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Delhivery Ltd (DELHIVERY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543529 NSE: DELHIVERY Logistics | Small Cap | Delhivery Share Price
₹438.10 -12.90 (-2.86%)
As on 11-Sep'26 15:13
Delhivery Ltd (DELHIVERY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543529 NSE: DELHIVERY Logistics | Small Cap | Delhivery Share Price
₹438.10 -12.90 (-2.86%)
As on 11-Sep'26 15:13
Key Metrics
Valuation Multiples
Market Cap
₹33,793 Cr.
Current Price
₹438.1
52-Week Low / High
₹374 / 524
TTM EPS
₹3.9
TTM Sales
₹10,398 Cr.
Book Value per Share
₹129
P/E Ratio
114.73
In line with its 3-year historical median
Industry PE
38.5
Price to Book (P/B)
3.50
Higher than its 5-year historical median
Price to Sales (P/S)
3.25
Lower than its 5-year historical median
EV/EBITDA
29.55
In line with its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
3.47%
Underperforms industry median
Return on Capital Employed (ROCE)
4.59%
Underperforms industry median
Return on Assets (ROA)
2.57%
Operating Profit Margin
8%
Net Profit Margin
3.3%
Gross Profit Margin
9.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
18.28%
Operating Profit Growth (1 Year)
-
84.35%
Net Profit Growth (1 Year)
-
233.23%
Asset Quality
Promoter Holding
0.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹9,592 Cr.
Equity
₹74.9 Cr.
Face Value
₹1
All Time Low / High
₹236.80 / 708.45
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
Is Delhivery Ltd a good quality company?
Delhivery Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Delhivery Ltd performance compare with that of its Peers?
Revenue growth of Delhivery Ltd vs industry peers?
Delhivery Ltd revenue CAGR is 22.99%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Delhivery Ltd?
Promoters hold 0.00% of the Delhivery Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Delhivery Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 0.94% based on the current price.
DeciZen - make an informed investing decision on Delhivery
Decision Maker
Standalone basis
1. Right Stock
10 Year X-ray Pro
Long Term Prospect
2. Right Price
3. Right Time ⓘ
#Likely Future 5 Year CAGR.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Delhivery Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | -254.5% | -6.8% | -8.1% | -15.9% | -8.9% | -0.8% | 2.2% | 4.6% | - |
| Value Creation Index ⓘ | NA | NA | -23.6 | -1.6 | -1.7 | -2.1 | -1.8 | -1.1 | -0.8 | -0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 738 | 1,019 | 1,654 | 2,777 | 3,500 | 5,911 | 6,659 | 7,454 | 8,325 | 9,847 | 10,398 |
| Sales YoY Gr. | - | 38.1% | 62.2% | 67.9% | 26% | 68.9% | 12.7% | 12% | 11.7% | 18.3% | - |
| Adj EPS ⓘ | -66.3 | -71.8 | -185.1 | -27.6 | -18.6 | -10.2 | -11.1 | -1.9 | 2.1 | 5.4 | 3.9 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | 155% | - |
| BVPS (₹) ⓘ | -162.1 | -233.2 | 342.8 | 308 | 163.3 | 90.4 | 124 | 122.9 | 122.8 | 128.1 | 129 |
| Adj Net Profit ⓘ | -632 | -688 | -1,774 | -269 | -310 | -652 | -805 | -136 | 157 | 403 | 294 |
| Cash Flow from Ops. ⓘ | -430 | -218 | -337 | -643 | 13.5 | -441 | -40.3 | 521 | 574 | 1,031 | - |
| Debt/CF from Ops. ⓘ | -0 | -0.2 | -0.3 | -0.4 | 22.4 | -0.7 | -4.9 | 0.2 | 0.1 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 33.4% | 23% | 13.9% | 18.3% | ||||
| Adj EPS ⓘ | NA | NA | NA | 155% | ||||
| BVPSⓘ | NA | -4.7% | 1.1% | 4.3% | ||||
| Share Price | - | - | 0.3% | -6.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 104.8 | 37 | -285.1 | -8.2 | -10.2 | -14.4 | -10.2 | -1.4 | 1.6 | 4.1 | 3.1 |
| Op. Profit Mgn % ⓘ | -78.3 | -66.4 | -102.7 | -6.1 | -1.4 | -2.7 | -5.8 | 2.4 | 4.6 | 8 | 7.7 |
| Net Profit Mgn % ⓘ | -85.6 | -67.5 | -107.3 | -9.7 | -8.9 | -11 | -12.1 | -1.8 | 1.9 | 4.1 | 2.8 |
| Debt to Equity ⓘ | -0 | -0 | 0 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 222 | 240 | 161 | 174 | 204 | 147 | 222 | 249 | 194 | 146 | 85 |
| Cash Conv. Cycle ⓘ | 12 | -53 | -29 | 28 | 25 | 9 | 22 | 26 | 16 | 5 | 54 |
Valuation of Delhivery - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 738 | 1,019 | 1,654 | 2,777 | 3,500 | 5,911 | 6,659 | 7,454 | 8,325 | 9,847 |
| Operating Expenses ⓘ + | 1,316 | 1,697 | 3,352 | 2,947 | 3,548 | 6,370 | 7,048 | 7,277 | 7,944 | 9,144 |
| Operating Profit ⓘ | -578 | -677 | -1,698 | -169 | -48 | -459 | -389 | 178 | 381 | 703 |
| Operating Profit Margin (%) | -78.3% | -66.4% | -102.0% | -6.1% | -1.4% | -7.8% | -5.8% | 2.4% | 4.6% | 7.1% |
| Other Income ⓘ + | 13 | 51 | 41 | 209 | 199 | 170 | 331 | 475 | 466 | 444 |
| Interest ⓘ | 13 | 12 | 19 | 49 | 89 | 94 | 86 | 88 | 125 | 136 |
| Depreciation ⓘ | 53 | 47 | 92 | 254 | 353 | 478 | 657 | 659 | 543 | 668 |
| Profit Before Tax ⓘ | -631 | -684 | -1,781 | -284 | -356 | -864 | -812 | -168 | 92 | 318 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5 | -8 |
| Profit After Tax | -631 | -684 | -1,781 | -284 | -356 | -864 | -812 | -168 | 98 | 325 |
| PAT Margin (%) | -85.4% | -67.2% | -107.0% | -10.2% | -10.2% | -14.6% | -12.2% | -2.3% | 1.2% | 3.3% |
| Adjusted EPS (₹) | -66.2 | -71.4 | -185.0 | -29.3 | -21.8 | -13.5 | -11.2 | -2.3 | 1.3 | 4.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | -1,545 | -2,235 | 3,324 | 3,027 | 2,702 | 5,801 | 9,036 | 9,052 | 9,154 | 9,588 | |
| Debt + | 11 | 41 | 64 | 190 | 216 | 214 | 114 | 40 | 2 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 132 | 185 | 155 | 270 | 413 | 673 | 783 | 770 | 853 | 1,063 | |
| Others Liabilities ⓘ | 2,428 | 3,149 | 178 | 856 | 1,290 | 1,442 | 1,592 | 1,980 | 2,238 | 2,410 | |
| Total Liabilities ⓘ | 1,027 | 1,139 | 3,722 | 4,344 | 4,621 | 8,130 | 11,526 | 11,843 | 12,247 | 13,061 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 60 | 100 | 189 | 740 | 1,049 | 1,437 | 1,536 | 1,965 | 3,922 | 4,250 | |
| CWIP ⓘ | 0 | 6 | 1 | 27 | 77 | 60 | 23 | 29 | 33 | 2 | |
| Investments ⓘ | 211 | 284 | 1,160 | 1,197 | 1,163 | 3,706 | 3,945 | 4,615 | 3,812 | 4,546 | |
| Inventories | 0 | 17 | 23 | 18 | 26 | 25 | 19 | 16 | 16 | 24 | |
| Trade Receivables | 95 | 162 | 212 | 602 | 573 | 775 | 1,402 | 1,288 | 1,290 | 1,245 | |
| Cash Equivalents | 157 | 5 | 1,660 | 395 | 254 | 178 | 602 | 362 | 258 | 179 | |
| Others Assets ⓘ | 505 | 565 | 477 | 1,367 | 1,480 | 1,949 | 3,998 | 3,568 | 2,916 | 2,816 | |
| Total Assets ⓘ | 1,027 | 1,139 | 3,722 | 4,344 | 4,621 | 8,130 | 11,526 | 11,843 | 12,247 | 13,061 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -430 | -218 | -337 | -643 | 13 | -441 | -40 | 521 | 574 | 1,031 |
| Cash Flow From Investing Activity ⓘ + | -101 | -139 | -935 | -934 | 286 | -2,895 | -3,428 | -147 | -156 | -679 |
| Cash Flow From Financing Activity ⓘ + | 684 | 206 | 2,927 | -17 | -112 | 3,247 | 3,557 | -364 | -432 | -431 |
| Net Cash Flow ⓘ | 154 | -151 | 1,655 | -1,594 | 187 | -89 | 88 | 11 | -14 | -79 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | N/A | N/A | -339.31 | -9.06 | -12.6 | -20.4 | -10.95 | -1.86 | 1.07 | 3.47 |
| ROCE (%) | N/A | N/A | -254.46 | -6.78 | -8.09 | -15.91 | -8.94 | -0.82 | 2.24 | 4.59 |
| Asset Turnover Ratio | 0.93 | 0.94 | 0.68 | 0.7 | 0.81 | 0.94 | 0.68 | 0.64 | 0.71 | 0.82 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.86 | 3.17 |
| Working Capital Days | ||||||||||
| Receivable Days | 51.30 | 45.90 | 41.20 | 52.50 | 59.10 | 41.10 | 59.20 | 65.20 | 55 | 44.50 |
| Inventory Days | 0 | 6.10 | 4.40 | 2.60 | 2.20 | 1.60 | 1.20 | 0.90 | 0.70 | 0.70 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 1,151.30 | 0 | 0 | 0 | 0 |
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Delhivery Ltd FAQs
The current trading price of Delhivery on 11-Sep-2026 15:13 is ₹438.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Delhivery stood at ₹33,793.2 Cr
The latest P/E ratio of Delhivery as of 10-Sep-2026 is 114.7.
The latest P/B ratio of Delhivery as of 10-Sep-2026 is 3.50.
The 52-week high of Delhivery is ₹524.2 and the 52-week low is ₹374.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Delhivery is ₹10,398 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Delhivery Ltd is a average quality company.
The key valuation ratios of Delhivery Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Delhivery Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Delhivery Ltd
Delhivery was incorporated as ‘SSN Logistics Private Limited’, a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana, at New Delhi (RoC) on June 22, 2011. Subsequently, the name of the company was changed to “Delhivery Private Limited”, pursuant to a fresh certificate of incorporation issued by the RoC on December 8, 2015. On the conversion of the Company to a public limited company, pursuant to a resolution passed by its Shareholders on September 29, 2021, the name of the company was changed to “Delhivery Limited” and a fresh certificate of incorporation dated October 12, 2021 was issued by the RoC.
Delhivery is the largest and fastest growing fully-integrated logistics player in India. The company provided supply chain solutions to a diverse base of Active Customers (excluding those serviced by Spoton) such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing. This is achieved through high quality logistics infrastructure and network engineering, a vast network of domestic and global partners and significant investments in automation, all of which are orchestrated by the company’s self-developed logistics operating system that is guided in real-time by deep sources of proprietary network and environmental data. Together, these create powerful, intersecting flywheels that drive strong network synergies within and across its services and enhance its value proposition to customers.
Business area of the company
Delhivery provides a full range of Logistics services, including delivery of express parcel and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software. The company also offers value-added services such as e-commerce return services, payment collection and processing, installation & assembly services, and fraud detection.
Services
- Express Parcel
- Warehousing
- Part Truckload
- Full Truckload
- Cross Border
- Data Intelligence
- Software Platform
Major events and milestones
- 2011: Incorporation of Company as a logistics services provider.
- 2011: Launch of Transportation Management System.
- 2013: Launch of Warehouse Management System.
- 2013: Commencement of fulfilment business.
- 2014: Launch of Netplan, network design tool.
- 2015: Launch of Addfix, address resolution engine.
- 2015: Launch of automated sorters in network.
- 2015: Commencement of self-managed express surface line-haul network.
- 2016: Commencement of part truckload services (PTL service offering).
- 2016: Launch of ‘Constellation’, partner managed last mile delivery network.
- 2018: Commencement of Truckload services (TL service offering).
- 2018: Commencement of cross border service offering.
- 2018: PaaS (Platform as a Service) soft launch in Sri Lanka and Bangladesh.
- 2019: Commencement of Supply Chain Services.
- 2019: Acquisition of Aramex’s India assets.
- 2019: Entered into partnership with UPS.
- 2019: Launch of tractor trailers in network.
- 2019: Opened the Delhivery USA office.
- 2020: Acquisition of Roadpiper Technologies Private Limited.
- 2020: Launch of 3 mega trucking terminals in Tauru (Haryana), Bhiwandi (Maharashtra) and Bengaluru (Karnataka).
- 2021: Acquisition of the business of Primaseller Inc.
- 2021: Entered into a strategic alliance with FedEx.
- 2021: Acquisition of Spoton Logistics Private Limited.
- 2021: 1 billion express parcel shipments delivered since incorporation.
- 2021: Acquisition of Transition Robotics, Inc. by Delhivery Robotics LLC.
- 2022: Investment in Falcon Autotech Private Limited.
- 2023: Launched Training & Recruitment Program.
- 2023: Partnered with Mystore to provide express parcel shipping for rural entrepreneurs nationwide.
- 2023: Launched Delhivery One - a digital shipping platform experience designed to meet the diverse needs of micro and small enterprises.
- 2023: Launched ‘LocateOne’ - a location intelligence solution, to expand its software offerings on the OS1 platform.
- 2023: Operationalized largest mega-gateway in Bhiwandi.
- 2024: Entered into partnership with SUGAR Cosmetics, a home-grown beauty brand to spearhead its pan-India B2B logistic operations.
- 2024: Launched Rapid Commerce - a sub 2-hour delivery service for brands looking to fulfill the increasing demand for faster order deliveries by consumers.
- 2025: Partnered with Hindustan Petroleum Corporation to manage nationwide distribution of HPCL’s branded lubricants, known as HP Lubricants, to its various stakeholders.
- 2025: Received approval from Competition Commission of India (CCI) for proposal to acquire a majority stake in Ecom Express for about Rs 1,400 crore.
- 2025: Launched On-demand Intracity shipping on the Delhivery Direct app in Delhi-NCR and Bengaluru after a successful pilot launch in Ahmedabad.
- 2025: Setup Lucknow Gateway Hub.
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