Integrated Filing — IndAS



General information about company

Scrip Code 522261
NSE Symbol DOLPHIN
MSEI Symbol NOTLISTED
ISIN INE920A01037
Name of company Dolphin Offshore Enterprises (India) Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 05-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 28-04-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Half Yearly
Reporting Quarter Yearly
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment Oil and Gas Offshore Support Services
Start date and time of board meeting 05-05-2026   12:00:00
End date and time of board meeting 05-05-2026   13:50:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 28-04-2025
Indicate Company website link for updated RPT policy of the Company http://dolphinoffshore.com/policies/
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
Not applicable, no default.



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 525.00 1,173.25
Other income 1,574.72 2,805.75
Total income 2,099.72 3,979.00
2 Expenses
(a) Cost of materials consumed 17.97 68.34
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 7.53 30.51
(e) Finance costs 331.53 769.56
(f) Depreciation, depletion and amortisation expense 0.12 0.32
(f) Other Expenses
1 Other Expenses 442.44 492.62
Total other expenses 442.44 492.62
Total expenses 799.59 1,361.35
3 Total profit before exceptional items and tax 1,300.13 2,617.65
4 Exceptional items 0.00 0.00
5 Total profit before tax 1,300.13 2,617.65
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax (1,397.08) (1,135.90)
9 Total tax expenses (1,397.08) (1,135.90)
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 2,697.21 3,753.55
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 2,697.21 3,753.55
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period 2,697.21 3,753.55
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 400.05 400.05
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve 18,605.26
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 6.74 9.38
Diluted earnings (loss) per share from continuing operations 6.74 9.38
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 6.74 9.38
Diluted earnings (loss) per share from continuing and discontinued operations 6.74 9.38
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The above financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company in their respective meetings held on May 5, 2026. 2. The statutory auditors of the Company have carried out Audit of the above results as per Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. 3. The Financial results for the quarter and year ended March 31, 2026 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. 4. The Company operates in a single segment and in line with Ind AS - 108 - Operating Segments, the operations of the Company fall under Oil & Gas Offshore Support Services which is considered to be the only reportable business segment. 5. The Company has incorporated a wholly owned subsidiary “Beluga International (IFSC) Private Limited”. The Company received certificate of incorporation on 9th March 2026, however the approval of IFSC is still pending. The authorized share capital of Company is Rs. 2,00,00,000 divided into 2,00,00,000 Equity Shares of Rs. 1 each. The Company is still in the process of opening the subsidiary Company’s bank account, accordingly the paid-up capital has not yet been infused. Expenses of incorporation done by the Company stands as receivable in books of accounts. 6. The Company has recognized additional deferred tax assets on approved carried forward losses and unabsorbed depreciation of Previous Years based on management’s assessment of future taxable profit. Accordingly, the net deferred tax asset for the quarter and year ended amounts to Rs. 1,397.08 lakhs and Rs. 1,065.49 lakhs respectively as at March 31, 2026 has been recorded in accordance with the requirements of Ind AS 12 – Income Taxes. 7. Based on a detailed evaluation of the ageing and recoverability of trade receivables, including balances pertaining to earlier periods, the management has recognized an Expected Credit Loss (ECL) provision of Rs. 401.75 lakhs for the quarter and year ended March 31, 2026. 8. The figures for the corresponding previous periods have been regrouped/rearranged wherever necessary, to make them comparable. 9. The standalone financial results for the quarter ended March 31, 2026 and March 31, 2025 are the balancing figures between the audited figures in respect of the full financial year and published year to date figures of the third quarter of the respective financial year which were subject to limited review by Auditors.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 111.26
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 22.80
Trade receivables, non-current 0.00
Loans, non-current 23,880.51
Other non-current financial assets
Total of other non-current financial assets
Total non-current financial assets 23,903.31
Deferred tax assets (net) 1,487.39
Other non-current assets
1 Other non-current assets 6.93
Total of other non-current assets 6.93
Total non-current assets 25,508.89
2 Current assets
Inventories 0.00
Current financial asset
Current investments 0.00
Trade receivables, current 11,314.60
Cash and cash equivalents 474.16
Bank balance other than cash and cash equivalents 5.72
Loans, current 0.00
Other current financial assets
Total of other current financial assets 1,373.09
Total current financial assets 13,167.57
Current tax assets (net) 0.00
Other current assets
1 Other 613.33
Total of other current assets 613.33
Total current assets 13,780.90
3 Non-current assets classified as held for sale 37.12
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 39,326.91
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 400.05
Other equity 18,605.26
Total equity attributable to owners of parent 19,005.31
Non controlling interest
Total equity 19,005.31
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 18,485.42
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
Total of other non-current financial liabilities
Total non-current financial liabilities 18,485.42
Provisions, non-current 0.00
Deferred tax liabilities (net)
Deferred government grants, Non-current
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 18,485.42
Current liabilities
Current financial liabilities
Borrowings, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 42.26
Total Trade payable 42.26
Other current financial liabilities
1 Other 784.59
Total of other current financial liabilities 784.59
Total current financial liabilities 826.85
Other current liabilities 1,009.33
1 Other 1,009.33
Total of other current liabilities 1,009.33
Provisions, current 0.00
Current tax liabilities (Net)
Deferred government grants, Current
Total current liabilities 1,836.18
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 20,321.60
Total equity and liabilites 39,326.91
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss
5 Total Other comprehensive income



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 2,617.65
Adjustments for reconcile profit (loss)
Adjustments for finance costs 769.56
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 68.09
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 0.00
Adjustments for decrease (increase) in other non-current assets (0.22)
Adjustments for other financial assets, non-current (563.94)
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 18.33
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 70.90
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 0.32
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 1,064.16
Adjustments for share-based payments (1,718.99)
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) (19.88)
Other adjustments for non-cash items 401.75
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (2,038.24)
Net cash flows from (used in) operations 579.41
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) (52.34)
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 631.75
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 501.00
Purchase of property, plant and equipment 0.72
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 60.93
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (14,388.07)
Net cash flows from (used in) investing activities (13,826.86)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 13,749.68
Repayments of borrowings 0.00
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 80.62
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities 13,669.06
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 473.95
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 473.95
Cash and cash equivalents cash flow statement at beginning of period 0.21
Cash and cash equivalents cash flow statement at end of period 474.16





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 M/s Mahendra N. Shah & Co Yes 31-05-2027


Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED DEEP ONSHORE SERVICES PRIVATE LIMITED Promoter Body Corporate Loan As per the provisions of Companies Act, 2013 and SEBI (LODR) Regulations, 2015 4,122.07 6,816.18 10,927.25 Textual Information(1)
2 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED DEEP ONSHORE SERVICES PRIVATE LIMITED Promoter Body Corporate Any other transaction Loan Repayment Not Applicable 11.00 0.00 0.00
3 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED DEEP ONSHORE SERVICES PRIVATE LIMITED Promoter Body Corporate Any other transaction Interest Payable Not Applicable 346.38 358.82 705.20
4 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED DOLPHIN OFFSHORE ENTERPRISES (MAURITIUS) PRIVATE LIMITED Wholly Owned Subsidiary Advance Not Applicable 0.00 51.37 51.37
5 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED BELUGA INTERNATIONAL DMCC Wholly Owned Subsidiary Loan Not Applicable 12,201.38 10,490.10 22,218.21 Textual Information(2)
6 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED BELUGA INTERNATIONAL DMCC Wholly Owned Subsidiary Any other transaction Loan Returned Not Applicable 473.27 0.00 0.00
7 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED BELUGA INTERNATIONAL DMCC Wholly Owned Subsidiary Any other transaction Interest Receivable Not Applicable 655.49 687.55 1,343.04
8 BELUGA INTERNATIONAL DMCC DEEP INTERNATIONAL DMCC Fellow Subsidiary Any other transaction Loan Repayment Not Applicable 11,397.25 12,557.09 1,835.35
9 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED DOLPHIN OFFSHORE SHIPPING LIMITED Fellow Subsidiary Any other transaction Rent As per the provisions of Companies Act, 2013 and SEBI (LODR) Regulations, 2015 1.20 0.00 0.00
10 BELUGA INTERNATIONAL DMCC DEEP INDUSTRIES LIMITED Ultimate Parent Company Any other transaction Purchase Transactions As per the provisions of Companies Act, 2013 and SEBI (LODR) Regulations, 2015 89.53 0.00 0.00
11 DOLPHIN OFFSHORE ENTERPRISES (MAURITIUS) PRIVATE LIMITED BELUGA INTERNATIONAL DMCC Fellow Subsidiary Any other transaction Amount Received against advance given Not Applicable 13.32 665.94 695.71
12 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED DEEP INDUSTRIES LIMITED Ultimate Parent Company Loan As per the provisions of Companies Act, 2013 and SEBI (LODR) Regulations, 2015 7,586.17 0.00 7,558.17 Textual Information(3)
13 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED DEEP INDUSTRIES LIMITED Ultimate Parent Company Any other transaction Loan Repayment Not Applicable 28.00 0.00 0.00
14 DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED DEEP INDUSTRIES LIMITED Ultimate Parent Company Any other transaction Interest Payable Not Applicable 79.39 0.00 79.39
15 BELUGA INTERNATIONAL DMCC DEEP INTERNATIONAL DMCC Fellow Subsidiary Any other transaction Interest Not Applicable 318.56 0.00 0.00
16 BELUGA INTERNATIONAL DMCC DEEP INTERNATIONAL DMCC Fellow Subsidiary Any other transaction Exchange gain loss Not Applicable 356.95 0.00 0.00
Total value of transaction during the reporting period 37,679.96



Text Block

Textual Information(1) Loan Taken
Textual Information(2) Loan Given
Textual Information(3) Loan Taken