DOLPHINDolphin Offshore Enterprises (India) Ltd.
Dolphin Offshore Enterprises (India) Q2 FY27 Results: Consolidated Net Profit ₹18.76 Crore on Total Income of ₹47.07 Crore
- Earnings
- Oil and gas offshore support services
Reviewed byKeshav SehgalBlacklitt Research
Dolphin Offshore Enterprises (India) (NSE: DOLPHIN) reported consolidated total income of ₹47.07 crore and net profit of ₹18.76 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹14.61 crore and standalone net profit ₹5.75 crore, according to results it said in a filing on 31 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹47.07 crore, up 64.2% YoY and 9.8% QoQ
- Net profit and EPS: ₹18.76 crore, up 20.2% YoY and 26.6% QoQ; basic EPS ₹4.69
- Revenue from operations: ₹43.73 crore, up 77.6% YoY
- Expected Credit Loss provision: ₹13.01 crore as on 30 Sep 2026, per auditor emphasis of matter
Standalone
The company on its own, without its subsidiaries
- Total income: ₹14.61 crore, up 119.6% YoY and 101.7% QoQ
- Net profit and EPS: ₹5.75 crore, up 63.7% YoY and 531.8% QoQ; basic EPS ₹1.44
- Other income: ₹7.69 crore, 52.6% of total income
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 47.07 | 28.66 | +64.2% | 42.88 | +9.8% | |
| Revenue from operations | 43.73 | 24.62 | +77.6% | 42.85 | +2.1% |
| Other income | 3.34 | 4.04 | -17.4% | 0.03 | n/a |
| 18.76 | 15.61 | +20.2% | 14.81 | +26.6% | |
| Profit before tax | 21.98 | 18.98 | +15.8% | 16.49 | +33.3% |
| Finance costs | 3.79 | 3.30 | +14.8% | 3.96 | -4.4% |
| Depreciation | 4.98 | 3.77 | +32.2% | 4.89 | +1.9% |
| Tax expense | 3.21 | 3.37 | -4.7% | 1.68 | +91.8% |
| Net profit margin | 39.86% | 54.45% | -14.59 pp | 34.55% | +5.31 pp |
| EPS, basic (₹) | 4.69 | 3.90 | +20.3% | 3.70 | +26.8% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Total income grew faster than net profit on a year-on-year basis. Total income rose 64.2% to ₹47.07 crore and net profit rose 20.2% to ₹18.76 crore. Revenue from operations rose 77.6% to ₹43.73 crore, while other income fell 17.4% to ₹3.34 crore, so the two lines moved in different directions over the year.
Other income of ₹3.34 crore is 15.2% of profit before tax of ₹21.98 crore, and tax expense of ₹3.21 crore is 14.6% of that profit before tax. Finance costs of ₹3.79 crore are 8.1% of total income. Compared with the prior quarter, net profit rose 26.6%, faster than total income at 9.8%, and the tax expense rose from ₹1.68 crore to ₹3.21 crore.
The auditors' emphasis of matter notes an Expected Credit Loss provision of ₹13.01 crore on trade receivables as on 30 Sep 2026, based on ageing and recoverability, including balances from earlier periods. The review report also says the auditors did not review the financial information of two foreign subsidiaries, whose figures were reviewed by another auditor. The consolidated results include Dolphin Offshore Enterprises (Mauritius) Private Limited, Beluga International DMCC and Beluga International (IFSC) Private Limited.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 14.61 | 6.65 | +119.6% | 7.24 | +101.7% | |
| Revenue from operations | 6.92 | 0.45 | n/a | 2.46 | +180.9% |
| Other income | 7.69 | 6.20 | +23.9% | 4.78 | +60.9% |
| 5.75 | 3.51 | +63.7% | 0.91 | +531.8% | |
| Profit before tax | 7.54 | 4.70 | +60.6% | 1.22 | +519.7% |
| Finance costs | 3.77 | 1.40 | +169.3% | 3.90 | -3.3% |
| Depreciation | 0.00 | 0.00 | +285.7% | 0.00 | +58.8% |
| Tax expense | 1.79 | 1.18 | +51.3% | 0.31 | +484.0% |
| Net profit margin | 39.39% | 52.83% | -13.44 pp | 12.58% | +26.81 pp |
| EPS, basic (₹) | 1.44 | 0.88 | +63.6% | 0.23 | +526.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 63.7% year on year to ₹5.75 crore, slower than total income, which rose 119.6% to ₹14.61 crore. Revenue from operations rose to ₹6.92 crore from ₹0.45 crore a year earlier, and other income rose 23.9% to ₹7.69 crore. Other income is 52.6% of standalone total income and 101.9% of standalone profit before tax of ₹7.54 crore.
Standalone finance costs of ₹3.77 crore are 25.8% of total income this quarter, up 169.3% from ₹1.40 crore a year earlier. Consolidated net profit of ₹18.76 crore is ₹13.01 crore higher than standalone net profit of ₹5.75 crore.
The standalone results show no exceptional items in any period presented.
Inference
The filing states that the board approved the results on 31 Oct 2026 and that the statutory auditors issued unmodified conclusions, with emphasis of matter paragraphs on the Expected Credit Loss provisions. The notes say the figures of previous periods have been regrouped where necessary.
The notes do not explain the reasons for the rise in standalone revenue from operations or other income, the consolidated tax rise, or the rise in consolidated other expenses from ₹1.66 crore in the year-ago quarter to ₹5.53 crore. The filing does not say how the Expected Credit Loss provisions will be recovered or written back.
Filed with BSE on . Reference: Original filing (PDF)
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