%	10.59%	18.96%	20.13%	20.12%	20.13%
No. of Shareholders	12,022	12,022	11,440	10,972	11,254	13,613	13,016	13,283	13,604	13,526	13,075	12,989

Shareholding Pattern Chart

No. of Shareholders

Dolphin Offshore Enterprises (India) Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 18
FaceValue	1.00	1.00	10.00	10.00	10.00
Basic EPS (Rs.)	11.62	1.59	457.29	-8.52	-4.70
Diluted EPS (Rs.)	11.62	1.59	457.29	-8.52	-4.70
Cash EPS (Rs.)	11.67	1.74	138.09	-0.45	16.24
Book Value[Excl.RevalReserv]/Share (Rs.)	68.09	55.32	561.43	25.05	347.28
Book Value[Incl.RevalReserv]/Share (Rs.)	68.09	55.32	561.43	25.05	347.28
Revenue From Operations / Share (Rs.)	18.50	1.62	0.00	0.00	99.99
PBDIT / Share (Rs.)	12.24	0.24	-2.06	-0.45	24.32
PBIT / Share (Rs.)	12.19	-0.09	-25.83	-8.52	2.93
PBT / Share (Rs.)	11.89	0.06	-27.17	-8.52	-4.60
Net Profit / Share (Rs.)	11.62	1.39	114.32	-8.52	-5.14
NP After MI And SOA / Share (Rs.)	11.62	1.39	114.32	-8.52	-5.15
PBDIT Margin (%)	66.17	15.24	0.00	0.00	24.32
PBIT Margin (%)	65.89	-6.02	0.00	0.00	2.93
PBT Margin (%)	64.26	4.07	0.00	0.00	-4.59
Net Profit Margin (%)	62.79	86.16	0.00	0.00	-5.14
NP After MI And SOA Margin (%)	62.79	86.16	0.00	0.00	-5.14
Return on Networth / Equity (%)	17.06	2.51	20.36	-33.99	-1.48
Return on Capital Employeed (%)	11.15	-0.17	-4.60	-33.22	0.83
Return On Assets (%)	10.07	2.45	17.96	-4.22	-1.08
Long Term Debt / Equity (X)	0.60	0.00	0.00	0.00	0.00
Total Debt / Equity (X)	0.60	0.00	0.10	3.11	0.10
Asset Turnover Ratio (%)	0.21	0.03	0.00	0.00	0.10
Current Ratio (X)	9.74	34.74	6.06	0.73	2.22
Quick Ratio (X)	9.74	34.74	6.06	0.71	2.19
Interest Coverage Ratio (X)	40.59	1.06	-1.55	-1900.25	3.23
Interest Coverage Ratio (Post Tax) (X)	39.51	5.30	-19.38	-35705.25	0.31
Enterprise Value (Cr.)	1298.88	1186.72	18.67	137.45	189.40
EV / Net Operating Revenue (X)	17.55	183.49	0.00	0.00	1.13
EV / EBITDA (X)	26.52	1203.81	-28.65	-180.83	4.64
MarketCap / Net Operating Revenue (X)	15.44	183.53	0.00	0.00	0.83
Price / BV (X)	4.19	5.36	0.01	0.16	0.24
Price / Net Operating Revenue (X)	15.44	183.53	0.00	0.00	0.83
EarningsYield	0.04	0.00	27.35	-2.04	-0.06

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Dolphin Offshore Enterprises (India) Ltd. is a Public Limited Listed company incorporated on 17/05/1979 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L11101MH1979PLC021302 and registration number is 021302. Currently Company is involved in the business activities of Services incidental to off shore oil extraction. Company's Total Operating Revenue is Rs. 14.88 Cr. and Equity Capital is Rs. 4.00 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Oil Drilling And Exploration	Unit No. 301, Zillion Junction of LBS Marg, Mumbai Maharashtra 400070	Contact not found

Management
Name	Position Held
Mr. Dharen Shantilal Savla	Chairman & Director
Mr. Rupesh Kantilai Savia	Managing Director
Mr. Rohan Vasantkumar Shah	Director
Mrs. Shivangi Digant Shah	Addnl.Non Exe.Independent Director
Mr. Ashokkumar Ratilal Patel	Independent Director
Mrs. Shaily Jatin Dedhia	Independent Director

FAQ

What is the intrinsic value of Dolphin Offshore Enterprises (India) Ltd and is it undervalued?

As of 14 April 2026, Dolphin Offshore Enterprises (India) Ltd's intrinsic value is ₹225.73, which is 43.99% lower than the current market price of ₹403.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (18.7 %), book value (₹75.5), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Dolphin Offshore Enterprises (India) Ltd?

Dolphin Offshore Enterprises (India) Ltd is trading at ₹403.00 as of 14 April 2026, with a FY2026-2027 high of ₹506 and low of ₹297. The stock is currently in the middle of its 52-week range. Market cap stands at ₹1,612 Cr..

How does Dolphin Offshore Enterprises (India) Ltd's P/E ratio compare to its industry?

Dolphin Offshore Enterprises (India) Ltd has a P/E ratio of 31.8, which is below the industry average of 93.43. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Dolphin Offshore Enterprises (India) Ltd financially healthy?

Key indicators for Dolphin Offshore Enterprises (India) Ltd: ROCE of 14.7 % is moderate; ROE of 18.7 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Dolphin Offshore Enterprises (India) Ltd profitable and how is the profit trend?

Dolphin Offshore Enterprises (India) Ltd reported a net profit of ₹46 Cr in Mar 2025 on revenue of ₹74 Cr. Compared to ₹-14 Cr in Mar 2022, the net profit shows an improving trend.

Does Dolphin Offshore Enterprises (India) Ltd pay dividends?

Dolphin Offshore Enterprises (India) Ltd has a dividend yield of 0.00 % at the current price of ₹403.00. The company is currently not paying meaningful dividends.