Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on October 24, 2025
- The company is engaged in the business of financial services, hospitality and travel and tourism.
• It enjoys a tag of “Preferred Foreign Exchange Partner” with all related services under one roof.
• It posted declined top and bottom lines for FY25 that raise a major concern.
• With well diversified business model, it is placed well for bright prospects ahead.
• Based on its recent financial data, the issue appears fully priced.
• Well-informed investors may park funds for medium to long term.
ABOUT COMPANY:
Delphi World Money Ltd. (DWML) erstwhile known as Ebixcash World Money India Ltd., and earlier known as Weizmann Forex Ltd. The company offers innovative, customized, and integrated financial solutions, relating to Foreign Exchange Services, Outward & Inward Remittances, Prepaid Cards, Gift Cards, and Travel Insurance needs of corporate and retail clients. With over 70+ branches spread across cities; Delphi World Money Limited has grown into a ‘Preferred Foreign Exchange Partner’ along this 34-year-old journey. With a vision to grow and a leadership team that committedly achieves this vision, the company has expanded in these 34 years by leaps and bounds reaching new milestones and setting new benchmarks. The ability to identify, learn, and adopt emerging technologies without losing focus on the fundamentals and core strengths, is its brand advantage.
The Company operates within the business of financial services sector and aims to meet diverse needs for both individuals (retail clients) and businesses (corporate clients). In addition, it has recently diversified into the hospitality and travel sector through its newly associate company i.e., Ebix Travels Private Limited, offering services such as transport and hotel reservations, tour operations, visa and travel facilitation, tourism-related financial services, training, back-office support, and the ownership or management of related infrastructure. Furthermore, depending on future business synergies and regulatory considerations, Delphi may also explore the possibility of a merger with Ebix Travels Private Limited to consolidate operations and unlock greater value for stakeholders.
The Indian travel and tourism sector is witnessing strong tailwinds driven by rising disposable incomes, increasing demand for business and leisure travel, rapid digital adoption, and government efforts to promote tourism. Against this backdrop, the Company’s investment in Ebix Travels is expected to create significant long-term value, leveraging technology-driven platforms and operational excellence to deliver seamless travel experiences and expand its market footprint.
The Company also operates under well-recognized trade names such as “VIA,” “VIASTAY,” “VIAWORLD,” and “TRAVELMASTI.” These brands collectively strengthen its market presence by offering end-to-end solutions that provide convenience, accessibility, and flexibility to customers across geographies. By combining a strong digital technology platform with an expanding footprint in multiple international markets, Ebix Travels positions itself as a phygital travel services enabler—bridging the gap between technology-enabled convenience and robust offline distribution channels. As of June 30, 2025, it had 170 employees on its payroll. With a branch network exceeding 70 locations across India, Delphi has established a strong physical presence that facilitates nationwide service delivery, regulatory compliance, and customer acquisition. This widespread distribution network significantly enhances the Company’s market penetration and provides a robust base for scaling operations.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 5223295 equity shares of Re. 10 each at a fixed price of Rs. 191 per share to mobilize Rs. 99.77 cr. The RI opens for subscription on October 27, 2025, and will close on November 07, 2025. The company is offering RI in the ratio of 23 for 49 to its eligible stakeholders as of the record date of October 14, 2025. The company is asking for full money on application for the number of shares applied. Post allotment, RI shares will be listed on BSE and NSE. The company is spending Rs. 0.99 cr. for this RI process, and from the net proceeds, it will utilize Rs. 81.00 cr. investment in associate company, and Rs. 17.77 cr. for general corporate purposes. The RI is at a discount of around 20.40% based on its last traded price of Rs. 239.95.
The RI is self-managed by the company itself, and Bigshare Services Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 11.13 cr. will stand enhanced to Rs. 16.35 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 312.31 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit of Rs. 971.18 cr. / Rs. 151.92 cr. (FY24), and Rs. 739.56 cr. / Rs. 19.55 cr. (FY25). Its NAV stood at Rs. 200.90 as of March 31, 2025. De-growth in its top and bottom lines for FY25 raise major concern.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It will adopt a prudent dividend policy, based on its financial performance and future prospects. However, offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 533452 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 243.50 on October 13, 2025, and opened on an ex-right basis at Rs. 229.00 on October 14, 2025. Since then, it has marked a high/low of Rs. 250.65 / Rs. 215.55. The scrip last closed at Rs. 239.95 as of October 24, 2025. For the last 52 weeks’ it has posted a high/low of Rs. 297.92 / Rs. 100.55.
The promoters’ holding has been constant at 75.00% for the last three quarters ended with September 30, 2025. The counter is well maintained above the RI price to tempt investors.
Conclusion / Investment Strategy
The company is engaged in the business of financial services, hospitality and travel and tourism. It enjoys a tag of “Preferred Foreign Exchange Partner” with all related services under one roof. It posted declined top and bottom lines for FY25 that raise a major concern. With well diversified business model, it is placed well for bright prospects ahead. Based on its recent financial data, the issue appears fully priced. The RI is at a discount of around 20.40% based on its last traded price of Rs. 239.95. Well-informed investors may park funds for medium to long term.
Review By Dilip Davda on October 24, 2025
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
