Delphi World Money Limited

Financial Services — Capital Markets · NSE

₹6.63−₹0.13 (−1.92%)

DalalBaazaar Score

46 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Delphi World Money Limited operates as a foreign exchange services company in India.

IndustryCapital Markets

SectorFinancial Services

Employees154

Annual revenue₹1,398 Cr

How does it make money?

Turns over ₹1,398 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹2 left at the operating level before interest, tax and depreciation. Each of its 154 employees supports ₹9.08 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹9.08 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.7%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -47% while net margin moved -46% 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-47%

Margin effect-46%

DalalBaazaar Score

46/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 18.8% a year
✗ Profit has declined at 33.9% a year

Quality vs. Valuation

Company Quality

43/ 100

Weak

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

Valuation

70/ 100

Cheap

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

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

27.6x

3Y Median

25.0x

40 monthly readings · mean 49.7x · range 8.0x–144.5x

Sector Median

58.4x

median of 3 sector peers

⚠️Current valuation is approximately 10% above its 3y median of 25.0x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 53% below the peer median of 58.4x.

vs. its own history

Fair

25.0x median over 40 months · +10%

vs. sector peers

Cheap

58.4x median of 3 peers · -53%

vs. generic bands

Fair

15x–35x

EV/EBITDA

9.3x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Return on capital is rising
ROCE has improved from 9.7% to 12.1%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Return on equity is falling
ROE has dropped from 7.3% to 1.3% — each rupee of shareholder capital earns less than it did.
Receivables growing faster than sales
Receivables are up 85% against revenue growth of -47% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 235% against revenue growth of -47% — stock may not be moving.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.8x — little room if earnings dip.
🟡Profit is decliningFinancial
Net profit is down 71% over 3 years.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 37% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 53% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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 7.3% to 1.3%. 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.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
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 0%✓ 2.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 1.6%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Interest cover stays above 3x✗ 1.8x
How much operating profit can fall before interest stops being comfortably covered.
4Valuation vs its own median of 25.0x✓ 27.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 11 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
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 6 neutral · 2 weak

Market Cap

₹163 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

27.6x

Fair

Fairly valued against the generic band

P/B Ratio

0.50x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.24

Profitable

Profitable on a per-share basis

ROE

1.6%

Weak

Weak capital efficiency

ROCE

12.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.35x

Moderate

Moderate leverage

Revenue Growth (YoY)

4.0%

Modest

Modest growth

Profit Growth (YoY)

122.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

2.8%

Weak

Assets generate little profit

Operating Margin

1.9%

Weak

Thin margins leave little room for error

Net Margin

0.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.17

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.88

Market-like

Moves roughly in line with the market

52W Range Position

14%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

6.5 / 6.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

60.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,615 Cr	₹2,870 Cr	₹1,721 Cr	₹1,398 Cr	-18.8%
EBITDA	₹25 Cr	₹27 Cr	₹24 Cr	₹28 Cr	+4.5%
EBITDA Margin	1.0%	0.9%	1.4%	2.0%	—
PAT (Net Profit)	₹15 Cr	₹15 Cr	₹2 Cr	₹4 Cr	-33.9%
EPS	₹0.84	₹0.85	₹0.11	—	—
ROE	7.3%	6.9%	0.9%	1.3%	—
ROCE	9.7%	9.7%	2.0%	12.1%	—
Total Debt	₹1 Cr	₹31 Cr	₹28 Cr	₹174 Cr	+554.1%
Free Cash Flow	₹40 Cr	-₹33 Cr	₹26 Cr	₹55 Cr	+11.8%

🔴 Revenue has shrunk at 18.8% a year over 3 years.

🟢 EBITDA has grown at 4.5% a year over 3 years.

🟢 EBITDA Margin has risen from 1.0% to 2.0% over 3 years (+1.1 pts).

🔴 PAT (Net Profit) has shrunk at 33.9% a year over 3 years.

🔴 ROE has fallen from 7.3% to 1.3% over 3 years (-5.9 pts).

🟢 ROCE has risen from 9.7% to 12.1% over 3 years (+2.5 pts).

🔴 Total Debt has grown at 554.1% a year over 3 years.

🟢 Free Cash Flow has grown at 11.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹646 Cr

Total Liabilities

₹517 Cr

Cash & Equivalents

₹71 Cr

Operating Cash Flow

₹63 Cr

Capex

-₹7 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

75.5%

Corporate Actions

Ex-Dividend Date

30 Jul 2018

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

1 mixed5 general

Delphi World Money Lower Circuit Today: Price, Data and Peers

Univest, 14 Oct

Delphi World Money (NSEI:DELPHIFX) - Stock Analysis

Simply Wall Street, 11 Oct

Delphi World Money Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Delphi World Money clarifies delay in May 23 disclosure

scanx.trade, 09 Jul

Delphi World Money Shares Rise Over 4% Amid NSE Trading Activity

Kalkine India, 12 MayPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Delphi World Money Lower Circuit Streak: Day 2 Price and Data

Univest, 12 Oct

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingValuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 4 tripwires tripped — Return on equity stays above 8%; Interest cover stays above 3x · see Key things to watch ↑