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1. At a Glance
Delaplex Ltd is that SME-listed IT services firm which wanted to be the next Infosys, but ended up being the Infosys of Nagpur. Sales of ₹55.8 Cr, profit of ₹10.3 Cr, and margins of 19.5% are solid. Yet the stock has tanked -50% in one year. Why? Because in IT markets, “size matters.” A ₹119 Cr company boasting about competing with Accenture is like a local chaiwala claiming he’s Starbucks because he added Wi-Fi.
2. Introduction
Born in 2004, Delaplex started as a boutique software shop but grew into a supply chain consultancy + tech innovation player with offices across Atlanta, London, Toronto, Nagpur, Hyderabad, and Pune. Basically, “NRI cousins” scattered everywhere.
The company provides the usual buffet of IT jargon: DevOps, cloud, AI, cybersecurity, data analytics, managed services. Clients? Big names – Accenture, Capgemini, McDonald’s, Chevron, NASCAR, Jio. Sounds impressive, right? But here’s the punchline: annual sales = just ₹56 Cr. McDonald’s probably spends more on ketchup sachets.
Delaplex listed in Feb 2024 on NSE Emerge. IPO hype lifted it to ₹294, but now it’s down to ₹131. The fundamentals are fine – debt-free, double-digit ROE, good dividend yield (2.1%) – but the street has punished it harder than IPL umpires punish slow over-rates.
3. Business Model (WTF Do They Even Do?)
Delaplex’s business has three legs:
Consulting + Development Services – Standard IT outsourcing.
Clients range from petroleum (Chevron) to QSRs (McDonald’s) to 3PLs. Subsidiaries in UK and Bangalore expand reach. So while the pitch deck screams “digital transformation partner,” the P&L whispers “boutique IT vendor.”
