Delphi World Money Limited announced its unaudited financial results for the quarter ended December 31, 2025, presenting a mixed performance amid ongoing regulatory challenges and auditor concerns. The company's board approved the results on February 21, 2026, along with several strategic initiatives for future growth.

Financial Performance Overview

The company's standalone financial results showed revenue from foreign exchange operations declining to ₹42.20 million in Q3 FY26 compared to ₹53.48 million in the corresponding quarter of the previous year. Total income for the quarter stood at ₹120.35 million, down from ₹174.98 million in Q3 FY25.

Despite lower revenues, the company achieved a net profit after tax of ₹2.36 million in Q3 FY26, a significant improvement from the loss of ₹58.29 million recorded in the same quarter last year. For the nine months ended December 31, 2025, the company reported total income of ₹433.04 million and net profit of ₹73.94 million.

Rights Issue and Strategic Investments

The company successfully completed a rights issue during the quarter, raising ₹997.65 crore through the allotment of 52,23,295 equity shares at ₹191 per share. The rights issue was offered in the ratio of 23 rights equity shares for every 49 existing shares held as on the record date of October 14, 2025.

The company utilized part of the proceeds to increase its stake in Ebix Travels Private Limited (ETPL) through a preferential allotment of ₹810.00 million, raising its shareholding from 34.08% to 43.23%.

Auditor Qualifications and Regulatory Concerns

The financial results came with qualified opinions from auditors T R Chadha & Co LLP, who expressed concerns about inter-corporate deposits totaling ₹38.14 crore given by ETPL to the ultimate holding company, Eraaya Lifespaces Limited. The auditors noted insufficient evidence regarding the business rationale for these deposits and highlighted that prior shareholder approval was not obtained for this material related party transaction.

The company faces ongoing enforcement actions from the Directorate of Enforcement, which has imposed monetary penalties of ₹329.07 million on the company and ₹35.20 million on its principal officer for alleged FEMA violations. However, these matters relate to the pre-acquisition period and are covered by indemnities from former promoters.

Legal Challenges and Corporate Actions

A commercial suit filed by Bull Value Incorporated VCC Sub-Fund challenges the company's rights issue and corporate restructuring activities. The Delhi Commercial Court has issued an interim order directing all parties to maintain status quo regarding the disputed matters.

The company has also implemented significant corporate restructuring, including:

• Increase in authorized share capital to ₹500 million
• Sub-division of equity shares from ₹10 to ₹2 face value
• Bonus issue in the ratio of 2:1

These actions became effective in February 2026, after the reporting period.

Consolidated Results and Segment Performance

On a consolidated basis, the company reported total income of ₹720.59 million for Q3 FY26, including ₹525.44 million from travel services following the acquisition of control over ETPL. The consolidated net profit after tax attributable to owners stood at ₹2.10 million for the quarter.

The company operates in two main segments: foreign exchange and money transfer services, and travel services. The travel segment contributed significantly to consolidated revenues following the ETPL acquisition, though this makes year-over-year comparisons challenging.

Future Outlook and Strategic Initiatives

The board has approved the next phase of growth for the company's travel, hospitality, and related businesses, including strategic measures to enhance operational alignment and expand market reach. The company is also seeking shareholder approval through postal ballot for various management decisions related to these growth initiatives.

Delphi World Money Limited held its board meeting on February 14, 2026, addressing key agenda items including quarterly financial results, strategic leadership appointments, and Rights Issue compliance reporting. The meeting, conducted through video conferencing from 02:15 PM to 05:00 PM, resulted in significant decisions regarding the company's financial reporting timeline and board composition as part of its integrated platform strategy.

Rights Issue Compliance Report

The company filed its Statement of Deviation or Variation for the Rights Issue proceeds with BSE and NSE, confirming complete compliance with regulatory requirements. The Rights Issue, completed on November 10, 2025, raised gross proceeds of ₹99.76 crore with CARE Ratings Limited serving as the monitoring agency.

Fund Utilization Breakdown

The company achieved complete utilization of Rights Issue proceeds according to disclosed purposes, with no deviation in fund allocation. The proceeds were distributed across three primary categories as originally planned.

Strategic Board Appointments

The board approved three key appointments as Additional Directors under the Executive category, based on recommendations from the Nomination and Remuneration Committee. These appointments align with the company's strategic vision to position itself as an integrated travel and financial services platform.

Financial Results Deferral

The board deferred the finalization of unaudited financial results for the quarter and nine months ended December 31, 2025, citing pending technical considerations relating to the consolidation of accounts and their consequential impact on standalone financial statements. A separate board meeting will be convened shortly to address the financial results, with the schedule to be communicated separately to stakeholders.

Regulatory Compliance and Oversight

The Audit Committee reviewed the Rights Issue utilization statement, which was subsequently noted by the Board of Directors. Both the Audit Committee and auditors provided no adverse comments on the fund utilization, confirming adherence to regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board confirmed that none of the proposed directors is debarred from holding office by virtue of any SEBI order or other authority, ensuring regulatory compliance.