Delphi World Money Limited (DELPHIFX) AI Stock Analysis

• Market Cap: ₹2.98B
• Dividend Yield: N/A
• Average Volume (3M): 12.00K
• Price to Earnings (P/E): 2309.6
• Beta (1Y): 0.52
• Revenue Growth: -34.90%
• EPS Growth: -69.02%
• Country: IN
• Employees: 204
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): <0.01
• Shares Outstanding: 245,267,780
• 10 Day Avg. Volume: 22,242
• 30 Day Avg. Volume: 12,004
• PEG Ratio: -0.14
• Price to Book (P/B): 0.11
• Price to Sales (P/S): 0.01
• P/FCF Ratio: -4.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: ₹11.00 ▼(-95.36% Downside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is weighed down primarily by weak financial performance (declining revenue/margins and negative operating cash flow) and a bearish technical setup (below major moving averages with negative MACD). Valuation further detracts due to an extremely high P/E and no dividend yield support.

Positive Factors

Manageable leverage

A relatively low debt-to-equity ratio and described balance sheet stability provide lasting financial flexibility. Over the next 2-6 months this reduces refinancing and solvency risk, enabling the company to absorb operational shocks and pursue targeted funding or working capital needs.

Positive net profit margin

Retaining a positive net profit margin despite headwinds indicates the business still generates earnings after expenses. This persistent profitability supports internal reinvestment, debt servicing and strategic choices, providing a longer-term buffer versus firms running sustained net losses.

Stable asset base and strong equity ratio

A strong equity ratio and stable total assets underpin capital adequacy and operational continuity. This structural asset stability supports lending capacity, collateral value and reduces the need for distressed asset sales, preserving strategic optionality across business cycles.

Negative Factors

Sustained revenue decline

A multi-year revenue decline materially weakens scale and competitive positioning. Over months this erodes pricing power and operating leverage, constrains reinvestment in product and distribution, and makes it harder to restore growth absent strategic change or market share recovery.

Negative operating cash flow

Negative operating cash flow signals poor cash conversion that is unlikely to be resolved quickly. It raises liquidity risk, forces reliance on external financing, and limits capital expenditure or debt reduction, undermining long-term financial resilience and strategic investment capacity.

Eroding margins and negative EBIT

Declining gross margins and negative EBIT reflect structural operational pressure. Persistent unprofitable core operations force cost restructuring or strategic shifts; if unresolved, they threaten cash generation, competitive positioning and the ability to fund growth over the medium term.

Delphi World Money Limited Business Overview & Revenue Model

Company Description

Delphi World Money Limited provides money changing and money transfer services in India. It offers foreign exchange, outward and inward remittance, and travel insurance services, as well as prepaid and gift cards for corporate and retail clients. The company was formerly known as Ebixcash World Money India Limited and changed its name to Delphi World Money Limited in August 2021. The company was incorporated in 1985 and is based in Mumbai, India. Delphi World Money Limited is a subsidiary of EbixCash World Money Limited.

How the Company Makes Money

Delphi World Money Limited generates revenue through various channels, primarily focusing on transaction fees associated with currency exchanges and international money transfers. The company charges a percentage or fixed fee on each transaction processed, which constitutes a significant portion of its revenue. Additionally, DELPHIFX may earn money through partnerships with banks and financial institutions that utilize its technology for their own forex and payment services. This includes revenue-sharing agreements or service fees for providing its platform. Other potential revenue streams include offering premium services to businesses, such as bulk transaction processing or advanced analytics for financial management. The company's growth is also bolstered by expanding its customer base and forming alliances with e-commerce platforms, thus increasing transaction volumes.

Delphi World Money Limited Financial Statement Overview

Summary

Overall financials are pressured: revenues and margins have declined and EBIT margins turned negative. The balance sheet is relatively stable with manageable leverage, but operating cash flow and free cash flow trends are weak, indicating poor cash conversion and liquidity strain.

Income Statement

The income statement shows some concerning trends with a declining revenue trajectory from 2020 to 2025. The gross profit margin is decreasing, and recent EBIT margins have turned negative, indicating operational challenges. However, the net profit margin remains positive, suggesting some level of profitability is retained.

Balance Sheet

The balance sheet reflects moderate stability with a relatively low debt-to-equity ratio, indicating manageable leverage. The equity ratio is strong, but the declining stockholders' equity over recent periods indicates potential erosion of shareholder value. The company's total assets have remained stable.

Cash Flow

Cash flow analysis reveals negative free cash flow growth and operating cash flow, raising concerns about the company’s liquidity and cash management. The operating cash flow to net income ratio is negative, highlighting inefficiencies in converting profits to cash.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	15.55B	17.21B	28.70B	26.15B	15.05B	11.29B
Gross Profit	121.24M	148.50M	206.29M	276.90M	175.30M	742.09M
EBITDA	73.97M	61.52M	257.97M	244.90M	186.54M	647.48M
Net Income	17.26M	19.55M	151.92M	150.42M	79.21M	407.78M
Balance Sheet
Total Assets	0.00	3.09B	3.20B	3.06B	3.02B	2.92B
Cash, Cash Equivalents and Short-Term Investments	383.66M	1.05B	126.91M	334.12M	795.10M	611.81M
Total Debt	0.00	276.25M	309.75M	6.22M	312.83M	333.63M
Total Liabilities	-2.24B	859.35M	983.73M	996.64M	1.10B	1.08B
Stockholders Equity	2.24B	2.24B	2.22B	2.07B	1.92B	1.84B
Cash Flow
Free Cash Flow	0.00	-57.55M	-349.22M	396.70M	287.52M	314.47M
Operating Cash Flow	0.00	-43.68M	-338.37M	397.77M	287.57M	315.81M
Investing Cash Flow	0.00	371.08M	-150.43M	-175.08M	-269.22M	-15.27M
Financing Cash Flow	0.00	-70.64M	281.57M	-326.08M	-53.46M	8.76M

Delphi World Money Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 237.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DELPHIFX, the sentiment is Negative. The current price of 237.1 is above the 20-day moving average (MA) of 13.68, above the 50-day MA of 14.91, and above the 200-day MA of 13.57, indicating a bearish trend. The MACD of -0.83 indicates Positive momentum. The RSI at 37.33 is Neutral, neither overbought nor oversold. The STOCH value of 31.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DELPHIFX.

Delphi World Money Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KEYFINSERV	75 Outperform	₹1.46B	10.11	―	0.31%	-57.76%	-68.83%
INDBANK	71 Outperform	₹1.49B	20.15	―	―	-18.35%	-43.75%
STEELCITY	68 Neutral	₹1.27B	9.34	―	4.37%	-8.60%	-9.89%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ALMONDZ	60 Neutral	₹2.58B	6.06	―	―	7.76%	-48.14%
INVENTURE	46 Neutral	₹1.12B	9.72	―	―	-53.21%	-78.00%
DELPHIFX	43 Neutral	₹2.98B	2,309.57	―	―	-34.90%	-69.02%

Delphi World Money Limited Corporate Events

Delphi World Money Delivers Q3 Turnaround as Travel Recovery Lifts Revenue and Margins

Delphi World Money reported strong financial performance for the quarter ended December 31, 2025, with adjusted revenue rising 24% sequentially to INR 547 million and a turnaround in adjusted EBITDA from a loss to a profit, driven by travel recovery and operational efficiencies. For the nine-month period, proforma adjusted revenue reached INR 1,479 million and losses narrowed materially, reflecting the benefits of integrating the travel business, strategic corporate realignment, and rising travel demand, while the board approved the next phase of growth for its travel and hospitality operations to enhance structural efficiency and expand domestic and international reach.

Delphi World Money Clears Q3 Results, Defends Loan and Maps Next Growth Phase

Delphi World Money Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended December 31, 2025, and addressed auditor observations on an inter-corporate loan of ₹38.14 crore extended by group entity Ebix Travels to the ultimate parent. The board defended the commercial rationale and regulatory compliance of the loan at the time it was executed and has resolved to seek shareholder approval for the transaction via postal ballot, reflecting a bid to reinforce governance and transparency.

The board also granted in-principle approval for the next phase of growth in its travel, hospitality, and related businesses, outlining strategic measures to improve operational alignment, structural efficiency, and market reach across domestic and international operations. These plans, supported by advisory engagements and potential organizational realignments, indicate a push to strengthen the group’s long-term positioning while several management decisions will be placed before shareholders through a postal ballot.