Delta Autocorp Limited (DELTIC)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Delta Autocorp's revenue was ₹37.5 Cr, and net profit ₹3.5 Cr; the operating margin was 7.2%.
| H2 FY26 (₹ Cr) | Value | YoY | vs prev. half |
|---|---|---|---|
| Revenue | ₹37.5 | — | -10.7% |
| Operating profit | ₹2.7 | — | -19.8% |
| Net profit | ₹3.5 | — | +2.6% |
| EPS (₹) | 2.29 | — | +2.7% |
| Operating margin | 7.2% | — | — |
DELTIC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 71.43% of the DELTIC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 77.53%. That is close to its usual level. Turnover was only ₹3 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 94.9% · 92.5% · 69.2% · 75.0% · 71.4%
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
Delta Autocorp Limited has issued the notice for its 3rd Annual General Meeting (AGM) scheduled for September 29, 2026, at 2:30 PM IST via Video Conference. The ordinary business includes adopting standalone and consolidated audited financials for FY 2025-26 and the reappointment of retiring director Mr. Sanwarmall Agarwalla (holding 1.12% equity). The cut-off date to determine member voting eligibility is September 22, 2026. The filing contains standard procedural disclosures with no special corporate actions or material strategic updates.
- 3rd Annual General Meeting scheduled for Tuesday, September 29, 2026, at 02:30 PM IST
- Voting cut-off date set as Tuesday, September 22, 2026
- Reappointment of non-executive director Mr. Sanwarmall Agarwalla, who holds a 1.12% stake
- Adoption of audited standalone and consolidated financial statements for FY ended March 31, 2026
- Remote e-voting and VC facility provided for up to 1,000 members on a first-come, first-served basis
Delta Autocorp Limited's Board of Directors met on September 5, 2026, to approve the Board's Report and Annual Report for FY 2025-2026. The company scheduled its 3rd Annual General Meeting (AGM) for Tuesday, September 29, 2026, to be held via video conferencing. The remote e-voting period is set from September 26 to September 28, 2026, with a cut-off date of September 22, 2026. Additionally, Mr. Ajaysinh Ladhubha Jadeja was appointed as Company Secretary and Compliance Officer effective September 5, 2026.
- 3rd AGM scheduled for Tuesday, 29th September 2026 at 02:30 PM via VC/OAVM
- Remote e-voting window opens on 26th September 2026 (09:00 AM) and closes on 28th September 2026 (05:00 PM)
- Cut-off date for e-voting and AGM attendance fixed as 22nd September 2026
- Mr. Ajaysinh Ladhubha Jadeja appointed as Company Secretary & Compliance Officer effective 05th September 2026
Delta Autocorp received an adverse adjudication order from the Office of the Principal Commissioner of Customs (Port), Kolkata on August 25, 2026, rejecting customs notification benefits for imports between April 2021 and December 2022. The order demands differential customs duty of ₹76.91 lakh, interest, a fine of ₹1.00 crore in lieu of confiscation, and penalties totalling ₹1.27 crore (aggregate demand of ~₹3.04 crore plus interest). This total exposure represents roughly 87% of its latest quarterly net profit (₹3.50 crore in Mar 2026). The company stated it disagrees with the findings and intends to file an appeal before the competent appellate authority.
- Differential customs duty demand of ₹76,90,665 under Section 28(4) plus interest under Section 28AA
- Fine imposed of ₹1,00,00,000 in lieu of confiscation under Section 125
- Penalties imposed: ₹76,90,665 under Section 114A and ₹50,00,000 under Section 114AA
- Total quantified financial demand stands at ~₹3.04 crore (excluding interest) against imports from April 1, 2021 to December 31, 2022
- Company intends to contest the order before the appellate authority
Delta Autocorp Limited received a Warning Letter from SEBI dated August 20, 2026, regarding a compliance delay under LODR Regulation 30. The company had received a Show Cause Notice from the Customs Authority on September 13, 2025, but disclosed it on November 20, 2025, resulting in a 67-day delay. SEBI cautioned the company to ensure strict compliance going forward, with no financial penalties or operational restrictions imposed.
- Received SEBI warning letter on August 20, 2026, for delayed disclosure
- Delay of 67 days occurred in reporting a Customs Show Cause Notice received on September 13, 2025
- Company reported the Customs notice on November 20, 2025, missing the 24-hour LODR requirement
- Zero financial penalties, restrictions, or sanctions imposed by SEBI
Delta Autocorp Limited has announced the resignation of Rama Kanojia from the post of Company Secretary and Compliance Officer, effective August 21, 2026. The resignation letter, dated August 11, 2026, cites personal reasons for her departure. The outgoing officer has confirmed assistance during the transition period. The company will need to designate a successor to maintain statutory and exchange compliance continuity.
- Rama Kanojia resigns as Company Secretary & Compliance Officer effective August 21, 2026
- Resignation letter submitted on August 11, 2026 citing personal reasons
- Transition support promised through the effective exit date of August 21, 2026
- Compliance officer Membership Number stated as A72774
Delta Autocorp Limited (DELTIC) has announced the resignation of Mrs. Rama Kanojia from the position of Company Secretary and Compliance Officer. The resignation was tendered on August 11, 2026, and will be effective from August 21, 2026, citing personal reasons. As a Key Managerial Personnel (KMP) change, this is a routine administrative update and does not impact the company's operational capacity or its reported net worth of Rs 80 Cr.
- Resignation tendered by Mrs. Rama Kanojia on August 11, 2026
- Effective date of cessation from the post is August 21, 2026
- Company reported a net worth of Rs 80 Cr and low debt of Rs 1 Cr
- Latest quarterly revenue for March 2026 was Rs 37.53 Cr
Delta Autocorp Limited is expanding its retail footprint in Jharkhand with a new Company-Owned Company-Operated (COCO) showroom in Bokaro, scheduled to be operational in August 2026. This follows the recent operationalization of the Deoghar showroom, bringing the total Jharkhand COCO network to five locations including Dhanbad, Mihijam, and Mahuda. The company aims to leverage Bokaro's industrial activity to drive demand for its electric 2-wheelers and 3-wheelers. This expansion is part of a broader strategy to improve regional operating efficiency and support surrounding dealer networks.
- New COCO showroom in Bokaro scheduled to become operational during August 2026
- Bokaro joins 4 existing operational Jharkhand COCO locations: Dhanbad, Mihijam, Mahuda, and Deoghar
- Company reported H1 FY26 sales volume of approximately 5,000 units
- Targeting 25% margins through the upcoming premium 'Crossberg' brand launch
- Promoter holding remains stable at 71.0% as of March 2026
Financial Performance
Revenue Growth by Segment
Total revenue grew 36.59% YoY to INR 42.13 Cr in H1 FY26. The B2G segment contributed INR 21 Cr, representing approximately 49.8% of total revenue, primarily driven by garbage cart deliveries. B2C remains the primary volume driver, while B2B is gaining traction through fleet adoption.
Geographic Revenue Split
While a full regional breakdown is not provided, a significant portion of B2G revenue was derived from Assam, which impacted margins due to a 4% increase in logistics expenses for that specific territory.
Profitability Margins
Net profit margin stood at 8.21% (INR 3.46 Cr) for H1 FY26. Operating margins slipped from 13% to 8.1% due to a 3% rise in marketing costs and a 4% rise in logistics. Blended COGS improved by 2%, employee costs reduced by 1%, and interest costs fell by 0.65%, partially offsetting the decline.
EBITDA Margin
EBITDA margin was 11% for H1 FY26, with an absolute EBITDA of INR 4.78 Cr. Management expects margins to stabilize between 8% and 10% going forward as they balance the mix between B2G, B2B, and B2C segments.
Capital Expenditure
The company raised INR 46 Cr through an IPO, of which INR 26 Cr remains unutilized in Fixed Deposits. Planned spending for FY26 and FY27 includes new product development, tooling, molds, and setting up a new three-wheeler paint capacity.
Credit Rating & Borrowing
Interest costs reduced by 0.65% in H1 FY26. Specific credit ratings are not disclosed, but the company is utilizing IPO proceeds to fund working capital for bulk orders, reducing reliance on external high-cost debt.
Operational Drivers
Raw Materials
Specific raw materials like lithium-ion cells or steel are not named, but blended COGS represents a significant portion of the cost structure, which improved by 2% in H1 FY26 due to procurement efficiencies.
Capacity Expansion
Current sales volume was approximately 5,000 units for H1 FY26. Planned expansion includes a new three-wheeler paint capacity and tooling for upcoming models like the Infinia and Crossberg brands.
Raw Material Costs
COGS improved by 2% in H1 FY26. The company is focusing on procurement efficiencies and cost optimization to maintain a stable margin profile despite high market competition.
Manufacturing Efficiency
The company is working to remove variability in delivery and sales. It utilizes a subsidiary for battery manufacturing to support its 2-wheeler and 3-wheeler production.
Logistics & Distribution
Distribution costs increased by 4% in H1 FY26 specifically due to the geographical challenges of executing B2G orders in Assam.
Strategic Growth
Expected Growth Rate
37%
Growth Strategy
Growth will be driven by the launch of the premium 'Crossberg' brand in Q4 FY26 (Feb 2026) targeting 25% margins, the introduction of new scooters (Infinia and Kylo), and the expansion of the dealer network with 7 new financing partners including Kotak Mahindra Bank.
Products & Services
Electric 2-wheelers (scooters like Infinia, Kylo), Electric 3-wheelers (garbage carts), and premium electric bikes under the Crossberg brand.
Brand Portfolio
Deltic, Crossberg, Infinia, Kylo.
New Products/Services
Launch of Crossberg premium brand in Feb 2026; upcoming scooters Infinia and Kylo are in the certification/readiness phase.
Market Expansion
Expansion of execution depth in key territories and strengthening the distribution network through new outlets and financing partners.
Market Share & Ranking
Not disclosed, but management claims to be among the few profitable players in a highly competitive segment.
Strategic Alliances
Onboarded 7 financing partners: Kotak Mahindra Bank, Punjab Kashmir Finance, Perfect Finance, Perpetuity Capital, CleverPay, Zebert Finance, and WePay.
External Factors
Industry Trends
The EV industry is seeing rising fleet adoption (B2B) and high competition. Deltic is positioning itself by diversifying across B2C, B2B, and B2G and moving into premium segments to counter margin compression seen in entry-level models.
Competitive Landscape
Intense competition is noted, with competitors like Zelio e-Mobility mentioned as benchmarks for growth (77% YoY). Deltic is focusing on 'fundamentals' over 'glossy presentations' to regain investor trust.
Competitive Moat
Moat is built on a diversified sales channel mix and a strong financing network (7 partners) which improves accessibility. Profitability in a segment where many are loss-making provides a sustainable base for expansion.
Macro Economic Sensitivity
The company is sensitive to the 'Bharat' market demand and the availability of retail financing, which is why 7 new partners were added to reduce capital hurdles.
Consumer Behavior
Increasing adoption of electric vehicles for both personal use (B2C) and commercial fleets (B2B/B2G) is driving volume growth.
Geopolitical Risks
Not disclosed, though domestic logistics for remote regions like Assam significantly impact the cost structure.
Regulatory & Governance
Industry Regulations
The company must comply with product certification and regulatory approvals for new models like Infinia and Kylo before market rollout.
Environmental Compliance
Not disclosed in absolute INR, but the business is inherently aligned with green energy/EV regulations.
Taxation Policy Impact
Not disclosed, though the company is dealing with a show cause notice from a government department.
Legal Contingencies
The company has received a show cause notice from a department (value not disclosed). Management states they have successfully resolved 6-7 similar notices over the past 8-9 years and are working with a legal team to reply.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timeline for utilizing the remaining INR 26 Cr of IPO funds and the successful market reception of the premium Crossberg brand, which is critical for margin recovery.
Geographic Concentration Risk
High dependency on specific B2G orders (e.g., Assam) which can fluctuate and carry higher-than-average logistics costs.
Third Party Dependencies
Dependency on financing partners (Kotak, etc.) to drive retail volumes and on government bodies for B2G order consistency.
Technology Obsolescence Risk
The company is investing in R&D and new tooling to ensure products like Infinia remain competitive against high-growth rivals.
Credit & Counterparty Risk
Tighter credit controls are being implemented to maintain stable margins and manage working capital effectively.
