Shares of Dolphin Offshore Enterprises Ltd, a company providing services to the offshore oil and gas sector, surged sharply on Monday. Following its strong Q2 FY26 results and business updates, the stock jumped 20% to reach ₹439.20, hitting its upper circuit limit. In the previous session, it had closed at ₹366. The company’s market cap has now crossed ₹1,757 crore.
Record Growth in Q2 FY26 Results
For the September quarter (Q2 FY26), the company reported ₹24.62 crore in revenue, a 47.16% increase compared to ₹16.73 crore in Q2 FY25.
On a QoQ basis, revenue grew 49.75% from ₹16.44 crore in Q1 FY26.
The company’s EBITDA came in at ₹22 crore, up 69.23% from ₹13 crore in Q2 FY25. Compared to Q1 FY26 (₹16 crore), EBITDA rose 37.5%.
Profit Before Tax (PBT) also saw a strong jump — reaching ₹19 crore, up 46.15% from last year’s ₹13 crore. Compared to ₹11 crore in Q1 FY26, PBT surged 72.72%.
Net profit stood at ₹15.60 crore, representing a 20.74% YoY increase. It was also significantly higher than ₹11.33 crore reported in Q1 FY26.
Business Model and Company Profile
Dolphin Offshore Enterprises Ltd provides underwater and marine services to the oil and gas industry. The company works on EPC turnkey projects, offering:
- Sub-sea engineering
- Diving operations
- Pipeline inspection
- Offshore platform installation
- Vessel management
It also engages in ship and rig repair, marine logistics, and international technology partnerships to enhance its capabilities. The company runs training programs for divers and technicians as well.
As of September 2025, the shareholding pattern shows:
- Promoters: 74.99%
- FII: 4.57%
- DII: 0.31%
- Public shareholders: 20.12%
What’s Driving the Rally?
The strong surge in revenue and profit has boosted investor sentiment.
Additionally, rising demand in the oil and gas services sector and the company’s involvement in international projects are opening new opportunities.
Analysts believe that if Dolphin Offshore maintains its operational efficiency and project execution strength, its performance could remain strong in the upcoming quarters as well.
