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 3.39 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
anthropic claude-opus-4.6 2d agoDelhivery Ltd trades at a market cap of ₹33,062 Cr with a PE of 360.8x and a price-to-book of 3.49x. The company has delivered TTM sales growth of 23% but reported a 40% TTM decline in profits, with a 3-year average ROE of roughly -1%, indicating the business is scaling revenue but still struggling to generate consistent shareholder returns.
- Strong TTM revenue growth of 23% indicates accelerating top-line momentum in the logistics sector
- Working capital days improved sharply from 71.1 days to 37.2 days, reflecting better cash conversion and operational efficiency
- 3-year compounded sales growth of 13% and 5-year CAGR of 24% show sustained demand for the company's logistics platform
- 3-year compounded profit growth of 26% suggests the company is on a trajectory toward narrowing losses and reaching profitability at scale
- Last year ROE improved to 0% from a 3-year average of -1%, indicating the company is approaching the breakeven threshold on equity returns
- Market cap of ₹33,062 Cr positions Delhivery as one of the larger listed pure-play logistics companies in India, providing scale advantages
- 5-year compounded profit growth of 14% shows a long-term trend of reducing losses even through periods of heavy capital investment
- PE ratio of 360.8x is extremely elevated, implying the stock prices in significant future earnings that have yet to materialize
- 3-year average ROE of -0.53% indicates the company has not generated positive returns on shareholder equity over a meaningful period
- TTM profit declined 40%, suggesting recent earnings deteriorated sharply even as revenue grew 23%
- Earnings include other income of ₹332 Cr, meaning core operating profitability is weaker than headline numbers suggest
- Zero dividend yield with no payout despite reporting profits signals that cash generation is not yet strong enough to reward shareholders
- Stock trades at 3.46x book value, a rich valuation for a company with negative to near-zero ROE
- Low interest coverage ratio indicates limited headroom to service debt, raising risk if growth slows or rates rise
- 1-year stock return of -5% shows the market has de-rated the stock recently despite revenue growth, reflecting investor skepticism on the path to profitability
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- 15 fatalities in FY26 BRSR Aug 27
Delhivery reported 15 fatalities in its FY26 Business Responsibility and Sustainability Report, raising safety concerns for the logistics operator.
- Rising Scope 1 emissions Aug 27
FY26 BRSR disclosed increasing Scope 1 emissions, which could attract regulatory scrutiny and ESG-related investor caution.
- EV fleet expanded to 939 Aug 27
Delhivery grew its electric vehicle fleet to 939 units in FY26, signaling continued investment in sustainable logistics operations.
- Voluntary CSR spending maintained Aug 27
The company maintained voluntary CSR spending of ₹1.62 crore in FY26 despite no mandatory requirement, reflecting governance commitment.
- Investor meet at Elara conference Aug 27
Delhivery will attend the Elara Ashwamedha Conference in Mumbai on Sep 2, 2026, for a physical investor meet limited to public domain information.
- 15th AGM set for Sep 22 Aug 26
Delhivery scheduled its 15th Annual General Meeting for Sep 22, 2026, to be held virtually via VC/OAVM at 2:00 pm IST.
TL;DR: Delhivery's recent news flow is largely routine, centered on upcoming investor events and its FY26 sustainability disclosures. The EV fleet expansion to 939 units is a positive step, but 15 reported fatalities and rising Scope 1 emissions are ESG red flags that could weigh on sentiment. No material business updates or earnings catalysts are present in this batch. Watch for any forward-looking commentary at the Sep 2 Elara conference and the Sep 22 AGM.
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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59 extracted metrics + investor summaries across FY12–FY26.
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]
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