BEVERAGE maker Delta Corporation Limited has seen its market capitalisation surge by more than US$550 million between mid-December 2025 and the end of January 2026, reflecting a marked increase in investor demand.
On December 15, 2025, Delta’s market capitalisation stood at US$964,78 million on the Zimbabwe Stock Exchange (ZSE). By the end of January, it had soared to US$1,53 billion, lifting the group’s price-to-book ratio to about 4,5 times and signalling a clear rerating by investors.
The dramatic rise in Delta’s valuation comes as investors recalibrate their portfolios in response to Econet Wireless Zimbabwe’s planned delisting, directing funds toward Delta’s defensive and cash-generating business model. Analysts say this shift reflects confidence in Delta’s robust earnings, ongoing capacity expansions, and strengthened market position following its increased stake in Schweppes.
In its new 2026 Equity Strategy report, IH Securities highlighted that Delta contributed significantly to improved market activity in 2025.
Total value traded reached US$164 million, up 84,3% from 2024, while average daily value traded stood at approximately US$0,66 million.
“Market activity remained highly concentrated, with Delta and Econet accounting for 41% and 38% of total value traded, respectively,” it said.
Market participants say Delta’s sharp rise in market capitalisation reflects a combination of capital rotation and improved earnings visibility, rather than speculative excess.
With Econet’s planned delisting narrowing the pool of large, liquid counters on the ZSE, institutional investors appear to have reallocated capital towards Delta, which offers scale, defensiveness,and consistent cash generation.
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This shift has effectively resulted in a rerating of the stock as investors reassess Delta’s long-term earnings capacity.
“In the consumer space, Innscor surpassed the US$1 billion revenue mark, while Delta remains on a strong upward trajectory, as evidenced by its interim performance,” IH Securities said.
With its current financial year ending on March 31, 2026, Delta revenue is expected to reach or surpass US$1 billion from US$807,47 million in the prior year.
This includes Delta’s increased stake in Schweppes, now 69%, strengthening its position as a dominant consumer staples player with diversified income streams and stronger control over its value chain.
Delta’s solid balance sheet and cash generation have reinforced its appeal to investors seeking defensive exposure in a volatile market.
Cash and cash equivalents rose nearly 82,4% to US$50,34 million during the half-year ended September 30, 2025, while the group maintained a healthy current ratio of 1,54 times, reflecting robust liquidity.
Ongoing capacity expansion projects, including the Belmont brewhouse and Southerton packaging plant, aim to support sustained volume growth despite extended lead times.
Chairperson Todd Moyo noted these initiatives are designed to meet rising consumer demand and maximise aggregate sales
opportunities.
“We are also addressing the capacity issues in the Maheu business and injecting glass bottles in both lagers and sparkling beverages,” he said in a letter to shareholders dated November 12, 2025
“The lead times in commissioning these projects remain extended. The business remains focused on seizing any opportunities from increased consumer spending and capitalising on activities that generate aggregate demand.”
