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Delhivery Limited
(DELHIVERY)
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Rating:52Neutral
Price Target:
₹405.00
▼(-12.15% Downside)
Action:Reiterated
Date:10/02/26
The score is held up by improving financial performance and a strong balance sheet, including positive net income and stronger operating/free cash flow. However, weak technical momentum (below key moving averages with negative MACD) and a very high P/E with no dividend yield materially reduce the overall rating.
Positive Factors
Consistent Revenue Growth
Consistent revenue expansion indicates Delhivery continues to scale its integrated logistics platform and nationwide network. Sustained growth in shipment and enterprise activity can improve network utilization, broaden operating leverage, and support stronger earnings potential as the business develops.
Negative Factors
Core Operating Profitability Remains Negative
Negative EBIT shows that the core logistics operation has not yet reached sustainable operating profitability. Positive net income alone may not demonstrate durable business economics, and continued operating losses could limit reinvestment capacity and leave earnings sensitive to non-operating items.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth
Consistent revenue expansion indicates Delhivery continues to scale its integrated logistics platform and nationwide network. Sustained growth in shipment and enterprise activity can improve network utilization, broaden operating leverage, and support stronger earnings potential as the business develops.
Read all positive factors
Delhivery Limited (DELHIVERY) vs. iShares MSCI India ETF (INDA)
Market Cap
₹300.17B
Dividend YieldN/A
Average Volume (3M)191.37K
Price to Earnings (P/E)317.7
Beta (1Y)1.60
Revenue Growth23.10%
EPS Growth-53.19%
CountryIN
Employees27,932
SectorGeneral
Sector StrengthN/A
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)1.26
Shares Outstanding749,294,400
10 Day Avg. Volume344,610
30 Day Avg. Volume191,373
Financial Highlights & Ratios
PEG Ratio-29.82
Price to Book (P/B)3.22
Price to Sales (P/S)2.97
P/FCF Ratio45.52
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹590.00Price Target Upside27.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.02
Revenue Forecast (FY)₹126.53B
Delhivery Limited Business Overview & Revenue Model
Company Description
Gurugram, India-based Delhivery Limited, founded in 2011, provides a comprehensive suite of supply chain and logistics services throughout India. Their diverse client base includes e-commerce platforms, direct-to-consumer brands, various enterpris...
How the Company Makes Money
Delhivery makes money primarily by charging customers for logistics and supply-chain services delivered through its network and associated technology platform. Its key revenue streams generally include: (1) Express parcel/last-mile and time-defini...
Delhivery Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
82
Very Positive
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 111.45B | 105.08B | 89.32B | 81.42B | 72.25B | 68.82B |
| Gross Profit | 7.47B | 7.42B | 6.91B | 3.28B | -3.08B | 1.67B |
| EBITDA | 7.69B | 9.80B | 8.17B | 5.65B | -1.34B | -3.20B |
| Net Income | 935.16M | 1.53B | 1.62B | -2.49B | -10.08B | -10.11B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 127.77B | 120.63B | 114.53B | 112.13B | 82.51B |
| Cash, Cash Equivalents and Short-Term Investments | 19.82B | 19.82B | 28.92B | 39.66B | 47.04B | 17.67B |
| Total Debt | 0.00 | 14.63B | 14.22B | 11.69B | 9.23B | 11.02B |
| Total Liabilities | -96.87B | 30.90B | 26.31B | 23.08B | 20.36B | 22.93B |
| Stockholders Equity | 96.87B | 96.87B | 94.32B | 91.45B | 91.77B | 59.57B |
Cash Flow | ||||||
| Free Cash Flow | -57.71M | 6.85B | 841.82M | -925.61M | -6.30B | -9.69B |
| Operating Cash Flow | 2.15B | 11.07B | 5.67B | 4.72B | -296.99M | -2.41B |
| Investing Cash Flow | 573.34M | -6.80B | -1.04B | -990.92M | -34.11B | -27.42B |
| Financing Cash Flow | -2.55B | -5.27B | -4.32B | -3.66B | 35.38B | 29.02B |
Delhivery Limited Technical Analysis
Negative
461.00
Price Trends
449.66
Negative
460.07
Negative
444.10
Negative
Market Momentum
-13.48
Positive
29.05
Positive
12.98
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DELHIVERY, the sentiment is Negative. The current price of 461 is above the 20-day moving average (MA) of 429.36, above the 50-day MA of 449.66, and above the 200-day MA of 444.10, indicating a bearish trend. The MACD of -13.48 indicates Positive momentum. The RSI at 29.05 is Positive, neither overbought nor oversold. The STOCH value of 12.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DELHIVERY.
Delhivery Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | ₹106.87B | 37.32 | ― | 0.55% | 9.23% | 15.83% | |
63 Neutral | ₹19.43B | 22.40 | ― | 1.82% | 5.16% | -0.69% | |
56 Neutral | ₹41.34B | 109.05 | ― | 0.61% | 16.93% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹56.63B | 87.17 | ― | ― | 16.89% | 28.73% | |
52 Neutral | ₹300.17B | 317.70 | ― | ― | 23.10% | -53.19% |
* General Sector Average
IN:DELHIVERY
Delhivery Limited
399.50
-63.25
-13.67%
IN:BLUEDART
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-20.10%
IN:MAHLOG
Mahindra Logistics Ltd.
408.00
60.30
17.34%
IN:TCIEXP
TCI Express Ltd.
494.35
-218.14
-30.62%
IN:TVSSCS
TVS Supply Chain Solutions Ltd.
127.30
0.65
0.51%
IN:SHADOWFAX
Shadowfax Technologies Limited
288.90
178.92
162.68%
Delhivery Limited Corporate Events
Delhivery Publishes Q1 FY27 Earnings Call Transcript
Aug 13, 2026
Delhivery Limited has released the transcript of its earnings conference call discussing unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The call, held on August 8, 2026, featured senior management incl...
Delhivery Publishes Q1 FY27 Unaudited Results in National Dailies
Aug 9, 2026
Delhivery Limited has published its unaudited financial results for the quarter ended June 30, 2026, following board approval on August 8, 2026, and has met regulatory disclosure norms by releasing the figures through national and regional newspap...
Delhivery Publishes Earnings Call Recording for June Quarter 2026
Aug 8, 2026
Delhivery Limited has notified stock exchanges that it has published the audio recording of its earnings conference call discussing unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The recording, held on...
Delhivery Publishes Q1FY27 Investor Presentation Ahead of Earnings Call
Aug 8, 2026
Delhivery Limited has released an investor presentation detailing its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The materials are being presented during an earnings conference call scheduled for A...
Delhivery issues shareholder letter on June quarter 2026 results
Aug 8, 2026
Delhivery Limited has notified stock exchanges that it has issued a letter to shareholders detailing its financial results for the quarter ended June 30, 2026. The communication, made under SEBI disclosure regulations, will also be available on th...
Delhivery faces Tamil Nadu GST demand with no material impact flagged
Jul 2, 2026
Delhivery Limited has disclosed that the Office of the Commercial Tax Officer in Tamil Nadu has passed an order under Section 74 of the CGST and Tamil Nadu GST Act for FY 2023-24. The order confirms a tax demand of ₹27,64,150, interest of &#...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.