Delphi World Money Posts Strong Q3 & 9M FY26 Results as Travel Recovery Drives Forex Growth

Delphi World Money Limited has announced its financial results for the third quarter ended December 31, 2025, reflecting strong momentum as international travel demand continues to recover. The company reported consolidated revenue from operations of INR 547 Mn in Q3 FY26, representing a 24% quarter-on-quarter increase from INR 442 Mn in Q2 FY26.

The recovery in international travel demand in India has been a major catalyst for forex business growth, particularly for companies offering integrated forex services in India. Operational efficiencies, platform integration, and the recovery of the travel sector also contributed to improved financial performance.

In this guide, you will learn about Delphi World Money Limited, the key highlights contributing towards Q3 & 9M FY26 performance, management’s takeaway, forex business growth, and industry outlook towards the results.

About Delphi World Money Limited

Delphi World Money Limited, an RBI-authorized Category II Authorized Dealer, is a leading foreign exchange solutions provider in India, offering forex, remittance, and travel-related solutions to B2B travel partners, corporate clients, and individual travelers across India, South East Asia, and the Middle East. In addition to forex and cross-border remittances, Delphi has a full-fledged, diversified enterprise spanning international airline ticketing, MICE solutions, luxury travel, and curated holidays, encompassing the full spectrum of the travel value chain.

Mercury Travels Private Limited, a subsidiary of Delphi World Money Limited, significantly contributes to the strong Q3 & 9M FY26, by seamlessly blending Delphi’s legacy with innovation to deliver a unified ecosystem where finance and travel converge. Over the years, Delphi World Money Limited has strengthened its position in India’s forex services market, becoming a ‘Preferred Foreign Exchange Partner’ in the country. The company commits to achieving its vision of becoming a leader in the foreign exchange services industry.

The Q3 & 9M FY26 results feature significant revenue growth driven by travel demand, alongside volatile profitability. Delphi is strategically positioned to harness operational synergies, scale its businesses, and build a sustainable leadership position in India’s rapidly expanding travel sector, while creating enduring value for stakeholders and shaping the future contours of global travel. The following factors were key drivers of Delphi World Money Limited’s Q3 FY26 performance.

Key Highlights of Delphi World Money Limited Q3 FY26 Performance

1. Rising international travel demand is driving higher forex transaction volumes.
2. Operational Efficiency Driving Profitability
3. AI-Driven Customer and Platform Optimization
4. Technology Upgrades and Automation
5. Integrated Travel–Forex Ecosystem Driving Transaction Growth
6. International Expansion & New Product Introduction

These key highlights of Delphi World Money Q3 & 9M FY26 results showcase the next phase of growth of the company’s travel, hospitality, and related businesses, while implementing strategic measures to improve operational alignment, enhance efficiency, and expand market reach across domestic and international markets to enhance operational alignment, optimize structural efficiency, and expand market reach for both domestic and international operations of the group. Further, these steps support long-term growth through advisory engagements, planning initiatives, and evaluations of potential organizational realignments.

Delphi World Money Limited’s Outlook on Forex and Travel Sector

Delphi World Money Limited has adopted a highly bullish outlook on the travel-fintech sector by integrating its travel and financial platforms. This strategy highlights the company’s growing focus on integrating forex and travel services, resulting in adjusted revenue of INR 1,255 Mn and adjusted EBITDA of INR 120 Mn. These figures reflect the ongoing recovery in the travel market, improved cost and process optimization, and stronger cross-selling opportunities across forex, remittance, and corporate travel management services.

In addition to this, the company is managing substantial regulatory hurdles and inter-corporate deposits, though management expressed confidence in recovery. Despite these challenges, Delphi World Money Limited’s strategic shift to integrate travel services with its established, RBI-authorized forex expertise reflects a strong belief in the long-term convergence of travel and forex services in India.

Leadership Takeaway on the Company Growth

Mr. Arun Batra, the Director of Delphi World Money Ltd. and Managing Director of Ebix Travel, is leading the company’s transition into a fully integrated Travel and Financial Services franchise. His belief leads the company towards a strong long-term growth trajectory. This conviction is anchored in a diversified business model, disciplined execution, and a clear focus on operational excellence. He further stated that “The company continues to make meaningful investments in technology and enhancing processes, which reduces turnaround time, strengthens efficiency, and optimizes costs across business units. These are the initiatives, which are expected to translate into improved margins, higher productivity, and sustainable profitability growth.”

Dr. Vikas Garg, the Chairman of Ebix and Vikas Group, commenting on the FY26 growth, said that “Delphi World Money Limited is well positioned to deliver strong growth in transaction volumes and revenues in the coming quarters, further reinforcing its competitive market position. In addition to this, the company’s wide network, broader platform capabilities, and a scalable operating model position Ebix as a key growth engine in the coming years.”

Delphi World Money’s Outlook and Growth Strategy for FY26

FY26 for Delphi World Money Limited marked a year of operational consolidation and improved execution. The company experienced a consolidated and actual revenue reaching INR 1,255 Mn, while adjusted actual EBITDA rose to INR 120 Mn, reflecting sustained cost discipline, improved margin performance, and growing operational efficiency.

The international travel demand in India and the forex business growth strategy expect to process transactions totalling approximately INR 68 Bn in GMV and deliver full-year Adjusted EBITDA of INR 240 Mn, supported by consistent platform growth and operational leverage.

For FY27, Delphi World Money Limited, a part of the EbixCash ecosystem, expects growth to be driven by structured operational improvements, deeper platform integration, and scalable expansion.

Ebix's Outlook on its Growth Strategy

1. 35%-40% GMV Growth: It is driven by rising transaction volumes across the Travel and Financial Services Platforms. This ongoing expansion of distribution channels and partner networks results in strengthening strategic alliances and improving corporate travel sentiment, leading to a projected GMV of approximately INR 94 Bn.
2. 345%-50% Revenue Growth:3 It is supported by strong cross-sell synergies between the Travel and Financial Services businesses, improved monetization of network and platform services, and a higher contribution from premium, curated, and value-added offerings.
3. 380%-100% EBITDA Growth:3 Factors such as cost optimization initiatives, stronger gross margins, and efficiency gains from operating leverage the EBITDA growth. For FY27, the EBITDA is projected to reach approximately INR 480 Mn.

Key Takeaways

The latest Delphi World Money financial results highlight the company’s expanding role in India’s growing forex services market. The Q3 & 9M FY26 for Delphi World Money Limited has seen tremendous Q3 & 9M performance, significantly driven by operational efficiencies and travel recovery in India. The company is currently positioned to harness operational synergies, scale its business, and build a scalable leadership position in India’s rapidly expanding travel sector, while creating an enduring value for stakeholders and shaping the future of global travel services. For FY27, Delphi sees an opportunity to grow even stronger through structural improvements, deeper platform integrations, and scalability, rather than one-time gains.

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