Skip to main content
Swing Capital

Delhivery Ltd

NSE: DELHIVERY BSE: 543529IT / Software

Delhivery provides a full range of Logistics services, including delivery of express parcels 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.[1]

₹457
52W: ₹332 — ₹490
PE 97.6 · Book ₹134 · +241% vs book
Market Cap₹34,239 Cr
Stock P/E97.6Price to Earnings
ROCE4.21%Return on Capital
ROE3.52%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company has delivered good profit growth of 25.9% CAGR over last 5 years
  • +Company's median sales growth is 32.0% of last 10 years

Weaknesses

  • −Stock is trading at 3.43 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Tax rate seems low
  • −Company has a low return on equity of 1.32% over last 3 years.
  • −Earnings include an other income of Rs.329 Cr.

Shareholding Pattern

Promoters0%
FIIs48.23%
DIIs36.27%
Public15.51%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs61.16%55.02%▼6.153.75%▼1.351.99%▼1.852.95%▲1.051.65%▼1.348.57%▼3.148.23%▼0.3
DIIs22.03%28.56%▲6.528.99%▲0.430.04%▲1.129.6%▼0.432.05%▲2.434.98%▲2.936.27%▲1.3
Public16.81%16.41%▼0.417.27%▲0.917.99%▲0.717.46%▼0.516.3%▼1.216.43%▲0.115.51%▼0.9

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,0271,8792,0062,0202,2042,0402,1282,3822,6332,672
Expenses1,9041,8281,9011,9682,0951,9191,9692,2282,3972,433
Operating Profit1235110652109122159154236238
OPM %6%3%5%3%5%6%7%6%9%9%
Net Profit53-96721938-20114617480
EPS ₹0.72-1.310.970.260.51-0.271.530.820.991.07

AI Insights

Revenue Trend

Mar 2026 revenue at ₹9,847Cr, up 19.3% YoY. OPM at 8%.

Debt Position

Borrowings at ₹1,396Cr. Debt-to-equity ratio: 0.14x. Healthy balance sheet.

Capex Cycle

CWIP at ₹2Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 36.27% (+21.69pp change). FIIs: 48.23% (-17.34pp change). Promoters hold 0%.

Margin & Efficiency

ROCE improving from 0% (Mar 2016) to 4% (Mar 2026). Working capital days: 101.

Valuation

PE 97.6x with 4.21% ROCE. Price is 241% above book value of ₹134. Dividend yield: 0%.

Recent Announcements