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DELPHI WORLD MONEY LIMITED (DELPHIFX)

₹6.63 -1.92% last close, 16 Oct

📊 NSE: DELPHIFX 🏢 Finance & Investments 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, DELPHI WORLD's revenue was ₹68.5 Cr (+445.1% year on year, +7.2% on the previous quarter), and net profit ₹-1.9 Cr (against a profit a year earlier); the operating margin was -4.5%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹68.5	+445.1%	+7.2%
Operating profit	₹-3.1	to loss	to loss
Net profit	₹-1.9	to loss	to loss
EPS (₹)	-0.08	to loss	to loss
Operating margin	-4.5%	—	—

Full quarterly financials → Results calendar →

DELPHIFX exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 6 sessions in about the last 20.

₹6.63NSE close · -1.92%

Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Delphi World Money Submits Reg 74(5) Dematerialization Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 07:22 PM

Delphi World Money Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Bigshare Services Private Limited on October 8, 2026, confirms the processing of dematerialization and rematerialization requests. It verifies that physical share certificates received were mutilated, cancelled, and depositories updated within 15 days of receipt. This filing is entirely procedural and has no impact on business operations or financials.

Compliance confirmation issued for the quarter ended September 30, 2026
Certificate received from RTA Bigshare Services Private Limited dated October 8, 2026
Security certificates verified, mutilated, and cancelled within 15 days of receipt

💡 No action is required as this is a routine administrative filing. Investors should instead track the upcoming Q2 FY27 financial results.

Delphi World Money Shareholders Approve All AGM Resolutions with 99.99% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Oct 2026, 08:04 PM

Delphi World Money Limited announced the voting results and scrutinizer's report for its 41st Annual General Meeting held on September 30, 2026. Shareholders approved all three agenda items, including the adoption of audited financial statements, the re-appointment of retiring director Mr. Tiruvanamalai Chandrashekaran Guruprasad, and the re-appointment of Whole-Time Director Mr. Hariprasad Meenoth Panichikkil. Across all resolutions, 18.28 crore votes were polled representing 74.53% of outstanding shares, passing with 99.9988% votes in favor. The announcement represents standard corporate governance compliance.

All 3 resolutions passed with 99.9988% votes cast in favor
Overall voter turnout stood at 74.5269% (18,27,90,506 votes polled out of 24,52,67,775 total shares)
Promoter group polled 100% of their 15,03,96,300 shares entirely in favor
Public non-institutional voter turnout was 34.1454% (3,23,94,206 votes polled)
58 shareholders attended the AGM via video conferencing (1 promoter and 57 public)

💡 Track the company's upcoming Q2 FY27 financial performance and monitor progress on Ebix travel integration and digital remittance corridor expansion.

Delphi World Money Re-appoints Whole-Time Director Hariprasad Panichikkil for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Sep 2026, 05:02 PM

Delphi World Money Limited announced shareholder approval at its 41st AGM for the re-appointment of Mr. Hariprasad Meenoth Panichikkil as Whole-Time Director. The approved tenure spans 5 consecutive financial years commencing on February 11, 2027. The company operates in forex and remittances with TTM revenues of Rs 194 Cr and a net profit of Rs 3 Cr. The decision maintains executive leadership continuity as the company pivots toward travel integration.

Shareholders approved re-appointment at the 41st AGM held on September 30, 2026
Re-appointment of Hariprasad Meenoth Panichikkil as Whole-Time Director is for a term of 5 consecutive financial years
New tenure takes effect from February 11, 2027
Director confirmed as not debarred by SEBI or any other regulatory authority

💡 Track subsequent corporate filings for AGM voting results and upcoming quarterly performance to gauge operational turnaround amid Ebix travel business integration.

Delphi World Money Reports 13% Growth in Corporate Travel Business for August 2026

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 23 Sep 2026, 08:23 PM

Delphi World Money issued a media release reporting 13% growth in its Corporate Travel business for the month of August 2026. The performance reflects initial traction from consolidating Ebix Inc.'s travel and hospitality operations under Delphi's platform. While qualitative operational progress is noted across corporate travel, ticketing, and MICE solutions, absolute revenue or gross booking values for the month were not disclosed. Investors should weigh this update against Delphi's small base (TTM revenue of Rs 194 Cr) and volatile quarterly operating profitability.

Corporate Travel business recorded 13% growth in August 2026
Absolute monthly revenue or booking values were not disclosed
Company cites Deloitte estimate that India's corporate travel market may reach US$20.8 billion by FY2030 (10.1% CAGR)
Delphi continues integrating Ebix Group's travel, forex, and hospitality platforms

💡 Track the upcoming Q2 FY27 quarterly results to see if the reported 13% monthly segment growth translates into higher consolidated revenue and margin recovery, given the Q4 FY26 net loss of Rs 1.86 Cr.

Delphi World Money Schedules 41st AGM for September 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 04:35 PM

Delphi World Money Limited has issued the notice for its 41st Annual General Meeting (AGM) to be held on September 30, 2026, via Video Conferencing. Key business items include the adoption of audited financial statements for FY26 and the re-appointment of Mr. Hariprasad Meenoth Panichikkil as Whole-Time Director for a 5-year term from February 18, 2027, to February 17, 2032, without remuneration. The voting cut-off date is set for September 25, 2026, with remote e-voting active from September 27 to September 29, 2026. Register of Members and Share Transfer Books will remain closed from September 23 to September 30, 2026.

41st AGM scheduled for Wednesday, September 30, 2026 at 3:00 PM IST via VC/OAVM
Special resolution proposed to re-appoint Mr. Hariprasad Meenoth Panichikkil as Whole-Time Director for 5 years without remuneration
Cut-off date for e-voting eligibility fixed as Friday, September 25, 2026
Remote e-voting window open from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
Share transfer books closed from September 23, 2026 to September 30, 2026

💡 Eligible shareholders holding shares on the cut-off date (September 25, 2026) can participate in e-voting and review the FY26 annual report disclosures.

Delphi World Money: Re-appoints WTD for 5 Years; 41st AGM Scheduled for Sept 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 02:10 PM

Delphi World Money Limited has approved the re-appointment of Mr. Hariprasad Meenoth Panichikkil as Whole-Time Director for a 5-year term effective from February 11, 2027, to February 10, 2032, without remuneration, subject to shareholder approval. The Board also fixed the 41st Annual General Meeting (AGM) for September 30, 2026, via Video Conferencing. Share transfer books and the register of members will remain closed from September 23, 2026, to September 30, 2026, for the AGM. Mr. Rahul Khadriya has been appointed as the scrutinizer for the meeting.

Re-appointment of Whole-Time Director approved for a 5-year tenure (Feb 11, 2027 to Feb 10, 2032) without remuneration
41st Annual General Meeting convened for September 30, 2026, at 3:00 PM via Video Conferencing
Book closure period fixed from September 23, 2026, to September 30, 2026 (both days inclusive)
Mr. Rahul Khadriya appointed as Scrutinizer for the upcoming 41st AGM

💡 Watch for the upcoming Annual Report release and voting outcomes of ordinary/special business at the AGM on September 30, 2026.

Delphi World Money Re-Appoints WTD for 5 Years; 41st AGM Scheduled for Sept 30, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 02:05 PM

Delphi World Money Limited announced the outcome of its Board meeting held on August 31, 2026. The Board approved the re-appointment of Mr. Hariprasad Meenoth Panichikkil as Whole-Time Director for a 5-year tenure effective February 11, 2027 to February 10, 2032, without remuneration, subject to shareholder approval. Additionally, the company's 41st Annual General Meeting (AGM) has been scheduled for September 30, 2026, with the register of members closed from September 23 to September 30, 2026.

Re-appointment of Whole-Time Director Mr. Hariprasad Meenoth Panichikkil for a 5-year term from February 11, 2027 to February 10, 2032
Whole-Time Director re-appointment is approved without remuneration, subject to shareholder approval at the AGM
41st Annual General Meeting scheduled for September 30, 2026 via video conferencing
Share transfer books and register of members to remain closed from September 23, 2026 to September 30, 2026

💡 Track shareholder voting outcomes at the upcoming AGM on September 30, 2026, and monitor subsequent operational execution in upcoming quarterly results.

Delphi World Money Re-appoints Hariprasad M. P. as Whole-Time Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 01:56 PM

Delphi World Money Limited announced the re-appointment of Mr. Hariprasad Meenoth Panichikkil as Whole-Time Director for a further period of 5 years, effective from February 11, 2027 up to February 10, 2032, without remuneration. The re-appointment is subject to shareholder approval at the upcoming 41st Annual General Meeting (AGM) scheduled for September 30, 2026. The company also fixed book closure dates from September 23, 2026 to September 30, 2026. This filing represents routine governance and leadership continuity for the firm's forex and treasury operations.

Re-appointment of Whole-Time Director Hariprasad Meenoth Panichikkil for a 5-year term from February 11, 2027 to February 10, 2032
Term extension approved without remuneration, subject to members' approval
41st Annual General Meeting convened for September 30, 2026
Book closure scheduled from September 23, 2026 to September 30, 2026

💡 Monitor voting resolutions and management commentary during the upcoming 41st AGM on September 30, 2026.

Delphi World Money Reappoints Whole-Time Director for 5-Year Term; 41st AGM on Sept 30, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 01:49 PM

Delphi World Money Limited has approved the reappointment of Mr. Hariprasad Meenoth Panichikkil as Whole-Time Director for a 5-year term from February 11, 2027 to February 10, 2032, without remuneration, subject to shareholder approval. The company also scheduled its 41st Annual General Meeting for September 30, 2026 via video conferencing. Share transfer books and member registers will remain closed from September 23 to September 30, 2026. Mr. Rahul Khadriya from SRC & Co. has been appointed as scrutinizer for the AGM.

Reappointed Mr. Hariprasad Meenoth Panichikkil as Whole-Time Director for 5 years effective February 11, 2027 to February 10, 2032
Reappointment is without remuneration, subject to shareholder approval at the ensuing AGM
41st Annual General Meeting scheduled for September 30, 2026 at 3:00 PM IST
Register of Members and Share Transfer Books closed from September 23 to September 30, 2026

💡 Watch for the circulation of the full Annual Report and the outcome of shareholder voting on the director reappointment at the AGM on September 30, 2026.

SEBI Issues Administrative Warning to Delphi World Money for 6 Undisclosed Litigations

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 04 Aug 2026, 05:54 PM

Delphi World Money Limited has received an administrative warning from SEBI for failing to disclose six pending litigations filed by Bull Value Incorporated VCC sub-fund between November and December 2025. The company also failed to disclose a court order dated November 27, 2025, in its subsequent filings. While SEBI has not imposed a monetary penalty at this stage, it has warned the Board of Directors to exercise due care to avoid recurrence, which could lead to enforcement action. This highlights significant transparency and compliance lapses in the company's reporting processes.

6 pending litigations filed by Bull Value Incorporated VCC sub-fund were not disclosed as required under Regulation 30.
Litigation dates missed include November 15, 26, 27, 28, and December 13, 2025.
Failure to disclose a specific Court order dated November 27, 2025, along with the December 2, 2025 disclosure.
The company must place this warning before its Board and submit their comments to SEBI regarding corrective steps.
Delphi World Money reported a small TTM PAT of Rs 3 Cr, making any potential legal outcomes highly material.

💡 Investors should monitor the company's upcoming board meeting comments and any subsequent disclosures regarding the nature and potential financial liability of the litigations filed by Bull Value Incorporated VCC.

Regulation 74(5) Compliance Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 15 Jul 2026, 12:30 AM

Delphi World Money Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the mandated 15-day period. This is a standard administrative filing required for all listed companies to ensure the integrity of the share registry. No material financial impact or business changes were disclosed in this announcement.

Compliance confirmed for the quarter ended 30th June 2026.
Dematerialization requests were processed and confirmed within 15 days of receipt.
The RTA certificate was issued on 10th July 2026 by Bigshare Services Private Limited.

💡 This is a routine regulatory filing with no direct impact on business operations; investors should monitor upcoming quarterly earnings for performance insights.

Delphi World Money to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 04:32 PM

Delphi World Money Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the declaration of the company's unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be notified at a later date.

Trading window closure begins on July 1, 2026, for the quarter ending June 30, 2026.
Restriction applies to all Designated Persons and their immediate relatives as per SEBI norms.
The window will reopen 48 hours after the announcement of the Q1 FY2026-27 financial results.
The board meeting date for result approval is yet to be announced by the company.

💡 This is a routine regulatory filing with no impact on company fundamentals; investors should focus on the upcoming quarterly results when they are released.

Delphi World Money Submits Annual Promoter Share Encumbrance Disclosure for FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 15 Jun 2026, 06:48 PM

Delphi World Money Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing pertains to the financial year ended March 31, 2026, and contains declarations from the Promoter and Promoter Group. This regulation requires promoters to declare that they have not made any encumbrance, directly or indirectly, other than those already disclosed during the year. Such filings are standard procedures to ensure transparency regarding promoter share pledges.

Compliance with Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Disclosure covers the full financial year ending March 31, 2026.
Declaration received from the Promoter and Promoter Group regarding share encumbrances.
The filing was submitted to both BSE and NSE on April 6, 2026.

💡 No immediate action is required as this is a routine annual compliance filing; investors may monitor the detailed report to confirm the absence of new promoter pledges.

Delphi World Money Wins Legal Battle; Court Vacates Status Quo Order and Returns Plaint

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 03 Jun 2026, 05:15 PM

The Commercial Court at Dwarka has returned a plaint filed by Bull Value Incorporated VCC Sub-Fund and vacated a status quo order against Delphi World Money. The court noted that the plaintiff failed to produce FCCB title documents to prove their standing as a bondholder of the ultimate parent company despite two opportunities. This ruling vindicates Delphi's position that the proceedings lacked jurisdiction and were fundamentally misconceived. The company expects no negative impact on business operations or financials following this favorable ruling, which removes a significant legal overhang.

Commercial Court at Dwarka returned the plaint and vacated status quo directions on June 1, 2026.
Court recorded that the plaintiff failed to produce FCCB title documents despite being given two opportunities.
The ruling validates Delphi's consistent stand that the proceedings lacked jurisdiction since inception.
Company confirms no quantifiable monetary impact on financials, operations, or other activities.
The litigation involved a purported bondholder of the ultimate parent company, Ebix Inc.

💡 This is a positive development that removes legal uncertainty and a status quo order that may have impacted market confidence. Investors should view this as a resolution of a significant distraction, allowing management to focus on its travel and forex growth strategy.

Court Vacates Status Quo Order Against Delphi World Money; Plaint Returned for Lack of Jurisdiction

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 03 Jun 2026, 05:09 PM

The Commercial Court at Dwarka has returned a plaint filed by Bull Value Incorporated VCC Sub-Fund against Delphi World Money Limited, citing a lack of jurisdiction. The court also vacated previous status quo directions that had created uncertainty around the company's corporate actions since late 2025. Notably, the court recorded that the plaintiff failed to produce FCCB title documents despite two opportunities to prove their status as a bondholder. This development removes a significant legal overhang that had been affecting stakeholder confidence for several months.

Commercial Court, Dwarka, returned the plaint in Civil Suit No. CS 628/2025 on June 1, 2026.
Status quo directions operating against the company have been vacated, validating the company's jurisdictional stand.
Court noted the plaintiff failed to produce FCCB title documents despite being granted two specific opportunities.
The company confirmed no quantifiable monetary impact on business operations or financials from this order.
The litigation had been ongoing since December 22, 2025, involving purported bondholders of the ultimate parent company.

💡 This is a positive development as it clears a legal cloud and restores management's flexibility; investors should monitor if this leads to a resumption of previously stalled corporate actions.

View All DELPHIFX Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Not explicitly disclosed by segment in INR, however, the company reported a significant 83.10% decline in the Net Profit ratio from 16% in FY 2023-24 to 3% in FY 2024-25, indicating severe margin compression across its forex and remittance operations.

Geographic Revenue Split

Not disclosed in available documents; however, operations are centered in India with a focus on outbound student populations and international travel corridors.

Profitability Margins

Net Profit ratio plummeted from 16% to 3% (an 83.10% decrease) in FY 2024-25. This decline is attributed to weakening scale and increased exposure to financially weak group entities which impacts the bottom line.

EBITDA Margin

Not explicitly disclosed; however, the Net Profit ratio of 3% reflects a sharp YoY contraction from 16%, suggesting that operating costs or interest burdens from group exposures have significantly eroded core profitability.

Capital Expenditure

Not disclosed in absolute INR Cr; however, the company is investing in digital innovation and branch productivity enhancement through CRM integration and centralization to drive future growth.

Credit Rating & Borrowing

The long-term bank facility rating was downgraded from CARE BBB- to CARE BB+; Stable in December 2024 and subsequently reaffirmed and withdrawn in May 2025 at the company's request. The downgrade was driven by increasing exposure to financially weak group entities via Inter Corporate Deposits (ICDs).

⚙️ Operational Drivers

Raw Materials

Not applicable as Delphi World Money is a service-based financial and travel enterprise; its primary 'inputs' are foreign currency liquidity and credit lines.

Import Sources

Not applicable; sourcing involves global currency markets and partnerships with international remittance corridors.

Key Suppliers

Not applicable; the company relies on banking partners for credit facilities and airline/hospitality providers for its travel segment.

Capacity Expansion

Current capacity involves a nationwide branch network; expansion plans include introducing new digital remittance corridors and fintech-led services in FY 2025–26 to increase transaction throughput.

Raw Material Costs

Not applicable; however, operational risks are mitigated through hedging and natural offsets of inward and outward FX flows to manage rate volatility.

Manufacturing Efficiency

Branch productivity is being enhanced through centralization and training; the company aims for margin optimization to recover from the 83.10% profit ratio drop.

Logistics & Distribution

Distribution costs are managed through partnerships; the company is focusing on digital innovation to reduce the cost of physical distribution and improve value creation.

📈 Strategic Growth

Growth Strategy

Delphi is transforming into a diversified travel enterprise by integrating Ebix Inc.’s global travel and hospitality businesses. Strategy includes scaling domestic/international airline ticketing, MICE solutions, and luxury travel while leveraging its established forex and remittance platform to capture synergies.

Products & Services

Foreign exchange services, cross-border remittances, domestic and international airline ticketing, MICE (Meetings, Incentives, Conferences, Exhibitions) solutions, luxury travel, and curated holidays.

Brand Portfolio

Delphi World Money (formerly EbixCash World Money India Limited).

New Products/Services

New digital remittance corridors and fintech-led services planned for FY 2025-26 to diversify revenue streams beyond traditional physical branch transactions.

Market Expansion

Targeting India’s growing outbound student population and increasing airport throughput to scale forex volumes.

Market Share & Ranking

Not disclosed; positioned as an RBI-authorized Category II Authorized Dealer with a long track record.

Strategic Alliances

Consolidation with Ebix Inc.'s global travel businesses following the acquisition of Ebix by Eraaya Lifespaces Limited.

🌍 External Factors

Industry Trends

The industry is shifting toward digital-first remittance and integrated travel-fintech platforms; Delphi is positioning itself as a 'full-fledged diversified enterprise' to capture the entire travel value chain.

Competitive Landscape

Faces intense competition from traditional banks and specialized NBFCs in the remittance and forex space.

Competitive Moat

Moat consists of a long track record in forex and an RBI Category II license; sustainability is challenged by high group entity exposure and a 14.61% reduction in the Debt-Equity ratio as the company attempts to deleverage.

Macro Economic Sensitivity

Highly sensitive to international travel trends and GDP growth; outbound student growth is a primary driver for the forex segment.

Consumer Behavior

Increasing preference for digital financial platforms and a growing trend in luxury/curated holiday travel among Indian consumers.

Geopolitical Risks

Geopolitical disruptions are cited as a key risk that could impact business continuity and sourcing of foreign currency.

⚖️ Regulatory & Governance

Industry Regulations

Strict adherence required to RBI, FIU-IND, and FEMA guidelines; the company conducts periodic audits to ensure compliance with foreign exchange and anti-money laundering norms.

Environmental Compliance

Not disclosed as a material cost for this service-oriented business.

Taxation Policy Impact

Current Tax Liabilities decreased significantly from INR 39.84 Cr in FY 2023-24 to INR 10.59 Cr in FY 2024-25, reflecting lower taxable income due to the 83.10% drop in profit ratio.

Legal Contingencies

The company disclosed the impact of pending litigations in Note 41 of the Financial Statements as of March 31, 2025; specific case values were not provided in the summary, but the auditor noted no delays in IEPF transfers.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'increasing exposure to financially weak group entities' in the form of ICDs, which led to a credit rating downgrade to CARE BB+.