Delhivery
Delhivery
Logistics & Cargo F&OKey Fundamentals
SmallcapLogistics Solution ProviderLogistics & CargoTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company's working capital requirements have reduced from 71.1 days to 37.2 days
Weaknesses
5- Stock is trading at 3.09 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of -0.53% over last 3 years.
- Earnings include an other income of Rs.332 Cr.
Growth Rate
AI Analysis — Bull vs Bear
Delhivery has a market capitalisation of about Rs 31,609 Cr. It trades at a P/E of 341 and a P/B of 3.3. Revenue is growing faster (23% TTM against a 3-year CAGR of 13%), but TTM profit fell 40% and the 3-year average ROE is about -0.5%. Other income of Rs 332 Cr is a large part of reported earnings. Working capital needs have dropped from 71.1 to 37.2 days, but the stock has returned 0% over 3 years and -5% over the past year.
- TTM sales growth of 23% is well above the 3-year sales CAGR of 13%. Revenue growth is speeding up.
- The 5-year compounded sales growth of 24% shows the company has kept growing its top line over a long period.
- Working capital days fell from 71.1 to 37.2, a drop of about 48%. That points to better collections and less cash tied up in operations.
- Profit grew at a 26% CAGR over 3 years and 14% over 5 years, so the longer-term earnings trend is positive. This growth starts from a small base.
- ROE improved from a 5-year average of -6% to a 3-year average of -1% and about 0% last year. Profitability is moving toward breakeven.
- The stock's 3-year return of 0% while sales grew at a 13% CAGR means the valuation per rupee of revenue has come down since listing.
- A P/B of 3.3 is fairly modest for a high-growth logistics platform, even though the P/E of 341 is high.
- A P/E of 341 prices in a large improvement in earnings. There is little room for error if profits fall short.
- TTM profit fell 40% even though TTM sales grew 23%, so revenue growth is not yet turning into profit growth.
- A P/E of 341 on a Rs 31,609 Cr market cap implies net profit of about Rs 93 Cr. Other income of Rs 332 Cr is larger than that, which suggests core operations may still be loss-making.
- Average ROE is about -0.53% over 3 years and -6% over 5 years. The company has not yet earned a meaningful return on shareholders' capital.
- Interest coverage is low, which leaves little cushion if operating profit comes under pressure.
- Dividend yield is 0%. Shareholders get no cash return while waiting for profits to grow.
- The stock returned -5% over 1 year and 0% over 3 years, giving holders no gain over a period of steady revenue growth.
- Paying 3.27 times book value for a company with near-zero ROE depends on returns improving sharply in the future.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- EBITDA doubles, FCF turns positive Sep 22
Delhivery reported a 103% jump in EBITDA to ₹764 crore for FY26, driven by 17.4% revenue growth. The company also generated positive free cash flow of ₹89 crore, a sign that profitability is maturing.
- ₹20.91 crore block trade Sep 29
About 504,525 Delhivery shares worth ₹20.91 crore changed hands in a large trade on BSE at ₹414.50 per share. The buyer and seller were not disclosed, so the direction of institutional interest is unclear.
- AGM backs Sahil Barua re-appointment Sep 22
At the 15th AGM, shareholders approved re-appointing Sahil Barua as MD and CEO, along with remuneration and stock options for senior management. This keeps leadership continuity, though the stock options may cause some equity dilution.
TL;DR: Delhivery's fundamentals are getting stronger: EBITDA rose 103% to ₹764 crore on 17.4% revenue growth, and free cash flow turned positive at ₹89 crore. Shareholders approved Sahil Barua's re-appointment, so leadership stays stable. The articles flag no direct headwinds, but the FCF margin is still thin, ESOPs could dilute equity, and the ₹20.91 crore block trade near ₹414.50 has no clear direction. The trend is improving. The next quarters need to show steady margin gains and growth in shipment volumes to support further re-rating.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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 | -474 |
| Financing | 2,858 | -17 | -147 | 2,902 | 3,538 | -366 | -432 | -532 |
| Net Cash Flow | 1,676 | -1,583 | 196 | -81 | 100 | 8 | 33 | -94 |
| Free Cash Flow | -399 | -847 | -244 | -780 | -624 | 4 | 92 | 506 |
| CFO/OP | 14 | 344 | -19 | 48 | -9 | 402 | 158 | 146 |
Ratios
| Particulars | 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 | 37 |
| ROCE % | — | -7% | -8% | -17% | -11% | -2% | 2% | 1% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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