Delhivery Limited (DELHIVERY) AI Stock Analysis

• Market Cap: ₹307.90B
• Dividend Yield: N/A
• Average Volume (3M): 100.94K
• Price to Earnings (P/E): 219.6
• Beta (1Y): 1.49
• Revenue Growth: 9.17%
• EPS Growth: 1685.95%
• Country: IN
• Employees: 23,381
• Sector: Services
• Sector Strength: N/A
• Industry: Integrated Freight & Logistics
• EPS (TTM): -0.68
• Shares Outstanding: 747,776,800
• 10 Day Avg. Volume: 137,073
• 30 Day Avg. Volume: 100,937
• PEG Ratio: -0.74
• Price to Book (P/B): 2.09
• Price to Sales (P/S): 2.21
• P/FCF Ratio: 234.64
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹555.00
• Price Target Upside: 36.23% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹457.00 ▲(12.17% Upside)

Delhivery's stock score is primarily influenced by its strong financial performance, characterized by revenue growth and improved cash flows. However, technical indicators suggest bearish momentum, and the high P/E ratio indicates potential overvaluation, which negatively impacts the overall score.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, enhancing long-term stability and expansion potential.

Balance Sheet Health

A robust balance sheet with low leverage provides financial stability and flexibility to invest in growth opportunities and withstand economic fluctuations.

Cash Flow Improvement

Improved cash flow generation enhances the company's ability to fund operations, reduce debt, and invest in future growth, supporting long-term financial health.

Negative Factors

Net Profitability Concerns

Low net profitability may limit the company's ability to reinvest in growth and weather economic downturns, posing a risk to long-term financial performance.

High Valuation Concerns

A high valuation may deter potential investors and limit stock price appreciation, impacting the company's ability to attract capital for growth.

Limited Dividend Appeal

Without dividends, the company may be less appealing to income-seeking investors, potentially reducing its investor base and stock demand.

Delhivery Limited Business Overview & Revenue Model

Company Description

Delhivery Limited provides supply chain solutions to e-commerce marketplaces, direct-to-consumer e-tailers, enterprises, FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing industries in India. The company offers logistics services, including express parcel delivery, heavy goods delivery, part truckload freight, truckload freight, warehousing, cross-border express, and freight services; supply chain software; and e-commerce return services, payment collection and processing, installation and assembly, and fraud detection services. It offers shipping services, such as on-demand delivery, same-day/next-day delivery, time-defined/slot-based delivery, and returns management services; special services, including product replacement/exchange, large/oversize order delivery, high-value product delivery, and HAZMAT/dangerous goods delivery services; and technology services, such as real-time monitoring and control, consignee address validation, fraud detection, flexible payment on delivery services. The company was incorporated in 2011 and is headquartered in Gurugram, India.

How the Company Makes Money

Delhivery primarily generates revenue through multiple streams, including express parcel delivery services, freight services, and warehousing solutions. The company's revenue model is diversified, with significant earnings coming from e-commerce logistics, where it partners with major online retailers to handle their logistics needs. Delhivery also offers technology-driven solutions that enhance supply chain efficiency, which further contributes to its earnings. Key partnerships with major e-commerce platforms and enterprises provide a steady flow of business, while value-added services such as cash on delivery (COD) and reverse logistics create additional revenue opportunities. Furthermore, the company has been expanding its international operations, which could potentially increase its market share and revenue in the logistics sector.

Delhivery Limited Financial Statement Overview

Summary

Delhivery has shown positive revenue growth and improved gross profit margins, indicating efficient cost management. The balance sheet is strong with low leverage, and cash flows have improved significantly. However, net profitability remains low, suggesting potential for further optimization.

Income Statement

Delhivery has shown positive revenue growth with a 9.7% increase from the previous year. The gross profit margin improved significantly to 84.6% in 2025, indicating efficient cost management. The company turned its EBIT from negative to positive, achieving an EBIT margin of 11.4% in 2025. However, the net profit margin remains low at 1.8%, suggesting limited profitability at the net level.

Balance Sheet

The balance sheet is strong with a substantial equity base, evidenced by an equity ratio of 78.2%. The debt-to-equity ratio is low at 0.15, indicating low financial leverage. ROE improved to 1.7% in 2025, reflecting some improvement in generating returns on equity, although still modest.

Cash Flow

The company achieved a significant turnaround in free cash flow, moving from negative to positive in 2025. The operating cash flow to net income ratio is robust at 3.5, indicating strong cash generation relative to net income. The free cash flow to net income ratio is lower at 0.5, suggesting room for improvement in converting net income to free cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	90.54B	89.32B	81.42B	72.25B	68.82B	36.47B
Gross Profit	5.02B	75.56B	10.50B	5.23B	7.77B	3.56B
EBITDA	2.57B	813.88M	5.57B	-1.34B	-3.20B	270.46M
Net Income	1.99B	1.62B	-2.49B	-10.08B	-10.11B	-4.16B
Balance Sheet
Total Assets	0.00	120.63B	114.53B	112.13B	82.51B	45.98B
Cash, Cash Equivalents and Short-Term Investments	28.92B	28.92B	39.66B	47.04B	17.67B	13.08B
Total Debt	0.00	14.22B	11.69B	9.23B	11.02B	10.98B
Total Liabilities	-94.32B	26.31B	23.08B	20.36B	22.93B	17.61B
Stockholders Equity	94.32B	94.32B	91.45B	91.77B	59.57B	28.37B
Cash Flow
Free Cash Flow	0.00	841.82M	-925.61M	-6.30B	-9.69B	-2.46B
Operating Cash Flow	0.00	5.67B	4.72B	-296.99M	-2.41B	47.69M
Investing Cash Flow	0.00	-1.04B	-990.92M	-34.11B	-27.42B	3.38B
Financing Cash Flow	0.00	-4.32B	-3.66B	35.38B	29.02B	-1.47B

Delhivery Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 407.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DELHIVERY, the sentiment is Negative. The current price of 407.4 is below the 20-day moving average (MA) of 414.23, below the 50-day MA of 441.26, and above the 200-day MA of 386.38, indicating a neutral trend. The MACD of -9.61 indicates Negative momentum. The RSI at 42.39 is Neutral, neither overbought nor oversold. The STOCH value of 58.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DELHIVERY.

Delhivery Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TCI	70 Outperform	₹80.41B	18.48	―	0.95%	9.97%	16.28%
BLUEDART	68 Neutral	₹127.86B	48.00	―	0.46%	7.70%	-5.85%
TCIEXP	63 Neutral	₹21.64B	26.39	―	1.39%	-2.79%	-26.28%
ALLCARGO	62 Neutral	₹11.62B	-10.65	―	17.77%	-15.70%	-343.97%
DELHIVERY	57 Neutral	₹307.90B	219.55	―	―	9.17%	1685.95%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
MAHLOG	51 Neutral	₹31.96B	-70.38	―	0.71%	11.82%	28.42%

Delhivery Limited Corporate Events

Delhivery’s Drone Innovation Boosts Rural Connectivity in India

Delhivery Limited has successfully tested its autonomous logistics drone in Deoria, Uttar Pradesh, marking a significant step towards enhancing high-speed rural connectivity in India. This demonstration showcased the drone’s ability to complete a 12km flight path in just 12 minutes, significantly faster than traditional road transport, and highlighted the potential for transforming last-mile delivery in rural areas. The initiative aligns with governmental efforts to promote technological advancements and improve accessibility in rural regions, with the potential to create new high-skill jobs in the drone ecosystem.

Delhivery Releases Earnings Call Recording for Q2 2025

Delhivery Limited has released an audio recording of its earnings conference call discussing the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025. This announcement provides stakeholders with insights into the company’s financial performance and strategic direction, potentially impacting investor perceptions and market positioning.

Delhivery Appoints Vivek Pabari as New CFO Amid Leadership Transition

Delhivery Limited announced the resignation of Amit Agarwal as Chief Financial Officer, effective December 31, 2025, after a notable 13-year tenure during which he played a crucial role in the company’s growth and major acquisitions. Vivek Pabari, currently head of Corporate Finance, Treasury, and Investor Relations, will succeed him as CFO starting January 1, 2026, bringing his extensive experience from both Delhivery and Deutsche Bank to lead the company’s financial strategy.

Delhivery Expands with New Financial Services Subsidiary

Delhivery Limited has announced the incorporation of a wholly owned subsidiary in India, named Delhivery Financial Services Private Limited. This new entity aims to strengthen Delhivery’s logistics operations by offering financial services such as credit, payment solutions, FASTag aggregation, fuel cards, and insurance to partners including truckers, fleet owners, riders, and MSMEs. This strategic move is expected to enhance liquidity access, mitigate risks, and improve operational efficiency across the logistics value chain, thereby reinforcing Delhivery’s market position.

Delhivery’s Subsidiary Faces GST Order with No Major Financial Impact

Delhivery Limited has disclosed that its subsidiary, Ecom Express Limited, received an order under the CGST/Bihar GST Act, 2017, imposing a tax demand and penalty for disallowance of input tax credit and short payment of tax for the financial years 2018-19 to 2022-23. Despite the order, Delhivery has stated that there will be no material impact on the financials or operations of Ecom or the parent company, as Ecom plans to appeal the order.