Dolphin Offshore Enterprises (India) Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dolphin Offshore Enterprises (India) Ltd trades at ₹508, in a downtrend and 8 weeks into that stage. That is +25.6% against its own 200-day average. It sits at 100% of a 52-week range of ₹349 to ₹508. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a downtrend — week 8 of stage 4, confirmed. At ₹508 it trades +25.6% versus its 200-day average and sits at 100% of its 52-week range (₹349–₹508).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +7,169% while the NIFTY 500 moved +284% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dolphin Offshore Enterprises (India) Ltd trades at 28.2× P/E, mid-range by its own standards (64th percentile). Its long-run median P/E is 19.3×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 28.2× is mid-range by its own standards (64th percentile), against a long-run median of 19.3× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +47.4% against a +15.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 10y, of the +50.1%/yr price move, ~+23.2%/yr came from earnings growth and ~+26.9 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dolphin Offshore Enterprises (India) Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +942.9% at its peak to +76.5% but is still expanding, ROCE lifting at 15.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

55.9/100 — rank 3 of 10 in Oil Drilling & Exploration · 80% evidence confidence

Dolphin Offshore Enterprises (India) Ltd scores 55.9 out of 100 against the 10 companies it is compared with in Oil Drilling & Exploration, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.3 + 12.5 + 9.1 + 16 = 55.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dolphin Offshore Enterprises (India) Ltd reported ₹43.0 Cr of revenue in the Jun 26 quarter, +168.8% year on year. That is the 9th straight quarter of year-on-year growth. Over 13 years it has compounded at −9.4% a year. The last full year, FY26, came in at ₹116 Cr. The last four reported quarters add to ₹143 Cr.

FY26 revenue came in at ₹116 Cr (+56.8% on the year), capping 13 years at −9.4% compound. The latest quarter (Jun 26) printed ₹43.0 Cr, +168.8% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +87.0% growth against the decade's −9.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +76.5% over the last 4 quarters against +219.6%/yr over the last 8 — rolling over; TTM profit +44.0% vs +135.3%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dolphin Offshore Enterprises (India) Ltd's operating margin is 59.0% in the Jun 26 quarter, −36.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged −6.0% to 62.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 59.0%, −36.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −6.0%–62.0%, and FY26's 62.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −35.9 pp year on year while gross margin went −24.0 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dolphin Offshore Enterprises (India) Ltd earned ₹15.0 Cr of net profit in the Jun 26 quarter, +36.4% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹69.0 Cr. The 13-year compound rate is 3.0%. That is 34.9% of the quarter's revenue. The same quarter a year earlier earned ₹11.0 Cr.

Jun 26 profit was ₹15.0 Cr, +36.4% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹69.0 Cr (+50.0%), and the 13-year compound rate is 3.0%.

Why profit moved: revenue contributed +168.8% and the margin −36.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +55.2% vs revenue +87.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 49% of Dolphin Offshore Enterprises (India) Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹45.0 Cr of operating cash against ₹69.0 Cr of profit. After ₹102 Cr of capital spending, ₹−57.0 Cr was left as free cash.

FY26: operating cash of ₹45.0 Cr against reported profit of ₹69.0 Cr, leaving free cash of ₹−57.0 Cr after ₹102 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 49% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 49%: the cash cycle stretched 322 days between FY17 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 322 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dolphin Offshore Enterprises (India) Ltd's cash conversion cycle runs 729 days in FY26, up from 407 days in FY17. Capital spending ran ₹268 Cr over the last 3 years. At FY26 sales of ₹116 Cr each day of that cycle holds about ₹0.3 Cr, so roughly ₹232 Cr sits inside the business at any moment.

FY26: debtors at 729 days, inventory at 0 days — roughly 0.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 729 days, looser than FY17's 407.

In money terms: at FY26 sales of ₹116 Cr, each day of the cycle holds about ₹0.3 Cr — so the 729-day loop keeps roughly ₹232 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹268 Cr over the last 3 fiscal years against ₹17.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Dolphin Offshore Enterprises (India) Ltd earns a ROCE of 15% in FY26. That is up from a trough of −4% in FY23. Return on invested capital clears the cost of that capital by +0.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 59.5% net margin on 0.19× asset turns.

FY26 ROCE is 15%, recovered from a FY23 trough of −4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 59.5% net margin × 0.19× asset turns × 1.72× balance-sheet leverage ≈ 19.4% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 12.5% − 12.0% = a +0.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Dolphin Offshore Enterprises (India) Ltd carries total debt of ₹203 Cr against shareholder equity of ₹353 Cr as of Jun 26, a debt-to-equity of 0.58. On the annual view that ratio went from 0.13 in FY17 to 0.58 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹203 Cr against shareholder equity of ₹353 Cr — a debt-to-equity of 0.58. On the annual view, debt-to-equity went from 0.13 (FY17) to 0.58 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 8.3 points of Dolphin Offshore Enterprises (India) Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 4.6% of the company. Domestic institutions moved −1.3 points over the same window, to 0.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −8.3 points over 8 quarters to 4.6%; Domestic institutions: −1.3 points over 8 quarters to 0.3%; Promoters: +0.0 points over 8 quarters to 75.0%.

🚨 Why the register moved: foreign institutions drove it (−8.3 points), alongside domestic institutions (−1.3 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dolphin Offshore Enterprises (India) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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