1. At a Glance
Dolphin Offshore Enterprises (DOEIL) is staging a nautical comeback, surfing from 0 revenue in FY22 to ₹82 Cr in TTM sales and ₹50 Cr PAT. But with 974 debtor days and a P/E of 35+, is this turnaround built on solid seabed—or floating on speculative plankton?
2. Introduction with Hook
Imagine a company that literally sank… then resurfaced with shiny EPS, record profit margins, and renewed contracts—no submarine, just pure hustle. Dolphin Offshore, once lost at sea, has swum back into investor radar. But with a 6.6x P/B and a 974-day debt cycle (that’s almost 3 years of “bro, payment kal denge”), is this recovery real or just a salty illusion?
- Q1 FY26 PAT: ₹11 Cr
- Q1 Sales: ₹16 Cr
- EPS: ₹2.83 vs ₹-0.85 in FY22
3. Business Model (WTF Do They Even Do?)
DOEIL provides underwater services to India’s offshore oil & gas industry.
Revenue Streams:
- Subsea services (diving ops, ROVs, cable laying)
- EPC contracts in offshore environments
- Marine construction
- Repair, salvage, and pipeline support
- Training: Launching diver certification programs
Think of it as the scuba-certified cousin of L&T—with more barnacles and fewer analyst reports.
4. Financials Overview
Here’s what this dolphin dragged ashore:
| Metric | FY22 | FY23 | FY24 | FY25 | TTM |
|---|---|---|---|---|---|
| Sales | ₹0 Cr | ₹0 Cr | ₹6 Cr | ₹74 Cr | ₹82 Cr |
| PAT | ₹-14 Cr | ₹36 Cr | ₹6 Cr | ₹46 Cr | ₹50 Cr |
| EPS | ₹-0.85 | ₹11.43 | ₹1.39 | ₹11.62 | ₹12.56 |
| OPM | NA | NA | 35% | 62% | 67% |
Key Fact: Sales CAGR = 482% (TTM)
Profit CAGR = 305% (TTM)
5. Valuation
Is this a deep-sea bargain or a bubble waiting to burst?
- P/E: 35.8x (that’s IPO-level optimism)
- P/B: 6.62x
- ROE: 18.8% (solid… if sustained)
- Fair Value Range (EduVal): ₹300 – ₹380
- Above ₹450? Speculative zone, unless Deep Industries launches a major capex push through DOEIL.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 results declared: ₹11.3 Cr PAT, 95% OPM
- Appointment of new secretarial auditor & independent director
- Debt restructuring done? Borrowings jumped to ₹165 Cr in FY25 vs ₹1 Cr in FY24 – likely for project execution
- Turnkey projects incoming: Parent Deep Industries could route new EPC work to DOEIL
- Huge debtor days (974) = Possible stress or gov delays in payments
- No dividends yet – stingy or cautious?
7. Balance Sheet
| Item | FY25 |
|---|---|
| Equity Capital | ₹4 Cr |
| Reserves | ₹268 Cr |
| Borrowings | ₹165 Cr |
| Fixed Assets | ₹1 Cr |
| CWIP | ₹222 Cr |
| Total Liabilities | ₹461 Cr |
Observations:
- Huge CWIP = Project underway
- Borrowings spike = gearing up for delivery
- Reserves have been rebuilt from ₹25 Cr (FY22) to ₹268 Cr (FY25)
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY25 | ₹10 Cr | ₹-167 Cr | ₹164 Cr | ₹8 Cr |
Insights:
- Capex-heavy phase (CWIP confirms it)
- Cash from ops just started turning positive
- Major reliance on financing to support infra rollout
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROE | 19% |
| ROCE | 15% |
| OPM | 67% |
| Interest Coverage | 12.5x (approx) |
| Debtor Days | 974 (!!!) |
| Cash Conversion Cycle | 974 days |
Verdict:
- Margins look great… but recovery of cash is sloooow
- ROE impressive post-profit comeback
- Debtors could choke liquidity if not managed
10. P&L Breakdown – Show Me the Money
| Year | Sales | PAT | EPS | Dividend |
|---|---|---|---|---|
| FY22 | ₹0 Cr | ₹-14 Cr | ₹-0.85 | 0% |
| FY23 | ₹0 Cr | ₹36 Cr | ₹11.43 | 0% |
| FY24 | ₹6 Cr | ₹6 Cr | ₹1.39 | 0% |
| FY25 | ₹74 Cr | ₹46 Cr | ₹11.62 | 0% |
Explosive recovery—but will they share the wealth?
11. Peer Comparison
| Company | CMP | P/E | ROE | OPM | Debtor Days | P/B | PAT (TTM) |
|---|---|---|---|---|---|---|---|
| Dolphin Offshore | ₹451 | 35.8x | 18.8% | 67% | 974 | 6.62x | ₹50 Cr |
| Jindal Drilling | ₹629 | 8.5x | 14.6% | 28.7% | NA | 1.15x | ₹216 Cr |
| Deep Industries | ₹471 | 22.5x | 8.2% | 40.1% | 6.2x | 1.66x | ₹134 Cr |
| Aban Offshore | ₹51 | — | — | — | — | — | ₹-889 Cr |
Takeaway:
DOEIL is expensive, highly re-rated vs peers, and backed by Deep Industries hype. Jindal Drilling looks cheaper per metric.
12. Miscellaneous – Shareholding, Promoters
- Promoter Holding: 74.99%
- FII Holding: 4.57% (down from 12.82% in Dec 2023)
- DII Holding: 0.31% (meh)
- Public Holding: 20.13%
- Total Shareholders: 13,526
Trend: Retail interest rising; FIIs offloaded ~8% in last two quarters. Smart money exiting?
13. EduInvesting Verdict™
Dolphin Offshore is one of those rare PSU-ish stories of resurrection. From zero revenue to ₹82 Cr and 67% margins, it looks like a multibagger dream—but also a bit of a mirage.
The fundamentals are just catching up with the price. Debtor days, no dividends, and high P/E suggest the valuation got ahead of cash flows.
This is a “watch the execution” story: If projects in CWIP get monetized, earnings will justify price. If not, the dolphin might just beach itself again.
Metadata
– Written by EduInvesting Team | 23 July 2025
– Tags: Dolphin Offshore, DOEIL, Oil & Gas Services, Turnaround Stocks, Deep Industries
