Delhivery Ltd
Delhivery Ltd
Logistics & Cargo F&OKey Fundamentals
SmallcapLogistics Solution ProviderLogistics & CargoInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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48 extracted metrics + investor summaries across FY12–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 19.8% CAGR over last 5 years
Weaknesses
6- Stock is trading at 3.63 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Tax rate seems low
- Company has a low return on equity of 0.18% over last 3 years.
- Earnings include an other income of Rs.332 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 10h agoDelhivery Ltd trades at a market cap of ₹35,248 Cr with a PE of 377x and P/B of 3.64x. The company has achieved TTM sales growth of 23% but ROE remains negligible at ~0.18% over 3 years, and TTM profit growth is negative at -40%. The company has turned profitable recently but profitability metrics remain thin relative to its valuation.
- Strong TTM revenue growth of 23% indicates accelerating top-line momentum in the logistics sector
- 5-year compounded sales CAGR of 24% demonstrates sustained ability to scale operations
- Company has delivered 19.8% CAGR profit growth over the last 5 years, showing a path toward sustained profitability
- Last year ROE turned positive at 2%, signaling the business is beginning to generate returns on equity after years of losses
- 3-year compounded profit growth of 30% reflects improving operating leverage as scale builds
- Market cap of ₹35,248 Cr positions Delhivery as a large-cap logistics player with institutional investor interest and liquidity
- 5-year compounded profit growth of 20% indicates structural improvement in unit economics over time
- PE ratio of 377x is extremely elevated, implying the stock prices in years of future earnings growth with minimal margin of safety
- 3-year average ROE of just 0.18% indicates negligible return generation on shareholders' equity
- TTM profit growth is -40%, meaning earnings have declined sharply on a trailing basis despite revenue growth
- Zero dividend yield with no payout despite reporting profits suggests limited shareholder return in the near term
- Earnings include other income of ₹332 Cr, raising questions about the quality and sustainability of core operating profits
- Stock trades at 3.64x book value despite sub-1% ROE, suggesting valuation is disconnected from current fundamentals
- Low interest coverage ratio indicates limited buffer to service debt obligations if cash flows deteriorate
- 1-year stock CAGR of just 1% and 3-year CAGR of 4% show the market has not rewarded shareholders despite revenue growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago- ₹8.25 Cr GST demand order Jul 21
Delhivery received a GST demand of ₹6.47 Cr tax plus ₹64.72 L penalty for FY20. Company states no material impact on financials.
- Q1FY27 net profit drops 65% Aug 9
Net profit fell 65% to ₹32 crore in Q1FY27 due to Ecom Express integration costs, though company says these expenses are now concluded.
- COO Ajith Pai resigns Aug 8
Chief Operating Officer Ajith Pai Mangalore resigned effective September 15, 2026, to pursue entrepreneurial interests.
- Revenue surges 28%, volumes up 55% Aug 9
Q1FY27 revenue rose 28% to ₹2,931 crore with parcel volumes surging 55.2% to 322 million. Adjusted EBITDA remained resilient at ₹76 crore.
- Strong margin and growth targets Aug 10
Delhivery targets Express EBITDA margin of 16%-18% by H2 FY27 and 20%-30% volume growth. Delhivery Direct GMV already at ₹150 Cr, surpassing FY27 target of ₹250 Cr.
- Subsidiary gets RBI NBFC license Aug 4
Wholly owned subsidiary DFSPL received NBFC-ND registration from RBI on August 3, 2026, enabling expansion into regulated financial services.
- Vani Venkatesh appointed Deputy CEO Aug 8
Vani Venkatesh elevated to Deputy CEO effective August 8, 2026, leading Revenue, Marketing, and Customer Experience functions.
- Nexus Ventures plans stake sale Aug 13
Nexus Ventures plans to sell a portion of its Delhivery stake via block deal. Quantum of shares, deal size, and price band not disclosed.
- Multiple block trades executed Aug 10
Three block trades recorded between Jul 20 and Aug 10 totalling ~₹111 Cr at prices ranging from ₹454.90 to ₹482.70 per share, indicating institutional-level activity.
- Attending Motilal Oswal conference Aug 10
Delhivery will participate in Motilal Oswal 22nd Annual Global Investor Conference on August 17, 2026 in Mumbai.
- Q4FY26 earnings call hosted Aug 1
Delhivery hosted an earnings conference call on August 8, 2026 to discuss Q1FY27 unaudited financial results for quarter ended June 30, 2026.
TL;DR: Delhivery is delivering strong top-line momentum with 28% revenue growth and 55% volume surge, while guiding for healthy Express EBITDA margins of 16%-18% and expansion into financial services via its new NBFC license. Key risks include a sharp profit decline from Ecom Express integration costs and a COO departure, though the company frames both as transitional. Significant block trade activity and a planned Nexus Ventures stake sale suggest ongoing PE exit pressure but also sustained institutional interest. With integration costs concluded and volume targets being exceeded, the trend is improving heading into H2 FY27.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,930 | 1,942 | 2,194 | 2,076 | 2,172 | 2,190 | 2,378 | 2,192 | 2,294 | 2,559 | 2,805 | 2,850 | 2,931 |
| Expenses | 1,943 | 1,957 | 2,089 | 2,030 | 2,076 | 2,139 | 2,278 | 2,072 | 2,153 | 2,491 | 2,596 | 2,636 | 2,792 |
| Operating Profit | -13 | -16 | 105 | 46 | 96 | 51 | 100 | 119 | 141 | 68 | 209 | 214 | 139 |
| OPM % | -0.7% | -0.8% | 4.8% | 2.2% | 4.4% | 2.3% | 4.2% | 5% | 6% | 2.7% | 7% | 8% | 4.8% |
| Other Income | 108 | 101 | 123 | 111 | 105 | 120 | 99 | 129 | 130 | 96 | 52 | 70 | 114 |
| Interest | 20 | 20 | 22 | 27 | 28 | 31 | 33 | 34 | 34 | 39 | 37 | 34 | 34 |
| Depreciation | 167 | 171 | 183 | 200 | 119 | 131 | 142 | 142 | 147 | 178 | 187 | 183 | 189 |
| PBT | -92 | -105 | 23 | -71 | 53 | 9 | 24 | 72 | 90 | -53 | 37 | 67 | 30 |
| Tax % | -3% | -2% | 50% | -3% | -3% | -18% | -5% | -1% | -2% | -5% | -8% | -8% | -5% |
| Net Profit | -89 | -103 | 12 | -68 | 54 | 10 | 25 | 73 | 91 | -50 | 40 | 72 | 32 |
| EPS in Rs | -1.22 | -1.4 | 0.16 | -0.93 | 0.74 | 0.14 | 0.34 | 0.97 | 1.22 | -0.67 | 0.53 | 0.97 | 0.43 |
Profit & Loss
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,654 | 2,781 | 3,647 | 6,882 | 7,225 | 8,142 | 8,932 | 10,508 | 11,145 |
| Expenses | 3,272 | 2,952 | 3,769 | 7,357 | 7,677 | 8,015 | 8,556 | 9,868 | 10,515 |
| Operating Profit | -1,618 | -171 | -123 | -475 | -452 | 127 | 376 | 640 | 630 |
| OPM % | -98% | -6% | -3.4% | -7% | -6% | 1.6% | 4.2% | 6% | 6% |
| Other Income | 41 | 207 | 150 | 156 | 319 | 439 | 442 | 340 | 332 |
| Interest | 36 | 49 | 89 | 100 | 89 | 89 | 126 | 144 | 144 |
| Depreciation | 170 | 256 | 355 | 611 | 831 | 722 | 535 | 695 | 737 |
| PBT | -1,783 | -269 | -416 | -1,029 | -1,053 | -244 | 157 | 140 | 81 |
| Tax % | 0% | 0% | 0% | -2% | -4% | 2% | -3% | -9% | — |
| Net Profit | -1,783 | -269 | -416 | -1,011 | -1,008 | -249 | 162 | 153 | 93 |
| EPS in Rs | -18,607 | -2,758 | -2,493 | -15.75 | -13.83 | -3.38 | 2.17 | 2.04 | 1.26 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.96 | 0.98 | 2 | 64 | 73 | 74 | 75 | 75 |
| Reserves | 3,348 | 3,130 | 2,800 | 5,893 | 9,104 | 9,071 | 9,358 | 9,612 |
| Borrowings | 450 | 794 | 1,152 | 1,102 | 923 | 1,169 | 1,422 | 1,463 |
| Other Liabilities | 264 | 432 | 644 | 1,192 | 1,090 | 1,139 | 1,209 | 1,627 |
| Total Liabilities | 4,063 | 4,357 | 4,598 | 8,251 | 11,191 | 11,453 | 12,063 | 12,777 |
| Fixed Assets | 488 | 744 | 1,053 | 3,052 | 2,995 | 3,354 | 3,887 | 5,432 |
| CWIP | 1 | 32 | 77 | 60 | 23 | 29 | 33 | 1 |
| Investments | 1,155 | 1,188 | 1,128 | 2,091 | 2,094 | 2,776 | 3,578 | 2,961 |
| Other Assets | 2,419 | 2,394 | 2,340 | 3,048 | 6,078 | 5,295 | 4,565 | 4,383 |
| Total Assets | 4,063 | 4,357 | 4,598 | 8,251 | 11,191 | 11,453 | 12,063 | 12,777 |
Cash Flow
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating | -243 | -634 | 5 | -241 | -30 | 472 | 567 | 911 |
| Investing | -939 | -933 | 338 | -2,742 | -3,408 | -99 | -102 | -479 |
| Financing | 2,858 | -17 | -147 | 2,902 | 3,538 | -366 | -432 | -532 |
| Net Cash Flow | 1,676 | -1,583 | 196 | -81 | 100 | 8 | 33 | -99 |
| Free Cash Flow | -399 | -847 | -244 | -780 | -624 | 4 | 92 | -802 |
| CFO/OP | 14 | 344 | -19 | 48 | -9 | 402 | 158 | 146 |
Ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 47 | 79 | 60 | 53 | 77 | 64 | 58 | 48 |
| Cash Conversion Cycle | 47 | 79 | 60 | 53 | 77 | 64 | 58 | 48 |
| Working Capital Days | 21 | 88 | 89 | 41 | 178 | 109 | 68 | 98 |
| ROCE % | — | -7% | -8% | -17% | -11% | -2% | 2% | 3% |
Documents
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Company Information
Delhivery provides a full range of Logistics services, including delivery of express parcels and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software. The company also offers value-added services such as e-commerce return services, payment collection and processing, installation & assembly services, and fraud detection.[1]