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Delhivery

DELHIVERY NSE
₹418.00 No trade today
P/E
331.75
View as Markdown
MCP
Close 4 Nov 2026 ₹418.00 −24.60 −5.56% 1Y
Start ₹442.60

Key Fundamentals

SmallcapTransport ServicesServices

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
1.01%
Debt to Equity
0.15
EPS (TTM)
₹1.26
Book Value
₹130.97
Market Cap
—
P/E (TTM)
331.75
P/B
3.19
ROE
−0.21%
Dividend Yield
0.00%
EBITDA
₹999 Cr
52W High
₹524.00
52W Low
₹364.65
Volume
0

Peer Comparison

Services › Logistics & Cargo › Logistics Solution Provider

Delhivery peer comparison
Container Corporation of India
₹425.1026.08₹32,864 Cr2.420.84%9.81%12.60%₹9,085 Cr₹1,248 Cr
Delhivery (this company)
₹418.00331.75₹31,669 Cr3.190.00%−0.21%1.01%₹11,145 Cr₹94 Cr
Shadowfax Technologies
₹279.5074.53₹16,409 Cr8.690.00%10.70%10.30%₹4,608 Cr₹172 Cr
Blue Dart Express
₹4,437.8036.68₹10,508 Cr5.930.57%15.70%15.80%₹6,357 Cr₹286 Cr
Transport Corporation of India
₹864.1014.52₹6,695 Cr2.331.15%19.20%19.40%₹5,026 Cr₹461 Cr
VRL Logistics
₹331.2021.69₹5,356 Cr5.071.69%21.70%18.30%₹3,356 Cr₹268 Cr
TVS Supply Chain Solutions
₹116.6579.90₹5,056 Cr2.530.00%9.70%10.10%₹11,746 Cr₹67 Cr
Median 7 companies₹418.0036.68₹10,508 Cr3.190.57%10.70%12.60%₹6,357 Cr₹268 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 100/100

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
22
Poor
Cheap vs sector & own history 24% weight
Growth
62
Good
Sales & profit trajectory 9% weight
Financial Health
61
Good
Solvency, leverage, coverage 9% weight
Momentum
42
Weak
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 3.01 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral838
OscillatorsNeutral333
Moving AveragesNeutral505

Key readings

RSI (14)
56.22
Neutral
MACD (12,26,9)
−4.70
Bullish
SMA (50)
421.43
Bearish
SMA (200)
443.43
Bearish

As of

Analyst Rating

Based on 20 analysts
BUY100%

20 of 20 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
20
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+23.57%
3Y+13.30%
1Y+17.64%
TTM+23.09%

Net profit

Net profit growth by window
5YTurned to profit
3YTurned to profit
1Y−5.56%
TTM−52.76%

Operating cash flow

Operating cash flow growth by window
5Y+183.21%
3YTurned positive
1Y+60.67%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+9.46 pp
3Y+12.35 pp
1Y+1.88 pp
TTM+1.11 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹1,654 Cr
Mar 2020₹2,781 Cr
Mar 2021₹3,647 Cr
Mar 2022₹6,882 Cr
Mar 2023₹7,225 Cr
Mar 2024₹8,142 Cr
Mar 2025₹8,932 Cr
Mar 2026₹10,508 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019−₹1,783 Cr
Mar 2020−₹269 Cr
Mar 2021−₹416 Cr
Mar 2022−₹1,011 Cr
Mar 2023−₹1,008 Cr
Mar 2024−₹249 Cr
Mar 2025₹162 Cr
Mar 2026₹153 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹271 Cr +0.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Delhivery Ltd trades at ₹408.75 as of 2026-11-02 with a market cap of ₹31,298 Cr and a PE of 324.4x, reflecting a business that has turned profitable but earns thin returns (ROE 1.57%, ROCE 2.62%). Revenue growth remains healthy at 23% TTM, though trailing twelve-month profit declined 40% and the stock sits 22% below its 52-week high of ₹524.

Bull Case 7
  • Revenue continues to scale well, with compounded sales growth of 24% over 5 years and 23% TTM, indicating sustained demand for the company's logistics services.
  • Working capital efficiency has improved sharply, with requirements dropping from 71.1 days to 37.2 days, freeing up cash for operations and reducing funding needs.
  • The balance sheet remains conservatively leveraged with a debt-to-equity ratio of just 0.15, providing financial flexibility for expansion without heavy interest burden.
  • Compounded profit growth stands at 26% over 3 years, showing the company has been on a trajectory toward meaningful profitability despite recent quarterly volatility.
  • The stock is trading at ₹408.75, which is only about 12% above its 52-week low of ₹364.65, meaning much of the near-term pessimism may already be reflected in the price.
  • The company has achieved positive EPS of ₹1.26 TTM, marking a transition from historical losses — the 5-year ROE average was -6%, while the last year's ROE improved to approximately 0%.
  • A 13% compounded sales CAGR over 3 years alongside a 24% CAGR over 5 years suggests the business is sustaining a solid top-line growth trajectory in a large addressable logistics market.
Bear Case 8
  • The PE ratio of 324.4x is extremely elevated, implying that even small earnings misses could trigger significant derating given the razor-thin EPS of ₹1.26.
  • TTM profit has declined 40%, a sharp reversal that raises questions about the sustainability and quality of recently reported earnings.
  • Earnings include other income of ₹332 Cr, which inflates reported profitability and means core operating earnings are materially weaker than headline numbers suggest.
  • ROE stands at just 1.57% currently and averaged -1% over 3 years and -6% over 5 years, indicating the company has consistently struggled to generate adequate returns on shareholders' capital.
  • Despite reporting profits, Delhivery pays zero dividend (yield 0%), offering no income return to shareholders while trading at 3.12x book value.
  • The stock has delivered negative returns, with a 1-year CAGR of -18% and a 3-year CAGR of -2%, underperforming broader indices over both periods.
  • The company has a low interest coverage ratio, suggesting that even with modest debt (0.15x debt-to-equity), operating profits are barely sufficient to service interest obligations.
  • At a price-to-book of 3.12x combined with an ROE of just 1.57%, the stock's valuation demands a significant acceleration in profitability that has not yet materialized.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Delhivery delivered a strong Q2 FY27 turnaround with its first meaningful quarterly profit of ₹41 crore, EBITDA nearly tripling, and express yields recovering after six quarters of decline. The balance sheet is healthy with ₹4,676 crore cash and working capital at just 5 days of sales. Key risks include potential Meesho insourcing pressuring volumes and persistent fuel/wage inflation headwinds.

Headwinds 4
  • Meesho insourcing risk flagged Nov 02

    Brokerages flagged rising Meesho insourcing as a key medium-term risk that could pressure third-party logistics volumes for Delhivery.

  • Fuel and wage inflation pressure Nov 02

    Fuel price volatility remains a persistent threat; while fuel pass-through clauses have been activated, passing through wage inflation via contract repricing could take longer.

  • Cross-border revenue declining Nov 02

    Cross-border segment revenue fell 35% YoY in Q2 FY26 and remains a work in progress as a smaller but underperforming piece of the business.

Positives 7
  • Q2 FY27 swings to profit Oct 30

    Delhivery reported consolidated net profit of ₹41 crore in Q2 FY27 versus a loss of ₹50.4 crore YoY, crossing the ₹3,000-crore quarterly revenue milestone with revenue up 20% to ₹3,066 crore.

  • EBITDA nearly triples YoY Oct 30

    EBITDA surged to ₹205 crore from ₹68.2 crore YoY with margin expanding ~400 bps to 6.7%, while adjusted EBITDA margin reached 4.0%.

  • Express and PTL volumes surge Oct 30

    Express parcel shipments hit 325 million (up 32% YoY) and PTL freight tonnage rose 14% to 545K MT, with PTL revenue growth of 23% outpacing volume growth indicating improved realizations.

Neutral 3
  • Ecom Express integration ongoing Nov 02

    Monthly corporate overheads from the Ecom Express acquisition fell ~85% from deal announcement to Q2-end, with integration costs of ~₹90 crore in Q2 expected to stay within the original ₹300 crore estimate.

  • NBFC license received Jul 2026 Nov 02

    Delhivery Financial Services received its NBFC license in July 2026, opening a potential new revenue stream whose impact remains to be seen.

  • Stock fell 3% post results Oct 30

    Shares closed at ₹386.00, down 3.02% on the BSE on the day of the earnings release, though subsequently rallied ~9.5% in the following session.

Quarterly Results

₹ Cr
DELHIVERY quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
3,066
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
2,862
Operating Profit
−13
−16
105
46
96
51
100
119
141
68
209
214
139
205
OPM %
−0.7%
−0.8%
4.8%
2.2%
4.4%
2.3%
4.2%
5%
6%
2.7%
7%
8%
4.8%
7%
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
34
Depreciation
167
171
183
200
119
131
142
142
147
178
187
183
189
197
PBT
−92
−105
23
−71
53
9
24
72
90
−53
37
67
30
39
Tax %
−3%
−2%
50%
−3%
−3%
−18%
−5%
−1%
−2%
−5%
−8%
−8%
−5%
−4%
Net Profit
−89
−103
12
−68
54
10
25
73
91
−50
40
72
32
41
EPS (₹)
−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
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
DELHIVERY profit and loss, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
440
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 (₹)
−186
−27.44
−24.89
−15.75
−13.83
−3.38
2.17
2.04
1.26
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
DELHIVERY balance sheet, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
DELHIVERY cash flow, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
14
344
−19
48
−9
402
158
146

Ratios

DELHIVERY financial ratios, annual
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Delhivery insights

60 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 45.95%
  • FIIs 39.53%
  • Others 8.79%
  • Public 5.72%
  • Government 0.01%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Delhivery

What does Delhivery Ltd do?
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.
Where is Delhivery Ltd (DELHIVERY) listed?
Delhivery Ltd trades as DELHIVERY on the NSE and under code 543529 on the BSE.
Which sector does Delhivery Ltd belong to?
Delhivery Ltd is classified under the Logistics & Cargo sector, in the Logistics Solution Provider industry.
What is the PE ratio of Delhivery Ltd?
Delhivery Ltd trades at a PE ratio of 331.75 as of 4 Nov 2026, on earnings per share of ₹1.26, against a book value of ₹130.97 per share.
What is the 52-week high and low of Delhivery Ltd?
Over the last 52 weeks Delhivery Ltd has traded between ₹364.65 and ₹524 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Delhivery Ltd?
Delhivery Ltd reported a return on equity of -0.21%. Its debt-to-equity ratio is 0.15.

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.

Website delhivery.com
CEO Mr. Sahil Barua
Employees 24,336
Listed 24 May 2022
Face Value ₹1

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