Delphi World Money Limited (DELPHIFX) AI Stock Analysis

• Market Cap: ₹2.46B
• Dividend Yield: N/A
• Average Volume (3M): 12.00K
• Price to Earnings (P/E): 2309.6
• Beta (1Y): 0.74
• 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: ₹10.00 ▼(-95.78% 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

Balance sheet stability

Manageable leverage and a relatively stable capital structure provide the company with financial flexibility over months. This reduces near-term refinancing risk, supports operational resilience while management addresses revenue and margin issues, and preserves optionality for restructuring or strategic funding.

Profitability resilience

A positive net profit margin despite operational strain indicates residual profitability that can sustain basic operations and buffer shocks. Over a multi-month horizon this retained profitability helps avoid immediate capital raises and offers time for management to implement margin recovery or cost actions.

Stable asset base

A stable asset base signals limited need for large incremental capital expenditures and underpins operational continuity. It provides predictable collateral and working capital capacity, aiding liquidity management and supporting the business while revenue and operating metrics are being addressed.

Negative Factors

Declining revenue

Sustained revenue decline reduces scale economies, compresses gross margins and shrinks the base for fixed-cost absorption. Over the next several months this trend can erode pricing power and market share, making operational turnaround harder and limiting internally generated funds for reinvestment.

Weak cash conversion

Negative operating and free cash flow indicate the company struggles to convert accounting profits into liquid resources. Persisting cash conversion weakness raises liquidity risk, may force external financing or asset sales, and constrains ability to invest in growth or absorb further margin pressure.

Margin compression / negative operating margins

Eroding gross margins and negative EBIT reflect core operational weakness rather than temporary items. If sustained, this undermines long-term profitability, forces structural cost cuts or strategic repositioning, and reduces capacity to cover fixed costs, hindering recovery prospects over months.

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

null

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	14.55B	17.21B	28.70B	26.15B	15.05B	11.29B
Gross Profit	394.64M	148.50M	206.29M	276.90M	175.30M	742.09M
EBITDA	97.85M	61.52M	257.97M	244.90M	186.54M	647.48M
Net Income	13.93M	19.55M	151.92M	150.42M	79.21M	407.78M
Balance Sheet
Total Assets	5.94B	3.09B	3.20B	3.06B	3.02B	2.92B
Cash, Cash Equivalents and Short-Term Investments	1.85B	1.05B	126.91M	334.12M	795.10M	611.81M
Total Debt	1.86B	276.25M	309.75M	6.22M	312.83M	333.63M
Total Liabilities	5.86B	859.35M	983.73M	996.64M	1.10B	1.08B
Stockholders Equity	2.30B	2.24B	2.22B	2.07B	1.92B	1.84B
Cash Flow
Free Cash Flow	349.44M	-57.55M	-349.22M	396.70M	287.52M	314.47M
Operating Cash Flow	349.88M	-43.68M	-338.37M	397.77M	287.57M	315.81M
Investing Cash Flow	29.01M	371.08M	-150.43M	-175.08M	-269.22M	-15.27M
Financing Cash Flow	-214.13M	-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: Positive
• 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 12.65, above the 50-day MA of 14.40, and above the 200-day MA of 13.64, indicating a bearish trend. The MACD of -1.04 indicates Positive momentum. The RSI at 28.46 is Positive, neither overbought nor oversold. The STOCH value of 24.13 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	₹1.43B	10.11	―	0.31%	-57.76%	-68.83%
INDBANK	71 Outperform	₹1.35B	20.15	―	―	-18.35%	-43.75%
STEELCITY	68 Neutral	₹1.22B	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	₹2.40B	6.06	―	―	7.76%	-48.14%
INVENTURE	46 Neutral	₹1.06B	9.72	―	―	-53.21%	-78.00%
DELPHIFX	43 Neutral	₹2.46B	2,309.57	―	―	-34.90%	-69.02%

Delphi World Money Limited Corporate Events

Delphi World Money completes dispatch of postal ballot notice and regulatory newspaper ads

Delphi World Money Limited has notified the stock exchanges that it has completed the electronic dispatch of its postal ballot notice dated February 21, 2026 to shareholders as of the March 6, 2026 cut-off date. The company also announced that it has published required newspaper advertisements in Financial Express and Prathakal confirming completion of this dispatch, underscoring its compliance with SEBI’s disclosure and shareholder communication regulations.

The move signals that Delphi World Money is proceeding with shareholder approvals via postal ballot in a transparent, regulatory-compliant manner. For investors and other stakeholders, the update primarily serves as a process and governance disclosure, indicating that all eligible members have been formally informed and that statutory public notice obligations have been fulfilled.

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.