At a Glance
- Delta accounts for nearly 35% of ZSE equity value, anchoring market liquidity.
- Revenue rose 32% in H1 2026, supported by volumes and Schweppes consolidation.
- Strong margins, dividends and tradability reinforce Delta’s blue-chip status in Zimbabwe markets.
Delta Corporation Limited, Zimbabwe’s largest beverage firm, has emerged as the only billion-dollar valuation stock on the Zimbabwe Stock Exchange (ZSE), reinforcing its dominance in one of Africa’s smallest public markets.
Valued at $1.47 billion, the beverage maker accounts for nearly 35 percent of total ZSE equity value, making it the market’s anchor stock.
Why Delta commands a valuation premium
In a bourse defined by thin liquidity and modest valuations, Delta’s scale, earnings strength, and consistent dividends set it apart from peers in banking, telecoms, retail, and manufacturing.
While several large-cap companies command market values in the hundreds of millions of dollars, none match Delta’s scale or consistency.
Delta’s valuation premium is rooted in fundamentals. The company has focused on defending market share, expanding capacity, and maintaining pricing power across its beverage portfolio, even as Zimbabwe’s operating environment remains challenging.
For investors navigating currency volatility, inflation, and policy uncertainty, Delta has become Zimbabwe’s closest equivalent to a blue-chip stock.
Strong earnings and margin expansion
In the first half of 2026, Delta posted 32 percent revenue growth, with sales rising from $389.12 million to $514.2 million. The performance was driven by volume growth across its core segments and the successful consolidation of Schweppes Holdings Africa Limited.
Operating margins expanded to 19.37 percent, levels that remain rare among Zimbabwean listed companies. Earnings per share climbed 68 percent to $0.057, reinforcing Delta’s reputation as a cash-generative consumer staple.
Liquidity sets Delta apart
Liquidity further strengthens Delta’s investment case. Total assets increased 27.73 percent to $572.12 million, while retained earnings rose 17.18 percent to $305.74 million.
Over the past 12 months, Delta recorded $83.18 million in share trading value, making it one of the most actively traded stocks on the ZSE, an important factor for institutional and foreign investors seeking scale and exit flexibility.
Resilience despite operating deadwinds
Despite facing sugar taxes, power disruptions, and periodic tax disputes, Delta continues to invest in capacity while maintaining consistent dividend payments.
Its dominance across lager beer, sorghum beer, sparkling beverages, wines, and spirits provides pricing resilience and volume stability. As a result, Delta remains the clearest benchmark against which all other ZSE valuations are measured.
