Delhivery Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Delhivery Ltd trades at ₹492, in a confirmed uptrend and 18 weeks into that stage. That is +11.2% against its own 200-day average. It sits at 79% of a 52-week range of ₹387 to ₹520. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a confirmed uptrend — week 18 of stage 2, confirmed. At ₹492 it trades +11.2% versus its 200-day average and sits at 79% of its 52-week range (₹387–₹520).

Against the market, two honest reads. Cumulative: over the last 4.1 years the stock moved −9% while the NIFTY 500 moved +66% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 51st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Delhivery Ltd trades at 194.0× P/E, mid-range by its own standards (51st percentile). Its long-run median P/E is 194.0×, measured across 1.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 194.0× is mid-range by its own standards (51st percentile), against a long-run median of 194.0× measured over 1.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −6.0% against a +15.7% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Delhivery Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

48.4/100 — rank 6 of 8 in Logistics - Warehousing/Supply Chain · 89% evidence confidence

Delhivery Ltd scores 48.4 out of 100 against the 8 companies it is compared with in Logistics - Warehousing/Supply Chain, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.5 + 8.3 + 3.9 + 15.7 = 48.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Delhivery Ltd reported ₹2,850 Cr of revenue in the Mar 26 quarter, +30.0% year on year. That is the 12th straight quarter of year-on-year growth. Over 7 years it has compounded at 30.2% a year. The last full year, FY26, came in at ₹10,508 Cr. The last four reported quarters add to ₹10,508 Cr.

Delhivery Ltd reported ₹2,850 Cr of revenue in the Mar 26 quarter, +30.0% year on year. That is the 12th straight quarter of year-on-year growth. Over 7 years it has compounded at 30.2% a year. The last full year, FY26, came in at ₹10,508 Cr. The last four reported quarters add to ₹10,508 Cr.

FY26 revenue came in at ₹10,508 Cr (+17.6% on the year), capping 7 years at 30.2% compound. The latest quarter (Mar 26) printed ₹2,850 Cr, +30.0% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +17.6% growth against the decade's 30.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +17.6% over the last 4 quarters against +13.6%/yr over the last 8 — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 8.0% this quarter (+3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Delhivery Ltd's operating margin is 8.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 8 fiscal years the operating margin has ranged −98.0% to 6.0%. The current quarter is running above every full year in that window.

Delhivery Ltd's operating margin is 8.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 8 fiscal years the operating margin has ranged −98.0% to 6.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 8.0%, +3.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged −98.0%–6.0%, and FY26's 6.0% is the top of that band — a record year.

Why the margin moved: operating margin went +2.1 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit −1.4% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Delhivery Ltd earned ₹72.0 Cr of net profit in the Mar 26 quarter, −1.4% year on year. Full-year FY26 profit was ₹153 Cr. That is 2.5% of the quarter's revenue. The same quarter a year earlier earned ₹73.0 Cr. 4 of the last 12 reported quarters were loss-making.

Delhivery Ltd earned ₹72.0 Cr of net profit in the Mar 26 quarter, −1.4% year on year. Full-year FY26 profit was ₹153 Cr. That is 2.5% of the quarter's revenue. The same quarter a year earlier earned ₹73.0 Cr. 4 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹72.0 Cr, −1.4% year on year. On the full year, FY26 printed ₹153 Cr (−5.6%).

🚨 Why profit moved: revenue contributed +30.0% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit −118.2% vs revenue +17.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 469% of the last 2 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years 469% of Delhivery Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹911 Cr of operating cash against ₹153 Cr of profit. After ₹2,208 Cr of capital spending, ₹−1,297 Cr was left as free cash.

FY26: operating cash of ₹911 Cr against reported profit of ₹153 Cr, leaving free cash of ₹−1,297 Cr after ₹2,208 Cr of capital spending. Across the last 2 fiscal years the conversion rate is 469% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 469%: the cash cycle tightened 12 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹4,367 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Delhivery Ltd's cash conversion cycle runs 48 days in FY26, down from 60 days in FY21. Capital spending ran ₹4,367 Cr over the last 3 years. At FY26 sales of ₹10,508 Cr each day of that cycle holds about ₹28.8 Cr, so roughly ₹1,382 Cr sits inside the business at any moment.

FY26: debtors at 48 days (an asset-light business — no inventory to speak of) — for a full cycle of 48 days, tighter than FY21's 60.

In money terms: at FY26 sales of ₹10,508 Cr, each day of the cycle holds about ₹28.8 Cr — so the 48-day loop keeps roughly ₹1,382 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,367 Cr over the last 3 fiscal years against ₹1,952 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 3% and the ROIC − WACC spread is −12.6 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Delhivery Ltd earns a ROCE of 3% in FY26. That is up from a trough of −17% in FY22. Return on invested capital clears the cost of that capital by −12.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 1.5% net margin on 0.82× asset turns.

FY26 ROCE is 3%, recovered from a FY22 trough of −17% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 1.5% net margin × 0.82× asset turns × 1.32× balance-sheet leverage ≈ 1.6% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: −0.6% − 12.0% = a −12.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.15.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Delhivery Ltd carries total debt of ₹1,463 Cr against shareholder equity of ₹9,687 Cr as of Mar 26, a debt-to-equity of 0.15 — effectively unlevered. On the annual view that ratio went from 0.18 in FY22 to 0.15 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹1,463 Cr against shareholder equity of ₹9,687 Cr — a debt-to-equity of 0.15. On the annual view, debt-to-equity went from 0.18 (FY22) to 0.15 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 21.0 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 21.0 points of Delhivery Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 43.1% of the company. Foreign institutions moved −19.2 points over the same window, to 41.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +21.0 points over 8 quarters to 43.1%; Foreign institutions: −19.2 points over 8 quarters to 41.9%.

Why the register moved: rotation — foreign institutions −19.2 points against domestic institutions +21.0 points over 8 quarters — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Delhivery Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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