NSE: DELHIVERY · BSE: 543529
DELHIVERY LIMITED
Operates as a third-party logistics (3PL) provider in India, moving parcels and freight on behalf of e-commerce and enterprise customers. In FY26 it delivered over 1 billion packages through its Express parcel business and moved 2 million metric tons of freight through its Part Truck Load (PTL) business. The Transport segment generated Rs 8,939 crore of revenue at 6.3% adjusted EBITDA margin (Rs 561 crore), with Express alone delivering 306 million parcels in Q4 at 72-73% volume growth and PTL clocking 549,000 metric tons in Q4 at 20% YoY growth and 28% gross margin. Supply Chain Services (SCS) generated Rs 79 crore of service EBITDA at 10.9% margin, up fourfold from the prior year. The largest cost bucket is other operating expenses at 78.6% of revenue, followed by employee costs at 15.3% and depreciation at 6.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transport - Express parcel, Transport - Part Truck Load (PTL), Supply Chain Services (SCS), New initiatives (intracity, cross-border, rapid, financial services). Asset-heavy, network-driven third-party logistics with parcel and freight operations across India.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,882 | 7,225 | 8,142 | 8,932 | 10,508 |
| EBITDA (ex other income) | (472) | (452) | 104 | 371 | 614 |
| margin % | (6.9) | (6.3) | 1.3 | 4.2 | 5.8 |
| Owners' profit | (1,011) | (1,008) | 0 | 162 | 153 |
| EPS, as reported (₹) | (16.98) | (14.09) | (3.40) | 2.19 | 2.04 |
| ROE % · ROCE % | (17.0) · (13.7) | (11.0) · (9.9) | (2.7) · (1.6) | 1.7 · 2.6 | 1.6 · 2.6 |
| Debt / equity (x) | 0.06 | 0.02 | 0.01 | 0.00 | 0.00 |
| Cash from operations | (241) | (27) | 472 | 567 | 911 |
| Capex | (544) | (601) | (565) | (483) | (422) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,190 | 2,378 | 2,192 | 2,294 | 2,559 | 2,805 | 2,850 | 2,931 |
| Profit before tax | 15 | 26 | 55 | 97 | (57) | 35 | 58 | 33 |
| Net profit | 10 | 25 | 73 | 91 | (50) | 40 | 72 | 32 |
| EPS (₹) | 0.14 | 0.34 | 0.97 | 1.22 | (0.68) | 0.53 | 0.97 | 0.43 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 32,380 | 26.0 | 2.48 | 13.7 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED ◆ | 28,606 | 305.6 | 2.95 | 29.2 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,061 | 106.0 | 9.78 | 67.7 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,021 | 34.9 | 5.64 | 10.5 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,519 | 14.2 | 2.50 | 11.8 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,874 | 75.6 | 2.36 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,688 | 17.6 | 4.10 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,309 | 116.4 | 3.59 | 11.0 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 305.6 | 15.6 | 51 of 51 | 0% |
| P/B | 3.0 | 1.5 | 33 of 40 | 18% |
| ROCE | 1.2 | 7.7 | 46 of 55 | 17% |
| ROE | 1.6 | 6.0 | 30 of 40 | 26% |
| Debt / Equity | 0.0 | 0.3 | 4 of 40 | 92% |
| EBITDA margin | 8.7 | 8.7 | 22 of 43 | 50% |
| Revenue growth | 27.8 | 9.5 | 12 of 42 | 73% |
| Profit growth | (65.0) | 22.5 | 33 of 35 | 6% |
| Market cap | 28606 | 119 | 2 of 56 | 98% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Delhivery to discuss September 2026 results on October 30 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting set for October 30 unaudited results | results | low | — | — |
| 13 Oct 2026 · RTA certificate under SEBI Regulation 74(5) for September 2026 quarter | compliance | minimal | — | — |
| 12 Oct 2026 · Delhivery wins Golden Peacock Award for Corporate Governance 2026 | business updates | medium | — | — |
| 10 Oct 2026 · Delhivery allots 2.28 lakh shares on ESOP exercise | capital market events | low | — | — |
| 1 Oct 2026 · Delhivery grants 52,600 stock options to eligible staff under ESOP 2012 | general | low | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · Delhivery grants 9 lakh stock options to top executives at Re 1 each | capital market events | medium | — | — |
| 22 Sept 2026 · Delhivery AGM 2026: All 9 resolutions passed, CEO and top execs re-appointed | management changes | high | — | — |
| 22 Sept 2026 · Delhivery 15th AGM held; key resolutions on director re-appointment and stock options | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.