Dolphin Offshore Enterprises (India) Limited reported a 30.7% year-on-year increase in consolidated profit after tax (PAT) to ₹1,481.41 lakhs for the quarter ended June 30, 2026, driven by a sharp recovery in offshore support services revenue. Consolidated revenue from operations surged to ₹4,284.65 lakhs in Q1FY27, compared to ₹1,644.30 lakhs in the corresponding quarter of the previous year. The Board of Directors approved the unaudited standalone and consolidated financial results at its meeting held on July 24, 2026, and simultaneously approved the re-appointment of Mr. Rupesh Kantilal Savla as Managing Director for a five-year term effective December 07, 2026, subject to shareholder approval at the ensuing Annual General Meeting.

Consolidated Financial Performance

The company’s consolidated total income stood at ₹4,288.02 lakhs in Q1FY27, a significant improvement from ₹1,644.61 lakhs in Q1FY26. This growth was primarily attributed to higher operational activity in its sole reportable segment, Oil & Gas Offshore Support Services. Total expenses for the quarter were ₹2,639.01 lakhs, comprising cost of materials consumed/other operating expenses of ₹1,033.47 lakhs, employee benefits expenses of ₹25.75 lakhs, finance costs of ₹396.17 lakhs, depreciation and amortisation of ₹488.89 lakhs, and other expenses of ₹694.73 lakhs.

Profit before tax rose to ₹1,649.01 lakhs from ₹1,080.90 lakhs in the prior year period. After accounting for a total tax expense of ₹167.60 lakhs, the consolidated PAT reached ₹1,481.41 lakhs. Basic and diluted earnings per share (EPS) were ₹3.70, up from ₹2.83 in Q1FY26. The following table outlines the key consolidated financial metrics:

Total comprehensive income was ₹1,471.21 lakhs, reflecting an other comprehensive loss of ₹10.20 lakhs due to movements in the foreign currency translation reserve. All profit after tax and comprehensive income were attributable to owners, with no non-controlling interest.

Standalone Financial Results

On a standalone basis, Dolphin Offshore Enterprises reported revenue from operations of ₹246.33 lakhs for Q1FY27, a substantial increase from ₹40.00 lakhs in Q1FY26. However, standalone PAT declined to ₹91.08 lakhs from ₹124.08 lakhs in the year-ago quarter, largely due to higher finance costs and other expenses. Standalone total income was ₹724.11 lakhs, including other income of ₹477.78 lakhs. Total expenses amounted to ₹602.40 lakhs, with finance costs constituting ₹389.61 lakhs. Standalone basic and diluted EPS were ₹0.23.

The paid-up equity share capital remained unchanged at ₹400.05 lakhs (face value of ₹1/- each).

Auditor’s Emphasis of Matter — ECL Provision

The statutory auditors, M/s Mahendra N. Shah & Co., issued a Limited Review Report and drew attention to the Expected Credit Loss (ECL) provision recognised by management. On a standalone basis, an ECL provision of Rs. 502.18 Lakhs was recognised up to the quarter ended June 30, 2026, based on an evaluation of trade receivables ageing and recoverability. On a consolidated basis, the ECL provision stood at Rs. 1110.49 lakhs. The auditors noted that their conclusions were not modified in respect of these matters.

Management and Subsidiary Updates

The Board, based on the recommendation of the Nomination and Remuneration Committee, approved the re-appointment of Mr. Rupesh Kantilal Savla (DIN: 00126303) as Managing Director for five years, effective December 07, 2026. Mr. Savla, who holds a Masters in Business Administration from Bentley College, USA, and a degree in Commerce from Gujarat University, has over 29 years of experience in the energy sector. He is not disqualified under Section 164 of the Companies Act 2013 nor debarred by any SEBI order.

The consolidated results include subsidiaries Dolphin Offshore Enterprise (Mauritius) Private Limited, Beluga International DMCC, and Beluga International (IFSC) Private Limited. The two foreign subsidiaries contributed total revenue of Rs. 4047.15 lakhs and net profit of Rs. 1386.11 lakhs for the quarter. Beluga International (IFSC) Private Limited, incorporated on March 9, 2026, had not commenced operations as at June 30, 2026, despite receiving In-Principle approval from IFSC on July 10, 2026.

Dolphin Offshore Enterprises (India) Limited announced that its wholly owned subsidiary, Beluga International (IFSC) Private Limited, has received a letter of provisional registration at Gujarat International Finance Tec-City (GIFT City)-IFSC, Gujarat on July 10, 2026. The subsidiary is set to function as a finance company, specifically focusing on the operating lease of ships, ocean vessels, and other equipment as specified by the authority. This strategic move marks the company's entry into the financial services sector within the GIFT City framework.

Beluga International (IFSC) Private Limited was incorporated under the provisions of the Companies Act, 2013, with its registered office located in GIFT City, Gujarat. The entity holds a Corporate Identification Number (CIN) of U64990GJ2026PTC174581. As the subsidiary is yet to commence business operations, its size and turnover figures are currently not applicable. The registration was disclosed to the stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The capital structure of the newly formed entity reveals an authorized capital of ₹ 2,00,00,000, divided into 2,00,00,000 equity shares of ₹ 1 each. The subscribed and paid-up capital stands at ₹ 1,82,00,000, comprising 1,82,00,000 equity shares of ₹ 1 each, although the paid-up capital is yet to be infused. Dolphin Offshore will acquire 100% of the share capital of Beluga IFSC through a cash consideration amounting to ₹ 1,82,00,000, which will be paid once the bank accounts are opened.

Financial and Operational Details

The following table outlines the key financial and structural details of the acquisition and the new subsidiary:

The disclosure confirmed that the transaction does not fall within related party transactions, and no promoter or group companies hold any interest in the entity other than Dolphin Offshore. Consequently, the requirements regarding arm's length pricing are not applicable in this instance. The company stated that no specific governmental or regulatory approvals were required for this acquisition beyond the provisional registration already received.