Delhivery Ltd.
NSE: DELHIVERYDelhivery Ltd.: A 30-second snapshot
Delhivery (₹437.25) is Indias largest third-party logistics network by revenue, reporting FY26 revenue of ₹10,508 crore (30% growth) while profit margin remained thin at 1.45% and ROE at 1.6%. The stock trades below both its 50-DMA (₹451.32) and 200-DMA (₹441.21), down 10.77% from its 52-week high, as the market weighs a high-growth but capital-intensive earnings trajectory against a trailing PE of 219.72.
P/E
219.7
Forward P/E
39.7
ROE
+1.6%
Debt / Equity
15.10
Profit Margin
+1.4%
Div. Yield
—
5Y ROE > 15%
0/5
5Y FCF > 0
2/5
Quality
38/100
News
8 headlines · 4 positive · 0 negative
Delhivery FY26: Rs.10,508 Cr Revenue, Turns FCF Positive; Macquarie Adds Outperform - scanx.trade
scanx.trade
Delhivery Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions - simplywall.st
simplywall.st
Delhivery Q4 results: Profit flat at Rs 73.4 crore, revenue jumps 30% - Moneycontrol.com
Moneycontrol.com
Delhivery Q4 Results | Net profit flat amid strong revenue growth - CNBC TV18
CNBC TV18
Delhivery expands into financial services with new unit - IBS Intelligence
IBS Intelligence
Recent context
- ·Q4 FY26 results showed net profit flat at ₹73.4 crore alongside 30% revenue growth, and Macquarie retained its Outperform rating following the FY26 results; the full-year FCF positive outcome was the headline milestone for the year.
- ·Delhivery launched a financial services subsidiary in May 2026, extending its platform beyond logistics into merchant financing and payment-adjacent services.
- ·Analysts revised earnings forecasts upward following the Q4 beat on revenue, with simplywall.st noting that Delhivery beat analyst forecasts and that analysts have updated their predictions in the period following the results.
Strengths
- +Five-year revenue CAGR of 30% demonstrates sustained top-line scale in the Indian express logistics market, with FY26 revenue reaching ₹10,508 crore.
- +FY26 marked the first year of positive free cash flow, a structural shift from prior years of cash consumption, as reported in the most recent earnings cycle.
- +Forward PE of 39.72 compresses significantly from the trailing PE of 219.72, implying analyst consensus (22 analysts, 1-5 scale) models a substantial step-up in near-term earnings.
- +Expansion into financial services signals a strategy to deepen wallet-share with existing merchant and seller clients, adding a potential second revenue vector to the logistics core.
Weaknesses
- −ROE of 1.6% with zero years above 15% in the available history, and 5-year earnings CAGR of -0.6%, indicate that three decades of revenue growth have not yet compounded into consistent capital returns.
- −D/E of 15.098 with a rising debt trend and only 2 FCF-positive years in available history reflects ongoing balance-sheet leverage that amplifies sensitivity to rate and revenue volatility.
- −Quality score of 18 ranks 5th of 6 in the sector peer set, below ADANIPORTS (49), BLUEDART (36), GMRAIRPORT (40), and CONCOR (23), placing Delhivery at the lower end of peer fundamental quality.
- −Profit margin of 1.45% leaves minimal operating buffer; a modest cost increase — fuel, labor, or infrastructure — or a revenue shortfall could eliminate profitability entirely at the reported scale.
Open questions
- ?Does the five-year gap between revenue growth (30% CAGR) and earnings growth (-0.6% CAGR) reflect a deliberate investment phase with a defined timeline to margin normalisation, or a structural cost problem in the logistics model?
- ?With D/E at 15.098 and the debt trend rising, what is the trajectory of interest coverage as earnings scale, and at what revenue or margin level does the balance sheet reach a sustainable debt-service ratio?
- ?The forward PE of 39.72 embeds a significant earnings step-up relative to the trailing 219.72 — what specific operating leverage or pricing-power evidence supports the consensus earnings model over the next 12-24 months?
- ?How does the expansion into financial services affect the capital allocation priorities and debt trajectory, given that the core logistics business is still in its FCF-positive infancy?
Peer comparison: Services
Ranks 5 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| DELHIVERY | Delhivery Ltd.You're viewing | 219.7 | +1.6% | 18 |
| Industry avg | across 5 peers | 34.7 | +13.4% | 32 |
| ADANIPORTS | Adani Ports and Special Economic Zone Ltd. | 30.6 | +15.6% | 49 |
| GMRAIRPORT | GMR Airports Ltd. | — | — | 40 |
| BLUEDART | Blue Dart Express Ltd. | 45.3 | +14.8% | 36 |
| CONCOR | Container Corporation of India Ltd. | 28.4 | +9.8% | 23 |
| INDIGO | InterGlobe Aviation Ltd. | — | — | 11 |
Technical state
Current price
₹437.25
SMA 50
₹451.32
SMA 200
₹441.21
RSI (14)
38.8 (neutral)
From 52w high
-10.8%
1Y return
+20.6%
3M return
+0.1%
50-DMA
Below
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highD/E of 15.098 with a rising debt trend and only 2 FCF-positive years in the available history signals persistent reliance on external financing. Consistency score of 19 and zero years of ROE above 15% reinforce the fragility of the earnings base.
- highFive-year earnings growth of -0.6% against five-year revenue CAGR of 30% shows that scale has not translated into earnings compounding. ROE of 1.6% and profit margin of 1.45% reflect a business still consuming capital without meaningful return on equity.
- mediumTrailing PE of 219.72 is far above all visible sector peers: BLUEDART (45.25), ADANIPORTS (30.60), CONCOR (28.35). Forward PE of 39.72 still exceeds peers. Quality score of 18 ranks 5th of 6 in the sector peer set, reflecting below-median fundamental quality.
- mediumPrice at ₹437.25 is below both the 50-DMA (₹451.32) and 200-DMA (₹441.21). Three-month price change is near-flat at +0.11% against a 52-week drawdown of -10.77% from the high, and RSI of 38.81 is approaching oversold territory.
Cross-section contradictions
- Five-year revenue CAGR of 30% and FY26 FCF turning positive have not translated into earnings growth (5y EPS CAGR -0.6%) or capital efficiency (ROE 1.6%, D/E 15.098 rising). The gap between revenue scale and earnings delivery is the central tension in the investment case.
- Analyst rating of 1.409 across 22 analysts (1-5 scale, lower = more constructive) and positive news sentiment (4 positive, 0 negative of 8 articles) sit alongside a stock that is below both its 50-DMA and 200-DMA with near-zero three-month price momentum (+0.11%).
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 1 Jun 2026 · rotates through NIFTY 500 every ~5 days