Dolphin Offshore Enterprises (India) Limited has scheduled its 47th Annual General Meeting (AGM) for Tuesday, August 25, 2026, to approve material related party transactions (RPTs) valued at up to ₹170 crore and re-appoint key management personnel. The meeting will be conducted via Video Conferencing or Other Audio-Visual Means (VC/OAVM), with remote e-voting open from August 21 to August 24, 2026. This procedural update follows the company’s announcement of a 30.7% year-on-year rise in consolidated net profit to ₹1,481.41 lakh for Q1FY27, highlighting improved operational performance ahead of the annual review.

The Board of Directors has sought shareholder approval for continuing business transactions with Deep Onshore Services Private Limited (DOSPL), the holding company, and Deep Industries Limited (DIL), the ultimate holding company. Additionally, approvals are required for transactions involving subsidiaries Beluga International FZCO and Deep International FZCO. The proposed RPTs cover loans, inter-corporate deposits, and service agreements essential for business expansion and working capital requirements.

Key Dates for Shareholders

Shareholders must note the specific timelines for voting and record determination to ensure their participation rights are preserved. The cut-off date for determining eligibility to vote electronically is August 18, 2026. Members holding shares in physical or dematerialized mode as on this date are entitled to cast their votes. Once a vote is cast during the remote e-voting window, it cannot be changed subsequently.

The Chairman is required to declare the results of the voting within two working days following the conclusion of the AGM. Ms. Aishwarya Parekh, Practicing Company Secretary, has been appointed as the Scrutinizer for the process.

Material Related Party Transactions

Pursuant to Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company seeks approval for RPTs that exceed 10% of the annual consolidated turnover. The annual consolidated turnover for FY26 was ₹116.42 crore.

The proposed transactions include:

• Deep Onshore Services Private Limited (DOSPL): Estimated value up to ₹50 crore, representing 42.94% of consolidated turnover. DOSPL holds a 74.99% equity stake in Dolphin Offshore.
• Deep Industries Limited (DIL): Estimated value up to ₹120 crore, representing 103.08% of consolidated turnover. DIL is the ultimate holding company.
• Subsidiaries (Beluga International FZCO & Deep International FZCO): Estimated value up to ₹50 crore. These entities are fellow subsidiaries under DIL.

The financial assistance provided under these arrangements will be unsecured, with repayment periods ranging from one to five years. Interest will be charged at appropriate rates as per defined norms. The funds are intended for business expansion, working capital requirements, and other operational needs.

Management Re-appointments

The AGM will also consider the re-appointment of Mr. Rupesh Kantilal Savla as Managing Director for a term of five years, effective December 7, 2026. Mr. Savla, who has not withdrawn any salary till date, will continue without remuneration. His re-appointment follows a performance evaluation by the Nomination and Remuneration Committee, which cited his professional background and contributions to the company’s growth.

Additionally, Mr. Rohan Vasantkumar Shah, an Executive Director, retires by rotation and offers himself for re-appointment. Mr. Shah is a Chartered Accountant with over 20 years of experience in finance and statutory compliances.

Recent Financial Context

This AGM follows the company’s announcement of a 30.7% year-on-year rise in consolidated net profit to ₹1,481.41 lakh for Q1FY27. Revenue from operations surged 160.6% to ₹4,284.65 lakh in the quarter ended June 30, 2026. While consolidated performance improved significantly, standalone profit after tax declined to ₹91.08 lakh from ₹124.08 lakh in the prior year period, highlighting the group’s reliance on overseas subsidiaries for bulk revenue generation. The disparity between consolidated and standalone figures underscores the strategic importance of international operations in driving overall profitability for Dolphin Offshore.

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.