Delhivery Ltd.
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ABOUT
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 29.81x)
- Company has delivered good sales growth of 23.6% CAGR over last 5 years
- Operating margins have improved to 5.0% from -2.0%
- Working capital cycle has improved - days down from 181 to 101
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (321.0% of PBT)
- Recent results are weak - TTM profit is down 71.5% versus prior year
- Company has a low return on capital employed of 1.4%
- Company has a low return on equity of 0.2% over last 3 years
- Interest coverage is weak at 2.0x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CONCOR | 505.80 | 31.02 | 38522.64 | 1.70 | 268.90 | 0.61 | 2159.76 | 0.28 | 13.63 | 20.41 |
| DELHIVERY | 451.00 | 361.29 | 33793.18 | 0.00 | 31.91 | -64.96 | 2930.73 | 27.76 | 2.97 | 4.75 |
| SHADOWFAX | 255.05 | 133.96 | 14964.56 | 0.00 | 654.00 | 6732.86 | 13581.20 | 1806.32 | 11.58 | 6.76 |
| BLACKBUCK | 585.40 | 63.17 | 10664.07 | 0.00 | 42.17 | 25.14 | 204.17 | 42.17 | 12.75 | 24.35 |
| TCI | 856.45 | 14.41 | 6580.20 | 1.17 | 106.60 | -0.56 | 1248.50 | 9.58 | 20.52 | 12.30 |
| TVSSCS | 128.95 | 87.86 | 5689.58 | 0.00 | 22.48 | -96.84 | 3335.22 | 28.66 | 11.51 | 6.75 |
| VRLLOG | 231.45 | 18.87 | 4048.92 | 0.00 | 805.30 | 1509.31 | 8788.40 | 1080.70 | 26.47 | 21.23 |
| MAHLOG | 399.70 | 103.12 | 3968.12 | 0.63 | 278.30 | 3048.09 | 20028.80 | 1132.85 | 10.40 | 5.76 |
| SINDHUTRAD | 23.81 | 47.44 | 3671.33 | 0.00 | 38.74 | -79.39 | 129.21 | -21.85 | 12.80 | 45.34 |
| GATEWAY | 53.58 | 10.96 | 2677.09 | 6.07 | 51.27 | -17.56 | 549.30 | -0.21 | 17.99 | 21.31 |
| TCIEXP | 535.25 | 24.95 | 2057.72 | 1.31 | 20.49 | 5.24 | 313.40 | 9.29 | 13.92 | 10.03 |
| ALLCARGO | 12.29 | 61.36 | 1840.77 | 0.00 | 140.00 | 241.47 | 5460.00 | 43.06 | 8.70 | 13.00 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,930 | 1,942 | 2,194 | 2,076 | 2,172 | 2,190 | 2,378 | 2,192 | 2,294 | 2,559 | 2,805 | 2,850 | 2,931 | |
| 1,943 | 1,957 | 2,085 | 2,030 | 2,075 | 2,132 | 2,276 | 2,072 | 2,145 | 2,491 | 2,596 | 2,636 | 3,012 | |
| Operating Profit | -13 | -16 | 109 | 46 | 97 | 57 | 102 | 119 | 149 | 68 | 209 | 214 | -81 |
| OPM % | -0.67% | -0.80% | 4.98% | 2.21% | 4.47% | 2.62% | 4.31% | 5.43% | 6.49% | 2.66% | 7.44% | 7.52% | -2.76% |
| 101 | 101 | 123 | 105 | 105 | 120 | 99 | 112 | 130 | 92 | 50 | 61 | 114 | |
| Interest | 20 | 20 | 22 | 27 | 28 | 31 | 33 | 34 | 34 | 39 | 37 | 34 | 34 |
| Depreciation | 167 | 171 | 183 | 200 | 119 | 131 | 142 | 142 | 147 | 178 | 187 | 183 | 189 |
| Profit before Tax | -99 | -105 | 28 | -77 | 54 | 15 | 26 | 55 | 97 | -57 | 35 | 58 | 30 |
| Tax % | 2.73% | 1.97% | 42.50% | 2.91% | -2.55% | -10.48% | -4.53% | -1.53% | -1.41% | 4.82% | -8.37% | -8.84% | -5.49% |
| Net Profit | 0 | 0 | 0 | 0 | 54 | 10 | 25 | 73 | 91 | -50 | 40 | 72 | 32 |
| -1.23 | -1.40 | 0.16 | -0.93 | 0.74 | 0.14 | 0.34 | 0.97 | 1.22 | -0.68 | 0.53 | 0.97 | 0.43 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 744 | 1,023 | 1,654 | 2,781 | 3,647 | 6,882 | 7,225 | 8,142 | 8,932 | 10,508 | 11,145 | |
| 1,327 | 1,706 | 3,355 | 2,953 | 3,769 | 7,354 | 7,677 | 8,015 | 8,571 | 9,960 | 10,735 | |
| Operating Profit | -583 | -683 | -1,701 | -172 | -123 | -472 | -452 | 127 | 361 | 548 | 410 |
| OPM % | -78.45% | -66.75% | -102.84% | -6.19% | -3.37% | -6.86% | -6.25% | 1.56% | 4.04% | 5.21% | 3.68% |
| 12 | 51 | 40 | 208 | 150 | 156 | 305 | 430 | 450 | 425 | 317 | |
| Interest | 13 | 12 | 19 | 49 | 89 | 100 | 89 | 89 | 126 | 144 | 144 |
| Depreciation | 54 | 48 | 93 | 256 | 355 | 611 | 831 | 722 | 535 | 695 | 737 |
| Profit before Tax | -638 | -692 | -1,773 | -269 | -416 | -1,029 | -1,053 | -244 | 157 | 140 | 66 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.05% | -0.00% | 1.78% | 4.30% | -1.94% | -3.17% | -8.63% | -18.74% |
| Net Profit | -638 | -692 | -1,773 | -269 | -416 | -1,011 | -1,008 | -249 | 162 | 153 | 79 |
| EPS | -6688.85 | -7227.48 | -3450.00 | -5.22 | -8.05 | -16.98 | -14.09 | -3.38 | 2.17 | 2.04 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 36%
- 5 Years:
- 24%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 2%
- 1 Year:
- -7%
RETURN ON EQUITY
- 10 Years:
- -41%
- 5 Years:
- -8%
- 3 Years:
- 0%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | 1 | 1 | 2 | 64 | 73 | 74 | 75 | 75 | |
| -1,554 | -2,253 | 3,276 | 2,996 | 2,604 | 5,537 | 8,570 | 8,504 | 8,875 | 9,140 | |
| 2,388 | 3,026 | 74 | 644 | 870 | 926 | 649 | 884 | 1,141 | 1,120 | |
| Trade Payables | 133 | 186 | 156 | 273 | 442 | 834 | 787 | 797 | 855 | 1,132 |
| 52 | 163 | 207 | 443 | 680 | 889 | 1,111 | 1,194 | 1,118 | 1,311 | |
| Total Liabilities | 1,020 | 1,124 | 3,714 | 4,357 | 4,598 | 8,251 | 11,191 | 11,453 | 12,063 | 12,777 |
| 64 | 103 | 191 | 744 | 1,053 | 3,052 | 2,995 | 3,354 | 3,887 | 5,432 | |
| Capital Work in Progress | 0 | 6 | 1 | 27 | 77 | 58 | 22 | 29 | 33 | 1 |
| 203 | 271 | 1,155 | 1,188 | 1,128 | 2,091 | 2,094 | 2,776 | 3,578 | 2,961 | |
| 0 | 17 | 23 | 18 | 26 | 25 | 19 | 16 | 16 | 24 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,430 | 1,412 | 1,371 | |
| Cash & Bank | 157 | 6 | 1,663 | 409 | 277 | 229 | 645 | 403 | 336 | 244 |
| 595 | 721 | 681 | 1,972 | 2,036 | 2,795 | 5,415 | 3,445 | 2,800 | 2,744 | |
| Total Assets | 1,020 | 1,124 | 3,714 | 4,357 | 4,598 | 8,251 | 11,191 | 11,453 | 12,063 | 12,777 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -416 | -682 | -1,833 | -589 | 23 | -227 | 42 | 472 | 567 | 911 | |
| Cash from Investing | -100 | -103 | -939 | -933 | 338 | -2,742 | -3,411 | -99 | -104 | -479 |
| Cash from Financing | 684 | 206 | 2,927 | -17 | -147 | 2,902 | 3,538 | -366 | -432 | -532 |
| 153 | -150 | 1,657 | -1,583 | 196 | -81 | 98 | 7 | 31 | -99 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Delhivery Limited has informed the Exchange regarding Allotment of 1,27,439 Equity Shares upon exercise of vested Options.
2026-09-04 - Delhivery Limited has informed the Exchange about Grant of Stock Options
2026-08-28 - Delhivery Limited has informed the Exchange about Copy of Newspaper Publication on information regarding E-voting at 15th Annual General Meeting (Post AGM Notice Dispatch)
2026-08-27 - Delhivery Limited has informed the Exchange about Schedule of Investors Conference / Analyst Meet
2026-08-27 - Delhivery Limited has informed the Exchange about Letter to Shareholders providing web-link and exact path to the Notice of 15th Annual General Meeting and Annual Report for the Financial Year 2025-26
2026-08-27 - Delhivery Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on Tuesday, September 22, 2026 at 2:00 P.M. (IST).
2026-08-26 - Newspaper Publication on information regarding 15th Annual General Meeting (Pre-Dispatch AGM Notice)
2026-08-13 - Delhivery Limited has informed the exchange about Transcript of Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter ended June 30, 2026
2026-08-11 - Delhivery Limited has informed the Exchange regarding Allotment of 1,12,304 Equity Shares upon exercise of vested Options.
News
Recent coverage and analyst commentary for DELHIVERY
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