Delhivery Limited (DELHIVERY)

Small Cap

Delhivery is an integrated logistics and supply chain services provider in India, offering express parcel, PTL freight, and supply chain services. It leverages technology and engineering innovations to reinforce its market leadership and improve profitability across its network.

₹389.1

-10.90 · -2.73%

Market cap ₹29,981 Cr

IndicesNifty 500

ThemesLogistics

Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm IST

Details

Quote21 Oct, 03:31 pm IST

Base fundamentals20 Oct 2026 · screener

Latest result16 Aug, 12:38 am IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)

Technical timing lens

Trend score and candlestick chart

24Bearish

full bear SMA stack · SMA20 -8.4% / mo · MACD + · near 52W low

Stock trend: 24

Sector RS: —

Services FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

DELHIVERYD candles · FIT view-15.9%

Latest close ₹389.10 on 2026-10-21

Bar

-2.8%

RSI

MACD hist

0.42

52W pos

10%

2026-10-21O ₹400.35H ₹401.80L ₹385.30C ₹389.10Vol 20.1L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

DELHIVERYNifty 500

DELHIVERY: -19.7%
Nifty 500: -6.5%
Vs Nifty 500: -13.2 pp

Chart stats

21 Oct 2026

From 52W high: -25.7%
52W range position: 10%
ATR (14): 3.0%
Volume vs 20D: 0.66x
Avg traded value: ₹123 Cr
20D price channel: ₹385.3 - ₹437.4

No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.

Quarter ended 30 Jun 2026

Bad · 0

PAT -65% YoY · margin compression · Rev +28% YoY

Revenue: ₹2,931 Cr; YoY +27.8%
PAT: ₹32 Cr; YoY -64.8%
Operating margin: 4.8%; QoQ -320 bps
PAT margin: 1.1%; QoQ -144 bps

Filed 30 Jun 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 1 Base / Transition

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 29; -11 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 1 Base / Transition
Sector rotation: #3; leading · 13 stocks
Industry rotation: —; Fewer than five rank-eligible peers

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Above signal

Histogram +0.42

Volume participation

0.7x average

Versus 20-session average

20-session position

7% of range

₹385.3 low · ₹437.35 high

Relative performance

vs Nifty 500

1M: -6.1 pp; stock -10.6%
3M: -13.2 pp; stock -19.7%
6M: -12.3 pp; stock -17.6%
1Y: -10.1 pp; stock -18.1%

From 52W high

-25.7%

High ₹524

52W range position

10%

₹374.45 - ₹524

ATR (14)

3.0%

₹11.64

Avg traded value

₹123 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.

Suggested next step

Check latest quarters

Result consistency is weak; verify whether the thesis is improving or deteriorating.

U-Score

Legacy · OVERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Bad · 0/100

PAT -65% YoY · margin compression · Rev +28% YoY

Filed 30 Jun 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹2,931 Cr	+27.8%	+2.8%
EBITDA	₹139 Cr	-1.4%	-35.0%
Operating margin	4.8%	-120 bps	-320 bps
PAT	₹32 Cr	-64.8%	-55.6%
PAT margin	1.1%	-288 bps	-144 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 251.00
P/B: 3.10
EV/EBITDA: 23.00
Market Cap: 29981.00Cr

Profitability

ROE: -0.21%
ROCE: 1.01%
ROA: 0.73%
Dividend Y: —

Growth (CAGR)

Revenue 5Y: 24.00%
EPS 5Y: 14.00%
Revenue 3Y: 13.00%
EPS 3Y: 26.00%

Balance Sheet

Debt/Equity: 0.15
Interest Coverage: 4.38×
Altman Z: 8.18
Book Value: 129.00

Cash Flow

FCF Yield: 1.46%
FCF Positive Y: 4/5
OCF: 911.00 Cr
EPS TTM: 1.26

Shareholding

Promoter Hold: —
Promoter Pledge: 0.00%
Momentum 52W: 17%

Financial History

Updated 21/10/2026

Revenue

₹ Cr

Latest: 2,931+2.8% vs prev

Net Profit

₹ Cr

Latest: 32.0-55.6% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 33.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
Recent death cross (SMA50 crossed below SMA200).
SMA20 falling (~9.2% over last month) — short-term momentum negative.
RSI(14) at 33 — falling, no extreme reading.
MACD above signal but histogram contracting — bullish momentum cooling.
Within 5% of 52-week low — testing support.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 1 Base / Transition

1M return

-10.6%

3M return

-19.7%

6M return

-13.4%

1Y return

-19.7%

RS 1D

-2

RS 20D

-11

Sector rank

Industry rank

Stage evidence

Price is 14.4% below the 30-week proxy without full trend alignment.
The 30-week proxy changed -0.4% over 20 sessions.
The moving-average structure does not confirm Stage 2 or Stage 4.

50-DMA

price below

200-DMA

price below

Sector

leading

Industry

unranked

Relative-strength line vs Nifty 500 (base 100)

262 observations

21 Oct 2026Value 92.1-1.82%

RS vs Nifty 50092

Valuation & peers

U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies

OVERVALUED

Fundamental score breakdown

U band · OVERVALUED

Valuation0/30

Growth13/25

Quality0/20

Balance Sheet6/15

Cash Flow5/10

Piotroski

6/9 (+3)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

28/100 · legacy band OVERVALUED

Positive drivers

Growth contributes 13/25 to the score.
Cash flow contributes 5/10 to the score.
Balance sheet contributes 6/15 to the score.

Main drags

Fair-value margin of safety is negative at -1063.1%.
Valuation is weaker at 0/30; verify the latest quarterly trend.
Quality is weaker at 0/20; verify the latest quarterly trend.

Sector valuation model

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.

Blended relative

Primary lens

PE, EV/EBITDA, margin of safety, and FCF yield together.

Secondary checks

ROE/ROCE, growth, cash conversion, leverage, promoter risk.

Main risk check

One cheap metric is not enough if quality or cash flow is weak.

251.0

3.1

EV/EBITDA

23.0

ROE

-0.2%

ROCE

1.0%

FCF Yield

1.5%

Debt/Equity

0.1

MoS

-1063.1%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 28

Legacy U-Score band

OVERVALUED

Previous: OVERVALUED

Margin of safety

-1063.1%

Previous: -1095.7%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹60.47

-543.4% MoS

Growth-justified P/E

26.6

Growth-justified Value

₹33.45

-1063.1% MoS

PEG

13.35

Comparable companies

Peers

Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

ASPINWALL

Small

Aspinwall and Company Limited

North Eastern Carrying Corporation Limited

Accuracy Shipping Limited

Allcargo Logistics Limited

Western Carriers (India) Limited

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-06-15T23:54:00.604Z

Management commentary snapshot

Delhivery reports strong FY26 performance with revenue up 17.4% YoY to ₹10,486 Cr, EBITDA expanding to 7.3% margin, and turning Free Cashflow positive at ₹89 Cr. Transport ROIC reached 16.0%, driven by express parcel and PTL growth.

The company demonstrated significant profitability improvement in FY26, with core transport services achieving 16.0% ROIC and overall FCF turning positive. Growth in express parcel and PTL, coupled with tech investments, supports continued market leadership, though new initiatives remain a drag.

Current business mix

FY26 Revenue by client industry

Latest issuer-disclosed distribution across 4 reported categories.

Consumer Durables & Electronics57.0%

Auto & Industrial22.0%

Quick Commerce12.0%

E-Commerce9.0%

Growth engines

Core Transport Services

Express Parcel delivered 1B+ shipments in FY26 (40.2% YoY) and PTL freight tonnage grew 17.4% YoY to 2M MT.

Supply Chain Services (SCS)

SCS Service EBITDA quadrupled to ₹79 Cr in FY26 from FY25, with a pipeline of ~₹1,800 Cr annual business potential.

Technology & Engineering Innovations

Deployment of AI-based prediction systems, new warehouse automation, and a dedicated Robotics Lab for R&D.

New Vertical Scaling

Cashflow from core transport is being invested in Delhivery Local, Cross Border, Rapid & Financial Services.

Capacity and execution

Warehousing Infrastructure

7.5Mn sqft of established warehousing infrastructure at key supply and demand clusters.

Express Delivery Centres

Increased to 4,088 in Q4FY26 from 3,647 in Q4FY25.

Gateways

Increased to 129 in Q4FY26 from 111 in Q4FY25.

Autonomous Mobile Robots (AMRs)

Live in Bhiwandi MGW, to be expanded to all MGWs in FY27.

Tailwinds

Operating Leverage

Service quality, structural cost advantages, and operating leverage are driving performance and profitability improvement.

Capital Efficiency

Consistent reduction in capital intensity, with receivable days at 33 and payable days at 35 in Mar'26.

Headwinds

New Initiatives Investment

New initiatives (Delhivery Local, Rapid, Financial Services) incurred an Adjusted EBITDA loss of ₹76 Cr in FY26.

Ecom Express Integration Costs

Integration costs of ₹148 Cr were incurred in FY26, impacting overall profitability.

Risk radar

Forward-Looking Statement Risks

Forward-looking statements involve risks like changes in industry structure, political/economic environment, tax/labor laws, and litigation.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare BOTH

Both YoY and QoQ comparisons are crucial. YoY reflects annual growth and structural changes in a seasonal business, while QoQ highlights sequential momentum, operational efficiency gains, and the impact of new initiatives.

Sector KPIs management disclosed

FY26 Revenue from services

₹10,486 Cr, up 17.4% YoY.

FY26 EBITDA Margin

7.3%, up from 4.2% in FY25.

FY26 Transport (Express + PTL) ROIC

16.0%, up from 5.2% in FY25.

FY26 Express Parcel Shipments

1B+ shipments delivered, 40.2% YoY growth.

Management forward view

Reinforcing Market Leadership

Management aims to reinforce leadership in core Transport (Express and PTL) and build new services for deeper differentiation.

Service Excellence & Tech Moat

Focus on service excellence through targeted network investments and solidifying proprietary tech and engineering for cost and service leadership.

Cashflow Accretion

Diligent cashflow accretion driven by margin expansion and capital efficiency, supported by a strong balance sheet for investments.

Workforce Welfare

Commitment to best-in-class welfare for workforce and partner network, including safety and employee benefits.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
Adjusted EBITDA Margin	7.3% in FY26	Continued expansion, especially in core Transport and SCS, and reduction in losses from new initiatives.
Free Cashflow (FCF)	₹89 Cr in FY26 (positive)	Sustained positive FCF generation, indicating effective capital deployment and operational efficiency.
New Initiatives Adjusted EBITDA	(₹76) Cr loss in FY26	Progress towards profitability or reduced losses in new verticals like Delhivery Local, Rapid, and Financial Services.
Transport (Express + PTL) ROIC	16.0% in FY26	Maintenance or improvement of ROIC, reflecting efficient capital utilization in core profitable segments.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

67Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 58th percentile within Services. Main check: results consistency is weak at 39/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 21 Oct 2026

management-trust-v1

113 docs text-extracted · 37 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

52nd percentile

overall median 67 · Services: 58th pctile, median 66 · Small: 56th pctile, median 66

Evidence depth

Financial-only

113 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Acceptable, but check the weakest sub-score before increasing exposure.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter

strong · holding, pledge, alignment

Cash flow

strong · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

watch · capital discipline

Results

weak · quarterly consistency

Trust positives

▸Promoter pledge is zero.
▸FCF yield is positive at 1.5%.
▸4 years of positive FCF.
▸4/4 latest quarters had positive YoY revenue growth.

Trust risks

▸2 latest quarters had PAT decline worse than 25% YoY.
▸ROCE is low at 1%.
▸ROE is low at -0.2%.
▸1/4 latest quarters had positive YoY PAT growth.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Services stocks Browse Indian stocks starting with D Explore fundamental stock screeners Browse Indian investment themes

Related companies

Aspinwall and Company Limited (ASPINWALL)North Eastern Carrying Corporation Limited (NECCLTD)Accuracy Shipping Limited (ACCURACY)Allcargo Logistics Limited (ALLCARGO)Western Carriers (India) Limited (WCIL)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Delhivery Limited (DELHIVERY)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

FY26 Revenue by client industry

Core Transport Services

Supply Chain Services (SCS)

Technology & Engineering Innovations

New Vertical Scaling

Warehousing Infrastructure

Express Delivery Centres

Gateways

Autonomous Mobile Robots (AMRs)

Operating Leverage

Capital Efficiency

New Initiatives Investment

Ecom Express Integration Costs

Forward-Looking Statement Risks

What management said, and what results must prove

FY26 Revenue from services

FY26 EBITDA Margin

FY26 Transport (Express + PTL) ROIC

FY26 Express Parcel Shipments

Reinforcing Market Leadership

Service Excellence & Tech Moat

Cashflow Accretion

Workforce Welfare

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Delhivery Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Oct - Intimation of Allotment of 2,28,116 Equity Shares upon exercise of vested Options

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Sep - Intimation of allotment of 1,27,439 equity shares upon exercise of vested options.

Aug 2026 · PPT

Aug 2026 · Transcript

Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Aug - Newspaper Publication on information regarding E-voting at 15th Annual General Meeting (Post AGM Notice Dispatch)

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug - Delhivery Limited has informed about Schedule of Investors' Conference / Analyst Meet

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Aug - Intimation of Allotment of 1,12,304 Equity Shares upon exercise of vested Options.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Delhivery Limited has informed about Schedule of Investors Conference / Analyst Meet

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Jul - Intimation of Allotment of 2,06,502 Equity Shares upon exercise of vested Options

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 10 Jul - CGST order for FY2020-21 confirms ₹29.54 lakh tax demand and ₹29.54 lakh penalty.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 2 Jul - Tamil Nadu GST order demands ₹27.64 lakh tax, ₹10.84 lakh interest, ₹27.64 lakh penalty for FY24.

Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Aug - Newspaper Publication of Unaudited Financial Results for the quarter ended June 30, 2026