StripReloc is a free (GPL license) command line utility that removes the relocation (".reloc") section from Win32 PE EXE files, reducing their size. Most compilers/linkers (including Delphi) put a relocation section in EXE files, but this is actually not necessary since EXEs never get relocated. Hence, a relocation section only wastes space.
This program is designed for developers to run on their own applications' executables only. It is not recommended that you run StripReloc indiscriminately on all EXEs you come across, because certain programs may rely on their internal structure staying intact.
StripReloc will not run on DLLs because they can get relocated, and thus need a relocation section.
EXEs run through StripReloc work on all Windows OSes since Windows 95 and NT 3.51 (at least). Windows 3.1x with Win32s is not supported.
http://www.jrsoftware.org/striprlc.php
It is not the same as UPX since there is no data compressing - but could be a valuable alternative tool to slim a bit further the size on some executables.