Delaplex Limited, formerly known as Delaplex Private Limited, has placed its unaudited financial results for the half year ended September 30, 2026, before the Board of Directors at a meeting held on November 14, 2026. The board meeting commenced at 7:00 PM and concluded at 7:19 PM.
The company, which operates in the IT and IT-enabled services (ITeS) space as a single business segment, presents a contrasting picture this half year — standalone operations show a contraction in revenue, while the consolidated numbers, which include overseas and domestic subsidiaries, show a different trajectory altogether.
Standalone Revenue Contracts Year-on-Year
On a standalone basis, Delaplex reports revenue from operations of ₹2,793.87 lakhs for H1 FY27. This compares with ₹3,057.75 lakhs in H1 FY26, a decline of ~8.63% year-on-year. Other income for the period stands at ₹266.06 lakhs, bringing total standalone income to ₹3,059.92 lakhs, against ₹3,310.52 lakhs in H1 FY26.
Standalone Profit Before Tax (PBT) for H1 FY27 is ₹429.55 lakhs, compared with ₹664.72 lakhs in H1 FY26. After tax expenses of ₹113.65 lakhs, Profit After Tax (PAT) stands at ₹315.90 lakhs — a decline of ~36.19% from ₹495.11 lakhs in H1 FY26.
Basic and diluted earnings per share on a standalone basis stand at ₹3.45 for H1 FY27, against ₹5.43 in H1 FY26. Face value of shares is ₹10 each.
What Changed in Standalone Expenses
Employee benefit expenses on a standalone basis remain largely stable at ₹1,649.97 lakhs, against ₹1,737.04 lakhs in H1 FY26. However, other expenses rise sharply to ₹927.81 lakhs in H1 FY27 from ₹617.93 lakhs in H1 FY26, an increase of ~50.15% year-on-year. This jump in other expenses is a key factor in the compression of standalone profits.
Finance costs on a standalone basis are ₹3.86 lakhs, while depreciation and amortisation is ₹28.39 lakhs for H1 FY27.
Standalone EBITDA
EBITDA Formula: PBT + Finance Costs + Depreciation and Amortisation
Standalone H1 FY27: ₹429.55 + ₹3.86 + ₹28.39 = ~₹461.80 lakhs (~₹4.62 crore)
Standalone H1 FY26: ₹664.72 + ₹3.07 + ₹23.37 = ~₹691.16 lakhs (~₹6.91 crore)
EBITDA Margin H1 FY27: ~₹461.80 / ₹3,059.92 = ~15.09%
EBITDA Margin H1 FY26: ~₹691.16 / ₹3,310.52 = ~20.88%
Standalone EBITDA has fallen from ~₹6.91 crore to ~₹4.62 crore year-on-year, with the margin compressing from ~20.88% to ~15.09%, driven primarily by the sharp rise in other expenses alongside lower operating revenue.
Consolidated Results Tell a Different Story
The consolidated numbers, which include subsidiary Celestia Crew Consultancy Private Limited and UK-based Delaplex Software Limited along with its step-down subsidiaries, show a different picture at the revenue level.
Consolidated revenue from operations for H1 FY27 is ₹4,135.42 lakhs, up ~11.23% from ₹3,717.75 lakhs in H1 FY26. Including other income of ₹183.12 lakhs, total consolidated income stands at ₹4,318.54 lakhs for H1 FY27.
Consolidated PBT is ₹751.71 lakhs for H1 FY27, against ₹889.56 lakhs in H1 FY26. After tax of ₹193.68 lakhs and minority interest of ₹(0.36) lakhs, PAT attributable to owners of the Group is ₹557.68 lakhs — a decline of ~22.73% from ₹721.77 lakhs in H1 FY26.
Consolidated basic and diluted EPS stands at ₹6.13 for H1 FY27, against ₹7.90 in H1 FY26.
Consolidated EBITDA and Margin
Consolidated H1 FY27: ₹751.71 + ₹7.61 + ₹29.61 = ~₹788.93 lakhs (~₹7.89 crore)
Consolidated H1 FY26: ₹889.56 + ₹3.69 + ₹25.02 = ~₹918.27 lakhs (~₹9.18 crore)
EBITDA Margin H1 FY27: ~₹788.93 / ₹4,318.54 = ~18.27%
EBITDA Margin H1 FY26: ~₹918.27 / ₹3,903.38 = ~23.52%
Despite consolidated revenue growing year-on-year, EBITDA has fallen from ~₹9.18 crore to ~₹7.89 crore, with the margin declining from ~23.52% to ~18.27%. The sharp increase in consolidated other expenses — from ₹675.06 lakhs in H1 FY26 to ₹1,442.20 lakhs in H1 FY27 (~+113.65%) — is the primary factor compressing profitability across both standalone and consolidated results.
H1 FY26 vs H1 FY27 Comparison
Standalone: H1 FY26 vs H1 FY27
Revenue from Operations: ₹3,057.75 lakhs → ₹2,793.87 lakhs | Change: ~(8.63)%
Total Income: ₹3,310.52 lakhs → ₹3,059.92 lakhs | Change: ~(7.57)%
Other Expenses: ₹617.93 lakhs → ₹927.81 lakhs | Change: ~+50.15%
PBT: ₹664.72 lakhs → ₹429.55 lakhs | Change: ~(35.38)%
PAT: ₹495.11 lakhs → ₹315.90 lakhs | Change: ~(36.19)%
EBITDA: ~₹691.16 lakhs → ~₹461.80 lakhs | Change: ~(33.19)%
EBITDA Margin: ~20.88% → ~15.09%
Basic EPS (₹): ₹5.43 → ₹3.45
Consolidated: H1 FY26 vs H1 FY27
Revenue from Operations: ₹3,717.75 lakhs → ₹4,135.42 lakhs | Change: ~+11.23%
Total Income: ₹3,903.38 lakhs → ₹4,318.54 lakhs | Change: ~+10.64%
Other Expenses: ₹675.06 lakhs → ₹1,442.20 lakhs | Change: ~+113.65%
PBT: ₹889.56 lakhs → ₹751.71 lakhs | Change: ~(15.50)%
PAT after Minority Interest: ₹721.77 lakhs → ₹557.68 lakhs | Change: ~(22.73)%
EBITDA: ~₹918.27 lakhs → ~₹788.93 lakhs | Change: ~(14.09)%
EBITDA Margin: ~23.52% → ~18.27%
Basic EPS (₹): ₹7.90 → ₹6.13
UK Subsidiary in the Consolidated Picture
The consolidated results include Delaplex Software Limited, UK, along with its step-down subsidiaries. As stated in the auditor's review report, the interim financial statements of Delaplex Software Limited, UK, reflect total assets of Rs. 3,574.49 lakhs as of September 30, 2026, total revenues of Rs. 1,597.30 lakhs, and total net profit after tax of Rs. 240.86 lakhs for the half year ended September 30, 2026. The UK subsidiary accounts were reviewed by Rehncy Shaheen Chartered Accountants, 1276/1278 Greenford Road, Greenford, Middlesex, UB6 0HH.
The consolidated auditor's review report notes that the conclusion on the consolidated statement is not modified in respect of this matter.
Balance Sheet Highlights
Standalone total assets stand at ₹9,096.71 lakhs as of September 30, 2026, against ₹8,410.12 lakhs as of March 31, 2026. Shareholders' funds on a standalone basis are ₹8,545.30 lakhs. The company carries no long-term borrowings and no short-term borrowings on a standalone basis as of September 30, 2026.
Standalone trade receivables have grown to ₹2,241.82 lakhs from ₹2,003.32 lakhs, while cash and cash equivalents stand at ₹536.81 lakhs, slightly lower than the opening balance of ₹539.15 lakhs for the period.
On a consolidated basis, total assets are ₹10,518.38 lakhs as of September 30, 2026, against ₹9,269.52 lakhs as of March 31, 2026. Consolidated shareholders' funds stand at ₹9,585.72 lakhs. Consolidated trade receivables are ₹2,704.77 lakhs, while consolidated cash and cash equivalents have risen to ₹1,101.20 lakhs from ₹631.15 lakhs.
Cash Flow Summary
On a standalone basis, net cash from operating activities is ₹(1,572.61) lakhs for H1 FY27, primarily reflecting an increase in other assets of ₹1,789.70 lakhs and trade receivables of ₹238.50 lakhs. Net cash from investing activities is ₹1,569.29 lakhs, supported by a decrease in non-current assets of ₹1,754.35 lakhs and interest and other income of ₹266.06 lakhs. Net cash from financing activities is ₹0.98 lakhs. The net change in cash results in a closing balance of ₹536.81 lakhs.
On a consolidated basis, net cash from operating activities is ₹(1,124.73) lakhs. Net cash from investing activities is ₹1,597.19 lakhs, with interest and other income contributing ₹183.12 lakhs and a decrease in non-current assets contributing ₹1,841.63 lakhs. Net cash from financing activities is ₹(2.41) lakhs. The net increase in consolidated cash is ₹470.06 lakhs, bringing the closing consolidated cash balance to ₹1,101.20 lakhs.
At a Glance: Key Numbers
| Metric | H1 FY27 Standalone | H1 FY26 Standalone | H1 FY27 Consolidated | H1 FY26 Consolidated |
|---|---|---|---|---|
| Revenue from Operations (₹ Lakh) | 2,793.87 | 3,057.75 | 4,135.42 | 3,717.75 |
| Total Income (₹ Lakh) | 3,059.92 | 3,310.52 | 4,318.54 | 3,903.38 |
| PBT (₹ Lakh) | 429.55 | 664.72 | 751.71 | 889.56 |
| PAT (₹ Lakh) | 315.90 | 495.11 | 557.68 | 721.77 |
| EBITDA (₹ Lakh) | ~461.80 | ~691.16 | ~788.93 | ~918.27 |
| EBITDA Margin | ~15.09% | ~20.88% | ~18.27% | ~23.52% |
| Basic EPS (₹) | 3.45 | 5.43 | 6.13 | 7.90 |
| Total Assets (₹ Lakh) | 9,096.71 | — | 10,518.38 | — |
The results have been reviewed by Jodh Joshi and Co., Chartered Accountants (FRN: 104317W), Nagpur. The reviewing partner is Yash K. Verma, Partner, Membership No: 105954. The results were reviewed by the audit committee and approved by the Board of Directors on November 14, 2026. The company operates in a single business segment of IT and ITeS, and no segment reporting is applicable under AS 17.
The auditor's report on both standalone and consolidated financial statements and results for the half year ended September 30, 2026 is unmodified and without any qualification, as declared by Manishraj Bhatt, Company Secretary cum Compliance Officer (Mem No: A63754), under Regulation 33(3)(d) of the SEBI Listing Regulations.