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DEL GPW Periodic report · PAP Biznes

Delko SA (DEL) · Q2 2026 results and valuation

Share price: 5.95 zł · 2026-11-10

Results Q2 2026 vs Q2 2025 · year over year · published 27 Mar 2026 and 27 Mar 2025

Net income turned to a profit from a loss a year earlier. The language turned more cautious.

Only a basic analysis is available for this company at the moment.

1 · Numbers

Turned profit

Net income vs Q2 2025

Net income 404.0K vs -292.0K

Revenue −6.2%

2 · How the report reads

More cautious

Language tone vs last period

Report language: typical for a company report — more cautious than in Q2 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Fading

Wholesale sales of household chemicals, cosmetics, and pharmaceutical products saw a decline compared to the previous period.

Valuation

Is Delko SA undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-06-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 0.1% growth a year (3-year revenue growth), the model's fair value is 13.09 zł a share — the stock trades 55% below it. Today's price assumes −9.1% growth a year.

Current price

5.95 zł

close of 2026-11-10

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

-9.1% for 10 yrs

Fair value / share

13.09 zł

Buy below

9.82 zł

Price vs fair value

Undervalued 55%

Price vs buy-below price

Undervalued 39%

Official channels

The company's own website and social media accounts.

Read between the lines

No major shifts flagged this period.

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q2 2025.

Report language Typical (was upbeat)

Typical for a company report — more cautious than in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“The decrease in sales resulted in a lower gross profit, and thus a decrease in profitability.”
“With respect to trade receivables, credit risk arises from the inability of the other party to the contract to make payment, and the maximum exposure to this risk is equal to the carrying amount of these instruments.”

Full figures

PLN · PAP Biznes report (2026-03-27)

Metric Q2 2026 Q2 2025 Change
Revenue 377.4M 402.5M −6.2%
EBITDA 9.7M 9.2M +5.3%
Operating income 651.7M 2.6M +25395.3%
Net income 404.0K -292.0K Turned profit
EPS 0.03 -0.02 Turned profit
P/E today 24.8 25.7 5.8 +19.9

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • This is caused by the Group's financial situation and history of cooperation with financial institutions, payment timeliness, and…
  • It and its subsidiaries invest in the sale and development of goods under their own brands (DELKO Products).
  • The Group also holds financial assets, such as trade receivables and cash, which were generated in the course of its business activities.
  • The Group's exposure to risk caused by changes in market interest rates primarily concerns floating-rate financial liabilities, i.e., bank…
  • The tool takes into account the maturity dates of both investments and financial assets (e.g., accounts receivable

Faded since Q2 2025

  • Nothing dropped away.

Latest announcements

Official filings, newest first.

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