💰 Financial Performance

Revenue Growth by Segment

Not explicitly disclosed by segment in INR, however, the company reported a significant 83.10% decline in the Net Profit ratio from 16% in FY 2023-24 to 3% in FY 2024-25, indicating severe margin compression across its forex and remittance operations.

Geographic Revenue Split

Not disclosed in available documents; however, operations are centered in India with a focus on outbound student populations and international travel corridors.

Profitability Margins

Net Profit ratio plummeted from 16% to 3% (an 83.10% decrease) in FY 2024-25. This decline is attributed to weakening scale and increased exposure to financially weak group entities which impacts the bottom line.

EBITDA Margin

Not explicitly disclosed; however, the Net Profit ratio of 3% reflects a sharp YoY contraction from 16%, suggesting that operating costs or interest burdens from group exposures have significantly eroded core profitability.

Capital Expenditure

Not disclosed in absolute INR Cr; however, the company is investing in digital innovation and branch productivity enhancement through CRM integration and centralization to drive future growth.

Credit Rating & Borrowing

The long-term bank facility rating was downgraded from CARE BBB- to CARE BB+; Stable in December 2024 and subsequently reaffirmed and withdrawn in May 2025 at the company's request. The downgrade was driven by increasing exposure to financially weak group entities via Inter Corporate Deposits (ICDs).

⚙️ Operational Drivers

Raw Materials

Not applicable as Delphi World Money is a service-based financial and travel enterprise; its primary 'inputs' are foreign currency liquidity and credit lines.

Import Sources

Not applicable; sourcing involves global currency markets and partnerships with international remittance corridors.

Key Suppliers

Not applicable; the company relies on banking partners for credit facilities and airline/hospitality providers for its travel segment.

Capacity Expansion

Current capacity involves a nationwide branch network; expansion plans include introducing new digital remittance corridors and fintech-led services in FY 2025–26 to increase transaction throughput.

Raw Material Costs

Not applicable; however, operational risks are mitigated through hedging and natural offsets of inward and outward FX flows to manage rate volatility.

Manufacturing Efficiency

Branch productivity is being enhanced through centralization and training; the company aims for margin optimization to recover from the 83.10% profit ratio drop.

Logistics & Distribution

Distribution costs are managed through partnerships; the company is focusing on digital innovation to reduce the cost of physical distribution and improve value creation.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Delphi is transforming into a diversified travel enterprise by integrating Ebix Inc.’s global travel and hospitality businesses. Strategy includes scaling domestic/international airline ticketing, MICE solutions, and luxury travel while leveraging its established forex and remittance platform to capture synergies.

Products & Services

Foreign exchange services, cross-border remittances, domestic and international airline ticketing, MICE (Meetings, Incentives, Conferences, Exhibitions) solutions, luxury travel, and curated holidays.

Brand Portfolio

Delphi World Money (formerly EbixCash World Money India Limited).

New Products/Services

New digital remittance corridors and fintech-led services planned for FY 2025-26 to diversify revenue streams beyond traditional physical branch transactions.

Market Expansion

Targeting India’s growing outbound student population and increasing airport throughput to scale forex volumes.

Market Share & Ranking

Not disclosed; positioned as an RBI-authorized Category II Authorized Dealer with a long track record.

Strategic Alliances

Consolidation with Ebix Inc.'s global travel businesses following the acquisition of Ebix by Eraaya Lifespaces Limited.

🌍 External Factors

Industry Trends

The industry is shifting toward digital-first remittance and integrated travel-fintech platforms; Delphi is positioning itself as a 'full-fledged diversified enterprise' to capture the entire travel value chain.

Competitive Landscape

Faces intense competition from traditional banks and specialized NBFCs in the remittance and forex space.

Competitive Moat

Moat consists of a long track record in forex and an RBI Category II license; sustainability is challenged by high group entity exposure and a 14.61% reduction in the Debt-Equity ratio as the company attempts to deleverage.

Macro Economic Sensitivity

Highly sensitive to international travel trends and GDP growth; outbound student growth is a primary driver for the forex segment.

Consumer Behavior

Increasing preference for digital financial platforms and a growing trend in luxury/curated holiday travel among Indian consumers.

Geopolitical Risks

Geopolitical disruptions are cited as a key risk that could impact business continuity and sourcing of foreign currency.

⚖️ Regulatory & Governance

Industry Regulations

Strict adherence required to RBI, FIU-IND, and FEMA guidelines; the company conducts periodic audits to ensure compliance with foreign exchange and anti-money laundering norms.

Environmental Compliance

Not disclosed as a material cost for this service-oriented business.

Taxation Policy Impact

Current Tax Liabilities decreased significantly from INR 39.84 Cr in FY 2023-24 to INR 10.59 Cr in FY 2024-25, reflecting lower taxable income due to the 83.10% drop in profit ratio.

Legal Contingencies

The company disclosed the impact of pending litigations in Note 41 of the Financial Statements as of March 31, 2025; specific case values were not provided in the summary, but the auditor noted no delays in IEPF transfers.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'increasing exposure to financially weak group entities' in the form of ICDs, which led to a credit rating downgrade to CARE BB+.

Geographic Concentration Risk

Primarily concentrated in the Indian market, specifically targeting major airports and student hubs.

Third Party Dependencies

High dependency on the financial stability of its new ultimate parent, Eraaya Lifespaces Limited, and the successful integration of Ebix Inc. assets.

Technology Obsolescence Risk

Risk of being disrupted by fintech startups; mitigated by planned investments in digital corridors and CRM integration in FY 2025-26.

Credit & Counterparty Risk

Exposure to credit and market risks in the inward remittance and forex business, exacerbated by inter-corporate lending within the Ebix group.