Delhivery Limited (DELHIVERY) AI Stock Analysis

• Market Cap: ₹357.34B
• Dividend Yield: N/A
• Average Volume (3M): 186.21K
• Price to Earnings (P/E): 179.4
• Beta (1Y): 1.29
• Revenue Growth: 7.99%
• EPS Growth: N/A
• Country: IN
• Employees: 23,381
• Sector: Services
• Sector Strength: N/A
• Industry: Integrated Freight & Logistics
• EPS (TTM): 1.20
• Shares Outstanding: 746,719,200
• 10 Day Avg. Volume: 146,812
• 30 Day Avg. Volume: 186,205
• 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: ₹459.46
• Price Target Upside: -2.02% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13

• Rating: 61 Neutral
• Price Target: ₹486.00 ▲(3.64% Upside)

Delhivery's stock score is primarily driven by strong financial performance, particularly in revenue and cash flow improvements, and robust technical performance, despite high valuation concerns. The absence of dividends and high P/E ratio are notable drawbacks, suggesting limited value for income-seeking investors.

Delhivery Limited Business Overview & Revenue Model

Company Description

Delhivery Limited is a leading logistics and supply chain services company based in India. The company operates across various sectors, providing comprehensive solutions including express parcel delivery, freight services, and supply chain management. Delhivery leverages technology-driven platforms to offer seamless and efficient logistics services, catering to a diverse clientele ranging from e-commerce companies to traditional enterprises.

How the Company Makes Money

Delhivery Limited primarily generates revenue through its diverse range of logistics services. Key revenue streams include express parcel delivery, where the company charges fees for the fast and reliable transportation of packages. Additionally, Delhivery earns from its freight services, which involve the transportation of larger shipments across different modes such as road, air, and rail. The company also provides supply chain solutions, offering warehousing, inventory management, and fulfillment services. Strategic partnerships with major e-commerce platforms and retailers significantly contribute to its earnings, as these collaborations ensure a steady volume of shipments and long-term contracts. Delhivery's technology-driven approach enhances operational efficiency, reducing costs and improving service quality, which further supports its revenue generation.

Delhivery Limited Financial Statement Overview

Summary

Delhivery has demonstrated positive growth and improved efficiency, with strong revenue and gross profit growth. The balance sheet is robust with low leverage, providing financial stability. Cash flows have improved significantly, although net profitability remains a concern, indicating potential for further optimization in profitability and cash flow conversion.

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 2023	Dec 2022	Dec 2022	Dec 2021
Income Statement
Total Revenue	89.32B	89.32B	81.42B	68.82B	72.25B	36.47B
Gross Profit	4.86B	75.56B	10.50B	7.77B	5.23B	3.56B
EBITDA	3.35B	813.88M	5.57B	-3.16B	-1.47B	275.04M
Net Income	1.62B	1.62B	-2.49B	-10.11B	-10.08B	-4.16B
Balance Sheet
Total Assets	120.63B	120.63B	114.53B	82.51B	112.13B	45.98B
Cash, Cash Equivalents and Short-Term Investments	28.92B	28.92B	39.66B	17.67B	47.04B	13.08B
Total Debt	14.22B	14.22B	11.69B	11.02B	9.23B	10.98B
Total Liabilities	26.31B	26.31B	23.08B	22.93B	20.36B	17.61B
Stockholders Equity	94.32B	94.32B	91.45B	59.57B	91.77B	28.37B
Cash Flow
Free Cash Flow	0.00	841.82M	-925.61M	-9.69B	-6.30B	-2.46B
Operating Cash Flow	0.00	5.67B	4.72B	-2.41B	-296.99M	47.69M
Investing Cash Flow	0.00	-1.04B	-990.92M	-27.42B	-34.11B	3.38B
Financing Cash Flow	0.00	-4.32B	-3.66B	29.02B	35.38B	-1.47B

Delhivery Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 468.95
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 Positive. The current price of 468.95 is above the 20-day moving average (MA) of 460.51, above the 50-day MA of 425.79, and above the 200-day MA of 343.93, indicating a bullish trend. The MACD of 14.32 indicates Positive momentum. The RSI at 61.78 is Neutral, neither overbought nor oversold. The STOCH value of 73.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:DELHIVERY.

Delhivery Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TCIEXP	72 Outperform	₹25.97B	31.30		1.17%	-3.21%	-31.89%
TCI	70 Outperform	₹86.22B	20.19		0.87%	11.32%	20.27%
DELHIVERY	61 Neutral	₹357.34B	179.41		―	7.99%	―
BLUEDART	58 Neutral	₹135.23B	54.57		0.45%	8.31%	-15.46%
Sector *	57 Neutral	$1.87B	9.43	8.02%	2.45%	5.38%	-37.86%
ALLCARGO	55 Neutral	₹31.59B	99.11		6.53%	17.82%	-311.97%
MAHLOG	54 Neutral	₹31.94B	―		0.72%	12.01%	32.80%

Delhivery Limited Corporate Events

Delhivery Limited Announces Proposed Acquisition of Ecom Express

Delhivery Limited has announced the proposed acquisition of Ecom Express Limited, addressing common investor and analyst questions through a set of FAQs. This acquisition is expected to enhance Delhivery’s market position and operational capabilities in the logistics sector, potentially impacting stakeholders positively by expanding service offerings and market reach.