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.
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.
Weak fundamentals, management trust is acceptable, price trend argues for patience, 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 | ₹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.
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
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.
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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
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 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.
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).
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.
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.
Trend score and candlestick chart
40NeutralMACD + · sector -3.3pp vs Nifty (3M)
Technical chart
DELTICdaily · 1Y · AUTO-6.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 51. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 51 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 51% off 52W high · 26% 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 36 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 36 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 11.9%.
- Balance sheet contributes 13/15 to the score.
- Valuation contributes 21/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Fair-value margin of safety is negative at -5.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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 72nd percentile of the scored universe and 50th percentile within Auto. Main check: results consistency is weak at 55/100.
Healthy Trust Lite: Promoter holding is 71%. Key concern: Only 1 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 50th pctile, median 74 · SME: 90th pctile, median 64
6 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 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.
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
- 7.82
- P/B
- 0.67
- EV/EBITDA
- 8.65
- Market Cap
- 54.00Cr
Profitability
- ROE
- 8.61%
- ROCE
- —
- ROA
- 7.73%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 152.50×
- Altman Z
- 6.00
- Book Value
- 52.50
Cash Flow
- FCF Yield
- 11.91%
- FCF Positive Y
- 1/5
- OCF
- 6.37 Cr
- EPS TTM
- 4.52
Shareholding
- Promoter Hold
- 71.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 17%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable names in Auto, ranked by similarity
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.