Dolphin Offshore Enterprises (India) Ltd (DOEIL) is a provider of underwater services to the Indian oil and gas industry. Incorporated in May 1979 as a private limited company and converted into a public limited company in May 1994, it was promoted by Kirpal Singh and subsequently listed on the Bombay and National Stock Exchanges following its Initial Public Offer in 1994.
The company is an India-based provider of comprehensive underwater and marine services, having developed a diversified portfolio for undertaking turnkey projects as an EPC (Engineering, Procurement, and Construction) contractor. Since 1979, DOEIL has been offering extensive underwater services, including air, mixed gas, and saturation diving services, primarily to the Indian offshore oil & gas industry. Its operational reach has also expanded overseas, with services provided in locations such as Vietnam, China, Malaysia, and the Middle East.
DOEIL's service portfolio is diverse, encompassing diving & underwater services, fabrication/installation, turnkey EPC projects, rig repairs & ship repairs, and design engineering. The company specializes in comprehensive underwater services, including air, mixed gas, and saturation diving, catering to the Indian offshore oil & gas industry.
In addition to offshore services, the company provides repair facilities for ships and drilling rigs, both in dry dock and floating conditions. These repair services cover a range of areas including hull repairs, electrical systems, air conditioning, refrigeration, engine overhauls and replacements, piping, and deck repair works. Ancillary services offered include diving, underwater engineering, vessel management, oil exploration and drilling support, pipeline inspections, geophysical surveys, and geo-technical services. Notably, the company has also been providing ROV (Remotely Operated Vehicle) services on drill ships since 1995.
The company maintains high standards in its operations, with its services certified by ISO 9001 and the American Bureau of Shipping (ABS). DOEIL has received ISO 9002 Certification through ABS for marine management of vessels, diving and underwater engineering, management of fabrication and offshore turnkey projects, and ship repairs, underscoring its commitment to quality and safety.
Dolphin Offshore Enterprises has progressively strengthened its market position and expanded its operational fleet. In 1994, the company acquired its first vessel, the `GANGA Dolphin`. Since then, it has expanded its fleet to include 1 Accommodation and Work Barge, 4 OSVs (Offshore Support Vessels)/Workboats, and one AHTS (Anchor Handling Tug Supply vessel).
DOEIL has a strong track record of successfully undertaking turnkey projects for prominent clients such such as ONGC, Mazagon Dock, Essar Oil, Jindal Drilling, and other organizations operating in Indian waters, as well as international entities like N N N Japan.
In a significant development, Dolphin Offshore Enterprises' subsidiary, Beluga International DMCC, entered into a three-year lease agreement for the Prabha DP2 Accommodation Barge with Ballast Shipping. This agreement, valued at approximately $32.85 million (equivalent to around Rs 281 crore), involves leasing the Prabha DP2 Accommodation Barge (formerly 'Vikrant Dolphin'). The company has clarified that this transaction involves no special rights, related party transactions, or shareholdings.
Dolphin Offshore Enterprises (India) Ltd has a market capitalization of ₹1,555 crore. As of the latest available data, the company recorded a revenue of ₹74.0 crore and a profit of ₹46.5 crore. Over the last year, the market cap has seen a decrease of -27.3%.
The company demonstrated remarkable growth in its Q4 FY2025 results (quarter ended March 2025), with net profit soaring by 615.75% to ₹10.45 crore, up from ₹1.46 crore in the corresponding previous year's quarter. Sales also saw a substantial increase of 948.21%, reaching ₹20.44 crore compared to ₹1.95 crore in Q4 FY2024.
For the full financial year FY2025, the company's net profit rose by an impressive 734.47% to ₹46.48 crore, compared to ₹5.57 crore in the previous year. Sales for FY2025 also surged by 1044.05% to ₹74.02 crore, up from ₹6.47 crore in FY2024.
- Market Capitalization: ₹1,555 crore
- 52-Week High/Low: ₹948.75 (high) and ₹200.00 (low)
- P/E Ratio: 34.14
- P/B Ratio: 5.83
- Book Value Multiple: Stock is trading at 6.86 times its book value
As of March 2025, the promoter holding in Dolphin Offshore Enterprises (India) Ltd stands at 75.0%. The primary promoter is Deep Onshore Services Private Limited, which owns 74.99% of the total equity, indicating a strong promoter commitment.
The company's management team includes Dharen S Savla as the Chairman and Krena Khamar serving as the Company Secretary. The auditor for Dolphin Offshore Enterprises (India) Ltd is Mahendra N Shah & Co.
Dolphin Offshore Enterprises is actively pursuing strategic initiatives focused on technological advancement and human resource development. The company is committed to establishing international public-private sector cooperation for the development of underwater technology and environment protection, as well as for search and rescue operations.
Furthermore, DOEIL is setting up its own in-house training program for divers and underwater technicians, which will offer international certification. This initiative underscores the company's focus on enhancing skilled manpower and maintaining its leadership in specialized underwater and marine services. The company aims to continue maintaining its position as a significant player in India's offshore oil and gas services sector, serving both domestic and international clients.
