Delhivery Limited (DELHIVERY)
Small CapServices stocks · Small cap · NSE
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -65% YoY · margin compression · Rev +28% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
FY26 Revenue by client industry
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
51NeutralSMA20 -4.4% / mo · MACD +
Technical chart
DELHIVERYdaily · 1Y · AUTO+7.0%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 47.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 47 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 13% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 0.5% of the 30-week proxy.
- The 30-week proxy changed +1.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 27 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 27 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -1284.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 58th pctile, median 66 · Small: 56th pctile, median 66
100 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.3%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 288.00
- P/B
- 3.55
- EV/EBITDA
- 26.16
- Market Cap
- 34304.00Cr
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
- 8.36
- Book Value
- 129.00
Cash Flow
- FCF Yield
- 1.27%
- FCF Positive Y
- 4/5
- OCF
- 911.00 Cr
- EPS TTM
- 1.26
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
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.