Delphi World Money Q3 EBITDA Turns Positive; FY26 Outlook Eyes ₹240 Mn Profit

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AuthorAkshat Lakshkar|Published at:
Delphi World Money Q3 EBITDA Turns Positive; FY26 Outlook Eyes ₹240 Mn Profit
Overview

Delphi World Money reported a significant turnaround in Q3 FY26, with its adjusted EBITDA turning positive at ₹52.54 Mn, driven by a 24% quarter-on-quarter revenue growth to ₹547 Mn. The company anticipates processing ₹68 Bn in GMV and achieving approximately ₹240 Mn in full-year FY26 adjusted EBITDA, signalling a strong recovery. Despite positive financial momentum, the company faces scrutiny over past regulatory and auditor issues.

Delphi World Money Turns Profitable in Q3 FY26 Amidst Strategic Growth

Delphi World Money's adjusted revenue for Q3 FY26 reached INR 547 Mn, a significant 24% rise from the previous quarter.
Adjusted EBITDA turned positive at INR 52.54 Mn, recovering from a loss in Q2 FY26.

Reader Takeaway: EBITDA turns positive on 24% revenue growth; FY26 outlook targets ₹240 Mn profit.

What just happened (today’s filing)

Delphi World Money has announced robust financial results for the third quarter and the first nine months of fiscal year 2026 (ending December 31, 2025).

The company posted an adjusted revenue of INR 547 million for Q3 FY26, marking a substantial 24% increase compared to the INR 442 million reported in Q2 FY26. More critically, the adjusted EBITDA turned positive, reaching INR 52.54 million, a marked improvement from the INR (60.46) million loss in the preceding quarter.

For the nine-month period (9M FY26), proforma adjusted EBITDA improved to INR (72.14) million from INR (174.37) million in 9M FY25. The company projects processing INR 68 billion in Gross Merchandise Value (GMV) and achieving approximately INR 240 million in full-year FY26 adjusted EBITDA.

Looking ahead, Delphi World Money anticipates strong growth for FY27, projecting adjusted EBITDA of around INR 480 million, with expected GMV growth of 35%-40% and revenue growth of 45%-50%.

Why this matters

This financial turnaround signifies a potential inflection point for Delphi World Money, demonstrating its ability to leverage strategic initiatives and achieve profitability. The positive EBITDA and strong forward projections are crucial indicators for investors, suggesting improved operational efficiency and market positioning.

The company's focus on AI-driven optimization, technology upgrades, fintech partnerships, and international expansion underpins this optimistic outlook. The successful integration of its Travel Services segment is also highlighted as a key driver for accelerated growth.

The backstory (grounded)

Delphi World Money, formerly known as Weizmann Forex Limited and later EbixCash World Money India Ltd, has undergone significant corporate evolution since its acquisition by EbixCash in 2019 [2, 3]. The company officially became Delphi World Money Limited in August 2021 [2, 7].

Recently, Delphi World Money completed a rights issue in November 2025, raising ₹99.76 crore. A significant portion of these funds, ₹810 million, was allocated to increase its stake in its associate company, Ebix Travels Private Limited, to 43.23% [6, 15]. This strategic move aims to bolster its presence in the travel services segment.

What changes now

  • Operational Focus: The company's corporate realignment and integration of Travel Services have sharpened its operational focus and execution capabilities.
  • Growth Drivers: Leveraging AI, technology upgrades, fintech collaborations, and international expansion are now central to its strategy for scalability and profitability.
  • Financial Recovery: The positive EBITDA in Q3 FY26 and improved 9M FY26 figures signal a return to profitability, supported by sequential improvements in key operating metrics.
  • Future Expansion: The company is poised for accelerated growth, backed by strong projections for FY26 and FY27.

Risks to watch

Delphi World Money faces ongoing scrutiny from regulatory bodies and auditors regarding past transactions. The Directorate of Enforcement has imposed penalties totaling ₹329.07 million for alleged FEMA violations, which the company attributes to the pre-acquisition period [15].

Statutory auditors raised concerns over inter-corporate deposits of ₹38.14 crore extended by Ebix Travels, citing insufficient documentation and lack of prior shareholder approval for a material related-party transaction [15].

A legal challenge by Bull Value Incorporated VCC Sub-Fund questions the company's rights issue and restructuring, prompting the Delhi Commercial Court to order a status quo pending further proceedings [15]. Additionally, SEBI has issued a settlement order concerning the company [27].

Peer comparison

Directly comparable listed peers in India's forex dealing and money transfer segment are scarce. However, Transcorp International Ltd operates in a similar broad financial services space, including forex [26].

While Delphi World Money operates as an Authorized Dealer Category II, dealing in foreign exchange and remittances, many other listed financial entities focus on lending, asset management, or credit ratings [18, 21]. This makes direct financial performance comparison challenging, though all operate within the broader Indian financial services ecosystem.

Context metrics (time-bound)

  • Q3 FY26 Adjusted Revenue stood at INR 547 Mn, a 24% increase QoQ from INR 442 Mn in Q2 FY26.
  • 9M FY26 Proforma Adjusted EBITDA was INR (72.14) Mn, an improvement from INR (174.37) Mn in 9M FY25.
  • Full Year FY26 Estimated GMV target is INR 68 Bn, with an estimated Adjusted EBITDA of ~INR 240 Mn.

What to track next

  • FY26 Targets: Monitor progress towards the INR 68 Bn GMV and ~INR 240 Mn Adjusted EBITDA targets for FY26.
  • FY27 Growth: Track the projected 35%-40% GMV growth and 45%-50% revenue growth for FY27.
  • EBITDA Trajectory: Observe the anticipated 80%-100% EBITDA growth for FY27, indicating sustained profitability.
  • Regulatory Compliance: Keep an eye on how the company addresses past regulatory actions and auditor concerns.
  • Strategic Initiatives: Assess the success of AI integration, technology upgrades, and international expansion plans.
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