Delta Autocorp Ltd(DELTIC)

NSE: DELTIC

₹ 33.95+2.88%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 52 crUpdated: 24 Oct 2026

About

Delta Autocorp Ltd (DELTIC) designs, manufactures and sells electric two-wheelers and three-wheelers under the DELTIC brand across India, serving retail, B2G and B2B channels. Listed on NSE SME Emerge in January 2025, it operates two ISO-certified manufacturing plants and a distribution network spanning 25+ states.^[1][2][3]

Products and brand

All vehicles are sold under the single brand name DELTIC, covering electric scooters, e-rickshaws (L3 category) and L5 electric three-wheelers for passenger, cargo and sanitation use.^[3]
Four scooters received RTO homologation in FY26: Infinia, Lido, Jetster and Crossberg, bringing the approved scooter portfolio to at least four models.^[2]
L5 three-wheeler platforms launched in FY26 include Airavat (passenger), Deltic Express (passenger) and an L5 garbage-collection vehicle, extending beyond the legacy L3 e-rickshaw base.^[2]
The L3 lithium e-rickshaw is approved in a 64V configuration and is being deployed across markets as of FY25.^[4]
Flagship electric scooter Reed and electric motorcycle Superion are in development; Reed is targeted for launch ~12 months from June 2026 (~Q1 FY28); Superion by end of FY27.^[2]

Key operating volumes

Two-wheeler total units: 11,844 in FY26, up from 10,299 in FY25. Of these, channel sales were 10,454 units (up 69% YoY from 5,824) while white-label OEM volumes fell to 1,390 from 4,475.^[2]
Three-wheeler units: 2,229 in FY26, down from 3,722 in FY25, as the industry underwent an L3-to-L5 transition with supply exceeding demand.^[2]
Spare parts revenue fell to Rs 5.64 crore in FY26 from ~Rs 17 crore in FY25, driven by direct procurement by customers and reduced L3 fleet activity.^[2]
EBITDA margin was 11.11% and PAT margin 8.36% in FY26; in FY25 EBITDA margin was 14.06% and PAT margin 10.10%.^[2][4]

Manufacturing plants and capacity

Two manufacturing plants: Bagpat, Uttar Pradesh (NCR) and Paschim Bardhaman, West Bengal; both are ISO 9001:2015 and ISO 14001:2015 certified.^[3]
Both plants operate on a single-shift plan; the annual report states this capacity can meet expected demand and growth plans for the coming year.^[3]
West Bengal plant capacity utilisation was 40 - 50% in H1 FY26; NCR plant was ~15% utilised in H1 FY26, with management planning to scale two-wheeler production there.^[5]

Distribution and customers

350+ dealership touchpoints across 25+ states and union territories as of FY25 annual report, up from 315 dealers at end of FY25 and 94 dealers in FY21.^[3][4]
Company operates COCO (company-owned, company-operated) showrooms in Mihijam, Delhi, Jhansi and Dhanbad; Eastern India COCO turned materially profitable in FY26 and Delhi COCO losses reduced significantly.^[5][2]
A new COCO outlet in Deoghar was announced in FY26 through wholly-owned subsidiary Electropine Motors Private Limited; combined capex for three outlets was Rs 9 - 10 lakh; FY26 COCO revenue ~Rs 1.3 crore.^[2]
Seven financing partners onboarded in H1 FY26, including Kotak Mahindra Bank, Punjab Kashmir Finance, Perfect Finance, Perpetuity Capital, CleverPay, Zebert Finance and WePay.^[5]

B2G and B2B channels

B2G revenue was ~Rs 15 crore (~18% of revenue) in FY25. In H1 FY26 the company completed supply of 402 units plus 2,000 garbage carts to the Assam government, contributing ~Rs 21 crore in that period.^[4][5]
Government institutional order pipeline stood at Rs 18 - 20 crore as of Q4 FY26; company was L1 for a ~340-vehicle tender (~Rs 8 - 10 crore) and in final evaluation for an additional ~Rs 10 crore opportunity.^[2]
B2B segment (EV rental/fleet) generated ~Rs 6.75 crore (~8% of revenue) in FY25; an LOI for 360 vehicles was received from a Southern India EV rental company.^[4]

R&D and in-house capabilities

R&D focus spans connected and embedded systems, battery sciences, motors and powertrain systems, and controllers and converters; digital twin technologies are being integrated.^[3]
A dedicated in-house design studio was established in FY26 with selective hiring from Revolt Motors, Okaya EV, Baaz Mobility and Blink Mobility.^[2]

Expansion and capex

IPO in January 2025 raised Rs 1,472.20 lakh; Rs 2,031.79 lakh remains earmarked for new product development and Rs 2,132 lakh for an electric three-wheeler fabrication and painting plant (nil deployed as of FY25 annual report).^[3]
FY27 capex of Rs 8.5 - 10 crore is planned for new product development including the Reed scooter and related tooling.^[2]
The company is evaluating acquisition of or strategic stake in an existing EV fabrication/paint plant rather than greenfield development.^[4]

Balance sheet position

Cash and bank balances rose to Rs 36.65 crore at end of FY26 from Rs 32.78 crore at end of FY25; trade receivables fell to Rs 12.46 crore from Rs 16.61 crore.^[2]
Short-term borrowings were cut to Rs 1.35 crore from Rs 3.87 crore; debt-to-equity ratio improved to 0.002 from 0.005 between FY25 and FY26.^[2]

Recent developments

Electropine Motors Private Limited (wholly owned subsidiary) was incorporated on April 7, 2025 to operate COCO showrooms; Deoghar outlet announced under this entity.^[3][2]
Company was converted from private to public limited company and renamed Delta Autocorp Limited per MCA notification in May 2024; listed on NSE SME Emerge on January 14, 2025.^[3]
Company has committed to achieving carbon neutrality across Scope 1 and Scope 2 emissions by 2030 through renewable energy integration and a zero-waste-to-landfill goal.^[3]

Market Cap

₹52 Cr

High / Low

₹62 / 28

Stock P/E

8.4

Price / Book

0.8

Book Value

₹52

EPS

₹4.5

No. of Shares

1.53 Cr

ROCE

11.3%

ROE

8.6%

OPM

10.8%

Debt / Equity

0.02

Sales

₹80 Cr

Net Profit

₹7 Cr

Promoter holding

71.0%

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