Operating Leverage Inflection
Expected: CurrentHIGH confidence
What: Transport Margin: 16.4%
Impact: Service EBITDA ₹421 Cr
“Transport (EXP+PTL) profitability surged on account of operating leverage, Service EBITDA at 16.4% in Q3FY26”
Delhivery Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +11.2%Average11w Streak
In , Delhivery Ltd (Logistics - Warehousing/Supply Chain) is outperforming Nifty 500 with +11.2% relative strength. Fundamentals: Average. On a 11-week streak.
Delhivery Ltd Key Facts
- PE Ratio
- 199.0x
- Market Cap
- ₹35,870 Cr
- PAT Growth YoY
- +60%
- Revenue Growth YoY
- +18%
- OPM
- 7.0%
- RS vs Nifty 500
- +11.2%
Strong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
🌐FII stake decreased 3.4% this quarter
🏛️DII accumulation — stake up 3.5%
💰Trading 83% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Operating Leverage Inflection
CurrentHIGH
2. Industry Consolidation Virtual Monopoly
OngoingHIGH
3. Geographical Expansion
Next 2 quartersMEDIUM
Key Risks
1. Implementation of the new labor code for gig workforce increases compliance burd
MEDIUM2. Potential impact of service taxes or shifting demand patterns on network perform
LOWSector-Specific Signals
Express Parcel Shipments295 Mn+42.9%
PTL Freight Tonnage507K MT+22.9%
Transport Service EBITDA Margin16.4%+360 bps
Pin-code Coverage18,838+58
Key Numbers
PAT Growth YoY
+60%
Stable
Revenue YoY
+18%
Stable
Operating Margin
7.0%
+300 bps YoY
PE Ratio
199.0
Current Price
₹479
Fundamental Score
48/100
Average
3Y PAT CAGR
+75%
Market Cap
35.9K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Delhivery Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Industry Consolidation Virtual Monopoly
Expected: OngoingHIGH confidence
What: Market Share Gain: 43% volume growth vs 15-18% market growth
“As long as cost pressures continue, you know, I'm fairly confident that we will continue to gain share.”
Geographical Expansion
Expected: Next 2 quartersMEDIUM confidence
What: PTL Locations: 60 locations vs 6 locations
“We are now in, I think, whatever, about 60 odd locations compared to, you know, maybe six big locations that we were in two quarters ago.”
Ecom Integration Costs at ₹150-160 Cr vs ₹300 Cr guidance.
HIGH confidence
What: Ecom Integration Costs at ₹150-160 Cr vs ₹300 Cr guidance.
“Fortunately, we have been able to shut down facilities earlier than originally thought. We have been able to also because we've sustained volumes.”
What Are the Key Risks for Delhivery Ltd?
Earnings deceleration risks from management commentary
Implementation of the new labor code for gig workforce increases compliance burd
MEDIUMTrigger: New government regulations regarding gig worker benefits.
Management view: Recurring impact has already been factored into current corporate overheads.
Monitor: labor
Potential impact of service taxes or shifting demand patterns on network perform
LOWTrigger: Unpredictability of where volume comes in and how demand shifts.
Management view: Management plans to 'play it by ear' and maintain pricing discipline.
Monitor: regulatory
What Is Delhivery Ltd's Management Saying?
Key quotes from recent conference calls
“In transportation, we've maintained that we want to get to a 16% to 18% goal. [Previous Transport Margin guidance]”
“You know, I'd have to say when you estimated 300 crores and are likely to end up at 150. [Previous Ecom Integration Cost guidance]”
“When we do utilization indexed pricing, we have the ability to provide discounts to customers on very specific lanes while actually improving profitability. [Initiative: Dynamic/Utilization Indexed Pricing]”
“Some of this is also because of the implementation of the new labor code, right? ... Yes, the recurring impact has been taken here. [Risk (labor): MEDIUM]”
What Did Delhivery Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹2,798 Cr
YoY +17.6%QoQ +9.9%
Why: Growth was driven by record festive season volumes in Express Parcel and consistent sales efforts in the PTL segment.
Revenue growth was supported by a 43% YoY increase in Express Parcel volumes.
EBITDA
₹234 Cr
YoY +128.3%Margin 8.4%
Why: Profitability surged due to operating leverage in the transport business and disciplined cost management.
Reported EBITDA excludes Ecom integration costs and exceptional items.
PAT
₹110 Cr
YoY +340%QoQ +86.4%
Why: Expansion in PAT was driven by higher network utilization and lower-than-anticipated integration costs for Ecom Express.
PAT of ₹110 Cr is before Ecom integration costs and exceptional items.
Other Highlights
• Service EBITDA crossed ₹1,000 Cr milestone in 9MFY26.
• Express Parcel shipments reached record 295 Mn in Q3.
• PTL freight tonnage crossed 500K MT for the first time.
What Sector Metrics Matter for Delhivery Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Express Parcel Shipments
295 Mn
YoY +42.9%QoQ +19.9%
Why: Driven by record festive season and strong share-of-wallet gains across clients.
PTL Freight Tonnage
507K MT
YoY +22.9%QoQ +6.2%
Why: Consistent sales efforts and stable service levels despite network volume uptick.
Transport Service EBITDA Margin
16.4%
YoY +360 bpsQoQ +290 bps
Why: Surged on account of operating leverage from higher volumes.
Pin-code Coverage
18,838
YoY +58QoQ +8
Why: Continued expansion to cover the length and breadth of India.
No. of Active Customers
51,547
YoY +11,772QoQ +3,105
Why: Crossed the 50,000 mark due to aggressive sales and new client onboarding.
Infrastructure Area
21.9 Mn
YoY +1.3 MnQoQ -0.1 Mn
Why: Slight QoQ decline due to removal of temporary peak season infrastructure.
Fleet Size - Daily Average
21,226
YoY +4,493QoQ +2,614
Why: Increased to handle record festive volumes.
Supply Chain Services EBITDA Margin
13.0%
YoY +1090 bpsQoQ +20 bps
Why: Disciplined exit from unprofitable portfolios like mother warehousing for Quick Commerce.
What Is Delhivery Ltd's Management Guidance?
Forward-looking targets from management for Long-term
Revenue Growth Target
20%
OPM Guidance
6–7%
Revenue Outlook
20%
Margin Outlook
Corporate overheads expected to settle in the 6-7% range.
Capex Plan
4% to 4.4% of revenue
Vehicular capex (LNG trucks/tractor trains) and mid-mile infrastructure.
Volume
Express Parcel volume growth of 15% to 20%.
Management Tone: BULLISH
Guidance Changes
LOWERED
Ecom Integration Cost: ₹300 Cr → ₹150-160 Cr
How Fast Is Delhivery Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +18% | +9% | Stable |
| PAT (Net Profit) | +60% | +75% | Stable |
| OPM | 7.0% | +300 bps | Expanding |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Logistics - Warehousing/Supply Chain Stocks Beating Nifty 500
Frequently Asked Questions: Delhivery Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Delhivery Ltd's latest quarterly results?
Delhivery Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +60.0% (stable)
- Revenue Growth YoY: +18.0%
- Operating Margin: 7.0% (expanding)
Is Delhivery Ltd's profit growing or declining?
Delhivery Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +60.0% (latest quarter)
- PAT Growth QoQ: +180.0% (sequential)
- 3-Year PAT CAGR: +75.3%
- Trend: Stable — consistent growth pattern
What is Delhivery Ltd's revenue growth trend?
Delhivery Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +18.0%
- Revenue Growth QoQ: +9.6% (sequential)
- 3-Year Revenue CAGR: +9.1%
How is Delhivery Ltd's operating margin trending?
Delhivery Ltd's operating margin is expanding.
- Current OPM: 7.0%
- OPM Change YoY: +3.0% basis points
- OPM Change QoQ: +4.0% basis points
What is Delhivery Ltd's 3-year profit and revenue CAGR?
Delhivery Ltd's long-term compounding rates
- 3-Year Profit CAGR: +75.3%
- 3-Year Revenue CAGR: +9.1%
Is Delhivery Ltd's growth accelerating or decelerating?
Delhivery Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: +140.0% bps
- Sequential Acceleration: +100.0% bps
What is Delhivery Ltd's trailing twelve month (TTM) performance?
Delhivery Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹154 Cr
- TTM PAT Growth: +100.0% YoY
- TTM Revenue: ₹10,000 Cr
- TTM Revenue Growth: +11.7% YoY
- TTM Operating Margin: 5.3%
Is Delhivery Ltd overvalued or undervalued?
Delhivery Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 199.0x
- Price-to-Book: 3.8x
What is Delhivery Ltd's current PE ratio?
Delhivery Ltd's current PE ratio is 199.0x.
- Current PE: 199.0x
- Market Cap: 35.9K Cr
How does Delhivery Ltd's valuation compare to its history?
Delhivery Ltd's current PE is 199.0x.
- Current PE: 199.0x
- Valuation Assessment: Significantly Overvalued
What is Delhivery Ltd's price-to-book ratio?
Delhivery Ltd's price-to-book ratio is 3.8x.
- Price-to-Book (P/B): 3.8x
- Book Value per Share: ₹127
- Current Price: ₹479
Is Delhivery Ltd a fundamentally strong company?
Delhivery Ltd is rated Average with a fundamental score of 48.44/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +18.0% (10% weight)
- PAT Growth YoY: +60.0% (10% weight)
- PAT Growth QoQ: +180.0% (10% weight)
- Margins expanding (10% weight)
Is Delhivery Ltd debt free?
Delhivery Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹2,000 Cr
What is Delhivery Ltd's return on equity (ROE) and ROCE?
Delhivery Ltd's return ratios over recent years
- FY2023: ROCE -11.0%
- FY2024: ROCE -2.0%
- FY2025: ROCE 2.0%
Is Delhivery Ltd's cash flow positive?
Delhivery Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹567 Cr
- Free Cash Flow (FCF): ₹465 Cr
- CFO/PAT Ratio: 350% (strong cash conversion)
What is Delhivery Ltd's dividend yield?
Delhivery Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹479
Who holds Delhivery Ltd shares — promoters, FII, DII?
Delhivery Ltd's shareholding pattern (Mar 2026)
- FII (Foreign): 48.2%
- DII (Domestic): 36.3%
- Public: 15.5%
Is promoter holding increasing or decreasing in Delhivery Ltd?
Delhivery Ltd's promoter holding is 0.0%.
- Current Promoter Holding: 0.0% (Mar 2026)
How long has Delhivery Ltd been outperforming Nifty 500?
Delhivery Ltd has been outperforming Nifty 500 for 11 consecutive weeks, indicating consistent outperformance.
Is Delhivery Ltd a new momentum entry or an established outperformer?
Delhivery Ltd is an established outperformer with 11 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Delhivery Ltd?
Delhivery Ltd has 4 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection — Higher volumes across Express and PTL are driving better utilization of the fixed infrastructure.
- Industry Consolidation Virtual Monopoly — Competitors are struggling with profitability at current price points, leading to volume shifts to Delhivery.
- Geographical Expansion — Expansion of sales teams into new geographies is expected to accelerate new client acquisition.
- Ecom Integration Costs at ₹150-160 Cr vs ₹300 Cr guidance. — Management cited extremely disciplined execution and the ability to shut down facilities earlier than originally thought.
What are the key risks in Delhivery Ltd?
Delhivery Ltd has 2 key risks worth monitoring
- [MEDIUM] Implementation of the new labor code for gig workforce increases compliance burd — New government regulations regarding gig worker benefits.
- [LOW] Potential impact of service taxes or shifting demand patterns on network perform — Unpredictability of where volume comes in and how demand shifts.
What did Delhivery Ltd's management say in the latest earnings call?
In Q3 FY26, Delhivery Ltd's management highlighted
- "In transportation, we've maintained that we want to get to a 16% to 18% goal. [Previous Transport Margin guidance]"
- "You know, I'd have to say when you estimated 300 crores and are likely to end up at 150. [Previous Ecom Integration Cost guidance]"
- "When we do utilization indexed pricing, we have the ability to provide discounts to customers on very specific lanes while actually improving profitab..."
What is Delhivery Ltd's management guidance for growth?
Delhivery Ltd's management has provided the following forward guidance for Long-term
- Revenue growth target: 20%
- OPM guidance: 6–7%
- Capex plan: 4% to 4.4% of revenue for Vehicular capex (LNG trucks/tractor trains) and mid-mile infrastructure.
- Management tone: bullish
- Milestone: [LOWERED] Ecom Integration Cost: ₹300 Cr → ₹150-160 Cr
What sector-specific metrics matter most for Delhivery Ltd?
Delhivery Ltd's most important sub-sector-specific KPIs from the latest concall
- Express Parcel Shipments: 295 Mn (YoY +42.9%) (QoQ +19.9%) — Driven by record festive season and strong share-of-wallet gains across clients.
- PTL Freight Tonnage: 507K MT (YoY +22.9%) (QoQ +6.2%) — Consistent sales efforts and stable service levels despite network volume uptick.
- Transport Service EBITDA Margin: 16.4% (YoY +360 bps) (QoQ +290 bps) — Surged on account of operating leverage from higher volumes.
- Pin-code Coverage: 18,838 (YoY +58) (QoQ +8) — Continued expansion to cover the length and breadth of India.
- No. of Active Customers: 51,547 (YoY +11,772) (QoQ +3,105) — Crossed the 50,000 mark due to aggressive sales and new client onboarding.
- Infrastructure Area: 21.9 Mn (YoY +1.3 Mn) (QoQ -0.1 Mn) — Slight QoQ decline due to removal of temporary peak season infrastructure.
Is Delhivery Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Delhivery Ltd may be worth studying
- Earnings growing at +60.0% YoY
- Operating margins are expanding — OPM at 7.0%
- Cash flow is positive — CFO ₹567 Cr
What is the investment thesis for Delhivery Ltd?
Delhivery Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +18.0% YoY
- Margins expanding
- Growth catalyst: Operating Leverage Inflection
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Implementation of the new labor code for gig workforce increases compliance burd
What is the future outlook for Delhivery Ltd?
Delhivery Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: expanding
- Valuation: Significantly Overvalued
- Key Catalyst: Operating Leverage Inflection
- Key Risk: Implementation of the new labor code for gig workforce increases compliance burd
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.