The Indian Electric Vehicle ("EV") industry continues to witness significant transformation, supported by increasing consumer awareness, technological advancements, favorable government initiatives and the growing focus on sustainable mobility. The transition towards electric mobility is expected to remain an important component of Indias long-term decarbonization and energy-security objectives.
The electric two-wheeler and three-wheeler segments continue to present significant growth opportunities, driven by increasing demand for economical and environmentally sustainable transportation solutions. Government initiatives, incentives and investments in EV manufacturing and charging infrastructure continue to support the development of the sector.
The Company believes that the increasing adoption of electric mobility, technological advancement in batteries and powertrain systems, development of charging infrastructure and increasing acceptance of EVs among consumers will provide a favorable environment for sustained growth.
The EV industry continues to benefit from various Central and State Government initiatives aimed at promoting electric mobility. Such initiatives include incentives, subsidies, tax benefits, manufacturing incentives and support for charging infrastructure.
The Governments continued emphasis on EV adoption, domestic manufacturing, localization of components and development of the EV ecosystem provides opportunities for manufacturers and associated businesses. The Company intends to leverage these opportunities through product expansion, strengthening its dealership network, enhancing customer reach, developing EV-related components and improving its after-sales service ecosystem.
The Company is engaged in the electric mobility sector and offers electric scooters and electric three-wheelers under the DELTIC brand. The Company continues to focus on providing technologically advanced, reliable and affordable electric mobility solutions.
The Company has established a presence across various markets through its dealership network and continues to strengthen its geographical footprint. The Companys strategy remains focused on expanding its market presence, improving customer experience, increasing secondary sales and strengthening relationships with its channel partners.
During FY 2025-26, the Company continued to focus on operational efficiency, product development, customer engagement, quality enhancement and expansion of its EV ecosystem.
The Company continues to maintain a diversified product portfolio across electric scooters and electric three-wheelers catering to different customer requirements.
The Companys product development initiatives are focused on improving vehicle performance, range, durability, design, comfort, safety and overall ownership experience.
The Companys product development pipeline includes new and upgraded products such as the Superion electric motorcycle, Infinia scooter, Trento+ scooter and L5 electric three-wheelers . These products reflect the Companys focus on innovation, design and development of accessible yet aspirational electric mobility solutions.
Battery safety remains a key priority for the Company. The Company continues to adopt stringent quality-control processes throughout the battery manufacturing and assembly cycle.
The Companys battery-safety initiatives include:
Use of certified cells having enhanced thermal stability and puncture resistance;
Effective thermal-management systems to regulate temperature and prevent overheating;
Comprehensive testing protocols for batteries;
Strong mechanical integrity and secure assembly of battery components;
Appropriate enclosure and sealing arrangements;
Protection against over-current and short-circuit conditions;
Monitoring of battery parameters and error codes;
Continuous research relating to battery ageing, degradation and battery life; and
Development of improved charging profiles and battery-management systems.
The Company is also exploring advanced battery-management, data analytics, CAN communication, remote monitoring and other technology solutions to improve battery performance, safety and longevity.
The Company continues to strengthen its sales and marketing capabilities through a combination of dealer expansion, digital marketing, customer engagement initiatives and technology-enabled sales processes.
The Company has implemented Salesforce-based CRM initiatives and AI-driven lead-conversion processes to improve lead quality, monitor performance and reduce the turnaround time from enquiry to purchase.
The Company also continues to focus on secondary sales through targeted below-the-line activities, digital-assisted retailing and referral-based initiatives.
The Companys strategy is to strengthen its existing markets while selectively entering new geographical territories with a focus on sustainable and profitable growth.
The Company continues to expand its retail and dealership network to improve accessibility of its products and services.
The Company is also developing the Company-Owned Company-Operated ("COCO") model with the objective of strengthening direct customer engagement, improving retail experience, enhancing margins and exercising greater control over sales and after-sales service.
The Company proposes to establish strategically located COCO outlets and EV Hubs in key markets, which will also serve as model outlets for dealers and provide an enhanced customer experience.
The Company is developing an integrated EV ecosystem comprising batteries, controllers, converters, motors, tyres, chargers, spare parts and other EV-related products.
The Company is also developing EV Parts & Service Hubs integrated with its retail network. These hubs are intended to facilitate faster availability of spare parts, improve inventory management, support predictive demand forecasting and enable efficient dealer replenishment.
The long-term objective is to develop these EV Hubs as multi-functional centers incorporating spare parts, charging infrastructure, battery-swapping capabilities and other EV-related services.
The Company has entered into a strategic partnership with RAPIDO with the objective of providing DELTIC EV customers with opportunities to utilize their vehicles for commercial and passenger transportation.
The partnership is intended to provide customers with an additional income-generating opportunity and support the economics of EV ownership. The Company believes that such initiatives can also support customer acquisition, improve vehicle utilization and strengthen demand for its electric three-wheelers and scooters.
Total Quality Management continues to remain an important area of focus for the Company.
The Company has implemented quality control measures covering:
New product development;
Incoming material inspection;
Vendor and supplier quality management;
Process quality control;
Final inspection and Pre-Delivery Inspection ("PDI");
Product traceability;
Engineering Change Requests and Engineering Change Notices;
Product audits; and
Customer complaint and quality-alert mechanisms.
The Company also continues to focus on waste elimination, process improvement, low-cost automation and digitalization of internal processes to improve operational efficiency.
The Company continues to focus on cost optimization and operational efficiency through alternate sourcing, alternate materials, alternate design, lightweighting, process improvements and low-cost automation.
Digitalization and employee participation in cost-reduction initiatives are being encouraged across the organization. These initiatives are intended to improve productivity, control fixed costs, reduce waste and enhance overall cost competitiveness.
The Company remains focused on maintaining an appropriate balance between product quality, competitive pricing and profitability.
Research and Development ("R&D") remains a key strategic area for the Company. The Companys R&D activities are focused on developing advanced EV products and improving performance, durability, safety and cost efficiency.
The key areas of R&D include:
Development of modular vehicle platforms;
Battery health and performance optimization;
Energy optimization;
Telematics and IoT integration;
Smart battery and scooter technologies;
Remote smart diagnostics;
Product lightweighting;
Advanced manufacturing processes;
Simulation and digital-twin technologies; and
Connected and embedded systems.
The Company continues to strengthen its in-house engineering capabilities and collaborate with Indian and global organizations for technology development.
Human resources continue to be an important component of the Companys growth strategy. The Company seeks to attract, develop and retain skilled professionals across engineering, software development, battery technology, manufacturing and other specialised areas.
The Company promotes continuous learning and development in areas including controllers and converters, motors and powertrain systems, battery sciences, thermal engineering and other EV technologies.
The Company also encourages innovation and employee participation and continues to focus on creating a culture of safety, quality, collaboration and operational excellence.
Sustainability forms an integral part of the Companys long-term business strategy. The Company continues to focus on responsible manufacturing, environmental protection, occupational health and safety.
The Company has articulated a Carbon Neutrality Roadmap with a long-term objective of achieving carbon neutrality across its operations by 2030 . The roadmap includes optimisation of processes, increased use of renewable energy and reduction of Scope 1 and Scope 2 emissions.
The Company is also working towards waste reduction, recycling, improved waste traceability and responsible treatment of hazardous waste. Battery recycling and second-life energy-storage initiatives form part of the Companys broader sustainability strategy.
Risk management forms an integral part of the Companys management processes and is monitored by the senior management.
The principal areas of risk include market competition, changes in government policies and incentives, technological changes, battery and component availability, supply-chain disruptions, commodity-price fluctuations, customer demand, regulatory requirements and other operational risks.
The Company seeks to mitigate these risks through product diversification, multi-sourcing of critical components, quality-control systems, technology investments, continuous monitoring and appropriate management oversight.
The Company maintains a diversified and multi-sourced supply chain to reduce the impact of potential disruptions in the availability of EV components.
The Company has established internal control systems covering financial, operational and compliance-related activities.
The internal control framework is designed to safeguard the Companys assets, ensure proper authorisation and recording of transactions, improve the reliability of financial reporting and support compliance with applicable laws and regulations.
The Board and Audit Committee oversee the adequacy and effectiveness of internal controls. The Companys internal financial controls are periodically evaluated and tested by the internal audit function and independent auditors.
The Company also continues to leverage technology and centralised processes to strengthen monitoring, tax and treasury management and overall control effectiveness.
Growing demand for electric mobility;
Favourite government policies and incentives;
Increasing consumer awareness regarding environmental sustainability;
Continuous technological advancement and R&D;
Diversified product portfolio;
Growing dealership and retail presence;
Focus on battery safety and product quality; and
Development of an integrated EV ecosystem.
Dependence on certain imported components;
Limited localisation of certain EV components;
Evolving charging infrastructure;
Absence of complete standardisation of charging systems; and
EV technology and consumer preferences continue to evolve rapidly.
Increasing penetration of electric two-wheelers and three-wheelers;
Government support for electric mobility;
Expansion of charging and battery-swapping infrastructure;
Growth in commercial and last-mile mobility;
Development of EV parts and services;
Expansion into new geographical markets; and
Increasing demand for sustainable transportation.
Intense competition in the EV market;
Changes in government incentives and policies;
Rapid technological changes;
Volatility in battery and commodity prices;
Supply-chain disruptions;
Regulatory and safety requirements; and
Changes in consumer preferences.
The Companys SWOT framework is broadly aligned with the previous years assessment, which identified favourable government policies, rising consumer demand and technological advancement as sector strengths, while noting localisation and charging-standardisation challenges.
The financial performance of the Company for FY 2025-26 is as follows and it reflects the Companys operational activities and strategic initiatives undertaken during the year.
i. Total Income: During the financial year ended 31st March, 2026, the Company reported Standalone Total Income of ?‚?8,273.69 Lakhs and Consolidated Total Income of ?‚?8,265.63 Lakhs , as compared to ?‚?8,400.56 Lakhs on Standalone basis for the financial year ended 31st March, 2025. Accordingly, the Standalone Total Income declined by 1.51% during the financial year under review.
ii. Profit Before Tax (PBT): The Standalone Profit Before Tax (PBT) for the financial year ended 31st March, 2026 amounted to ?‚?894.05 Lakhs , as compared to ?‚?1,131.32 Lakhs for the previous financial year, representing a decline of 20.97% . The Consolidated PBT stood at ?‚?884.18 Lakhs for the financial year ended 31st March, 2026.
iii. Net Profit: The Standalone Profit After Tax (PAT) for the financial year ended 31st March, 2026 was ?‚?656.02 Lakhs , as compared to ?‚?839.96 Lakhs for the previous financial year, representing a decline of 21.90% . The Consolidated Profit After Tax (PAT) stood at ?‚?691.03 Lakhs for the financial year ended 31st March, 2026.
iv. Earnings Per Share (EPS): The Earnings Per Share (EPS) on a Standalone basis for the financial year ended 31st March, 2026 stood at ?‚?4.29 per share , as compared to ?‚?5.49 per share for the previous financial year, representing a decline of 21.86% . On a Consolidated basis, the EPS stood at ?‚?4.52 per share for the financial year ended 31st March, 2026.
During FY 2025-26, the Company continued to focus on growth in its EV business, expansion of its market presence, strengthening of its retail and dealership network, improvement in operational efficiencies and development of new products and technologies.
The management remains focused on improving profitability through cost optimization, product mix improvement, operational efficiencies, technology adoption and expansion of the Companys EV ecosystem.
The key financial ratios of the Company for FY 2025-26, along with the corresponding ratios for FY 2024-25, are as follows:
| Ratio | Current period | Previous period | Variance in % | Reason for variance by more than 25% |
| Current Ratio | 11.61 | 8.69 | 34% | Due to decrease in current assets |
| Debt-Equity Ratio | 0.02 | 0.05 | -60% | Due to decrease in borrowings |
| Debt service coverage ratio | 3.67 | 71.04 | -95% | Due to decrease in interest cost |
| Return in equity ratio | 9% | 18% | -50% | Due to increase in Shareholders\u2019 Equity and decrease in net profit |
| Inventory turnover ratio | 2.86 | 3.46 | -17% | - |
| Debtors Turnover ratio | 5.44 | 8.56 | -36% | Due to decrease in trade receivables during the year |
| Trade payables turnover ratio | 15.38 | 11.29 | 36% | Due to increase in trade payables |
| Net capital turnover ratio | 1.08 | 1.85 | -42% | Due to increase in working capital |
| Net profit ratio | 8% | 10% | -20% | - |
| Return on capital employed | 11% | 15% | -27% | Due to increase in capital employed |
| Return on investment | - | - | - | - |
The outlook for the Indian EV industry remains positive, supported by increasing consumer acceptance, technological advancement, expanding charging infrastructure, increasing focus on sustainable transportation and continued government support.
The Company intends to capitalise on these opportunities by expanding its product portfolio, strengthening its dealership and retail network, developing EV Parts & Service Hubs, investing in R&D and improving customer experience.
The Company remains committed to strengthening its position in the electric two-wheeler and three-wheeler segments and progressively developing capabilities across the wider EV value chain.
Statements in this Management Discussion and Analysis describing the Companys objectives, expectations, projections, estimates and future plans may constitute forward-looking statements. These statements are based on certain assumptions and expectations and are subject to various risks and uncertainties.
Actual results may differ materially from those expressed or implied due to various factors, including changes in economic conditions, market demand, government policies, competition, technology, availability and cost of components, supply-chain conditions and other factors beyond the Companys control.
The Company does not undertake to publicly update any forward-looking statements, whether as a result of future events or otherwise.
| For and on Behalf of the Board of | |
| Delta Autocorp Limited | |
| Ankit Agarwal | Priyanka Agarwal |
| Managing Director | Whole-time Director & CFO |
| DIN: 03289175 | DIN: 08421025 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
