DELTIC
Delta Autocorp financials
- Market cap
- ₹52 Cr
- Calls analysed
- 3
DELTIC Q4 FY26
What went well
- Two-wheeler channel sales grew by approximately 69% during FY26.
- Cash and bank balances increased from INR32.78 crores to INR36.65 crores.
- Short-term borrowing reduced significantly from INR3.87 crores to INR1.35 crores.
What to watch
- Revenue and profitability were lower compared to the previous financial year, with total income at INR82.66 crores.
- EBITDA margin compressed to 11.11% and PAT margin to 8.36%.
What Delta Autocorp Ltd does
Delta Autocorp Limited, operating under the brand "Deltic", manufactures and sells electric two-wheelers (e-scooters) and electric three-wheelers (e-rickshaws, e-loaders and e-garbage disposal vans) across L3 and L5 vehicle categories, targeting tier-2 and tier-3 towns in India. It runs two manufacturing plants and sells through a dealer/distribution network as well as company-owned, company-operated (COCO) retail showrooms, alongside B2G, B2B and institutional/municipal supply. The company is transitioning its vehicles from Nickel-Manganese-Cobalt (NMC) to Lithium Ferro Phosphate (LFP) battery chemistry and has an in-house design and engineering function for new product development.
Segments
- Electric two-wheelers (E2W)
- Electric three-wheelers (E3W)
- Spare parts
- Manufacturing plants
- 2 (Bagpat, Uttar Pradesh & Rupnarayanpur, West Bengal; combined area 1,00,000+ sq.ft.)
- Dealer/distribution network
- 310+ across 23 states & UTs
- EV model portfolio
- 15 models across E2W and E3W (L3/L5)
- Electric 2W & 3W units sold (FY26)
- 14,073
- Company-owned, company-operated (COCO) retail outlets
- 4 (incl. Dhanbad & Deoghar)
- New dealers onboarded (FY26)
- ~120
Guidance record · Q4 FY26
what the last two calls moved 13 tracked 3 delivered 3 missed 7 open- FY26 EBITDA Margin delivered, diluted said Q4 FY25 Promised: Similar range of 14% Q4 FY26: Full year FY26 EBITDA margin was 11.11%. This missed the original target of ~14% but exceeded the revised guidance of 8-10%.
- FY26 Revenue missed said Q4 FY25 Promised: INR 110 crores to INR 120 crores (35% to 40% growth) Q4 FY26: FY26 Total Income came in at INR 82.66 crores, missing the revised guidance of INR 100 crores.
- FY27 Revenue revised down said Q2 FY26 Promised: INR 125 crores to INR 130 crores Q4 FY26: Management revised FY27 revenue guidance down to 'approximately INR105 crores' from the previous 'INR 125-130 crores'.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 31 | 52 | 42 | 38 |
| EBITDA | 4 | 7 | 3 | 3 |
| Net profit | 3 | 6 | 3 | 3 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −50.2% 1Y
1Y: ₹67.35 on 10 Sept 2025 → ₹33.55. High ₹69.6 (16 Sept 2025), low ₹28.45 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +4.7%
- 5 Jun
- Q2 FY26
- −4.0%
- 21 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY26 |
|---|---|
| Equity capital | ₹15 Cr |
| Reserves | ₹65 Cr |
| Borrowings | ₹1 Cr |
| Other liabilities | ₹8 Cr |
| Total liabilities | ₹89 Cr |
| Fixed assets | ₹6 Cr |
| Capital work in progress | ₹0 Cr |
| Investments | ₹1 Cr |
| Other assets | ₹83 Cr |
| Total assets | ₹89 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, the public added +4.91 pp while DIIs trimmed −3.09 pp. The shareholder count grew 15% to 1,358.
- Promoters
- 71.0%
- FIIs
- 0.8%
- DIIs
- 3.9%
- Public
- 24.3%
Since Mar 2025
- Public +4.91 pp
- DIIs −3.09 pp
- FIIs −2.09 pp
How it drifted, 3 quarters
Over this window the public went from 19.4% to 24.3% — +4.9 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 70.7%, FIIs 2.9%, DIIs 7.0%, Public 19.4%.Sep '25: Promoters 70.7%, FIIs 0.3%, DIIs 5.6%, Public 23.4%.Mar '26: Promoters 71.0%, FIIs 0.8%, DIIs 3.9%, Public 24.3%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ankit Agarwal +0.26 pp 57.62% held
- Llp newly disclosed 0.02% held
- Prahlad Rai Chamaria newly disclosed 0.00% held
- Saroj Kejriwal newly disclosed 0.00% held
- Prahlad Rai Agarwalla newly disclosed 0.00% held
- Nand Kishore Agarwal newly disclosed 0.00% held
- Mitu Agarwalla newly disclosed 0.00% held
- Avyukt Agarwal newly disclosed 0.00% held
The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Delta Autocorp Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ankit Agarwal | 57.62% | +0.26 pp |
| Priyanka Agarwal | 7.78% | unchanged |
| Ankit Agarwal Huf | 2.24% | unchanged |
| Aarth AIF Growth Fund AIF | 1.97% | −0.18 pp |
| Bhama Agarwalla | 1.12% | unchanged |
| Parsuram Sanwarmall Agarwalla & Sons Huf | 1.12% | unchanged |
| Sanwarmall Agarwalla | 1.12% | unchanged |
| Relatives of promoters (other than "Immediate Relatives" of promoters disclosed under "Promoter and Promoter Group" category) | 0.05% | unchanged |
| Llp | 0.02% | newly disclosed |
| Prahlad Rai Chamaria | 0.00% | newly disclosed |
| Saroj Kejriwal | 0.00% | newly disclosed |
| Prahlad Rai Agarwalla | 0.00% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -18.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Delta Autocorp Ltd
Guides on how to read this kind of business and the numbers that matter.