Delaplex Ltd.

•

delaplex.inBSE: -NSE: DELAPLEX

Market Cap₹ 89 Cr.

Current Price

High / Low₹ 195 / 80

Stock P/E9.5

Book Value₹ 89

Price to Book0.92

Dividend Yield0.00 %

ROCE16.5 %

ROE12.3 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Information Technology

Buy

IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.

Confidence

68%

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PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 21.0%
Stock looks reasonably valued - P/E of 9.5 is below its historical median

CONS

A large part of profit comes from other income (44.4% of PBT)
Operating margins have contracted to 13.7% from 21.3%
Though reporting repeated profits, the company pays out little dividend (0.0%)
Growth is decelerating - 3Y profit CAGR (4.7%) trails the 5Y trend (18.5%)
Expensive relative to growth - PEG of 2.0

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	TCS	2312.00	16.80	836501.83	4.76	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1128.00	15.11	457768.62	4.26	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1310.25	20.41	355557.97	4.12	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	176.60	13.23	174910.92	6.23	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1597.00	30.48	156527.36	3.19	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4516.00	25.61	133954.19	1.66	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	12050.00	30.75	104935.17	3.32	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5624.00	46.13	88718.60	0.71	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1963.70	49.51	86987.61	0.80	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2457.05	24.55	46899.54	2.52	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3498.50	28.11	37111.23	1.66	357.10	12.97	2940.10	11.47	27.70	18.65
12.	DELAPLEX	97.65	6.97	89.43	0.00	10.08	—	55.35	—	20.14	19.98

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2024
	55
	44
Operating Profit	11
OPM %	19.96%
	1
Interest	0
Depreciation	0
Profit before Tax	12
Tax %	14.21%
Net Profit	10
	13.26

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	36	50	54	55	56	57
	31	42	44	44	45	49
Operating Profit	6	8	10	11	11	8
OPM %	15.75%	16.15%	19.02%	19.96%	19.51%	13.69%
	0	1	1	1	3	6
Interest	0	0	0	0	0	0
Depreciation	1	1	0	0	0	1
Profit before Tax	5	8	11	12	14	13
Tax %	21.57%	23.69%	25.20%	14.20%	25.30%	25.27%
Net Profit	4	6	8	10	10	9
EPS	5.53	8.37	11.26	11.06	11.35	10.37
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	24.24%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 9%
3 Years:: 2%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 19%
3 Years:: 5%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -21%

RETURN ON EQUITY

10 Years:: —
5 Years:: 28%
3 Years:: 17%
Last Year:: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0	0	0	9	9	9
	9	16	25	56	63	72
Trade Payables	0	0	0	0	0	1
	1	2	1	3	4	4
Total Liabilities	11	17	26	68	76	87
	1	1	0	0	1	2
Capital Work in Progress	0	0	0	0	0	1
	0	0	1	29	0	0
	0	0	0	22	27	20
Cash & Bank	1	4	4	11	3	5
	9	13	20	6	46	58
Total Assets	11	17	26	68	76	87

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	5	4	5	1	11
Cash from Investing	-1	-1	0	-28	-7	-9
Cash from Financing	0	0	-0	29	-3	-0
	-0	2	1	7	-8	2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	4040.00	6118.70	8227.90	11.06	11.35	10.37
Book Value (₹)	9474.50	15593.20	24883.00	70.97	79.39	89.54
Dividend per Share (₹)	0.00	0.00	0.00	0.00	2.75	0.00
Cash EPS (₹)	6.44	9.20	11.91	11.44	11.70	11.03
PROFITABILITY
Operating Margin %	16.09%	17.35%	21.27%	19.96%	19.51%	13.69%
Net Margin %	11.15%	12.30%	15.24%	18.21%	18.54%	16.64%
ROE %	42.64%	48.82%	40.66%	22.51%	15.09%	12.28%
ROCE %	54.46%	64.01%	54.38%	26.25%	20.24%	16.54%
	37.58%	43.49%	38.14%	21.52%	14.33%	11.58%
EFFICIENCY
Debtor Days	82	75	108	136	158	150
Inventory Days	0	0	0	0	0	0
Payable Days	0	28	49	540	668	94
	82	47	59	-403	-510	56
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	644.92x	1671.42x	2751.12x	1754.18x	565.77x	88.23x
	32.36x	21.77x	28.03x	17.66x	12.08x	10.10x
GROWTH
Revenue Growth %	0.00%	37.32%	8.57%	2.49%	0.74%	1.81%
Operating Profit Growth %	0.00%	48.08%	33.09%	5.36%	17.22%	-5.64%
Net Profit Growth %	0.00%	51.45%	34.47%	22.50%	2.56%	-8.62%
	0.00%	0.00%	0.00%	-99.87%	2.56%	-8.62%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	19.67x	12.07x	7.92x
P/B (x)	0.00x	0.00x	0.00x	3.07x	1.73x	0.92x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	2.01%	0.00%
	0.00x	0.00x	0.00x	15.44x	8.59x	5.19x

Shareholding Pattern

Numbers in percentages

	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	73.66	73.66	73.72	73.72	74.25
	2.48	0.00	0.00	0.00	0.00
	2.17	0.40	0.40	0.40	0.00
Government	0.00	0.00	0.00	0.00	0.00
	21.70	25.95	25.88	25.88	25.75

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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