Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Delta Autocorp Ltd. (DELTIC)
SME CapAuto stocks · SME cap · NSE
Delta Autocorp Limited, established in 2016, manufactures 2W & 3W electric vehicles (EVs) under the 'Deltic' brand. It offers e-scooters, e-rickshaws, e-garbage disposal vans, and e-loaders. The company is transitioning to LFP batteries for longevity, cost efficiency, and safety, and operates with a 310+ distribution network across 23 states & UTs.
₹38
+0.20 · +0.53%
Market cap ₹57.8 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 08:01 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage11/14 · 79%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
53NeutralSMA20 +2.3% / mo · MACD +
Stock trend: 56
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DELTICD candles · FIT view-17.2%Latest close ₹38.00 on 2026-10-19
Bar
+0.5%
RSI
57
MACD hist
0.34
52W pos
29%
2026-10-19O ₹37.80H ₹38.00L ₹37.00C ₹38.00Vol 8,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DELTICNifty AutoNifty 500
- DELTIC
- +13.1%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +18.7 pp
Chart stats
19 Oct 2026- From 52W high
- -39.4%
- 52W range position
- 29%
- ATR (14)
- 5.5%
- Volume vs 20D
- 0.54x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹31.2 - ₹42
₹62.8
₹28.1 - ₹62.8
₹2.1
Latest completed session
20-session average
63.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model-13.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹37.5 Cr | NDF | -10.8% |
| EBITDA | ₹2.7 Cr | NDF | -19.8% |
| Operating margin | 7.3% | NDF | -81 bps |
| PAT | ₹3.5 Cr | NDF | +2.6% |
| PAT margin | 9.3% | NDF | +122 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.95
- P/B
- 0.72
- EV/EBITDA
- 9.23
- Market Cap
- 57.80Cr
Profitability
- ROE
- 8.05%
- ROCE
- —
- ROA
- 7.73%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 122.20×
- Altman Z
- 6.22
- Book Value
- 52.50
Cash Flow
- FCF Yield
- 11.12%
- FCF Positive Y
- 1/5
- OCF
- 6.37 Cr
- EPS TTM
- 4.52
Shareholding
- Promoter Hold
- 71.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 77.1
Net Profit
₹ CrLatest: 6.9
Return on Equity
%Latest: 8.6
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 57. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~2.3% over last month) — short-term momentum positive.
- RSI(14) at 57 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 39% off 52W high · 35% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
22
RS percentile
Stage 1 Base / Transition
1M return
+14.5%
3M return
+10.0%
6M return
-27.2%
1Y return
-37.2%
RS 1D
-1
RS 20D
+12
Sector rank
#3
Industry rank
#30
Stage evidence
- Price is within 2.7% of the 30-week proxy.
- The 30-week proxy changed -0.8% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
258 observations
19 Oct 2026Value 58.05+1.56%
RS vs Nifty 50058
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation21/30
Growth1/25
Quality0/20
Balance Sheet13/15
Cash Flow5/10
Piotroski
5/9 (+3)
Penalties
-8
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 11.1%.
- Balance sheet contributes 13/15 to the score.
- Valuation contributes 21/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Fair-value margin of safety is negative at -13.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
8.9
PB
0.7
EV/EBITDA
9.2
ROE
8.1%
ROCE
—
FCF Yield
11.1%
Debt/Equity
0.0
MoS
-13.8%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-13.8%
Previous: -13.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
35
35
35
35
35
35
35
35
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹73.07
+48.0% MoS
Growth-justified P/E
7.4
Growth-justified Value
₹33.4
-13.8% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Auto — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JBMA
Small
JBM Auto Limited
Auto Components
match 144
34
55.4
15.7%
-45%
WATCHLIST
TIRUPATIFL
Small
Tirupati Forge Limited
Auto Components
match 144
34
160.0
5.2%
-271%
WATCHLIST
SSWL
Small
Steel Strips Wheels Limited
Auto Components
match 144
38
30.4
11.0%
+21%
WATCHLIST
VSTTILLERS
Small
V.S.T Tillers Tractors Limited
Auto Components
match 144
31
33.6
10.0%
-70%
OVERVALUED
RICOAUTO
Small
Rico Auto Industries Limited
Auto Components
match 144
31
45.5
7.7%
-33%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-01T12:20:08.786Z
Management commentary snapshot
DELTIC reports mixed FY26 results with revenue from operations declining YoY to 7,958.16 Lakhs and PAT falling to 691.03 Lakhs. H2 FY26 saw sequential income decline to 3,927.22 Lakhs but PAT improved slightly to 349.74 Lakhs. Company sold 14,073 EV units in FY26.
Despite strategic initiatives like new product launches and retail expansion, DELTIC's core financial performance (revenue, PAT) declined YoY in FY26. The sequential H2 income drop raises concerns about demand momentum. While management highlights foundation strengthening, tangible financial improvements are yet to materialize.
Current business mix
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
2W51.5%
3W41.5%
Spare Parts7.1%
Growth engines
Product Portfolio Expansion
Expanded product portfolio with Airavat L5 electric loader, Deltic Express L5 passenger vehicle, and Crossberg, Infinia, Lido, Jetster in 2W segment.
Retail Network Expansion
Opened 3rd COCO showroom in Dhanbad, Jharkhand; targeting 140 new dealer partners in FY27.
Commercial EV Segment Focus
Introduced 'Deltic Express' 6-seater L5 passenger EV, positioned 30-35% lower than traditional auto models.
RAPIDO Partnership
Partnered with RAPIDO to enable Deltic EV buyers to earn from Day 1, boosting sales volume and financing access.
Tailwinds
Evolving EV Adoption in India
Management notes that electric mobility adoption continues to evolve across India.
Government & Institutional Procurement
Expanding participation in government, municipal, and institutional procurement programs to accelerate growth.
Management accountability
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.
Analyst reading lens
Compare BOTH
The presentation provides both H2 FY26 vs H1 FY26 (QoQ) and FY26 vs FY25 (YoY) financial data. YoY is crucial for assessing overall annual performance and growth trends, while QoQ helps understand recent momentum and the impact of half-yearly initiatives.
Sector KPIs management disclosed
Total Units Sold
Sold 14073 Electric 2-Wheeler and 3-Wheeler Units EVs in FY26.
2W Sales Growth (FY21-26 CAGR)
56.74% 2W Sales growth (FY21-26).
3W Sales Growth (FY21-26 CAGR)
22.83% 3W Sales growth (FY21-26).
EV Exposure
Specializes in manufacturing 2W & 3W electric vehicles (EVs).
Management forward view
Foundation Strengthening
FY26 was a year of further strengthening the foundation of business across multiple dimensions.
Long-term Approach
The investments and initiatives undertaken during the year reflect this long-term approach.
Sustainable Growth Focus
Our focus remains on building a stronger business, delivering reliable mobility solutions and pursuing sustainable growth through consistent execution.
FY27 Dealer Network Target
Targeting the addition of approximately 140 high-quality dealer partners during FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Dealer Network Expansion | 310+ strong distribution network. | Addition of approximately 140 high-quality dealer partners during FY27. |
| New Product Launches | Expanded product portfolio with L5 3W and new 2W models. | Launch of new-generation electric two-wheelers and three-wheelers with enhanced design, features. |
| YoY Financial Performance | FY26 Revenue from Operations: 7,958.16 Lakhs (down YoY); PAT: 691.03 Lakhs (down YoY). | Reversal of YoY revenue and PAT decline, indicating successful execution of growth strategies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 50th percentile within Auto. Main check: results consistency is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Auto: 50th pctile, median 74 · SME: 90th pctile, median 64
Evidence depth
Financial-only
6 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 71%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 11.9%.
- ▸Debt/equity is 0.02.
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.
Continue researching Delta Autocorp Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Outcome of Board Meeting 5 Sep - Board approved annual report, AGM on 29 September 2026, and appointed Company Secretary.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.