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Delhivery Ltd.
NSE: DELHIVERYIndustrialsIntegrated Freight & Logistics
- Last close
- ₹370.00
- Day change
- −₹20.00 (−5.13%)vs
- Market cap
- ₹30,657 crIndian rupees
- Research updated
- 1 report
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About Delhivery
Delhivery Ltd. is a leading logistics and supply chain company headquartered in India, specializing in comprehensive delivery and freight solutions. Founded in 2011, the firm has evolved from a hyperlocal delivery provider into one of the country’s largest fully integrated logistics enterprises by revenue, serving a broad range of clients from e-commerce platforms to large industrial firms. Delhivery offers an extensive portfolio, including express parcel services, partial and full truck-load freight, warehousing, supply chain management, and cross-border logistics, complemented by value-added services such as payment processing, installation, and fraud detection. With robust subsidiaries spanning multiple regions—including North America and Asia—the company underpins the operations of major retailers and manufacturers, facilitating timely and efficient movement of goods. Its innovation-driven approach, scale, and technology-enabled solutions have positioned Delhivery as a vital infrastructure provider in India’s fast-transforming commercial ecosystem. In recent years, Delhivery’s prominence has grown amid the e-commerce boom, making its logistics network integral to businesses aiming for national reach and operational resilience.
- Sector
- Industrials
- Industry
- Integrated Freight & Logistics
- Listing
- NSE: DELHIVERY
- Next results
- Chief executive
- Mr. Sahil Barua
- Employees
- 27,932
- Headquarters
- Gurugram, India
- ISIN
- INE148O01028
- Website
- delhivery.com
Public research · Report of
Business model & financial foundation
Delhivery (NSE: DELHIVERY), Integrated logistics - express parcel, part-truckload freight, supply chain services: revenue of ₹10,508 crore in FY26 (+17.6% on FY25), an EBITDA margin of 6.1%, net profit of ₹152.7 crore and net cash of ₹4,553 crore.
- Revenue, FY26 (₹ crore)
- 10,508
- consolidated
- Revenue growth, FY26
- +17.6%
- on FY25
- EBITDA margin, FY26
- 6.1%
- EBITDA (Issuer reported EBITDA, not adjusted) / revenue
- Net profit, FY26 (₹ crore)
- 152.7
- to owners
- Return on equity, FY26
- 1.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,553
- Net debt excl. leases (borrowings less cash, bank balances and investments)
- Market capitalisation (₹ crore)
- 31,605
- at the close of 15 Oct 2026
Company profile
Delhivery is India's largest fully integrated logistics provider by revenue, running an express parcel network (about 1.05 billion shipments in FY26), part-truckload freight (about 2.0 million tonnes in FY26), truckload, supply chain services and cross-border. It runs a technology-led, asset-light-plus model of gateways, automated sort centres and delivery centres covering about 18,800 pin codes. In July 2025 it acquired Ecom Express, migrating its volumes onto the Delhivery network.
| Item | Value |
|---|---|
| Legal name | Delhivery Limited (formerly Delhivery Private Limited) |
| Exchange and ticker | NSE: DELHIVERY; BSE: 543529 |
| ISIN | INE148O01028 |
| Sector | Industrials |
| Industry | Integrated logistics - express parcel, part-truckload freight, supply chain services |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2023) |
| Market capitalisation | ₹31,605 crore (15 Oct 2026) |
| Shares outstanding | 74.86 crore shares (FY26) |
| Price | ₹409.1 (close, 15 Oct 2026) |
| 52-week range | ₹374.5 - ₹524.0 (to 15 Oct 2026) |
| Website | https://www.delhivery.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Ecom Express Limited | 100% | Express parcel network acquired 18/23 Jul 2025; shipments migrated to Delhivery, legacy booking stopped |
| Delhivery Financial Services (subsidiary) | 100% | New NBFC subsidiary incorporated Jan 2026; board approved up to Rs50cr investment 8 Aug 2026 |
| Falcon Autotech Private Limited (associate) | 40.92% | Sortation and warehouse automation equipment supplier; equity-accounted associate |
No identifiable promoter. Spoton Logistics merged into the parent (appointed date 1 Apr 2025, effective 1 May 2026). 15 subsidiaries consolidated in FY26; CIN not retrieved.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 51.65% | 48.57% | 48.23% | 41.93% |
| Domestic institutions | 32.05% | 34.98% | 36.27% | 43.08% |
| of which mutual funds | 29.94% | 32.75% | 33.16% | 39.26% |
| Retail | 3.90% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Delhivery (NSE: DELHIVERY) is India's largest independent integrated logistics network. It earns most of its revenue moving e-commerce parcels (Express: FY26 1,054mn shipments, Rs6,685cr management-basis revenue) and small B2B freight consignments (part-truckload, PTL: FY26 1.99mt, Rs2,254cr), with supply chain services, truckload, cross-border and new businesses (Local, Rapid, financial services) making up the remaining ~Rs1,569cr. It sells to marketplaces, D2C brands and SMEs; it controls the sort-centre and gateway network (23.3mn sq ft, 136 gateways, 18,810 pin codes at Q1FY27), but line-haul and last mile are largely bought from partners, so freight, handling and servicing cost is ~71% of revenue. It does not control its largest customers' decision to build captive fleets. The Ecom Express acquisition (control from 18 Jul 2025, about Rs1,371cr) migrated a competitor's volume onto the network. Consolidated basis throughout; the statutory accounts show one segment, Logistics Services.
| Segment | operating revenue, FY26 (₹ crore) | Share | service ebitda, FY26 (₹ crore) | Share | adjusted ebitda after overhead, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Truckload - separate service disclosure through Q3FY26 | 626.4 | 6.0% | ||||
| Cross-border - separate disclosure through Q3FY26 | 119.3 | 1.1% | ||||
| Others - truckload/cross-border aggregate; do not sum children | 770.0 | 7.3% | 23.0 | 100.0% | -28.0 | -5.3% |
| New initiatives - Local/Rapid/Financial Services | 47.0 | 0.4% | ||||
| Transport - Express plus PTL aggregate, not additive | 8,939 | 85.1% | 561.0 | 105.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Blue Dart Express (BLUEDART) | Closest listed express parcel peer; premium B2B air express, DHL-owned |
| TCI Express (TCIEXP) | Listed B2B surface express / part-truckload peer, asset light |
| VRL Logistics (VRLLOG) | Surface parcel and less-than-truckload operator, own fleet |
| Transport Corporation of India (TCI) | Freight and supply chain services peer |
| Mahindra Logistics (MAHLOG) | Contract logistics plus B2B express and last mile; competes with Delhivery SCS and PTL |
| TVS Supply Chain Solutions (TVSSCS) | Supply chain services peer at early-profit stage |
| Shadowfax Technologies (SHADOWFAX) | Listed e-commerce last-mile and express parcel competitor |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from contracts with customers | 6,882 | 7,225 | 8,142 | 8,932 | 10,508 |
| Cost of revenue (vendor classification) * | 6,105 | 6,702 | 7,092 | 8,446 | 9,575 |
| Other operating costs (vendor classification) * | 563.3 | 568.2 | 587.3 | 752.7 | 787.8 |
| EBITDA (vendor classification) * | -386.2 | -178.6 | 417.7 | 823.0 | 875.5 |
| Operating EBIT excluding other income associates exceptional | -930.9 | -964.8 | -594.9 | -159.1 | -55.4 |
| Finance costs including lease interest | 98.4 | 88.3 | 88.5 | 125.8 | 144.1 |
| Profit/(loss) before tax | -1,029 | -1,053 | -244.4 | 157.1 | 140.4 |
| Total tax expense/(credit) | -18.3 | -45.3 | 4.74 | -4.98 | -12.1 |
| Profit/(loss) after tax including NCI | -1,011 | -1,008 | -249.2 | 162.1 | 152.5 |
| Diluted EPS (₹) | -13.95 | -14.09 | -3.40 | 2.14 | 2.00 |
| Freight, handling and servicing costs | 5,971 | 6,535 | 7,466 | ||
| Employee benefits expense | 1,437 | 1,376 | 1,605 | ||
| Other expenses | 607.4 | 645.4 | 797.9 | ||
| Issuer reported EBITDA, not adjusted | 126.6 | 375.8 | 640.0 | ||
| Other income | 452.7 | 440.1 | 358.6 | ||
| Depreciation and amortisation | 721.6 | 534.9 | 695.4 | ||
| Share of associate profit, net | 8.70 | 7.03 | 7.18 | ||
| Exceptional items signed gain/(loss) | -22.4 | -5.13 | -25.9 | ||
| PAT attributable to NCI signed | n.r. | 0.00 | -0.14 | ||
| PAT attributable to owners of parent | n.r. | 162.1 | 152.7 | ||
| Basic EPS (₹) | -3.40 | 2.19 | 2.04 | ||
| Current tax | 0.13 | 0.67 | 0.21 | ||
| Deferred tax expense/(gain) | 5.01 | -5.70 | -12.3 | ||
| Income tax for earlier years | -0.40 | 0.06 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 5,957 | 9,177 | 9,145 | 9,432 | 9,687 |
| Financial borrowings excluding leases | 1,102 | 923.4 | 125.6 | 39.7 | 2.54 |
| Statutory cash and cash equivalents | 229.0 | 295.5 | 303.2 | 336.0 | 241.9 |
| Trade receivables | 990.3 | 1,524 | 1,430 | 1,412 | 1,371 |
| Inventories | 25.3 | 19.4 | 16.4 | 16.5 | 23.6 |
| Trade payables MSME plus other creditors | 834.5 | 787.4 | 797.4 | 855.2 | 1,132 |
| Net property plant equipment excluding ROU | 694.1 | 666.8 | 932.1 | 1,185 | 1,596 |
| Capital work in progress | 58.4 | 52.7 | 28.6 | 32.9 | 0.97 |
| Total assets | 8,251 | 11,213 | 11,453 | 12,063 | 12,777 |
| Current and noncurrent lease liabilities | 1,044 | 1,382 | 1,460 | ||
| Issuer treasury liquidity including investments/deposits | 5,444 | 5,493 | 4,555 | ||
| Net debt excl. leases (borrowings less cash, bank balances and investments) | -5,318 | -5,453 | -4,553 | ||
| Current investments | 1,778 | 2,556 | 1,738 | ||
| Noncurrent investments excluding associate | 677.1 | 694.3 | 887.8 | ||
| Carrying investment in associate | 321.0 | 327.9 | 335.5 | ||
| Other bank balances | n.r. | n.r. | 2.41 | ||
| Other current financial assets | 2,137 | 1,450 | 1,341 | ||
| Other noncurrent financial assets | 841.8 | 861.0 | 762.9 | ||
| Right of use assets | 988.2 | 1,299 | 1,318 | ||
| Goodwill | 1,344 | 1,344 | 2,386 | ||
| Other intangible assets | 89.2 | 58.9 | 131.7 | ||
| Current financial borrowings | 85.4 | 37.2 | 2.54 | ||
| Noncurrent financial borrowings | 40.2 | 2.46 | 0.00 | ||
| Current lease liabilities | 200.1 | 243.9 | 340.4 | ||
| Noncurrent lease liabilities | 843.6 | 1,138 | 1,120 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after cash taxes | -1,500 | -832.1 | 472.4 | 567.4 | 911.5 |
| Free cash flow (vendor definition) * | -784.5 | -630.3 | -92.6 | 84.2 | 489.3 |
| Gross cash PPE/intangible/CWIP purchases positive outflow | -539.8 | -594.0 | 565.0 | 483.2 | 422.1 |
| Cash proceeds PPE and intangible sales | 96.6 | 7.49 | 17.2 | ||
| Net cash capex after asset sale proceeds positive outflow | 468.4 | 475.7 | 405.0 | ||
| Cash long term borrowings repaid positive outflow | 87.9 | 85.7 | 110.8 | ||
| Acquisition and strategic equity investment cash outflow | 75.0 | 0.00 | 1,308 | ||
| Cash principal lease payments positive outflow | 202.3 | 224.7 | 277.7 | ||
| Cash lease interest payments positive outflow | n.r. | 118.5 | 139.4 | ||
| Cash dividends paid | n.r. | 0.00 | 0.00 | ||
| Issuer FCF after net capex and lease cash payments rounded | -273.0 | -252.0 | 89.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year end issued shares | 72.45 | 71.52 | 73.68 | 74.56 | 74.86 |
| Weighted diluted shares | n.r. | n.r. | n.r. | ||
| Weighted basic shares | n.r. | n.r. | n.r. | ||
| Non GAAP adjusted EBITDA not reported EBITDA | 75.8 | 147.5 | 457.1 | ||
| SBC addback in adjusted EBITDA bridge | 226.0 | 114.9 | 86.4 | ||
| Actual cash rent deduction in EBITDA bridge | 277.0 | 343.2 | 417.1 | ||
| Ecom integration operating cost addback | 0.00 | 0.00 | 147.8 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations / contracts with customers | 2,190 | 2,378 | 2,192 | 2,294 | 2,559 | 2,805 | 2,850 | 2,931 |
| Cost of revenue (vendor classification) * | 2,119 | 2,249 | 2,046 | 2,138 | 2,576 | 2,606 | 2,770 | |
| Other operating costs (vendor classification) * | 145.0 | 168.9 | 168.6 | 154.7 | 206.9 | 213.5 | 207.5 | |
| EBITDA (vendor classification) * | 39.2 | 57.1 | 105.4 | 123.7 | 101.2 | 99.8 | 64.0 | |
| Operating EBIT excluding other income, associates, exceptional | -74.0 | -39.3 | -23.4 | 1.36 | -109.9 | 22.2 | 30.9 | -47.1 |
| Finance costs including lease interest | 30.5 | 33.3 | 33.7 | 34.0 | 38.9 | 37.2 | 34.1 | 33.8 |
| Profit / (loss) before tax after associates and exceptional | 8.62 | 23.8 | 71.7 | 89.7 | -53.2 | 36.7 | 67.3 | 30.2 |
| Total tax expense / (credit) | -1.58 | -1.18 | -0.84 | -1.37 | -2.73 | -2.91 | -5.11 | -1.66 |
| Consolidated PAT including non-controlling interest | 10.2 | 25.0 | 72.6 | 91.0 | -50.5 | 39.6 | 72.4 | 31.9 |
| Diluted EPS (INR per share; not annualised) | 0.13 | 0.33 | 0.96 | 1.20 | -0.68 | 0.52 | 0.95 | 0.42 |
| Freight, handling and servicing costs | 1,638 | 1,751 | 1,566 | 1,638 | 1,843 | 1,980 | 2,006 | 2,152 |
| Employee benefits expense | 349.3 | 356.2 | 337.5 | 352.7 | 425.6 | 409.7 | 416.6 | 429.0 |
| Other expenses | 145.0 | 168.9 | 168.6 | 154.7 | 222.7 | 206.9 | 213.5 | 207.4 |
| Operating EBITDA on reported statutory cost basis | 57.3 | 102.4 | 119.1 | 148.8 | 68.2 | 208.8 | 214.2 | 142.2 |
| Other income | 119.6 | 98.7 | 111.9 | 129.9 | 92.2 | 77.1 | 59.4 | 114.1 |
| Depreciation and amortisation expense | 131.3 | 141.7 | 142.5 | 147.5 | 178.1 | 186.6 | 183.3 | 189.2 |
| Exceptional items, signed gain / (expense) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -27.4 | 1.50 | 0.00 |
| Share of profit / (loss) of associate, net | -6.45 | -2.23 | 16.9 | -7.57 | 3.36 | 1.91 | 9.47 | -3.00 |
| PAT attributable to owners of the parent | 10.2 | 25.0 | 72.6 | 91.0 | -50.4 | 39.6 | 72.4 | 31.9 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | -0.12 | -0.02 | 0.00 | 0.00 |
| Period-end issued shares from paid-up capital / INR1 face | 74.00 | 74.28 | 74.56 | 74.63 | 74.74 | 74.81 | 74.86 | 74.89 |
| Weighted-average diluted shares | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Management adjusted EBITDA (ESOP, cash rent, integration bridge) | 10.0 | 45.0 | 55.0 | 75.0 | 83.0 | 147.0 | 151.0 | 76.0 |
| Headline management EBITDA excluding Ecom impact | 150.0 | 231.0 | 156.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 88.7% | 5.0% | 12.7% | 9.7% | 17.6% |
| EBITDA margin | 1.6% | 4.2% | 6.1% | ||
| Net margin | 1.8% | 1.5% | |||
| Return on equity | 1.7% | 1.6% | |||
| Return on capital employed | -16.9% | -11.2% | -6.1% | -1.7% | -0.6% |
| Return on assets | 1.4% | 1.2% | |||
| Net debt (₹ crore) | -5,318 | -5,453 | -4,553 | ||
| Net debt / EBITDA | -42.0x | -14.5x | -7.11x | ||
| Interest cover | -9.46x | -10.9x | -6.72x | -1.26x | -0.38x |
| Asset turnover | 1.07x | 0.74x | 0.72x | 0.76x | 0.85x |
| Receivable days | 53 | 77 | 64 | 58 | 48 |
| Inventory days (on revenue) | 1 | 1 | 1 | 1 | 1 |
| Payable days (on revenue) | 44 | 40 | 36 | 35 | 39 |
| Cash conversion | 3.50x | 5.97x | |||
| Capex intensity | 7.8% | 8.2% | 6.9% | 5.4% | 4.0% |
| Free cash flow (₹ crore) | -2,040 | -1,426 | -92.6 | 84.2 | 489.3 |
| Dividend payout | 0.0% | 0.0% | |||
| EPS, diluted (₹) | -13.95 | -14.09 | -3.40 | 2.14 | 2.00 |
| Book value per share (₹) | 82.23 | 128.3 | 124.1 | 126.5 | 129.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Issuer reported EBITDA, not adjusted) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excl. leases (borrowings less cash, bank balances and investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Issuer reported EBITDA, not adjusted).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Delhivery includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Delhivery
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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