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Revenue
₹37.53 Cr
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Delta Autocorp reported a challenging FY26 with revenue and profitability impacted by delayed government orders and a structural shift in the three-wheeler segment from L3 to L5 vehicles. Management highlighted a 69% growth in two-wheeler channel sales, but overall revenue declined due to a 20 crore government order not materializing and a one-time expense of 1.58 crore. The company is investing heavily in new product development, with a flagship scooter expected in 24-26 months and a capex of 8.5-10 crore in FY27. Guidance for FY27 revenue is 105 crore, with a target of 150-155 crore in FY28. Risks include continued weakness in the three-wheeler segment, execution delays in government orders, and shareholder dissatisfaction over capital allocation and lack of buyback.
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Guidance to track
- Management guided for FY27 revenue of approximately 105 crore, with 60 crore from two-wheeler channel, 20 crore from government orders, 15 crore from three-wheeler, and 8-10 crore from spare parts.
- Management expects FY28 revenue to reach 150-155 crore, driven by new product launches and scaling of existing segments.
- Management set a revenue target of approximately 210 crore for FY29, reflecting accelerated growth from new products.
- Management plans to invest 8.5-10 crore in FY27 primarily for developing a flagship scooter, with launch expected in Q1 FY28.
Risks flagged
- A 20 crore government order expected in FY26 did not materialize due to elections and government changes; only 8-10 crore may convert in FY27.
- The three-wheeler industry is shifting from L3 to L5 vehicles, causing demand slowdown and inventory buildup; Delta's three-wheeler sales fell 22% YoY.
- Analysts questioned the lack of growth compared to peers and the company's reluctance to consider a buyback despite holding 36 crore in cash, indicating potential governance issues.
- A one-time expense of 1.58 crore impacted profitability, and margins are expected to remain in the 8-10% range due to dealer incentives and competitive pricing.
Key quotes
- Our two-wheeler business especially the channel sales business has grown by 69% during this financial year compared to the last financial year.
- We are expecting a top line of approximately 105 cr for FY27.
- The capex would be in the tune of like 9 to 10 cr rupees or I would say 8 and a half to 10 cr rupees in FY27 pertaining to new product development specifically.
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