Delaplex Ltd. (DELAPLEX)
SME CapIT stocks · SME cap · NSE
Delaplex Ltd. is a business technology consultancy and services firm with 18+ years of expertise, over 400 associates globally, and development centers in India. It focuses on digital transformation, AI, Data, Cloud, Supply Chain, and Edge Infrastructure solutions, serving Fortune 500 clients and expanding its presence in North America and India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹32 Cr | NDF | -13.5% |
| EBITDA | ₹6 Cr | -14.3% | -14.3% |
| Operating margin | 18.0% | -300 bps | -200 bps |
| PAT | ₹6 Cr | NDF | -14.3% |
| PAT margin | 18.8% | +0 bps | -17 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated revenue grew 4.2% YoY to ₹730.7 Mn, with PAT up 6.4% YoY to ₹129.1 Mn. H2 FY26 revenue increased 3.66% YoY to ₹340.4 Mn, but PAT declined 0.8% YoY to ₹57.1 Mn, with margins contracting 76 bps.
Delaplex delivered modest full-year revenue and PAT growth in FY26, driven by acquisitions and BSNL initiatives. H2 saw revenue growth but a slight PAT decline due to sales team expansion and new business line establishment, impacting margins. Management's focus on AI, Micro Data Centers, and market expansion is key.
Next-Gen Tech & Infrastructure Capabilities
Capitalizing on digital transformation by blending advanced AI, Cloud, DevOps with cutting-edge Micro Data Center innovations.
Niche Supply Chain Expertise
Driving enterprise value through high-demand, end-to-end omni-channel supply chain consulting.
High-Growth Market Focus
Targeting the underserved mid-market and SME segments with agile, high-margin software solutions.
Predictable Revenue Engines
Securing long-term cash flow visibility through exceptional client retention and sticky, long-standing partnerships.
New Strategic Consulting Division
Established a new consulting division in Hyderabad to accelerate services-delivery growth.
EMEA Footprint Expansion
Incorporated Delaplex Software Limited (UK) and acquired a UK-based developer, establishing an EMEA footprint.
Acquisition of Celestia Crew Consultancy
Acquired Bengaluru-based WFM & HRMS consulting firm, enhancing offerings and product mix.
Accelerated Digital Transformation Investments
Organizations continue to accelerate investments in digital transformation, automation, and data-driven decision making.
Growing AI Adoption
AI-related revenues are estimated at USD 10–12 billion in FY26, reflecting a shift from pilot projects to scaled enterprise deployments.
India Data Centre Market Growth
India's data centre capacity is expected to increase from ~1.4 GW in 2025 to over 4.5 GW by 2030, with over USD 25-30 billion investments.
Strategic Partnership with BSNL
Empaneled as National Level DCSP and System Integrator with BSNL to deploy Micro Data Center solutions across India.
H2 FY26 PAT Margin Contraction
PAT margin declined 76 bps to 16.8% in H2 FY26 due to sales team expansions across APAC and increased sales efforts for new business lines.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company provides both full-year (FY26 vs FY25) and half-year (H2 FY26 vs H2 FY25) comparisons, as well as H2 FY26 vs H1 FY26, which are useful for assessing both annual performance and sequential momentum and margin trends.
Total Income (FY26)
Total Income stood at ₹730.7 Mn in FY26 as against ₹701.0 Mn in FY25, a 4.2% YoY increase.
EBITDA (FY26)
EBITDA for FY26 was ₹171.2 Mn as against ₹159.6 Mn for FY25, a 7.2% YoY increase.
PAT (FY26)
FY26 PAT was ₹129.1 Mn as against PAT of ₹121.4 Mn in FY25, a 6.4% YoY increase.
EBITDA Margin (H2 FY26)
EBITDA Margin was 23.3% in H2 FY26, down from 23.9% in H2 FY25.
Evolution into Technology-Led Partner
FY26 was a landmark year as Delaplex continued its evolution into a technology-led digital transformation partner with growing capabilities across AI, Data, Cloud, Supply Chain and Edge Infrastructure solutions.
Well-Positioned for Opportunities
Delaplex is well-positioned to capitalize on digital transformation opportunities through its differentiated service offerings, proprietary IP portfolio, and global delivery capabilities.
Commitment to Long-Term Value
With a strong balance sheet, growing domestic revenue contribution, expanding client relationships, and a robust opportunity pipeline, we remain committed to creating sustainable long-term value.
Market Expansion and Innovation
Targeting Europe, Middle East, Africa, and Pan-India expansion of Micro Data Centers through BSNL partnership, alongside launching new AI-driven solutions and proprietary MDC technology.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Revenue Contribution | 38.7% of total revenue in FY26 | Continued strong YoY growth in domestic sales and increasing contribution to total revenue. |
| EBITDA Margin | 23.4% in FY26, 23.3% in H2 FY26 | Stabilization and improvement in margins, especially after investments in sales teams and new business lines. |
| Micro Data Center (MDC) Project Execution | Strategic contracts with PSU Bank (Mumbai) and Pondicherry Government, BSNL partnership underway. | Successful commissioning and ramp-up of MDC projects, particularly with BSNL and other public sector clients. |
| Client Retention | >85% for 4+ years, >90% overall | Maintenance of high client retention rates, indicating sustained demand and service quality. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
47NeutralSMA20 -5.0% / mo · MACD +
Technical chart
DELAPLEXdaily · 1Y · AUTO-2.5%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 55.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.2% over last month) — short-term momentum negative.
- RSI(14) at 55 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 49% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 64 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 64 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.3%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 66.0%.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 64th percentile within IT. Main check: cash conversion is weak at 53/100.
Healthy Trust Lite: Promoter holding is 74.3%. Key concern: Only 1 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 64th pctile, median 69 · SME: 87th pctile, median 64
5 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.3%.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 7.10
- P/B
- 1.01
- EV/EBITDA
- 6.51
- Market Cap
- 91.10Cr
Profitability
- ROE
- 15.70%
- ROCE
- 20.10%
- ROA
- 13.98%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 1.47%
- EPS 5Y
- 8.33%
- Revenue 3Y
- 1.47%
- EPS 3Y
- 8.33%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.77
- Book Value
- 98.80
Cash Flow
- FCF Yield
- 3.29%
- FCF Positive Y
- 1/5
- OCF
- 14.00 Cr
- EPS TTM
- 14.09
Shareholding
- Promoter Hold
- 74.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 17%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.