DELHIVERY
Small CapDelhivery Limited
Services
Delhivery is an integrated logistics services provider in India, reinforcing its market leadership in Express Parcel and PTL transport. It is scaling new verticals like Delhivery Local, Cross Border, Rapid & Financial Services, and investing in tech & engineering innovations including AI and automation.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 15/100PAT -1% YoY · Rev +30% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,850 Cr | +30.0% | +1.6% |
| EBITDA | ₹214 Cr | +79.8% | +2.4% |
| Operating margin | 8.0% | +300 bps | +100 bps |
| PAT | ₹72 Cr | -1.4% | +80.0% |
| PAT margin | 2.5% | -80 bps | +110 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Delhivery reported strong Q4FY26 revenue growth of 30% YoY, with FY26 revenue up 17.4%. The company achieved positive Free Cashflow of 89 Cr in FY26 and expanded its Transport segment ROIC to 16.0%, driven by improving profitability and capital efficiency.
The company demonstrated robust growth in its core transport business, significant profitability expansion, and achieved positive free cash flow in FY26. Investments in new verticals and technology are ongoing, supporting long-term differentiation and market leadership claims.
Supply Chain Services Revenue by Client Industry (Q4FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Express Parcel
1B+ shipments delivered in FY26, 40.2% YoY growth.
PTL
Fastest growing PTL player, 2M MT in FY26, 17.4% YoY growth.
Supply Chain Services (SCS)
79 Cr Service EBITDA in FY26, 4x of FY25, with ~ 1,800 Cr pipeline of annual business potential.
New Verticals
Investing in Delhivery Local, Cross Border, Rapid & Financial Services.
Warehousing Infrastructure
7.5Mn sqft of established warehousing infrastructure at key supply and demand clusters.
Gateways
Increased to 129 gateways as of Q4FY26, from 111 in Q4FY25.
Express Delivery Centres
Increased to 4,088 as of Q4FY26, from 3,647 in Q4FY25.
Autonomous Mobile Robots (AMRs)
Live in Bhiwandi MGW, to be expanded to all MGWs in FY27.
Operating Leverage
Driving performance in Transport (Express + PTL) segment.
Service Quality & Structural Cost Advantages
Driving performance in Transport (Express + PTL) segment.
Differentiated SCS Offering
Close integration with owned transportation provides a differentiated offering versus the industry.
Ecom Express Integration Cost
Incurred 148 Cr for FY26 due to integration costs.
New Initiatives Investment
Adjusted EBITDA loss of 76 Cr in FY26 from new services like Delhivery Local, Rapid, and Financial Services.
Industry and Economic Environment
Changes in industry structure, political and economic environment in India and overseas, tax laws, labor laws, and import duties could affect operations.
Litigation and Labor Relations
Litigation and labor relations are factors that could cause actual results to differ materially from forward-looking statements.
Equity Investment Risk
Investment in equity and equity related securities involves a degree of risk and does not guarantee capital protection.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth and long-term trends in a services business. QoQ is important to track sequential momentum, operational efficiency, and the ramp-up of new initiatives and capacity utilization, especially in a dynamic logistics sector.
Express Parcel Shipments
Q4FY26: 306 Mn (YoY: 72.5%); FY26: 1,054 Mn (YoY: 40.2%)
PTL Freight Tonnage
Q4FY26: 549 '000 MT (YoY: 19.9%); FY26: 1,991 '000 MT (YoY: 17.4%)
Transport (Express + PTL) Adj. EBITDA Margin
Q4FY26: 7.9%; FY26: 6.3%
Supply Chain Services (SCS) Service EBITDA
FY26: 79 Cr (4x of FY25)
Reinforcing Market Leadership
Management aims to reinforce leadership position in Indian logistics.
Investment in New Capabilities
Cashflow from core Transport services is being invested in new long-term capabilities.
AI and Technology Advantage
Embedding AI across the development process to compound technology advantage.
Free Cashflow Positive
The business has turned Free Cashflow positive, despite significant investments in new businesses.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Transport (Express + PTL) Adj. EBITDA Margin | 6.3% (FY26) | Continued expansion towards Q4FY26's 7.9% and beyond, indicating sustained operating leverage. |
| Supply Chain Services (SCS) Service EBITDA | 79 Cr (FY26) | Conversion of the ~ 1,800 Cr pipeline into revenue and sustained profitability, validating the 'inflection point' claim. |
| Free Cashflow (FCF) | 89 Cr (FY26) | Sustained positive FCF generation, demonstrating disciplined capital allocation despite ongoing investments in new businesses. |
| Autonomous Mobile Robots (AMRs) Expansion | Live in Bhiwandi MGW | Timely expansion to all MGWs in FY27, indicating successful automation deployment and potential cost structure improvements. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +8.9% / mo
Technical chart
DELHIVERYdaily · 5Y+2.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 41. Wait for confirmation.
- SMA20 falling (~2.9% over last month) — short-term momentum negative.
- RSI(14) at 41 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 10% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 13/25 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -497.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 64th percentile of the scored universe and 71st percentile within Services. Main check: financial discipline is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE is low at 2.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 71st pctile, median 66 · Small: 69th pctile, median 65
101 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.3%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 2.8%.
- ▸ROE is low at 1.9%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 184.00
- P/B
- 3.40
- EV/EBITDA
- 25.73
- Market Cap
- 32884.00Cr
Profitability
- ROE
- 1.87%
- ROCE
- 2.82%
- ROA
- 1.20%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 4.44×
- Altman Z
- 8.31
- Book Value
- 129.00
Cash Flow
- FCF Yield
- 1.31%
- FCF Positive Y
- 4/5
- OCF
- 911.00 Cr
- EPS TTM
- 2.04
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.