Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹156 Cr.
Stock P/E
79.9
P/B
0.5
Current Price
₹6.4
Book Value
₹ 13.3
Face Value
2
52W High
₹18.4
52W Low
₹ 4.8
Dividend Yield
0%

Delphi World Money Overview

Business

Delphi World Money Ltd. (formerly EbixCash World Money India Ltd and Weizmann Forex Ltd) is a Non-Banking Financial Company (NBFC) in India, primarily engaged in foreign exchange and outward/inward remittance services. As an RBI-authorized Full Fledged Money Changer (FFMC) and Authorized Dealer Category-II (AD-II), the company facilitates international money transfers, provides foreign currency notes, multi-currency prepaid cards, and related travel services. It serves individuals for purposes such as overseas education, foreign travel, family maintenance, and medical treatment abroad. The company generates revenue through transaction fees, service charges, and margins on currency exchange rates.

Revenue Mix

The company's primary revenue streams are derived from:

Foreign Exchange Services: This includes the buying and selling of foreign currency notes and the issuance of multi-currency travel cards for international travelers.

Remittance Services: Facilitating both outward remittances (e.g., for overseas education, gifts, medical expenses under the Liberalised Remittance Scheme - LRS) and inward remittances (receiving money from abroad).

Travel and Tour Services: Offering complementary services like travel insurance and potentially tour packages, though this is typically a smaller segment compared to core forex and remittances.

Specific revenue percentages for each segment are not readily available without detailed financial disclosures.

Industry

Delphi World Money operates in the highly regulated Indian foreign exchange and remittance market. This industry is driven by factors such as India's large diaspora, increasing international travel, and growing demand for overseas education. The company competes with a diverse set of players, including large public and private sector banks, other standalone FFMCs and AD-IIs (e.g., Thomas Cook, UAE Exchange), and a growing number of fintech companies offering digital remittance solutions. Delphi's positioning relies on its established network of physical branches and agents across India and its regulatory licenses, allowing it to cater to a broad customer base, including those in Tier 2/3 cities who may prefer offline channels.

MOAT

Regulatory Licenses: Holding Full Fledged Money Changer (FFMC) and Authorized Dealer Category-II (AD-II) licenses from the Reserve Bank of India (RBI) is a significant entry barrier due, requiring strict compliance and capital requirements.

Established Network & Reach: A widespread physical network of branches and agent locations across various cities in India provides accessibility and trust, particularly for customers who prefer in-person transactions.

Operational Expertise & Compliance: Years of experience in navigating complex and evolving foreign exchange regulations and anti-money laundering (AML)/know-your-customer (KYC) norms provide operational efficiency and compliance rigor.

Growth Drivers

Increasing Outward Remittances: Growth in the number of Indian students pursuing education abroad, rising international leisure and business travel, and increased utilization of the Liberalised Remittance Scheme (LRS) by resident Indians.

Sustained Inward Remittances: India remains one of the largest recipients of remittances globally, driven by its large diaspora, providing a steady base for inward remittance services.

Post-Pandemic Travel Recovery: Resurgence in international travel and tourism post-COVID-19 will directly boost demand for foreign currency, travel cards, and related services.

Digitization of Services: Adoption of online platforms and mobile applications for forex and remittance services can improve reach, efficiency, and customer convenience.

Risks

Regulatory Changes: Strict and evolving regulations by the RBI concerning foreign exchange transactions, remittance limits, and compliance requirements can impact operations and profitability.

Exchange Rate Volatility: Unfavorable fluctuations in global currency exchange rates can impact the company's margins if not effectively hedged or managed.

Intense Competition: Growing competition from well-capitalized banks, other large forex players, and nimble fintech startups offering competitive rates and digital convenience can pressure market share and margins.

Technological Disruption: Failure to innovate and adapt to the rapid advancements in digital payments and online forex platforms could lead to obsolescence and loss of market share.

Compliance Risk: High penalties and reputational damage from non-compliance with Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations.

Economic Downturn: A slowdown in global or domestic economic activity could reduce discretionary spending on international travel, education, and impact remittance volumes.

Management & Ownership

Delphi World Money Ltd. is promoted by the Delphi group. The company has undergone changes in its corporate structure and branding over the years (formerly Weizmann Forex and EbixCash World Money). As a listed entity, it is subject to SEBI regulations concerning corporate governance. Promoter groups typically hold a significant equity stake, aligning their interests with the company's long-term performance. Specific details on individual management quality and background would require a review of the latest annual reports or public disclosures.

Outlook

Delphi World Money Ltd. operates in a structurally growing market, driven by India's increasing global integration through trade, education, and travel. Its established regulatory licenses and physical network provide a stable foundation and access to a broad customer base, including those in non-metro areas. The revival of international travel post-pandemic is a near-term positive. However, the company faces significant challenges from intense competition, particularly from digitally advanced fintech players and large banks. Navigating evolving regulatory landscapes and investing in digital transformation will be crucial for maintaining its competitive position and sustaining growth in the long term. The ability to effectively leverage its existing infrastructure while embracing digital channels will largely determine its future trajectory.

Delphi World Money Share Price

Live · BSE / NSE · Inception: 1985
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Delphi World Money Quarterly Results

#(Fig in Cr.) Sep 2024 Dec 2024 Mar 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 14 13 13 50 64 69
Other Income 5 5 5 1 8 11
Total Income 19 17 17 50 72 79
Total Expenditure 18 13 10 47 61 72
Operating Profit 1 4 8 4 11 8
Interest 1 1 1 1 8 4
Depreciation 0 1 0 1 2 1
Exceptional Income / Expenses 0 -13 0 0 -1 0
Profit Before Tax 0 -10 7 2 0 2
Provision for Tax -0 -4 4 2 0 4
Profit After Tax 0 -6 3 -0 0 -2
Adjustments 0 0 0 2 -0 -0
Profit After Adjustments 0 -6 3 2 0 -2
Adjusted Earnings Per Share 0 -0.3 0.2 0.1 0 -0.1

Delphi World Money Profit & Loss

#(Fig in Cr.) Mar 2011 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
Net Sales 3466 4782 5990 7692 9163 196
Other Income 0 10 5 8 29 25
Total Income 3466 4792 5995 7700 9193 218
Total Expenditure 3437 4740 5942 7637 9214 190
Operating Profit 29 52 53 63 -21 31
Interest 7 13 11 7 4 14
Depreciation 2 5 5 4 3 4
Exceptional Income / Expenses 0 0 -1 0 0 -1
Profit Before Tax 20 35 37 52 -29 11
Provision for Tax 7 13 13 18 -15 10
Profit After Tax 13 22 23 34 -14 1
Adjustments -0 -7 -2 -1 0 2
Profit After Adjustments 13 15 21 33 -13 3
Adjusted Earnings Per Share 0.7 0.8 1.1 1.8 -0.7 0.2

Delphi World Money Balance Sheet

#(Fig in Cr.) Mar 2011 Mar 2016 Mar 2017 Mar 2018 Mar 2019
Shareholder's Funds 45 90 126 179 105
Minority's Interest 0 0 0 0 0
Borrowings 85 18 14 14 8
Other Non-Current Liabilities 5 11 15 20 20
Total Current Liabilities 80 141 136 188 138
Total Liabilities 216 261 291 400 271
Fixed Assets 54 39 39 39 8
Other Non-Current Assets 0 30 54 88 26
Total Current Assets 162 191 199 274 237
Total Assets 216 261 291 400 271

Delphi World Money Cash Flow

#(Fig in Cr.) Mar 2011 Mar 2016 Mar 2017 Mar 2018 Mar 2019
Opening Cash & Cash Equivalents 0 72 -16 -15 58
Cash Flow from Operating Activities 0 14 24 64 -5
Cash Flow from Investing Activities 0 -9 -8 20 16
Cash Flow from Financing Activities 0 -29 -14 -11 -43
Net Cash Inflow / Outflow 0 -24 1 73 -32
Closing Cash & Cash Equivalent 0 48 -15 58 26

Delphi World Money Ratios

# Mar 2011 Mar 2016 Mar 2017 Mar 2018 Mar 2019
Earnings Per Share (Rs) 0.68 0.79 1.12 1.77 -0.75
CEPS(Rs) 0.81 1.43 1.49 2.07 -0.61
DPS(Rs) 0.12 0.47 0.19 0.06 0
Book NAV/Share(Rs) 2.4 4.83 6.75 9.61 5.84
Core EBITDA Margin(%) 0.84 0.9 0.8 0.72 -0.55
EBIT Margin(%) 0.77 1 0.79 0.77 -0.26
Pre Tax Margin(%) 0.57 0.73 0.61 0.68 -0.31
PAT Margin (%) 0.36 0.46 0.39 0.44 -0.15
Cash Profit Margin (%) 0.43 0.56 0.46 0.5 -0.12
ROA(%) 5.85 9.14 8.38 9.87 -4.06
ROE(%) 28.25 32.38 21.46 22.4 -9.61
ROCE(%) 20.5 32 26.61 24.2 -10.53
Receivable days 4.84 4.99 5.52 3.7 1.82
Inventory Days 1.75 1.17 1.15 1.14 1.08
Payable days 0 2.21 3.57 2.49 2.05
PER(x) 0 13.81 19.34 37.22 0
Price/Book(x) 0 2.27 3.2 6.84 5.52
Dividend Yield(%) 0 4.25 0.86 0.09 0
EV/Net Sales(x) 0.01 0.05 0.07 0.15 0.06
EV/Core EBITDA(x) 1.4 4.47 8.08 18.62 -25.52
Net Sales Growth(%) 0 37.98 25.25 28.41 19.13
EBIT Growth(%) 0 78.66 -0.35 24.23 -140.97
PAT Growth(%) 0 72.58 6.2 47.53 -139.94
EPS Growth(%) 0 17.06 40.83 58.03 -142.42
Debt/Equity(x) 1.91 0.86 0.5 0.66 0.53
Current Ratio(x) 2.01 1.36 1.46 1.46 1.72
Quick Ratio(x) 1.8 1.26 1.28 1.33 1.5
Interest Cover(x) 3.82 3.78 4.37 8.65 -5.44
Total Debt/Mcap(x) 0 0.38 0.16 0.1 0.1

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +19% +24% — —
Operating Profit CAGR -133% 0% — —
PAT CAGR -141% 0% — —
Share Price CAGR -62% -34% -30% -5%
ROE Average -10% +11% +19% +19%
ROCE Average -11% +13% +19% +19%

Delphi World Money Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 61.32 %
FII 0 %
DII (MF + Insurance) 0 %
Public (retail) 38.68 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 75757574.7675757561.3261.3261.32
FII 00000000.520.020
DII 0000.140.2400000
Public 25252525.1124.76252538.1638.6638.68
Others 0000000000
Total 100100100100100100100100100100

Delphi World Money Peer Comparison

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Delphi World Money Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Delphi World Money Pros & Cons

Pros

  • Stock is trading at 0.5 times its book value
  • Debtor days have improved from 2.49 to 2.05days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 11% over the last 3 years.
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