Dolphin Offshore Enterprises (India) Limited Earnings Summary — Q4 FY2026
Dolphin Offshore Reports Substantial Profit Surge in Q4 Driven by Deferred Tax Assets and Operational Recovery
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 5.5% sequentially in Q1 FY2027.
- Revenue of ₹43 Cr is 160.6% higher year-on-year.
- Revenue has compounded at 294.8% annualised over the last 10 quarters.
- Net profit of ₹15 Cr is 30.7% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 180.0% annualised across the period.
- Operating margin stands at 59.1% in Q1 FY2027.
- Operating margin compressed by 3594 bps year-on-year.
- Over the last two years operating margin has contracted by 1479 bps.
- PBT margin is 38.5%.
- Expenses grew 2039.0% against revenue growth of 160.6%.
- Operating profit of ₹25 Cr is 62.0% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 64/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 43 | 45 | 30 | 25 | 16 | 20 | 29 | 17 | 8 | 2 |
| Expenses | Accelerating | 18 | 33 | 8 | 3 | 1 | 9 | 13 | 4 | 2 | 7 |
| Operating Profit | Strong Uptrend | 25 | 12 | 22 | 22 | 16 | 11 | 16 | 13 | 6 | -5 |
| Operating Margin | Volatile | 59.1% | 27.1% | 74.9% | 89.4% | 95.0% | 55.5% | 55.1% | 75.8% | 73.9% | -253.3% |
| Other Income | Volatile | 0 | 12 | 2 | 4 | — | -0 | 1 | 0 | 2 | 2 |
| Interest | Strong Uptrend | 4 | 5 | 4 | 3 | 2 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | Volatile | 5 | 5 | 5 | 4 | 2 | — | 0 | 0 | 0 | 0 |
| Profit Before Tax | Volatile | 16 | 14 | 16 | 19 | 11 | 10 | 16 | 13 | 8 | -4 |
| Tax | Volatile | 2 | -14 | 3 | 3 | -1 | -0 | 1 | -0 | 0 | -5 |
| Net Profit | Volatile | 15 | 28 | 13 | 16 | 11 | 10 | 16 | 13 | 8 | 1 |
| Net Margin | Softening | 34.6% | 62.5% | 44.2% | 63.4% | 68.9% | 51.1% | 54.6% | 77.2% | 90.5% | 74.9% |
Key Takeaways
- Dolphin Offshore demonstrated a significant operational 'Phoenix-like' recovery with consolidated quarterly revenue rising to ₹4,535.57 lakhs.
- The bottom line was significantly bolstered by a deferred tax asset recognition of ₹1,477.77 lakhs in the quarter based on management's assessment of future taxable profits.
- Management recognized an Expected Credit Loss (ECL) provision of ₹904.95 lakhs for the full year, reflecting challenges in the aging of trade receivables.
- The company expanded its corporate structure by incorporating a new wholly-owned subsidiary, Beluga International (IFSC) Private Limited, in March 2026.
- Finance costs increased sharply to ₹486.69 lakhs in Q4 from ₹85.59 lakhs in the same quarter last year, reflecting higher borrowing to fund asset expansion.
- The company maintains a single-segment focus on 'Oil & Gas Offshore Support Services', which drove the entirety of the operational growth.
Management Guidance
Management remains focused on rebuilding the operational fleet and specialized human capital, with a strategic pivot toward integrated underwater services and in-house training programs under the parentage of Deep Industries Ltd.
Sentiment Shift
Improving
The company has transitioned from zero revenue post-insolvency to high-margin profitability, though earnings quality is currently influenced by tax credits and non-operating income.
Outlook
The outlook is positive regarding revenue scale-up, but caution is warranted regarding the high working capital intensity and a debtor cycle currently reported at 729 days.
From the Annual Report (Key Quotes)
“The Company has recognized additional deferred tax assets on approved carried forward losses and unabsorbed depreciation... based on management's assessment of future taxable profit.”
“Based on a detailed evaluation of the ageing and recoverability of trade receivables... management has recognized an Expected Credit Loss (ECL) provision.”
“The operations of the Company fall under 'Oil & Gas Offshore Support Services' which is considered to be the only reportable business segment.”
Official Quarterly Documents
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This summary is AI-generated from Dolphin Offshore Enterprises (India) Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.
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