Delta Electronics (Thailand) Public Company Limited (SET: DELTA) reported a robust 42.4% year-over-year surge in Q3 2026 sales revenue to THB 75,801 million, propelled by accelerating global demand for artificial intelligence (AI) infrastructure. Net profit rose 4.3% year-over-year to THB 7,757 million, recovering 27.7% sequentially.
The bottom line was well-below Bloomberg consensus, estimating at THB 8,734 million for the quarter.
Key Financial Highlights
- Sales Revenue: THB 75,801 million (+42.4% YoY, +16.3% QoQ)
- Net Profit: THB 7,757 million (+4.3% YoY, +27.7% QoQ)
- Gross Margin: 27.3% (vs. 28.3% in Q3 2025)
- Earnings Per Share (EPS): THB 0.62 (vs. THB 0.60 in Q3 2025)
Growth was anchored by the Power Electronics division, where power systems for data centers and advanced thermal management solutions expanded rapidly to support high-performance computing and AI deployments. Expanding ICT infrastructure, networking, and edge computing solutions provided additional momentum. The electric vehicle power solutions segment showed early signs of recovery, while component production continued its planned relocation to the Wellgrow Industrial Estate.
Gross profit expanded 37.2% year-over-year to THB 20,697 million, supported by a favorable high-margin product mix and Thai baht depreciation gains. However, operating margin contracted to 10.4% from 14.1% a year prior as SG&A expenses jumped 69.4% YoY. Cost headwinds included higher parent-company technology royalty, freight expenses, U.S. customs duties recognized under customer reimbursement terms, and a THB 1,363 million OECD Pillar Two top-up tax provision, offset by THB 503 million in foreign exchange gains.
Delta ended the quarter with THB 8,078 million in cash and cash equivalents, down 60.3% from year-end 2025 following capital spending on factory construction and dividend distributions. Trade receivables rose 46.9% to THB 67,507 million in step with sales expansion, while inventories climbed 98.5% to THB 68,950 million as management accumulated raw material buffers to safeguard customer deliveries. Total liabilities reached THB 99,698 million.
Corporate Outlook
Management is accelerating production ramp-ups across two newly completed factory buildings at the Bangpoo Industrial Estate to clear a substantial order backlog. Supply chain constraints and inventory buffer pressures are expected to ease in subsequent quarters as smart production upgrades progress.
