Delaplex Limited

Sector n/a · NSE

₹269.10−₹4.15 (−1.52%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

The 60-second version of Delaplex Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹69 Cr a year. Of every ₹100 of sales, about ₹19 reaches shareholders as profit, with ₹25 left at the operating level before interest, tax and depreciation.

EBITDA margin24.8%

Net margin18.6%

What is its competitive advantage?Some evidence

ROCE of 18.3% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE18.3%

ROE14.3%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +28% while net margin moved +22% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+28%

Margin effect+22%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

• Not enough data to assess valuation.

Quality vs. Valuation

Company Quality

72/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

60/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

14.0x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 21.3% to 24.8% over 3 years.
Cash generation is improving
Free cash flow is up 1285% over 3 years.
Very low debt
Debt/Equity of 0.00x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 108% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 33.1% to 14.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 44.2% to 18.3% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 108% over 3 years, from -₹0 Cr to ₹0 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.3% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 21.3% to 24.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹5 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 33.1% to 14.3%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 23%✓ 24.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 6% a year✓ 8.5% CAGR
Latest reported year was 2.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹5 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 15%✓ 18.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 8 neutral · 0 weak

Market Cap

₹245 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

14.3%

Moderate

Moderate capital efficiency

ROCE

18.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.00x

Low

Conservative leverage

Revenue Growth (YoY)

2.0%

Modest

Modest growth

Profit Growth (YoY)

5.2%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹5 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹269.1

Gross Margin

39.7%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

18.6%

Good

Strong bottom-line conversion

Current Ratio

18.13

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

106.1 / 99.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

92.1

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹54 Cr	₹55 Cr	₹68 Cr	₹69 Cr	+8.5%
EBITDA	₹11 Cr	₹12 Cr	₹16 Cr	₹17 Cr	+14.1%
EBITDA Margin	21.3%	21.9%	23.7%	24.8%	—
PAT (Net Profit)	₹8 Cr	₹10 Cr	₹12 Cr	₹13 Cr	+16.0%
EPS	₹9.03	₹13.26	₹13.33	—	—
ROE	33.1%	15.6%	16.5%	14.3%	—
ROCE	44.2%	18.2%	21.1%	18.3%	—
Total Debt	-₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	—
Free Cash Flow	₹0 Cr	₹5 Cr	-₹7 Cr	₹5 Cr	+140.2%

🟢 Revenue has grown at 8.5% a year over 3 years.

🟢 EBITDA has grown at 14.1% a year over 3 years.

🟢 EBITDA Margin has risen from 21.3% to 24.8% over 3 years (+3.5 pts).

🟢 PAT (Net Profit) has grown at 16.0% a year over 3 years.

🔴 ROE has fallen from 33.1% to 14.3% over 3 years (-18.8 pts).

🔴 ROCE has fallen from 44.2% to 18.3% over 3 years (-25.9 pts).

🟢 Total Debt has turned positive, from -₹0 Cr to ₹0 Cr.

🟢 Free Cash Flow has grown at 140.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹93 Cr

Total Liabilities

₹3 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹14 Cr

Capex

-₹9 Cr

Recent News

6 general

DELAPLEX LIMITED Share Price

Upstox, 16 Oct

Here's Why We Think Delaplex (NSE:DELAPLEX) Might Deserve Your Attention Today

Simply Wall Street, 17 Oct

Delaplex Upper Circuit Today: Price, Data and Peers

Univest, 14 Oct

Momentum Stocks: Delaplex, Neochem Bio, Aeroflex Industries gain up to 16% on sheer momentum

Moneycontrol.com, 12 Oct

DelaPlex Ltd Peer Comparison – Compare with Others

Value Research, 31 Aug

Delaplex lists 48,480 ESOP shares on NSE from June 25

scanx.trade, 26 Jun

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🟢Business QualityStrong14.3/20

🟢Financial HealthStrong17.8/20

🟢GrowthStrong13.3/20

🟡ProfitabilityModerate8.9/15

🟡ValuationFair7.5/15

🟡RiskModerate5/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 23%24.8%
✓Revenue growth stays above 6% a year8.5% CAGR
✓Free cash flow remains positive₹5 Cr
✓Debt / EBITDA stays below 2x0.0x
✓ROCE stays above 15%18.3%