Hi @Raj Poladia
Per my test, I can get the same result as yours. The delta feed shows the latest state for each item, not each change. So when you check out and check in an item, it's state has been changed althought we didn't edit the content of the item. It will be listed as part of response. More details for reference
https://learn.microsoft.com/en-us/graph/api/driveitem-delta?view=graph-rest-1.0&tabs=http#remarks
If the answer is helpful, please click "Accept Answer" and kindly upvote it. If you have extra questions about this answer, please click "Comment".
Note: Please follow the steps in our documentation to enable e-mail notifications if you want to receive the related email notification for this thread.