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 3.49 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 5d 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 6h ago- ₹8.25 Cr GST demand order Jul 21
Delhivery received a GST order demanding ₹6.47 Cr tax and ₹64.72 L penalty for FY20. Company stated no material impact on financials.
- Net profit drops 65% in Q1 Aug 9
Q1FY27 net profit fell 65% to ₹32 crore due to Ecom Express integration costs, though management 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 with integration costs now concluded.
- Strong margin and growth targets Aug 10
Express EBITDA margin target of 16%-18% by H2 FY27, volume growth guidance of 20%-30%, and Delhivery Direct GMV already at ₹150 Cr versus FY27 target of ₹250 Cr.
- RBI NBFC license for subsidiary Aug 4
Wholly owned subsidiary DFSPL received NBFC-ND registration from RBI on August 3, 2026, opening a new financial services revenue stream.
- Vani Venkatesh appointed Deputy CEO Aug 8
Vani Venkatesh elevated to Deputy CEO effective immediately, 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 significant institutional activity.
- Motilal Oswal investor conference Aug 10
Delhivery to attend Motilal Oswal 22nd Annual Global Investor Conference on August 17, 2026 in Mumbai.
- Q4FY26 earnings call hosted Aug 1
Delhivery hosted 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 growth with 28% revenue increase and 55% volume surge in Q1FY27, supported by aggressive margin targets and a new NBFC license expanding its business scope. Key risks include a 65% profit decline from Ecom Express integration costs and the COO's departure, though integration expenses are now behind. The trend is improving as one-time costs conclude, volume growth guidance of 20-30% remains robust, and Delhivery Direct is already exceeding targets — positioning the company for steady-state profitability in 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]