---
title: "Dolphin Investments Ltd (503628) — Share Price, Financials & Analysis"
symbol: "503628"
company: "Dolphin Investments Ltd"
canonical: "https://tapetide.com/stocks/503628"
bse_code: "503628"
sector: "Financial Services"
industry: "Finance"
generated_at: "2026-09-13T19:17:22.103Z"
---

# Dolphin Investments Ltd (503628)

Canonical page: https://tapetide.com/stocks/503628

## Company

- **BSE Code:** 503628
- **Sector:** Financial Services
- **Industry:** Finance
- **Macro Sector:** Financial Services
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** mahatmeindia.com

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.

### Weaknesses

- Working capital days have increased from -891 days to 453 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | — | 20% | 13% |
| revenue growth | 357% | 7% | 27% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0.13 | 0.07 | 0.12 | 0.28 | 0.46 | 0.82 | 0.44 | 0.36 | 0.85 | 0.79 | 1.98 | 2.47 |
| Expenses | 0.33 | 0.16 | 0.36 | 0.35 | 0.57 | 1.01 | 0.58 | 0.53 | 1 | 0.9 | 2 | 2.59 |
| Operating Profit | -0.2 | -0.09 | -0.24 | -0.07 | -0.11 | -0.19 | -0.14 | -0.17 | -0.15 | -0.11 | -0.02 | -0.12 |
| OPM % | -153.85 | -128.57 | -200 | -25 | -23.91 | -23.17 | -31.82 | -47.22 | -17.65 | -13.92 | -1.01 | -4.86 |
| Other Income | 0.26 | 0 | 0.44 | -0.21 | 0.22 | 0.24 | 0.25 | 0.24 | 0.24 | 0.24 | 0.24 | 0.25 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0.02 | 0.01 | 0.02 | 0.05 | 0.05 |
| Depreciation | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.06 | 0.1 | 0.09 |
| Profit before tax | 0.01 | -0.14 | 0.15 | -0.33 | 0.07 | 0.01 | 0.04 | 0.01 | 0.04 | 0.05 | 0.07 | -0.01 |
| Tax % | 300 | 0 | 0 | 0 | -42.86 | 0 | 0 | 0 | 0 | 20 | 28.57 | 100 |
| Net Profit | -0.02 | -0.13 | 0.15 | -0.33 | 0.1 | 0.01 | 0.03 | 0.01 | 0.04 | 0.03 | 0.05 | -0.02 |
| EPS in Rs | -0.04 | -0.27 | 0.31 | -0.68 | 0.21 | 0.02 | 0.06 | 0.02 | 0.08 | 0.06 | 0.1 | -0.03 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 13.48 | 4.78 | 4.27 | 12.84 | 7.04 | 3.4 | 15.53 |
| Expenses | 11.15 | 0.52 | 2.69 | 5.04 | 6.03 | 3.06 | 3.23 |
| Operating Profit | 2.33 | 4.26 | 1.58 | 7.8 | 1.01 | 0.34 | 12.3 |
| OPM % | 17.28 | 89.12 | 37 | 60.75 | 14.35 | 10 | 79.2 |
| Other Income | 0 | 1.41 | 0.08 | 0 | 0 | 0.02 | 0 |
| Interest | 0.28 | 0.01 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0.02 | 0.02 | 0.01 | 0.01 | 0 | 0 | 0 |
| Profit before tax | 2.03 | 5.64 | 1.65 | 7.79 | 1.01 | 0.36 | 12.3 |
| Tax % | 30.05 | 19.5 | 47.27 | 38.25 | 30.69 | 27.78 | 31.79 |
| Net Profit | 1.42 | 4.54 | 0.87 | 4.82 | 0.7 | 0.26 | 8.39 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Reserves | 6.22 | 10.77 | 11.64 | 16.46 | 17.16 | 17.41 | 25.81 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 38.81 | 49.63 | 67.92 | 74.39 | 73.12 | 105.9 | 93.1 |
| Total Liabilities | 45.23 | 60.6 | 79.76 | 91.05 | 90.48 | 123.51 | 119.11 |
| Fixed Assets | 0.12 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 |
| CWIP | 0.43 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0.54 | 5.3 | 5.3 | 5.64 | 3.12 | 47.49 | 3.12 |
| Other Assets | 44.14 | 55.27 | 74.44 | 85.4 | 87.35 | 76.01 | 115.98 |
| Total Assets | 45.23 | 60.6 | 79.76 | 91.05 | 90.48 | 123.51 | 119.11 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0.56 | 6.57 | 0.1 | — | — | 43.58 | -56.56 |
| Cash from Investing Activity | 0 | -4.25 | 0 | — | — | -44.37 | 56.33 |
| Cash from Financing Activity | 0 | 0 | 0 | — | — | 0 | 0 |
| Net Cash Flow | 0.56 | 2.32 | 0.1 | — | — | -0.79 | -0.23 |
| Free Cash Flow | 0.56 | 7.07 | 0.1 | — | — | 43.58 | -56.56 |
| CFO/OP | 50 | 181 | 53 | — | — | 12818 | -460 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 0 | 0 | 8.55 | 0 | 0 | 0 | 0 |
| Inventory Days | 2.19 | — | — | — | 5.62 | — | — |
| Days Payable | 1656.5 | — | — | — | 8188.35 | — | — |
| Cash Conversion Cycle | -1654.32 | 0 | 8.55 | 0 | -8182.74 | 0 | 0 |
| Working Capital Days | 72.3 | 50.4 | 123.09 | 240.49 | 496.69 | -3622.09 | 452.67 |
| ROCE % | — | 64.98 | 14.47 | 54.67 | 5.94 | 2.06 | 56.4 |

## Shareholding Pattern

### annual

| Category | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 60.87% | 60.87% | 60.87% | 60.87% | 60.87% | 60.87% | 50.9% |
| Public | 39.13% | 39.13% | 39.13% | 39.13% | 39.13% | 39.13% | 49.09% |
| No. of Shareholders | 96 | 164 | 138 | 113 | 122 | 142 | 172 |

### Quarterly

| Category | Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | May 2025 | Sep 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 60.87% | 60.87% | 60.87% | 60.87% | 60.87% | 60.87% | 60.87% | 60.87% | 60.87% | 60.87% | 51.6% | 50.9% |
| Public | 39.13% | 39.13% | 39.13% | 39.13% | 39.13% | 39.13% | 39.13% | 39.13% | 39.12% | 39.13% | 48.4% | 49.09% |
| No. of Shareholders | 174 | 164 | 146 | 138 | 118 | 113 | 118 | 122 | 160 | 142 | 164 | 172 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Neutral
- **Buy / Neutral / Sell:** 6 / 7 / 6

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 257.88 | Buy |
| EMA (10) | 259.73 | Buy |
| SMA (20) | 258.64 | Buy |
| EMA (20) | 259.65 | Buy |
| SMA (50) | 265.11 | Sell |
| EMA (50) | 264.38 | Sell |
| SMA (100) | 273.27 | Sell |
| EMA (100) | 273 | Sell |
| SMA (200) | 290.77 | Sell |
| EMA (200) | 283.73 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 52.16 | Neutral |
| MACD (12,26,9) | -0.85 | Buy |
| Stochastic (14,3,3) | 68.54 | Neutral |
| ADX (14) | 14.74 | Neutral |
| Williams %R (14) | -37.81 | Neutral |
| ATR (14) | 8.79 | High Volatility |
| ROC (12) | 3.97 | Buy |
| Stoch RSI (14) | 75.15 | Neutral |
| UO (7,14,28) | 59.3 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 Nov 2025 - Board meeting on Nov 14, 2025 to consider unaudited H1 results for period ended Sep 30, 2025; trading window closed. | [Board Meeting Intimation for Adoption Of Financial Results For The Half Year Ended On September 30, 2025 8 Nov 2025 - Board meeting on Nov 14, 2025 to consider unaudited H1 results for period ended Sep 30, 2025; trading window closed.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d629d638-d165-4d20-93c9-ada5f00c8e04.pdf) |
| 16 Jan - KFin certificate for quarter ended 31-Dec-2025: no demat/remat requests received. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 16 Jan - KFin certificate for quarter ended 31-Dec-2025: no demat/remat requests received.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5c933492-b528-4d53-a906-5eb345a4fdb1.pdf) |
| 14 Nov 2025 - Board approved H1 results to Sep 30, 2025: revenue Rs247.00 lakh; auditor qualified. | [Board Meeting Outcome for Unaudited Financial Results For The Half Year Ended On September 30 2025 14 Nov 2025 - Board approved H1 results to Sep 30, 2025: revenue Rs247.00 lakh; auditor qualified.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/08f078db-d803-49e6-a8b6-842e849bee7b.pdf) |
| 11 Feb - Launched SmiloShine Aligner and Denture Cleaner Whitener Foam on 10 Feb 2026; domestic and international markets. | [Launch Of New Product- Smiloshine Aligner And Denture Cleaner And Whitener Foam 11 Feb - Launched SmiloShine Aligner and Denture Cleaner Whitener Foam on 10 Feb 2026; domestic and international markets.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a46364a3-5d4c-4913-b134-63b372920da7.pdf) |
| — | [Unaudited Financial Results For The Half Year Ended On 30.09.2025 14 Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/115e2be8-c74d-4f03-b20a-a00af07793ee.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6f815ee4-e869-4005-bbfc-ae15d62f3322.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b3bc20eb-ec64-4049-b715-557c77bbbf19.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/131a6930-4563-44c6-8013-cb501031392e.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/542771/76462542771.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/542771/72001542771.pdf) |
| from bse | [Financial Year 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/542771/65972542771.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:17:22.103Z.