At a glance:

Delta Autocorp Ltd (aka Deltic) reported a 🔋31.89% jump in revenue and a 🔥22.8% rise in profit in FY25. But the real jhatka? Its net worth exploded 4x to ₹73 crore! From e-rickshaws to e-loaders, the company is pushing EVs across Bharat — but is this growth sustainable or a one-charge wonder?

🏢 About the Company

Delta Autocorp Ltd is an electric vehicle (EV) company operating under the brand name Deltic. Started in 2016, the company is targeting the heart of India — forget Teslas, this is all about e-scooters, e-rickshaws, loaders, and garbage vans that keep the country running.

Their focus?

• 🛵 Personal mobility
• 🚕 Passenger transport (e-rickshaws)
• 📦 Cargo movement (e-loaders)
• 🚛 Waste management (e-garbage vans)

Basically: “You may not see Deltic in the cities, but you feel it in every gali.”

👨‍💼 Key Managerial Personnel

• CMD: Dhirendra Gautamkumar Chopra (also the face of every filing, literally.)
• Company Secretary: Nitin Dubey
• IR handled via EquiBridgeX — a name that sounds like a fintech but mostly sends press releases.

📊 Financials – FY25 vs FY24

🧾 Balance Sheet Booms:

• Total Assets: Grew from ₹33 Cr to ₹85 Cr.
• Cash Flow from Operations: Negative ₹23 Cr 😬
• Borrowings: Grew sharply — financing the growth, or fueling a bubble?

⚙️ What’s Powering the Surge?

🔋 1. Tech Upgrade: LFP Batteries

They’re ditching NMC and embracing Lithium Ferro Phosphate (LFP). Translation:

• Less chance of your scooter turning into a Diwali rocket.
• More cycles, less degradation.
• Bharat-compatible battery tech.

🌍 2. Bharat Expansion Play

• Present in 15+ states
• Focus on tier-2, tier-3 EV markets
• Not aiming for swanky Delhi showrooms — they’re going straight to Ambala, Amravati, and Ayodhya.

🛠️ 3. Product Mix

• Personal e-scooters
• E-rickshaws
• Loaders
• Garbage vans

The unglamorous yet essential EV sector. They aren’t making Cybertrucks, they’re electrifying carts that carry pani puri and sabzi.

📈 Forward-Looking Fair Value (FV)

EduEstimating based on current PAT of ₹8.4 Cr and sectoral P/E range of 40–50x (given it’s EV but smallcap):

Forward Value (FV Range): ₹336 – ₹420 per share

(CMP unavailable but can be benchmarked once listed on NSE Mainboard)

🔮 Growth Outlook

• EV sector tailwinds (policy, oil prices, urbanization)
• Budget support for last-mile electric mobility
• LFP battery focus = safety + affordability
• Expanding dealer network

BUT…

• Tight cash flow
• Heavy borrowing
• Competitive landscape heating up
• Dependence on state-level EV policies

🚨 Risks & Red Flags

• ❌ Operating Cash Flow was negative ₹23 crore in FY25
• ❌ Inventory jumped sharply → ₹471 Cr from ₹282 Cr
• ❌ Delayed vendor payments (Audit hints at NBFC settlement delay)
• ❌ EPS is still just ₹1.46 for the full year — can’t justify a huge rally unless growth sustains
• ❌ EV market is hot, but crowded. Can Deltic stand out?

🧠 EduInvesting Take

“Deltic is like the Maruti of small EVs — essential, unsexy, but everywhere.”

We like the story: Tier-2 EV mobility, grounded business, and a dramatic net worth jump. But here’s the brutal truth — no one cares about balance sheet growth if your scooter’s range sucks. Deltic will need to back the numbers with performance on the road (and the stock exchange).

The margins dipped slightly, and the cash flow suggests that profitability hasn’t translated into liquidity. EV stories can burn bright — or just burn cash.

🏷️ Tags:

Delta Autocorp, Deltic EV, FY25 Results, Electric Vehicle Stocks India, Smallcap EV stocks, LFP Battery India, Osia Hyper, EduInvesting EV Series

👨‍💻 Author: Prashant Marathe
📅 Published: May 31, 2025