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Delhivery Limited (DELHIVERY) · mywealthgrid

About

Delhivery is a logistics solution provider in India's transport services industry, with a quarterly revenue base of ₹2,500–2,900 Cr. The company is listed with a market cap of ₹34,422 Cr and zero promoter shareholding, reflecting a recent IPO structure. It operates as a large-cap logistics player in a competitive domestic market.

Face value: ₹1

Market cap

₹29,952 Cr

P/E

320.2×

P/B

3.1×

Dividend yield

ROE

1.6%

ROCE

2.8%

Debt / equity

OPM

6.1%

EPS (TTM)

₹1.2

Book value

₹129.4

52-week high

₹520.3

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Profitability is volatile: net profit swung from -₹50.49 Cr (Sep 2025) to +₹79.8 Cr (Mar 2026), with EPS ranging from -0.68 to +1.07 in the same period. Verify the cause of the Sep 2025 loss and whether it signals structural or cyclical weakness.
Operating margins are thin at 6.09% average and fell to 2.66% in Sep 2025, leaving little room for cost inflation or pricing pressure. Verify competitive dynamics and pricing power in each service segment.
PE of 368 is extremely high relative to current earnings, suggesting the market has priced in recovery or growth; verify the earnings path the stock is discounting.
ROE of 1.6% indicates the company is not generating adequate returns on equity. Verify whether this reflects operational challenges, high capex cycle, or recent IPO balance-sheet effects.

Generated analysis · source review pending

Growth drivers

Revenue has averaged ₹2,700 Cr per quarter across recent periods; verify whether capex or market-share investments are constraining profitability and whether operational leverage will emerge as scale stabilizes.
Operating margins have ranged from 2.66% to 8.92%, indicating significant internal efficiency variation; verify which cost categories (labor, fuel, vehicle utilization) drive the swings and whether management has a documented path to sustain margins above 7%.
Zero debt (D/E 0) provides financial flexibility for investment; verify whether management plans network expansion, fleet capex, or technology capex and whether ROI targets justify historical low returns.
Shareholding has shifted from FII 48.22% (Mar 2026) to 41.93% (Jun 2026), while DII rose from 36.26% to 43.08%; verify whether this reflects growing confidence in operational turnaround or sector-wide institutional rotation.

Generated analysis · source review pending

₹400.0-10.3%1Y

Beta

1.31

Amplifies index moves

Volatility (1y)

31.2%

Annualised, daily returns

RSI (14)

27.3

Oversold territory

Rel. strength (1y)

-20.9%

Behind the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Revenue CAGR of 23.6% over the last 5 years
+Almost debt-free (debt/equity 0)

Cons

−Low return on equity of 0.2% (3-yr avg)
−Thin operating margin of 6.1%
−Expensive at 320.2× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

26/100

Business quality: 22
Growth: 51
Valuation: 20

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 50 NIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Container Corporation Of India LimitedCONCORCONCOR	₹33,663 Cr	₹33,687 Cr	₹9,085 Cr	₹1,962 Cr	21.5%	₹1,242 Cr	13.7%	12.5%	9.8%	10
Delhivery LimitedDELHIVERYDELHIVERY	₹29,952 Cr	₹29,955 Cr	₹11,145 Cr	₹633 Cr	6.1%	₹94 Cr	1.5%	2.8%	1.6%	7
Shadowfax Technologies LimitedSHADOWFAXSHADOWFAX	₹15,982 Cr	₹15,982 Cr	₹4,202 Cr	₹212 Cr	5%	₹112 Cr	2.7%	9.6%	10.4%	10
Blue Dart Express LimitedBLUEDARTBLUEDART	₹10,657 Cr	₹10,857 Cr	₹6,357 Cr	₹1,016 Cr	15.5%	₹287 Cr	4%	19.1%	14.8%	-17
Shiprocket LimitedSHIPROCKETSHIPROCKET	₹8,730 Cr	₹8,972 Cr	₹2,024 Cr	₹-67 Cr	-3.3%	₹-79 Cr	-3.9%	-3.1%	-5.4%	—
Transport Corporation Of India LimitedTCITCI	₹6,727 Cr	₹6,946 Cr	₹5,026 Cr	₹531 Cr	10.5%	₹460 Cr	9.4%	16.5%	19.5%	40
Tvs Supply Chain Solutions LimitedTVSSCSTVSSCS	₹5,666 Cr	₹6,776 Cr	₹11,746 Cr	₹830 Cr	7.1%	₹65 Cr	1.1%	7.9%	6%	-169
Vrl Logistics LimitedVRLLOGVRLLOG	₹4,986 Cr	₹5,441 Cr	₹3,356 Cr	₹685 Cr	20.2%	₹267 Cr	7.4%	18.8%	21.3%	12
Afcom Holdings LtdAFCOMAFCOM	₹4,251 Cr	₹4,314 Cr	₹583 Cr	₹234 Cr	40.1%	₹122 Cr	20.9%	36.7%	36%	73
Mahindra Logistics LimitedMAHLOGMAHLOG	₹4,131 Cr	₹4,174 Cr	₹7,378 Cr	₹416 Cr	5.4%	₹38 Cr	0.2%	8%	0.3%	-26
Gateway Distriparks LimitedGATEWAYGATEWAY	₹2,592 Cr	₹2,884 Cr	₹2,211 Cr	₹478 Cr	21.7%	₹244 Cr	11.7%	11.2%	11.4%	-278
Tci Express LimitedTCIEXPTCIEXP	₹1,938 Cr	₹1,971 Cr	₹1,264 Cr	₹129 Cr	10.1%	₹82 Cr	6.6%	13.7%	10.3%	44

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,647	6,882	7,225	8,142	8,932	10,508
COGS	10	0	2	0	0	0
	3,759	7,357	7,662	8,006	8,549	9,861
	-123	-475	-438	135	383	647
OPM %	-3.4%	-6.9%	-6.1%	1.7%	4.3%	6.2%
Depreciation	355	611	831	722	535	695
Interest	89	100	89	89	126	144
	150	156	305	430	435	333
Profit before tax	-416	-1,029	-1,053	-244	157	140
Tax	0	-18	-45	5	-5	-12
Tax %	0%	-1.8%	-4.3%	1.9%	-3.2%	-8.6%
	-416	-1,011	-1,008	-249	162	153
PAT margin %	-11.4%	-14.7%	-14%	-3.1%	1.8%	1.5%
EPS (₹)	—	-17	-14.1	-3.4	2.2	2
EPS adjusted (₹)	-11.2	-15.8	-13.8	-3.4	2.2	2
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	37	64	73	74	75	75
Reserves	2,800	5,893	9,104	9,071	9,358	9,612
Minority interest	—	—	—	—	—	0
	301	353	199	126	40	3
	1,460	1,940	1,813	2,183	2,591	3,087
Total equity & liabilities	4,598	8,251	11,189	11,453	12,063	12,777
	271	2,358	2,328	3,354	3,887	5,432
CWIP	77	58	22	29	33	1
Investments	1,128	2,091	2,094	2,776	3,578	2,074
	3,123	3,743	6,746	5,295	4,565	5,271
Total assets	4,598	8,251	11,189	11,453	12,063	12,777

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	65.5%	62.71%	63.63%	61.16%	55.03%	53.74%	51.99%	52.95%	51.64%	48.58%	48.22%	41.93%
	14.68%	17.02%	19.63%	22.03%	28.56%	29%	30.03%	29.59%	32.05%	34.98%	36.26%	43.08%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	19.82%	20.27%	16.74%	16.81%	16.41%	17.26%	17.98%	17.46%	16.31%	16.44%	15.52%	14.99%
No. of shareholders	—	—	—	—	—	—	—	—	1,60,797	1,67,966	1,67,299	1,75,609

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹409.7 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹409.2	-10.7	-2.5%	₹409.2	13,123	+89	1,874	2075
23 Nov 2026	₹411.0	-11.7	-2.8%	₹411.0	212	+19	72	2075
29 Dec 2026	₹415.8	-7.8	-1.9%	₹416.2	5	+5	6	2075

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 17 fund houses

Held by these funds

15.45%

of the company's equity

All mutual funds

39.26%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

91 schemes · 17 fund houses

		Shares
Contra Fund	SBI Mutual Fund	1.39 Cr	633.42	1.33%	1.854%	-0
Balanced Advantage Fund	SBI Mutual Fund	1.08 Cr	491.2	1.18%	1.438%	-0
SMALL CAP FUND	Nippon India Mutual Fund	1.05 Cr	479.79	0.58%	1.405%	-0
Large and Midcap Fund	SBI Mutual Fund	92 L	419.7	0.99%	1.229%	-0
Multi Asset Allocation Fund	SBI Mutual Fund	86.39 L	394.09	1.88%	1.154%	-0
ELSS Tax Saver Fund	SBI Mutual Fund	60.44 L	275.73	0.87%	0.807%	-0
ELSS- Tax Saver Fund	Axis Mutual Fund	59.34 L	270.7	0.83%	0.792%	+1.38 L
Multi Cap FundNEW	Nippon India Mutual Fund	58.01 L	264.65	0.47%	0.775%	—

1–8 of 91

1 / 12

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results8 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

199 announcementsExport CSV

1 Oct 2026, 6:32 pmCompany Update

Grant Of Stock Options

General PDF

22 Sept 2026, 9:07 pmCompany Update

Grant Of Stock Options

General PDF

22 Sept 2026, 8:44 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

22 Sept 2026, 6:08 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

9 Sept 2026, 4:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

4 Sept 2026, 5:41 pmCompany Update

Grant Of Stock Options

General PDF

28 Aug 2026, 11:19 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

27 Aug 2026, 8:01 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
1 Oct 2026, 6:32 pm	Company Update General	Grant Of Stock Options	PDF
22 Sept 2026, 9:07 pm	Company Update General	Grant Of Stock Options	PDF

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192 deals · 21 Nov 2022 – 24 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Jun 2026	ALPHA WAVE VENTURES, LP	Bulk	BSE	Sell	72,22,400	₹460.03	₹332.25 Cr
24 Jun 2026	ALPHA WAVE VENTURES LP	Bulk	NSE	Sell	72,22,400	₹460.36	₹332.49 Cr
23 Jun 2026	NEXUS VENTURES III LIMITED	Bulk	BSE	Sell	43,23,860	₹481.00	₹207.98 Cr
15 Apr 2026	NEXUS VENTURES III LIMITED	Block	NSE	Sell	34,62,028	₹465.00	₹160.98 Cr
15 Apr 2026	MORGAN STANLEY ASIA SINGAPORE PTE	Block	NSE	Buy	12,00,000	₹465.00	₹55.80 Cr
15 Apr 2026	EDELWEISS MUTUAL FUND	Block	NSE	Buy	10,75,000	₹465.00	₹49.99 Cr
15 Apr 2026	GOLDMAN SACHS BANK EUROPE SE	Block	NSE	Buy	6,00,000	₹465.00	₹27.90 Cr
15 Apr 2026	NIPPON INDIA MUTUAL FUND	Block	NSE	Buy	5,75,000	₹465.00	₹26.74 Cr
15 Apr 2026	VIRIDIAN ASIA OPPORTUNITIES MASTER FUND	Block	NSE	Buy	5,50,000	₹465.00	₹25.58 Cr
15 Apr 2026	NEXUS OPPORTUNITY FUND LIMITED	Block	NSE	Sell	5,37,972	₹465.00	₹25.02 Cr

1–10 of 192

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

37

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	340	₹0.6	42	+36	36
0	0	0	₹0.0	350	₹0.7	62	+24	24
0	0	0	₹0.0	360	₹1.4	53	+19	20
0	0	0	₹0.0	365	₹1.5	17	+13	13
0	0	0	₹0.0	370	₹2.0	60	+13	42
0	0	0	₹0.0	375	₹2.6	49	+6	6
0	0	0	₹0.0	380	₹3.3	271	-33	133
0	0	0	₹0.0	385	₹4.2	91	+22	28

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5	-241	-27	472	567	911
	338	-2,742	-3,411	-99	-104	-479
	-147	2,902	3,538	-366	-432	-532
Net cash flow	196	-81	100	7	31	-99
Free cash flow	-246	-784	-628	-93	84	489
CFO / Operating profit %	—	—	—	373%	151%	142.4%

Leverage
Current ratio	2.97	2.63	5.42	4.42	4.23	2.59

Return ratios
Return on assets %	-9%	-12.3%	-9%	-2.2%	1.3%	1.2%

Delhivery Limited

Delhivery Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

1

Announcements

1

Announcements

3

Annual reports

Investor Presentation and earnings call

37

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Working capital
Receivable days	60	53	48	64	58	48

Delhivery Limited

Delhivery Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Events

Board meetings1

Announcements

Board meetings1

Announcements

Ratio timeline

Quarterly record

Futures3

Annual reports

Investor Presentation and earnings call

Bulk & block deals

Board and management

Option chain37

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

3

1

1

3

37