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Delhivery share price today

Delhivery Ltd · NSE: DELHIVERY · Logistics - Warehousing/Supply Chain · price as of the 4 November 2026 close, updated every trading day · results updated weekly · research updated 30 October 2026

Delhivery share price today: ₹418.00 at the NSE close on 4 November 2026, down 2.8% in a year. Delhivery (NSE: DELHIVERY) is worth ₹31,331 crore, trades at a P/E of 149.4 and has closed between ₹370.00 and ₹520.25 over the past 52 weeks. Latest change: foreign funds (FIIs) cut their stake for 5 quarters in a row.

₹418.00Price −2.8% in a year
149.4×P/E lower than 98% of the last 2 years
₹3,066 CrRevenue (Sep 2026) +19.8% on a year ago
₹41.0 CrProfit (Sep 2026)
7.0%Operating margin +4.3 points on a year ago
1%ROCE FY26
0.2%ROIC against a 12.0% cost of capital: −11.8 points
469%Profit that came in as cash last 2 years

Delhivery Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer.

The main question: foreign institutions moved −15.5 percentage points over 8 quarters while the business went the other way.

The price has been falling for 3 weeks, and the P/E is lower than 98% of its own last 2 years. Over the last four quarters, results have been improving, and 469% of the last 2 years' profit came in as cash. What will decide it: whether the owners’ moves turn back in line with the business.

What is the Delhivery share price today?

Delhivery Ltd's share price was ₹418.00 at the close on 4 November 2026. It has been falling for 3 weeks. That is 4.4% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹370 and ₹520, and at that close it sat 32% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Delhivery Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 10 weeks running.

1Y

Nov 2026: ₹418, 4.4% below its 200-day average. The price has been falling for 3 weeks.

  • Price ₹418
  • 50-day avg ₹419
  • 200-day avg ₹437
Nov 2026: ₹418, 4.4% below its 200-day average. The price has been falling for 3 weeks.
WeekPrice50-day avg200-day avg
31 Oct 2025₹466₹460₹407
7 Nov 2025₹430₹460₹408
14 Nov 2025₹437₹455₹410
21 Nov 2025₹418₹450₹411
28 Nov 2025₹426₹444₹411
5 Dec 2025₹405₹438₹411
12 Dec 2025₹412₹432₹411
19 Dec 2025₹406₹427₹410
26 Dec 2025₹407₹424₹410
2 Jan 2026₹404₹420₹410
9 Jan 2026₹406₹419₹410
16 Jan 2026₹402₹416₹410
23 Jan 2026₹387₹411₹409
1 Feb 2026₹436₹412₹409
6 Feb 2026₹436₹418₹411
13 Feb 2026₹420₹420₹412
20 Feb 2026₹431₹421₹412
27 Feb 2026₹433₹424₹414
6 Mar 2026₹422₹424₹414
13 Mar 2026₹403₹422₹414
20 Mar 2026₹423₹421₹414
27 Mar 2026₹429₹421₹414
2 Apr 2026₹426₹421₹415
10 Apr 2026₹470₹428₹417
17 Apr 2026₹463₹433₹418
24 Apr 2026₹450₹438₹420
30 Apr 2026₹467₹442₹422
8 May 2026₹479₹447₹425
15 May 2026₹476₹451₹427
22 May 2026₹448₹452₹428
29 May 2026₹451₹453₹429
4 Jun 2026₹438₹451₹430
5 Jun 2026₹445₹450₹430
9 Jun 2026₹439₹450₹430
10 Jun 2026₹430₹449₹430
12 Jun 2026₹440₹448₹430
17 Jun 2026₹452₹448₹431
19 Jun 2026₹461₹449₹431
24 Jun 2026₹481₹453₹433
25 Jun 2026₹465₹453₹433
1 Jul 2026₹507₹456₹435
3 Jul 2026₹507₹460₹436
10 Jul 2026₹520₹470₹440
17 Jul 2026₹492₹476₹443
24 Jul 2026₹463₹475₹444
31 Jul 2026₹482₹475₹446
7 Aug 2026₹471₹474₹447
14 Aug 2026₹459₹473₹448
21 Aug 2026₹449₹469₹448
28 Aug 2026₹470₹467₹449
4 Sep 2026₹458₹465₹449
11 Sep 2026₹439₹462₹449
18 Sep 2026₹426₹457₹448
25 Sep 2026₹423₹452₹447
1 Oct 2026₹401₹445₹446
9 Oct 2026₹401₹437₹444
16 Oct 2026₹406₹433₹442
23 Oct 2026₹370₹426₹440
30 Oct 2026₹386₹419₹437
4 Nov 2026₹418₹419₹437
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 1-year window.

3Y

Nov 2026: ₹418, 4.4% below its 200-day average. The price has been falling for 3 weeks.

  • Price ₹418
  • 50-day avg ₹419
  • 200-day avg ₹437
Nov 2026: ₹418, 4.4% below its 200-day average. The price has been falling for 3 weeks.
WeekPrice50-day avg200-day avg
3 Nov 2023₹402₹417₹405
12 Nov 2023₹409₹415₹405
17 Nov 2023₹400₹414₹405
24 Nov 2023₹383₹410₹405
1 Dec 2023₹397₹407₹404
8 Dec 2023₹385₹404₹403
15 Dec 2023₹358₹398₹402
22 Dec 2023₹387₹393₹400
29 Dec 2023₹389₹392₹400
5 Jan 2024₹403₹393₹400
12 Jan 2024₹410₹396₹400
20 Jan 2024₹400₹397₹400
25 Jan 2024₹400₹397₹400
2 Feb 2024₹473₹407₹403
9 Feb 2024₹441₹416₹405
16 Feb 2024₹455₹421₹407
23 Feb 2024₹455₹429₹410
2 Mar 2024₹470₹438₹413
7 Mar 2024₹459₹441₹415
15 Mar 2024₹439₹441₹417
22 Mar 2024₹464₹444₹419
28 Mar 2024₹445₹445₹420
5 Apr 2024₹463₹447₹421
12 Apr 2024₹463₹448₹423
19 Apr 2024₹453₹449₹424
26 Apr 2024₹457₹449₹425
3 May 2024₹457₹450₹426
10 May 2024₹453₹450₹427
18 May 2024₹436₹449₹429
24 May 2024₹405₹442₹427
31 May 2024₹385₹435₹426
7 Jun 2024₹386₹425₹424
14 Jun 2024₹406₹419₹422
21 Jun 2024₹399₹416₹422
28 Jun 2024₹400₹413₹420
5 Jul 2024₹396₹410₹419
12 Jul 2024₹378₹406₹418
19 Jul 2024₹374₹402₹416
26 Jul 2024₹397₹399₹415
2 Aug 2024₹416₹400₹414
9 Aug 2024₹399₹401₹414
16 Aug 2024₹416₹403₹414
23 Aug 2024₹428₹408₹415
30 Aug 2024₹418₹411₹415
6 Sep 2024₹412₹412₹415
13 Sep 2024₹413₹412₹415
20 Sep 2024₹431₹415₹416
27 Sep 2024₹430₹418₹416
4 Oct 2024₹409₹418₹416
11 Oct 2024₹411₹417₹416
18 Oct 2024₹397₹415₹416
25 Oct 2024₹361₹407₹414
1 Nov 2024₹365₹398₹411
8 Nov 2024₹347₹390₹408
14 Nov 2024₹330₹382₹405
22 Nov 2024₹346₹376₹403
29 Nov 2024₹336₹370₹400
6 Dec 2024₹353₹364₹397
13 Dec 2024₹391₹367₹396
20 Dec 2024₹349₹368₹395
27 Dec 2024₹351₹366₹393
3 Jan 2025₹342₹362₹391
10 Jan 2025₹334₹358₹388
17 Jan 2025₹339₹352₹385
24 Jan 2025₹322₹348₹383
1 Feb 2025₹321₹342₹379
7 Feb 2025₹317₹339₹376
14 Feb 2025₹266₹328₹372
21 Feb 2025₹273₹318₹367
28 Feb 2025₹250₹309₹362
7 Mar 2025₹255₹299₹357
13 Mar 2025₹242₹291₹353
21 Mar 2025₹264₹285₹348
28 Mar 2025₹255₹280₹344
4 Apr 2025₹258₹277₹340
11 Apr 2025₹247₹273₹337
17 Apr 2025₹281₹272₹335
25 Apr 2025₹305₹277₹333
2 May 2025₹307₹282₹332
9 May 2025₹301₹285₹331
16 May 2025₹321₹292₹330
23 May 2025₹354₹302₹331
30 May 2025₹358₹313₹332
6 Jun 2025₹367₹323₹334
13 Jun 2025₹360₹330₹336
20 Jun 2025₹358₹336₹337
27 Jun 2025₹383₹344₹339
4 Jul 2025₹390₹351₹341
11 Jul 2025₹411₹362₹345
18 Jul 2025₹426₹373₹348
25 Jul 2025₹425₹384₹353
1 Aug 2025₹430₹391₹356
8 Aug 2025₹465₹404₹361
14 Aug 2025₹464₹413₹365
22 Aug 2025₹474₹423₹370
29 Aug 2025₹468₹431₹374
5 Sep 2025₹468₹438₹379
12 Sep 2025₹468₹444₹384
19 Sep 2025₹479₹450₹388
26 Sep 2025₹445₹451₹391
3 Oct 2025₹437₹450₹393
10 Oct 2025₹464₹453₹397
17 Oct 2025₹466₹454₹400
24 Oct 2025₹467₹457₹403
31 Oct 2025₹466₹460₹407
7 Nov 2025₹430₹460₹408
14 Nov 2025₹437₹455₹410
21 Nov 2025₹418₹450₹411
28 Nov 2025₹426₹444₹411
5 Dec 2025₹405₹438₹411
12 Dec 2025₹412₹432₹411
19 Dec 2025₹406₹427₹410
26 Dec 2025₹407₹424₹410
2 Jan 2026₹404₹420₹410
9 Jan 2026₹406₹419₹410
16 Jan 2026₹402₹416₹410
23 Jan 2026₹387₹411₹409
1 Feb 2026₹436₹412₹409
6 Feb 2026₹436₹418₹411
13 Feb 2026₹420₹420₹412
20 Feb 2026₹431₹421₹412
27 Feb 2026₹433₹424₹414
6 Mar 2026₹422₹424₹414
13 Mar 2026₹403₹422₹414
20 Mar 2026₹423₹421₹414
27 Mar 2026₹429₹421₹414
2 Apr 2026₹426₹421₹415
10 Apr 2026₹470₹428₹417
17 Apr 2026₹463₹433₹418
24 Apr 2026₹450₹438₹420
30 Apr 2026₹467₹442₹422
8 May 2026₹479₹447₹425
15 May 2026₹476₹451₹427
22 May 2026₹448₹452₹428
29 May 2026₹451₹453₹429
4 Jun 2026₹438₹451₹430
5 Jun 2026₹445₹450₹430
9 Jun 2026₹439₹450₹430
10 Jun 2026₹430₹449₹430
12 Jun 2026₹440₹448₹430
17 Jun 2026₹452₹448₹431
19 Jun 2026₹461₹449₹431
24 Jun 2026₹481₹453₹433
25 Jun 2026₹465₹453₹433
1 Jul 2026₹507₹456₹435
3 Jul 2026₹507₹460₹436
10 Jul 2026₹520₹470₹440
17 Jul 2026₹492₹476₹443
24 Jul 2026₹463₹475₹444
31 Jul 2026₹482₹475₹446
7 Aug 2026₹471₹474₹447
14 Aug 2026₹459₹473₹448
21 Aug 2026₹449₹469₹448
28 Aug 2026₹470₹467₹449
4 Sep 2026₹458₹465₹449
11 Sep 2026₹439₹462₹449
18 Sep 2026₹426₹457₹448
25 Sep 2026₹423₹452₹447
1 Oct 2026₹401₹445₹446
9 Oct 2026₹401₹437₹444
16 Oct 2026₹406₹433₹442
23 Oct 2026₹370₹426₹440
30 Oct 2026₹386₹419₹437
4 Nov 2026₹418₹419₹437
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 3-year window.

5Y

Nov 2026: ₹418, 4.4% below its 200-day average. The price has been falling for 3 weeks.

  • Price ₹418
  • 50-day avg ₹419
  • 200-day avg ₹437
Nov 2026: ₹418, 4.4% below its 200-day average. The price has been falling for 3 weeks.
WeekPrice50-day avg200-day avg
27 May 2022₹541₹535₹537
10 Jun 2022₹519₹532₹536
24 Jun 2022₹493₹520₹532
8 Jul 2022₹594₹522₹531
22 Jul 2022₹668₹558₹540
5 Aug 2022₹635₹582₹549
19 Aug 2022₹570₹580₹551
2 Sep 2022₹565₹574₹552
16 Sep 2022₹581₹575₹554
30 Sep 2022₹582₹576₹556
14 Oct 2022₹560₹575₹558
28 Oct 2022₹356₹534₹548
11 Nov 2022₹379₹488₹534
25 Nov 2022₹332₹442₹516
9 Dec 2022₹352₹409₹500
23 Dec 2022₹320₹389₹486
6 Jan 2023₹321₹369₹471
20 Jan 2023₹303₹351₹456
3 Feb 2023₹304₹338₹443
17 Feb 2023₹328₹332₹431
3 Mar 2023₹342₹336₹423
17 Mar 2023₹321₹334₹415
31 Mar 2023₹332₹332₹407
13 Apr 2023₹325₹331₹402
28 Apr 2023₹374₹338₹397
12 May 2023₹362₹347₹395
26 May 2023₹372₹352₹392
9 Jun 2023₹350₹354₹388
23 Jun 2023₹373₹364₹388
7 Jul 2023₹393₹371₹388
21 Jul 2023₹406₹383₹390
4 Aug 2023₹422₹390₹391
18 Aug 2023₹419₹399₹393
1 Sep 2023₹438₹406₹396
15 Sep 2023₹438₹416₹400
29 Sep 2023₹413₹418₹402
13 Oct 2023₹426₹419₹403
27 Oct 2023₹421₹420₹405
12 Nov 2023₹409₹415₹405
24 Nov 2023₹383₹410₹405
8 Dec 2023₹385₹404₹403
22 Dec 2023₹387₹393₹400
5 Jan 2024₹403₹393₹400
20 Jan 2024₹400₹397₹400
2 Feb 2024₹473₹407₹403
16 Feb 2024₹455₹421₹407
2 Mar 2024₹470₹438₹413
15 Mar 2024₹439₹441₹417
28 Mar 2024₹445₹445₹420
12 Apr 2024₹463₹448₹423
26 Apr 2024₹457₹449₹425
10 May 2024₹453₹450₹427
24 May 2024₹405₹442₹427
7 Jun 2024₹386₹425₹424
21 Jun 2024₹399₹416₹422
5 Jul 2024₹396₹410₹419
19 Jul 2024₹374₹402₹416
2 Aug 2024₹416₹400₹414
16 Aug 2024₹416₹403₹414
30 Aug 2024₹418₹411₹415
13 Sep 2024₹413₹412₹415
27 Sep 2024₹430₹418₹416
11 Oct 2024₹411₹417₹416
25 Oct 2024₹361₹407₹414
8 Nov 2024₹347₹390₹408
22 Nov 2024₹346₹376₹403
6 Dec 2024₹353₹364₹397
20 Dec 2024₹349₹368₹395
3 Jan 2025₹342₹362₹391
17 Jan 2025₹339₹352₹385
1 Feb 2025₹321₹342₹379
14 Feb 2025₹266₹328₹372
28 Feb 2025₹250₹309₹362
13 Mar 2025₹242₹291₹353
28 Mar 2025₹255₹280₹344
11 Apr 2025₹247₹273₹337
25 Apr 2025₹305₹277₹333
9 May 2025₹301₹285₹331
23 May 2025₹354₹302₹331
6 Jun 2025₹367₹323₹334
20 Jun 2025₹358₹336₹337
4 Jul 2025₹390₹351₹341
18 Jul 2025₹426₹373₹348
1 Aug 2025₹430₹391₹356
14 Aug 2025₹464₹413₹365
29 Aug 2025₹468₹431₹374
12 Sep 2025₹468₹444₹384
26 Sep 2025₹445₹451₹391
10 Oct 2025₹464₹453₹397
24 Oct 2025₹467₹457₹403
7 Nov 2025₹430₹460₹408
21 Nov 2025₹418₹450₹411
5 Dec 2025₹405₹438₹411
19 Dec 2025₹406₹427₹410
2 Jan 2026₹404₹420₹410
16 Jan 2026₹402₹416₹410
1 Feb 2026₹436₹412₹409
13 Feb 2026₹420₹420₹412
27 Feb 2026₹433₹424₹414
13 Mar 2026₹403₹422₹414
27 Mar 2026₹429₹421₹414
10 Apr 2026₹470₹428₹417
24 Apr 2026₹450₹438₹420
8 May 2026₹479₹447₹425
22 May 2026₹448₹452₹428
4 Jun 2026₹438₹451₹430
9 Jun 2026₹439₹450₹430
12 Jun 2026₹440₹448₹430
19 Jun 2026₹461₹449₹431
25 Jun 2026₹465₹453₹433
3 Jul 2026₹507₹460₹436
17 Jul 2026₹492₹476₹443
31 Jul 2026₹482₹475₹446
14 Aug 2026₹459₹473₹448
28 Aug 2026₹470₹467₹449
11 Sep 2026₹439₹462₹449
25 Sep 2026₹423₹452₹447
9 Oct 2026₹401₹437₹444
23 Oct 2026₹370₹426₹440
4 Nov 2026₹418₹419₹437
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 4-year window.

Price stage: Rising from Oct 2025 to Jan 2026; Sideways from Jan 2026 to Mar 2026; Rising from Apr 2026 to Oct 2026; Falling in Oct 2026.

Price stage: Rising from Nov 2023 to Dec 2023; Falling from Dec 2023 to Feb 2024; Rising from Mar 2024 to Jun 2024; Falling from Jun 2024 to Sep 2024; Sideways in Oct 2024; Falling from Nov 2024 to Jul 2025; Rising from Jul 2025 to Jan 2026; Sideways from Jan 2026 to Mar 2026; Rising from Apr 2026 to Oct 2026; Falling in Oct 2026.

Price stage: Falling from May 2022 to Jul 2022; Rising from Aug 2022 to Oct 2022; Falling from Nov 2022 to Aug 2023; Rising from Sep 2023 to Dec 2023; Falling from Dec 2023 to Feb 2024; Rising from Mar 2024 to Jun 2024; Falling from Jul 2024 to Jul 2025; Rising from Jul 2025 to Jan 2026; Sideways from Feb 2026 to Mar 2026; Rising from Apr 2026 to Oct 2026.

Week by week since 2022: did it beat the NIFTY 500 over the past 13 weeks?

Ahead in 102 of 226 weeks

Week by week since 2022: did it beat the NIFTY 500 over the past 13 weeks?
Week13-week return vs NIFTY 500
27 May 2022no NIFTY 500 reading
3 Jun 2022no NIFTY 500 reading
10 Jun 2022no NIFTY 500 reading
17 Jun 2022no NIFTY 500 reading
24 Jun 2022no NIFTY 500 reading
1 Jul 2022no NIFTY 500 reading
8 Jul 2022no NIFTY 500 reading
15 Jul 2022no NIFTY 500 reading
22 Jul 2022no NIFTY 500 reading
29 Jul 2022no NIFTY 500 reading
5 Aug 2022no NIFTY 500 reading
12 Aug 2022no NIFTY 500 reading
19 Aug 2022no NIFTY 500 reading
26 Aug 2022−5.5%
2 Sep 2022−4.8%
9 Sep 2022−7.4%
16 Sep 2022+6.9%
23 Sep 2022+10.0%
30 Sep 2022+7.1%
7 Oct 2022−6.7%
14 Oct 2022−13.8%
21 Oct 2022−48.4%
28 Oct 2022−48.0%
4 Nov 2022−41.4%
11 Nov 2022−33.6%
18 Nov 2022−41.0%
25 Nov 2022−44.7%
2 Dec 2022−41.8%
9 Dec 2022−40.1%
16 Dec 2022−39.3%
23 Dec 2022−51.0%
30 Dec 2022−45.9%
6 Jan 2023−49.9%
13 Jan 2023−47.3%
20 Jan 2023−21.7%
27 Jan 2023−9.9%
3 Feb 2023−20.0%
10 Feb 2023−12.8%
17 Feb 2023−1.1%
24 Feb 2023+14.2%
3 Mar 2023+3.9%
10 Mar 2023+1.6%
17 Mar 2023−3.8%
24 Mar 2023+8.2%
31 Mar 2023+4.7%
6 Apr 2023+4.2%
13 Apr 2023+8.7%
21 Apr 2023+19.1%
28 Apr 2023+19.3%
5 May 2023+14.2%
12 May 2023+12.1%
19 May 2023+4.5%
26 May 2023−2.0%
2 Jun 2023−4.6%
9 Jun 2023−3.5%
16 Jun 2023+7.8%
23 Jun 2023+1.9%
30 Jun 2023+1.8%
7 Jul 2023+9.0%
14 Jul 2023+13.8%
21 Jul 2023+0.5%
28 Jul 2023−2.9%
4 Aug 2023+8.6%
11 Aug 2023+7.0%
18 Aug 2023+6.8%
25 Aug 2023+3.6%
1 Sep 2023+16.9%
8 Sep 2023+16.0%
15 Sep 2023+6.1%
22 Sep 2023+8.8%
29 Sep 2023+5.2%
6 Oct 2023−0.2%
13 Oct 2023+0.3%
20 Oct 2023+6.8%
27 Oct 2023+5.6%
3 Nov 2023−6.1%
12 Nov 2023−7.5%
17 Nov 2023−8.6%
24 Nov 2023−12.8%
1 Dec 2023−17.4%
8 Dec 2023−19.1%
15 Dec 2023−25.9%
22 Dec 2023−21.3%
29 Dec 2023−18.8%
5 Jan 2024−13.9%
12 Jan 2024−16.2%
20 Jan 2024−22.8%
25 Jan 2024−23.3%
2 Feb 2024+1.1%
9 Feb 2024−5.1%
16 Feb 2024−0.4%
23 Feb 2024+7.0%
2 Mar 2024+13.3%
7 Mar 2024+14.6%
15 Mar 2024+18.2%
22 Mar 2024+15.8%
28 Mar 2024+8.1%
5 Apr 2024+7.7%
12 Apr 2024+8.1%
19 Apr 2024+6.8%
26 Apr 2024+8.2%
3 May 2024−6.2%
10 May 2024−1.4%
18 May 2024−9.7%
24 May 2024−17.2%
31 May 2024−25.4%
7 Jun 2024−27.8%
14 Jun 2024−20.6%
21 Jun 2024−25.9%
28 Jun 2024−21.1%
5 Jul 2024−24.4%
12 Jul 2024−32.0%
19 Jul 2024−28.1%
26 Jul 2024−25.2%
2 Aug 2024−19.4%
9 Aug 2024−21.3%
16 Aug 2024−14.5%
23 Aug 2024−5.4%
30 Aug 2024−4.1%
6 Sep 2024−0.4%
13 Sep 2024−5.8%
20 Sep 2024−0.4%
27 Sep 2024+1.3%
4 Oct 2024+0.7%
11 Oct 2024+6.8%
18 Oct 2024+6.5%
25 Oct 2024−5.7%
1 Nov 2024−13.1%
8 Nov 2024−9.7%
14 Nov 2024−14.8%
22 Nov 2024−15.3%
29 Nov 2024−16.9%
6 Dec 2024−13.5%
13 Dec 2024−1.5%
20 Dec 2024−10.9%
27 Dec 2024−10.6%
3 Jan 2025−10.7%
10 Jan 2025−9.8%
17 Jan 2025−8.4%
24 Jan 2025−4.4%
1 Feb 2025−6.7%
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14 Feb 2025−13.6%
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28 Feb 2025−13.3%
7 Mar 2025−14.4%
13 Mar 2025−29.1%
21 Mar 2025−19.5%
28 Mar 2025−22.3%
4 Apr 2025−16.0%
11 Apr 2025−25.4%
17 Apr 2025−20.9%
25 Apr 2025−8.9%
2 May 2025−5.5%
9 May 2025−12.7%
16 May 2025+10.8%
23 May 2025+18.1%
30 May 2025+30.6%
6 Jun 2025+28.5%
13 Jun 2025+39.0%
20 Jun 2025+26.2%
27 Jun 2025+39.3%
4 Jul 2025+35.3%
11 Jul 2025+56.8%
18 Jul 2025+46.1%
25 Jul 2025+35.0%
1 Aug 2025+37.2%
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14 Aug 2025+42.6%
22 Aug 2025+33.7%
29 Aug 2025+30.5%
5 Sep 2025+28.7%
12 Sep 2025+27.7%
19 Sep 2025+34.2%
26 Sep 2025+18.8%
3 Oct 2025+14.1%
10 Oct 2025+13.4%
17 Oct 2025+8.1%
24 Oct 2025+5.9%
31 Oct 2025+4.1%
7 Nov 2025−12.4%
14 Nov 2025−9.2%
21 Nov 2025−16.9%
28 Nov 2025−12.7%
5 Dec 2025−14.9%
12 Dec 2025−12.2%
19 Dec 2025−18.1%
26 Dec 2025−12.5%
2 Jan 2026−11.4%
9 Jan 2026−13.0%
16 Jan 2026−9.9%
23 Jan 2026−13.4%
1 Feb 2026−5.4%
6 Feb 2026+1.5%
13 Feb 2026−2.6%
20 Feb 2026+5.4%
27 Feb 2026+7.1%
6 Mar 2026+8.3%
13 Mar 2026+4.6%
20 Mar 2026+14.1%
27 Mar 2026+17.5%
2 Apr 2026+13.2%
10 Apr 2026+19.6%
17 Apr 2026+14.6%
24 Apr 2026+16.9%
30 Apr 2026+8.4%
8 May 2026+15.2%
15 May 2026+17.9%
22 May 2026+7.1%
29 May 2026+3.1%
4 Jun 2026+3.9%
5 Jun 2026+8.0%
9 Jun 2026−1.4%
10 Jun 2026−7.5%
12 Jun 2026+1.2%
17 Jun 2026−6.3%
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24 Jun 2026+5.8%
25 Jun 2026−0.3%
1 Jul 2026+2.5%
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10 Jul 2026+13.1%
17 Jul 2026+6.1%
24 Jul 2026+3.5%
31 Jul 2026+3.9%
7 Aug 2026+2.4%
14 Aug 2026+2.2%
21 Aug 2026−2.1%
28 Aug 2026+2.5%
4 Sep 2026−1.1%
11 Sep 2026−7.7%
18 Sep 2026−7.2%
25 Sep 2026−13.6%
1 Oct 2026−14.9%
9 Oct 2026−16.6%
16 Oct 2026−13.0%
23 Oct 2026−13.5%
30 Oct 2026−13.3%
4 Nov 2026−3.6%
Each bar is one week, from 2022 to now (226 weeks with a reading). Green means the stock's return over the previous 13 weeks beat the NIFTY 500; red means it trailed. The colour is strongest at a gap of 25 percentage points or more. A gap means there is no reading for that week.

Over the last 4.4 years the share price moved −23% while the NIFTY 500 moved +55%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 28 August 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

What changed at Delhivery this quarter?

Three changes stood out: foreign funds (FIIs) cut their stake for 5 quarters in a row, indian funds and insurers (DIIs) raised their stake for 5 quarters in a row and revenue up on a year earlier for 12 quarters in a row (every quarter we can compare).

  1. Foreign funds (FIIs) cut their stake for 5 quarters in a row

    From 53% to 39.5% of the company by the September 2026 quarter.

  2. Indian funds and insurers (DIIs) raised their stake for 5 quarters in a row

    From 29.6% to 46% of the company by the September 2026 quarter.

  3. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

    In the September 2026 quarter revenue was ₹3,066 crore, +19.8% on a year earlier.

    Why: The company says its core businesses grew, which helped revenue rise.

    Next results: check whether telematics device sales turn into reported revenue over the coming quarters.

    From the earnings call on 30 Oct 2026.

What are Delhivery's latest quarterly results?

For July to September 2026 (the quarter ended 30 September 2026), Delhivery reported revenue of ₹3,066 crore, up 19.8% from ₹2,559 crore a year earlier, and a profit of ₹41.0 crore, against a loss of ₹50.0 crore a year earlier.

Delhivery results: July to September 2026 against a year earlier

Delhivery results: July to September 2026 against a year earlier
MeasureJuly to September 2026July to September 2025Change
Revenue₹3,066 crore₹2,559 crore+19.8%
Profit₹41.0 croreloss of ₹50.0 crore—
Earnings per share₹0.54₹−0.67—
Operating margin7.0%2.7%+4.3 points

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Delhivery's management discussed these results on a call held on 30 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

What is the Delhivery share price history?

Delhivery closed at ₹418.00 on 4 November 2026, down 2.8% from ₹430.25 a year earlier (7 November 2025) and up 3.9% over three years. Its highest weekly close since May 2022 was ₹667.90 on 22 July 2022.

Delhivery share price: then and now

Delhivery share price: then and now
WhenCloseChange to 4 Nov 2026
1 week ago · 30 Oct 2026₹386.00+8.3%
1 month ago · 1 Oct 2026₹400.60+4.3%
6 months ago · 8 May 2026₹478.95−12.7%
1 year ago · 7 Nov 2025₹430.25−2.8%
3 years ago · 3 Nov 2023₹402.25+3.9%
Earliest weekly close in our records · 27 May 2022₹541.00−22.7%
Highest weekly close since May 2022 · 22 Jul 2022₹667.90−37.4%
Lowest weekly close since May 2022 · 13 Mar 2025₹241.60+73.0%
52-week high (weekly close) · 10 Jul 2026₹520.25−19.7%
52-week low (weekly close) · 23 Oct 2026₹370.00+13.0%

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

239 weekly closes from 27 May 2022 to 4 November 2026.

What is the latest news on Delhivery?

4 Nov 2026: Delhivery closed at ₹418.00, up 8.3% on the week and up 4.3% on the month. 30 Oct 2026: Delhivery held its results call for July to September 2026. Management guided: Vehicle finance to reach operating profit break-even this year and remains on track.

Earlier

  • Results for July to September 2026: Revenue up 19.8% on a year earlier.

What dividend does Delhivery pay?

Delhivery has paid no dividend on the NSE since its first NSE close in our records (27 May 2022), the start of the period we checked.

No. Delhivery Ltd paid out 0% of its profit as dividends in each of its last 8 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

What did Delhivery management say on the latest results call?

On the call for July to September 2026, held on 30 October 2026, Delhivery's management guided: Vehicle finance to reach operating profit break-even this year and remains on track.

“Therefore, through a combination of these strategies, transactions below 2,000 and transactions above 2,000 using the pre-debit notification mechanism, which does not operate on a 24-hour latency to complete the debit and credit, and which is specifically allowed for FASTags, we believe that the impact of MDR on UPI will be significantly close to zero, possibly, for our …”Rajesh Kumar Naidu Yabaji, in Q&A on UPI MDR impact, on the call for July to September 2026

What management guided

  • Telematics deferred revenue benefit to accrue over coming quarters.
  • Tolling to follow normal seasonal pickup in second half with October trends normal.
  • UPI MDR impact on tolling to remain near zero via exemption and pre-debit routes.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 30 October 2026.

What is the future of Delhivery? What is changing in the business?

What is changing at Delhivery, from the latest results and calls: operating leverage and free cash flow inflection, express share gain with margin band intact and ptl margin expansion.

  • Operating leverage and free cash flow inflection. FY26 revenue grew while operating margin moved to 6%, and Tijori's latest call summary says free cash flow turned positive at ₹89 crore. ⚠ estimate
  • Express share gain with margin band intact. Express delivered 1 billion FY26 parcels and the latest call still anchors normalized operating margin in the 16-18% range. ⚠ estimate
  • PTL margin expansion. PTL reached 2 million FY26 tons and management sees a path from 13-14% adjusted operating margin toward 18%. ⚠ estimate
  • SCS profitability reset. Supply Chain Solutions moved to a 10.9% FY26 service operating margin after exiting weak contracts. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

What could change the Delhivery story? What are the risks?

The latest Q&A flagged a ₹3 pump-price increase and labor-code related overhead pressure.

The main risks

  • Fuel and labor cost inflation: The latest Q&A flagged a ₹3 pump-price increase and labor-code related overhead pressure. ✓ fact
  • Customer concentration and captive logistics: Management says top-customer concentration is not near its informal threshold, but it did not disclose the actual percentage. ✓ fact

Our read after the latest results, written 17 May 2026.

What to watch in Delhivery's next results?

When Delhivery reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Tolling GTV to resume sequential growth in seasonally stronger second half - per October pickup commentary.

Delhivery: what to watch next quarter
What to check (from the call)
Tolling GTV to resume sequential growth in seasonally stronger second half - per October pickup commentary.
Telematics deferred balance to convert into reported revenue over coming quarters - per deferral commentary.
Vehicle finance to deliver flagged break-even on partner-led AUM climb - per on-track statement.

Which stock lists is Delhivery on?

Delhivery is on one of our India lists: Small & mid cap stocks.

Is Delhivery profitable?

Delhivery Ltd earned ₹41.0 Cr of net profit in the Sep 2026 quarter. Full-year FY26 profit was ₹153 Cr. That is 1.3% of the quarter's revenue. The same quarter a year earlier lost ₹50.0 Cr. 2 of the last 12 reported quarters were loss-making.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹153 Cr (−5.6% on the year before).

FY26 profit ₹153 Cr (−5.6% on the year before)

  • Net profit ₹153
FY26 profit ₹153 Cr (−5.6% on the year before)
QuarterNet profit
FY19−₹1,783
FY20−₹269
FY21−₹416
FY22−₹1,011
FY23−₹1,008
FY24−₹249
FY25₹162
FY26₹153

Growth on a year earlier

  • Growth on a year earlier −5.6%
Growth on a year earlier
QuarterGrowth on a year earlier
FY19–
FY20–
FY21–
FY22–
FY23–
FY24–
FY25–
FY26−5.6%
Top: net profit each year, ₹ Cr. Below: growth on the year before, %. 8-year window. A grey bar is lower than the year before.

Sep 2026: ₹41.0 Cr

  • Net profit (quarterly) ₹41.0
Sep 2026: ₹41.0 Cr
QuarterNet profit (quarterly)
Dec 2023₹12
Mar 2024−₹68
Jun 2024₹54
Sep 2024₹10
Dec 2024₹25
Mar 2025₹73
Jun 2025₹91
Sep 2025−₹50
Dec 2025₹40
Mar 2026₹72
Jun 2026₹32
Sep 2026₹41

Growth on a year earlier

  • Growth on a year earlier −64.8%
Growth on a year earlier
QuarterGrowth on a year earlier
Dec 2023–
Mar 2024–
Jun 2024–
Sep 2024–
Dec 2024108.3%
Mar 2025–
Jun 202568.5%
Sep 2025−600%
Dec 202560%
Mar 2026−1.4%
Jun 2026−64.8%
Sep 2026–
Top: net profit each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

On average over the last four quarters, profit changed −2.1% and revenue +23.9%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY26-Q4. Record volumes and profit inflection, but overhead explanations changed

FY27-Q1. FCF positive, 1 billion Express parcels, ROIC step-up

Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.

How much revenue does Delhivery make, and is it growing?

Delhivery Ltd reported ₹3,066 Cr of revenue in the Sep 2026 quarter, +19.8% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 7 years it has grown 30.2% a year on average. The last full year, FY26, came in at ₹10,508 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹11,652 Cr.

FY26 revenue was ₹10,508 Cr, +17.6% on the year before.

FY26 revenue ₹10,508 Cr (+17.6% on the year before), 30.2% a year over 7 years

  • Revenue ₹10,508
FY26 revenue ₹10,508 Cr (+17.6% on the year before), 30.2% a year over 7 years
QuarterRevenue
FY19₹1,654
FY20₹2,781
FY21₹3,647
FY22₹6,882
FY23₹7,225
FY24₹8,142
FY25₹8,932
FY26₹10,508

Growth on a year earlier

  • Growth on a year earlier 17.6%
Growth on a year earlier
QuarterGrowth on a year earlier
FY19–
FY2068.1%
FY2131.1%
FY2288.7%
FY235%
FY2412.7%
FY259.7%
FY2617.6%
Top: revenue each year, ₹ Cr. Below: growth on the year before, %. 8-year window. A grey bar is lower than the year before.

Sep 2026: ₹3,066 Cr (+19.8% on a year earlier), the 12th quarter in a row of growth

  • Revenue (quarterly) ₹3,066
Sep 2026: ₹3,066 Cr (+19.8% on a year earlier), the 12th quarter in a row of growth
QuarterRevenue (quarterly)
Dec 2023₹2,194
Mar 2024₹2,076
Jun 2024₹2,172
Sep 2024₹2,190
Dec 2024₹2,378
Mar 2025₹2,192
Jun 2025₹2,294
Sep 2025₹2,559
Dec 2025₹2,805
Mar 2026₹2,850
Jun 2026₹2,931
Sep 2026₹3,066

Growth on a year earlier

  • Growth on a year earlier 19.8%
Growth on a year earlier
QuarterGrowth on a year earlier
Dec 202320.3%
Mar 202411.6%
Jun 202412.5%
Sep 202412.8%
Dec 20248.4%
Mar 20255.6%
Jun 20255.6%
Sep 202516.8%
Dec 202518%
Mar 202630%
Jun 202627.8%
Sep 202619.8%
Top: revenue each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

Recent pace: the last four quarters grew +23.9% on average, against 30.2% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +23.7%, against +16.2% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +33.1%, against +380.9% a year (rolling over).

FY26-Q4. Record volumes and profit inflection, but overhead explanations changed

FY27-Q1. FCF positive, 1 billion Express parcels, ROIC step-up

Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.

How much of every ₹100 of sales does Delhivery keep?

Delhivery Ltd's operating margin was 7.0% in the Sep 2026 quarter, 4.3 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 8 years it has been between −98.0% and 6.0%. The latest quarter is above every full year in that period.

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

Why this happened. The most important shift is that incremental network utilization is now showing up in operating profit and cash flow. The Mar-2026 quarter printed Rs 2,850 crore revenue and Rs 214 crore operating profit, while the latest management summary cites FCF positivity one year ahead of plan. This supports a multi-quarter thesis if capex intensity continues to fall and overheads scale down.

Why the margin moved: operating margin changed +4.0 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

FY26: 6.0%, the highest in a range of −98.0% to 6.0% over 8 years

  • Operating margin 6.0%
FY26: 6.0%, the highest in a range of −98.0% to 6.0% over 8 years
QuarterOperating margin
FY19−98%
FY20−6%
FY21−3.4%
FY22−7%
FY23−6%
FY241.6%
FY254.2%
FY266%

Change on the year before (points)

  • Change on the year before (points) +1.8 pts
Change on the year before (points)
QuarterChange on the year before (points)
FY19–
FY20+92.0 pts
FY21+2.6 pts
FY22−3.6 pts
FY23+1.0 pts
FY24+7.6 pts
FY25+2.6 pts
FY26+1.8 pts
Operating margin each year, % (top). Below: change on the year before, in percentage points. 8-year window.

Sep 2026: operating margin 7.0% (+4.3 points on a year earlier)

  • Operating margin 7.0%
Sep 2026: operating margin 7.0% (+4.3 points on a year earlier)
QuarterOperating margin
Dec 20234.8%
Mar 20242.2%
Jun 20244.4%
Sep 20242.3%
Dec 20244.2%
Mar 20255%
Jun 20256%
Sep 20252.7%
Dec 20257%
Mar 20268%
Jun 20264.8%
Sep 20267%

Change on a year earlier (points)

  • Change on a year earlier (points) +4.3 pts
Change on a year earlier (points)
QuarterChange on a year earlier (points)
Dec 2023+8.8 pts
Mar 2024+1.5 pts
Jun 2024+5.1 pts
Sep 2024+3.1 pts
Dec 2024−0.6 pts
Mar 2025+2.8 pts
Jun 2025+1.6 pts
Sep 2025+0.4 pts
Dec 2025+2.8 pts
Mar 2026+3.0 pts
Jun 2026−1.2 pts
Sep 2026+4.3 pts
Top: quarterly operating margin, %. Below: change on the same quarter a year earlier, in percentage points. Last 12 quarters. Operating profit as a share of revenue, each quarter.

FY26-Q4. Record volumes and profit inflection, but overhead explanations changed

FY27-Q1. FCF positive, 1 billion Express parcels, ROIC step-up

Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.

Watch next

Metric
Operating leverage and FCF inflection
Threshold
TTM PAT growth and ROE progression versus PE compression
Which result
the next result

Is Delhivery's profit turning into cash?

Over the last 2 years, 469% of Delhivery Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹911 Cr of operating cash against ₹153 Cr of profit. After ₹2,208 Cr of spending on assets, free cash was −₹1,297 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

FY26: operating cash ₹911 Cr against profit ₹153 Cr; 469% of 2 years' profit came in as cash

  • Operating cash ₹911
  • Net profit ₹153
  • Free cash −₹1,297
FY26: operating cash ₹911 Cr against profit ₹153 Cr; 469% of 2 years' profit came in as cash
QuarterOperating cashNet profitFree cash
FY19−₹243−₹1,783–
FY20−₹634−₹269−₹1,177
FY21₹5−₹416−₹704
FY22−₹241−₹1,011−₹2,834
FY23−₹30−₹1,008−₹767
FY24₹472−₹249−₹615
FY25₹567₹162−₹505
FY26₹911₹153−₹1,297
Operating cash flow and net profit each year, ₹ Cr. The line is free cash flow: operating cash minus spending on assets. 8-year window, yearly figures.

FY26: operating cash was 595% of profit (469% over three years)

  • Operating cash as % of profit 300%
  • Break-even line 100%
FY26: operating cash was 595% of profit (469% over three years)
QuarterOperating cash as % of profitBreak-even line
FY19–100%
FY20–100%
FY21–100%
FY22–100%
FY23–100%
FY24–100%
FY25300%100%
FY26300%100%
Operating cash as a share of net profit, each year, % (line). The flat line marks 100%, meaning all of the profit came in as cash; unusual years are drawn at the edge.

Why 469% of profit came in as cash: the cash cycle got 12 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 2.2× depreciation over three years. The next section checks what that spending is building.

Where does Delhivery's cash go?

Delhivery Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 48 days in FY26, down from 60 days in FY21. It spent ₹4,367 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹10,508 Cr, each day of that cycle ties up about ₹28.8 Cr, so roughly ₹1,382 Cr is tied up in the business at any time.

FY26: a 48-day cash cycle, −12 days compared with FY21

  • Cash cycle 48d
  • Debtor days 48d
FY26: a 48-day cash cycle, −12 days compared with FY21
QuarterCash cycleDebtor days
FY1947d47d
FY2079d79d
FY2160d60d
FY2253d53d
FY2377d77d
FY2464d64d
FY2558d58d
FY2648d48d
Debtor days, inventory days, payable days and the full cash cycle, each year. 8-year window.

Spending on assets: ₹4,367 Cr over the last 3 years, against ₹1,952 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹1.0 Cr (FY26): assets paid for that are not earning yet.

FY26: capex ₹2,208 Cr, work in progress ₹1.0 Cr, a build-out

  • Capex ₹2,208
  • Work-in-progress ₹1.0
FY26: capex ₹2,208 Cr, work in progress ₹1.0 Cr, a build-out
QuarterCapexWork-in-progress
FY20₹543₹32
FY21₹709₹77
FY22₹2,593₹60
FY23₹737₹23
FY24₹1,087₹29
FY25₹1,072₹33
FY26₹2,208₹1
Capital spending each year, ₹ Cr, with work in progress, ₹ Cr, as the line. Quarterly capital-spending figures are not available for India, so this is yearly.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

What is Delhivery's P/E ratio, and how does it compare with its own history?

Delhivery Ltd's P/E is 149.4×, about the lowest it has ever been. Its usual P/E (the middle reading) is 199.1×, over 2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹2.47.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

P/E 149.4× against a usual 199.1×: about the lowest it has ever been

  • P/E 137.6×
  • Median 199.1×
P/E 149.4× against a usual 199.1×: about the lowest it has ever been
WeekP/EMedian
14 Nov 2024597.3×199.1×
22 Nov 2024597.3×199.1×
29 Nov 2024597.3×199.1×
6 Dec 2024597.3×199.1×
13 Dec 2024597.3×199.1×
20 Dec 2024597.3×199.1×
27 Dec 2024597.3×199.1×
3 Jan 2025597.3×199.1×
10 Jan 2025597.3×199.1×
17 Jan 2025597.3×199.1×
24 Jan 2025597.3×199.1×
1 Feb 2025597.3×199.1×
7 Feb 2025576.3×199.1×
14 Feb 2025485.3×199.1×
21 Feb 2025497.9×199.1×
28 Feb 2025455.4×199.1×
7 Mar 2025465.0×199.1×
13 Mar 2025440.8×199.1×
21 Mar 2025481.1×199.1×
28 Mar 2025465.4×199.1×
4 Apr 2025471.1×199.1×
11 Apr 2025450.4×199.1×
17 Apr 2025512.6×199.1×
25 Apr 2025556.0×199.1×
2 May 2025560.5×199.1×
9 May 2025549.0×199.1×
16 May 2025143.2×199.1×
23 May 2025158.1×199.1×
30 May 2025159.7×199.1×
6 Jun 2025163.7×199.1×
13 Jun 2025160.5×199.1×
20 Jun 2025159.7×199.1×
27 Jun 2025170.8×199.1×
4 Jul 2025174.0×199.1×
11 Jul 2025183.4×199.1×
18 Jul 2025189.9×199.1×
25 Jul 2025189.9×199.1×
1 Aug 2025161.4×199.1×
8 Aug 2025174.5×199.1×
14 Aug 2025174.2×199.1×
22 Aug 2025177.9×199.1×
29 Aug 2025175.8×199.1×
5 Sep 2025175.8×199.1×
12 Sep 2025175.8×199.1×
19 Sep 2025179.9×199.1×
26 Sep 2025167.2×199.1×
3 Oct 2025164.4×199.1×
10 Oct 2025174.7×199.1×
17 Oct 2025175.2×199.1×
24 Oct 2025175.7×199.1×
31 Oct 2025175.4×199.1×
7 Nov 2025232.7×199.1×
14 Nov 2025236.2×199.1×
21 Nov 2025226.1×199.1×
28 Nov 2025230.7×199.1×
5 Dec 2025219.1×199.1×
12 Dec 2025222.8×199.1×
19 Dec 2025219.6×199.1×
26 Dec 2025220.4×199.1×
2 Jan 2026218.9×199.1×
9 Jan 2026219.7×199.1×
16 Jan 2026217.4×199.1×
23 Jan 2026209.7×199.1×
1 Feb 2026181.3×199.1×
6 Feb 2026181.1×199.1×
13 Feb 2026174.7×199.1×
20 Feb 2026179.2×199.1×
27 Feb 2026180.1×199.1×
6 Mar 2026175.6×199.1×
13 Mar 2026167.6×199.1×
20 Mar 2026175.7×199.1×
27 Mar 2026178.2×199.1×
2 Apr 2026177.2×199.1×
7 Apr 2026183.7×199.1×
10 Apr 2026195.4×199.1×
17 Apr 2026192.5×199.1×
24 Apr 2026186.9×199.1×
29 Apr 2026194.0×199.1×
30 Apr 2026194.2×199.1×
8 May 2026199.1×199.1×
15 May 2026197.8×199.1×
22 May 2026188.0×199.1×
29 May 2026189.4×199.1×
4 Jun 2026184.2×199.1×
5 Jun 2026186.9×199.1×
9 Jun 2026184.0×199.1×
10 Jun 2026180.8×199.1×
12 Jun 2026184.7×199.1×
17 Jun 2026189.7×199.1×
19 Jun 2026193.4×199.1×
24 Jun 2026201.9×199.1×
25 Jun 2026195.2×199.1×
1 Jul 2026213.2×199.1×
3 Jul 2026213.0×199.1×
10 Jul 2026218.3×199.1×
17 Jul 2026206.7×199.1×
24 Jul 2026194.2×199.1×
31 Jul 2026202.6×199.1×
7 Aug 2026197.8×199.1×
14 Aug 2026288.3×199.1×
21 Aug 2026282.1×199.1×
28 Aug 2026295.4×199.1×
4 Sep 2026287.7×199.1×
11 Sep 2026275.5×199.1×
18 Sep 2026267.6×199.1×
25 Sep 2026265.9×199.1×
1 Oct 2026251.7×199.1×
9 Oct 2026251.9×199.1×
16 Oct 2026255.1×199.1×
23 Oct 2026232.5×199.1×
30 Oct 2026137.6×199.1×

Earnings per share, 12 months

  • Earnings per share, 12 months ₹3
Earnings per share, 12 months
WeekEarnings per share, 12 months
14 Nov 2024–
22 Nov 2024–
29 Nov 2024–
6 Dec 2024–
13 Dec 2024–
20 Dec 2024–
27 Dec 2024₹0
3 Jan 2025₹0
10 Jan 2025₹0
17 Jan 2025₹0
24 Jan 2025₹0
1 Feb 2025₹0
7 Feb 2025₹0
14 Feb 2025₹0
21 Feb 2025₹0
28 Feb 2025₹0
7 Mar 2025₹0
13 Mar 2025₹0
21 Mar 2025₹0
28 Mar 2025₹1
4 Apr 2025₹1
11 Apr 2025₹1
17 Apr 2025₹1
25 Apr 2025₹1
2 May 2025₹1
9 May 2025₹1
16 May 2025₹1
23 May 2025₹1
30 May 2025₹1
6 Jun 2025₹1
13 Jun 2025₹1
20 Jun 2025₹1
27 Jun 2025₹2
4 Jul 2025₹2
11 Jul 2025₹2
18 Jul 2025₹2
25 Jul 2025₹2
1 Aug 2025₹2
8 Aug 2025₹2
14 Aug 2025₹2
22 Aug 2025₹2
29 Aug 2025₹2
5 Sep 2025₹2
12 Sep 2025₹2
19 Sep 2025₹2
26 Sep 2025₹3
3 Oct 2025₹3
10 Oct 2025₹3
17 Oct 2025₹3
24 Oct 2025₹3
31 Oct 2025₹3
7 Nov 2025₹3
14 Nov 2025₹3
21 Nov 2025₹3
28 Nov 2025₹3
5 Dec 2025₹3
12 Dec 2025₹3
19 Dec 2025₹3
26 Dec 2025₹2
2 Jan 2026₹2
9 Jan 2026₹2
16 Jan 2026₹2
23 Jan 2026₹2
1 Feb 2026₹2
6 Feb 2026₹2
13 Feb 2026₹2
20 Feb 2026₹2
27 Feb 2026₹2
6 Mar 2026₹2
13 Mar 2026₹2
20 Mar 2026₹2
27 Mar 2026₹2
2 Apr 2026₹2
7 Apr 2026₹2
10 Apr 2026₹2
17 Apr 2026₹2
24 Apr 2026₹2
29 Apr 2026₹2
30 Apr 2026₹2
8 May 2026₹2
15 May 2026₹2
22 May 2026₹2
29 May 2026₹2
4 Jun 2026₹2
5 Jun 2026₹2
9 Jun 2026₹2
10 Jun 2026₹2
12 Jun 2026₹2
17 Jun 2026₹2
19 Jun 2026₹2
24 Jun 2026₹2
25 Jun 2026₹2
1 Jul 2026₹2
3 Jul 2026₹2
10 Jul 2026₹2
17 Jul 2026₹2
24 Jul 2026₹2
31 Jul 2026₹2
7 Aug 2026₹2
14 Aug 2026₹2
21 Aug 2026₹2
28 Aug 2026₹2
4 Sep 2026₹2
11 Sep 2026₹2
18 Sep 2026₹2
25 Sep 2026₹2
1 Oct 2026₹2
9 Oct 2026₹2
16 Oct 2026₹2
23 Oct 2026₹2
30 Oct 2026₹3
Top: P/E each week. Below: earnings per share, trailing twelve months, leaving out one-off items, a step line that moves once a quarter; 2 years of history; short peaks above 597× are drawn at the top edge.

PEG 1.20: above 1.0, so the P/E is bigger than the earnings growth rate

  • PEG 1.20×
  • PEG = 1.0 1.00×
PEG 1.20: above 1.0, so the P/E is bigger than the earnings growth rate
QuarterPEGPEG = 1.0
Q1 FY260.99×1.00×
Q2 FY262.28×1.00×
Q3 FY261.01×1.00×
Q4 FY261.18×1.00×
Q1 FY271.20×1.00×
Q2 FY271.20×1.00×
PEG each quarter: the P/E divided by the yearly growth rate of earnings. The flat line marks 1.0. Below it the P/E is smaller than the growth rate; above it the P/E is bigger. Last 6 quarters.
149.4×P/E · lower than 98% of its last 2 years
1.72PEG · today, derived from 3-year earnings growth

Why the multiple is where it is: over the past year earnings per share moved −6.0% while the price moved −2.8%. The price did better than earnings, which pushed the multiple up within its own range.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Is the Delhivery business getting better or worse?

Delhivery Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Growth year by year: revenue +17.6% in FY26, profit −5.6%

  • Revenue growth 17.6%
Growth year by year: revenue +17.6% in FY26, profit −5.6%
QuarterRevenue growth
FY19–
FY2068.1%
FY2131.1%
FY2288.7%
FY235%
FY2412.7%
FY259.7%
FY2617.6%

Profit growth, EPS growth

  • Profit growth −5.6%
  • EPS growth −6%
Profit growth, EPS growth
QuarterProfit growthEPS growth
FY19––
FY20––
FY21––
FY22––
FY23––
FY24––
FY25––
FY26−5.6%−6%
Growth on the year before, each year, %. Top: revenue. Below: net profit and earnings per share, on their own scale because profit growth swings much more. Zero line drawn.

Three growth lines over twelve quarters: revenue accelerating, profit rolling over

  • Revenue 23.7%
Three growth lines over twelve quarters: revenue accelerating, profit rolling over
QuarterRevenue
Dec 20236.6%
Mar 202412.7%
Jun 202413.1%
Sep 202414.2%
Dec 202411.2%
Mar 20259.7%
Jun 20258%
Sep 20259.2%
Dec 202511.7%
Mar 202617.6%
Jun 202623.1%
Sep 202623.7%

Profit, EPS

  • Profit −64.8%
  • EPS 32.8%
Profit, EPS
QuarterProfitEPS
Dec 2023––
Mar 2024––
Jun 2024––
Sep 2024––
Dec 2024108.3%–
Mar 2025––
Jun 202568.5%–
Sep 2025−300%300%
Dec 202560%300%
Mar 2026−1.4%−6.4%
Jun 2026−64.8%−52.8%
Sep 2026–32.8%
Growth on a year earlier, % at each quarter end. Top: revenue. Below: profit and earnings per share, on their own scale because they swing much more. Each is measured over the last 12 months. Where the 12-month history is short, the line uses single-quarter growth instead, which is noisier; extreme jumps from a tiny base are evened out before reading. Extreme jumps from a tiny base are drawn at the edge (▲). A gap means there is no reading for that quarter.

ROCE: the return line, worked out each quarter

  • ROCE 2.8%
ROCE: the return line, worked out each quarter
QuarterROCE
Dec 2023−2.7%
Mar 2024−1.6%
Jun 20240%
Sep 20241.2%
Dec 20241.3%
Mar 20252.7%
Jun 20253.2%
Sep 20252.6%
Dec 20252.7%
Mar 20262.7%
Jun 20262.1%
Sep 20262.8%
Operating profit over the last 12 months (before interest and tax) as a share of average capital employed (total assets minus current liabilities), %.
RisingRevenue growth · latest +23.7%, range +6.6% to +23.7%
Stuck lowROCE · latest 2.8%, range −2.7% to 3.2%

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Compound annual growth rate (%)
Measure1yr3yr5yr10yr
Revenue+17.6%+13.3%+23.6%—
Profit−5.6%———
EPS−6.0%———
Share price−2.8%+1.3%——
+19.8%Revenue growth (Sep 2026) · latest quarter against a year ago
30.2%Revenue, 7 years · yearly growth over the long run

What is the Delhivery story, and has it been checked?

Delhivery Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: EARLY PROFIT INFLECTION.

NOT YET CHECKED

From the price. Price stage 4, week 3, below its 200-day line, relative strength falling.

The test written in advance. Fuel and labor cost inflation. Measured by: Fuel and labor cost inflation PTL gross margin and transport adjusted EBITDA margin after fuel-price changes by the next result.

The test written in advance. Management guidance volatility. Measured by: Management guidance volatility Whether Q1-Q2 FY27 new-business losses stay within the Rs 130-160 crore annual spending envelope by the next result.

What the company does. FY26 revenue rose to Rs 10,508 crore while operating profit expanded to Rs 640 crore, lifting full-year OPM to 6% from 4% in FY25. The latest Tijori call highlights FY26 free cash flow of Rs 89 crore, 1 billion Express parcels, 2 million PTL tons, and ROIC improving to 16%.

The key numbers to watch, and the level that would change the picture

The key numbers to watch, and the level that would change the picture
MeasureNowWhy it matters
Operating leverage and FCF inflectionHIGHFY26 revenue grew while OPM moved to 6%, and Tijori's latest call summary says free cash flow turned positive at Rs 89 crore.
Express share gain with margin band intactHIGHExpress delivered 1 billion FY26 parcels and the latest call still anchors normalized EBITDA margin in the 16-18% range.
PTL margin expansionHIGHPTL reached 2 million FY26 tons and management sees a path from 13-14% adjusted EBITDA margin toward 18%.
SCS profitability resetMEDIUMSupply Chain Solutions moved to a 10.9% FY26 service EBITDA margin after exiting weak contracts.

Everything further down this page is evidence for or against these.

The numbersearly profit inflectionFY26-Q2 to FY27-Q1
The pricefalling, below the 200-day averageFY26-Q2 to FY27-Q1

FY26-Q2FY27-Q1

  • 1 · Operating leveragebuilding
  • 2 · Value-added mixbuilding
  • 3 · Management changebuilding
  • 4 · Paying down debtbuilding
  • 5 · Regulatory approvalquiet
  • 6 · Order-book winsquiet
  • 7 · Consolidationquiet
  • 8 · Demerger or value unlockquiet
  • 9 · Buybackquiet
  • 10 · New geographiesquiet
  • 11 · More business from existing customersquiet
  • 12 · New product launchquiet
  • 13 · Mandatory normsquiet
  • 14 · A bigger market to servequiet
  • 15 · Market-share gainsquiet
  • 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. FY26 revenue grew while OPM moved to 6%, and Tijori's latest call summary says free cash flow turned positive at Rs 89 crore. What proves it keeps working: Operating leverage and FCF inflection.

Lever 2 · Value-added mix: building. Express delivered 1 billion FY26 parcels and the latest call still anchors normalized EBITDA margin in the 16-18% range. What proves it keeps working: Express share gain with margin band intact.

Lever 3 · Management change: building. PTL reached 2 million FY26 tons and management sees a path from 13-14% adjusted EBITDA margin toward 18%. What proves it keeps working: PTL margin expansion.

Lever 4 · Paying down debt: building. Supply Chain Solutions moved to a 10.9% FY26 service EBITDA margin after exiting weak contracts. What proves it keeps working: SCS profitability reset.

Sources: our stock research file (17 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

The whole page in one table. Each row links to its section.
SectionWhere it is nowThe one thing to watch next
Margin6%Operating leverage and FCF inflection
Ownershipsee the sectionPTL margin expansion
Debtsee the sectionSCS profitability reset

Did Delhivery management deliver what it promised?

What Delhivery Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Revenue Scale and Quarterly Financials Do Not Reconcile · 30 October 2026. In Aug 2026, management reported nearly Rs.3000 Cr of Q1FY27 revenue and Rs.156 Cr of EBITDA, after reporting Rs.2,848 crores of Q4FY26 revenue in May 2026. The Oct 2026 call instead presents only 253 crores of total income and 51 crores of EBITDA for Q2 FY27, creating a material apparent scale discontinuity that is not explained, even allowing for differences in metric labels.

Core Business Definition Has Fundamentally Changed · 30 October 2026. The May and Aug 2026 calls described the core business as an integrated transport network centered on express parcels and PTL, with supply chain services as a separate business. The Oct 2026 call instead centers the business model on solving truck operators' problems and identifies loads and vehicle finance as the growth businesses, without explaining a divestiture, reclassification or strategic pivot.

Delhivery Local and Direct Priority Replaced by Superloads · 30 October 2026. In Aug 2026, management called Delhivery Local the largest and fastest-growing new-initiative opportunity, making it a central part of the FY27 growth and thesis. In Oct 2026, management instead emphasized increased spending on Superloads, while Local and Direct were not discussed, representing an unexplained reprioritization of a previously identified primary growth pillar.

Express Volume Guidance Raised · 8 August 2026. In Jan 2026, management indicated that 15-20% Express volume growth was an acceptable outlook. In Aug 2026, management referred to a materially higher 20-30% range and said performance was tracking toward its upper end, without clearly reconciling the change with the prior outlook.

Every quote above is taken word for word from the company’s own earnings calls.

What is Delhivery management's track record?

Delhivery has demonstrated high guidance reliability, successfully transitioning to full-year profit profitability in FY25 (₹162 Cr) as previously messaged to markets. For FY26, management set specific margin goals of 16-18% for Express Parcel and double-digit for Part Truckload (PTL); actual October to December 2025 results hit 18.1% and 11% respectively, meeting or exceeding the guided range. Revenue growth has shown a positive delta, accelerating from 10% on a year earlier in FY25 to 18% on a year earlier in October to December 2025, supported by a 43% surge in express volumes.

Regulatory and governance record

Delhivery Ltd maintains a clean regulatory profile with no SEBI, CBI, or ED enforcement actions or promoter fraud allegations found for the 2024-2026 period. In January 2026, the company successfully overturned a ₹1.37 crore income tax penalty originally imposed in June 2025 for FY 2015-16. The company is actively litigating against external fraud; in January 2026, the Delhi High Court granted an interim injunction in favor of Delhivery against 'John Doe' entities running fake franchise scams. Its 2025 acquisition, Ecom Express, faced a minor GST penalty of ₹1.31 crore for historical discrepancies, which management deemed non-material. Routine SEBI compliance filings (Regulation 30/74) confirm ongoing adherence to listing norms.

Checked 20 April 2026.

How much does Delhivery earn on its capital?

Delhivery Ltd earned a ROCE of 1% in FY26. That is up from a low of −17% in FY22. Its return on capital used (ROIC) is 11.8 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 1.5% net margin and 0.82× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 1.5% net margin × 0.82× asset turnover × 1.32× leverage (assets divided by equity) ≈ 1.6% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 0.2% − 12.0% = −11.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

FY26: ROCE 1%, the climb back from FY22's −17%

  • ROCE 1%
  • Cost of capital 12%
FY26: ROCE 1%, the climb back from FY22's −17%
QuarterROCECost of capital
FY20−7%12%
FY21−8%12%
FY22−17%12%
FY23−11%12%
FY24−2%12%
FY252%12%
FY261%12%
Return on capital employed each year, % (line). 7-year window, low years included. The flat line is the 12.0% cost of capital used on this page.

Q2 FY27: ROCE 0.7% (last 12 months) against a 12.0% cost of capital

  • ROCE (12 months) 0.7%
  • ROIC (12 months) −0.5%
  • Cost of capital 12.0%
Q2 FY27: ROCE 0.7% (last 12 months) against a 12.0% cost of capital
QuarterROCE (12 months)ROIC (12 months)Cost of capital
Q3 FY24–−2.4%12%
Q4 FY24−5.9%−0.5%12%
Q1 FY25–−2.2%12%
Q2 FY25−3.1%−0.3%12%
Q3 FY25–−0.9%12%
Q4 FY25−1.5%−0.5%12%
Q1 FY26–−0.3%12%
Q2 FY26−1.5%0%12%
Q3 FY26–−1.3%12%
Q4 FY26−0.5%0.2%12%
Q1 FY27–0.4%12%
Q2 FY270.7%−0.5%12%
ROCE and ROIC over the last 12 months, each quarter, %; the flat line is the cost of capital. Last 12 quarters, lined up with the yearly figure.

Does Delhivery have too much debt?

Delhivery Ltd has total debt of ₹1,465 Cr against shareholder equity of ₹9,816 Cr as of Sep 2026, so its debt is 0.15× its equity, which is very little. Year by year, that ratio went from 0.18 in FY22 to 0.15 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Why this happened. SCS has changed from a growth-at-any-cost business into a selective profitability lever. The latest call summary says FY26 SCS revenue was Rs 729 crore with service EBITDA of Rs 79 crore and a 10.9% margin. If new mandates meet internal hurdle rates, SCS can add earnings without consuming disproportionate capital.

FY26: debt ₹1,463 Cr, 0.15× equity

  • Total debt ₹1,463
FY26: debt ₹1,463 Cr, 0.15× equity
QuarterTotal debt
FY22₹1,102
FY23₹923
FY24₹1,169
FY25₹1,422
FY26₹1,463

Debt-to-equity

  • Debt-to-equity 0.15×
Debt-to-equity
QuarterDebt-to-equity
FY220.18×
FY230.10×
FY240.13×
FY250.15×
FY260.15×
Top: total debt each year, ₹ Cr. Below: debt-to-equity, ×. 5-year window.

Sep 2026: debt ₹1,465 Cr, debt-to-equity 0.15

  • Total debt (quarterly) ₹1,465
Sep 2026: debt ₹1,465 Cr, debt-to-equity 0.15
QuarterTotal debt (quarterly)
Dec 2023₹913
Mar 2024₹1,169
Jun 2024₹1,169
Sep 2024₹1,363
Dec 2024₹1,363
Mar 2025₹1,422
Jun 2025₹1,422
Sep 2025₹1,642
Dec 2025₹1,642
Mar 2026₹1,463
Jun 2026₹1,463
Sep 2026₹1,465

Debt-to-equity

  • Debt-to-equity 0.15×
Debt-to-equity
QuarterDebt-to-equity
Dec 20230.10×
Mar 20240.13×
Jun 20240.13×
Sep 20240.15×
Dec 20240.15×
Mar 20250.15×
Jun 20250.15×
Sep 20250.17×
Dec 20250.17×
Mar 20260.15×
Jun 20260.15×
Sep 20260.15×
Top: total debt each quarter, ₹ Cr. Below: debt-to-equity, ×. Last 12 quarters. Indian companies report the full balance sheet every six months, so the quarter in between repeats the last reading.

Watch next

Metric
SCS profitability reset
Threshold
TTM PAT growth and ROE progression versus PE compression
Which result
the next result

What is the Delhivery shareholding pattern?

Domestic institutions raised their stake in Delhivery Ltd by 17.4 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 46.0% of the company. Foreign institutions moved −15.5 points over the same period, to 39.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why this happened. PTL reached 2 million FY26 tons and management sees a path from 13-14% adjusted EBITDA margin toward 18%.

Why the owners changed: foreign institutions moved −15.5 points and domestic institutions +17.4 points over 8 quarters. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.

Year ends: domestic institutions +16.7 points from Mar 2024 to Mar 2026

  • Foreign inst. 48.23%
  • Domestic inst. 36.27%
  • Public 15.51%
Year ends: domestic institutions +16.7 points from Mar 2024 to Mar 2026
QuarterForeign inst.Domestic inst.Public
Mar 202463.63%19.62%16.73%
Mar 202551.99%30.04%17.99%
Mar 202648.23%36.27%15.51%
Shareholding at each year end (March quarter), % of the company. 3 year ends on file.

Domestic institutions raised their stake by 17.4 points over 8 quarters

  • Foreign inst. 39.54%
  • Domestic inst. 45.95%
  • Public 14.51%
Domestic institutions raised their stake by 17.4 points over 8 quarters
QuarterForeign inst.Domestic inst.Public
Sep 202365.5%14.68%19.81%
Dec 202362.71%17.02%20.27%
Mar 202463.63%19.62%16.73%
Jun 202461.16%22.03%16.81%
Sep 202455.02%28.56%16.41%
Dec 202453.75%28.99%17.27%
Mar 202551.99%30.04%17.99%
Jun 202552.95%29.6%17.46%
Sep 202551.65%32.05%16.3%
Dec 202548.57%34.98%16.43%
Mar 202648.23%36.27%15.51%
Jun 202641.93%43.07%15%
Sep 202639.54%45.95%14.51%
Shareholding by owner group, % of the company, each quarter, last 13 quarters.

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How far is Delhivery from balance-sheet trouble?

For Delhivery Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

How does Delhivery rank in its industry?

40.9 out of 100, rank 7 of 8 in Logistics - Warehousing/Supply Chain, with 74% of the evidence available.

Delhivery Ltd scores 40.9 out of 100 against the 8 companies it is compared with in Logistics - Warehousing/Supply Chain, ranking 7. Earnings are strong; relative strength in its sector is -4.5% and the one-year return is -17.2%.

The four parts add up to the total exactly: 24.6 + 4.8 + 8.5 + 3 = 40.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Which companies is Delhivery compared with?

Delhivery ranks 7 of 8 Logistics - Warehousing/Supply Chain companies on the 4-Factor Sector Score, with 40.9 out of 100.

  1. 1VRL Logistics LtdVRLLOG · leader · Most evidence points up · 96% evidence75.0out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 19.3/35 · Revenue 5.6% · Profit 22.4% · Operating margin change 1 points · 88% evidenceCapital efficiency 20.4/25 · ROCE 18.3% · Operating margin 21% · 100% evidenceValuation 19.5/20 · P/E 17× · PEG 0.6 · 100% evidenceRelative strength 15.8/20 · Lead over its industry 6.6% · Lead over NIFTY 500 3.3% · 1 year -7.1% · 100% evidence · 12 of 12 weeks aheadExact sum: 19.3 + 20.4 + 19.5 + 15.8 = 75 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  2. 2Navkar Corporation LtdNAVKARCORP · quiet · Evidence leans up · 85% evidence59.5out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 28.0/35 · Revenue 50.3% · Profit 100% · Operating margin change 0 points · 100% evidenceCapital efficiency 11.1/25 · ROCE 3.1% · Operating margin 15% · 100% evidenceValuation 12.9/20 · P/E 23.7× · PEG 0.85 · 100% evidenceRelative strength 7.5/20 · Lead over its industry — · Lead over NIFTY 500 -18.7% · 1 year -36.9% · 25% evidence · 0 of 12 weeks aheadExact sum: 28 + 11.1 + 12.9 + 7.5 = 59.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  3. 3Allcargo Logistics LtdALLCARGO · breaking out · Evidence leans up · 64% evidence55.8out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 21.0/35 · Revenue 5.3% · Profit 87.5% · Operating margin change 3 points · 62% evidenceCapital efficiency 10.7/25 · ROCE 4.8% · Operating margin 13% · 76% evidenceValuation 10.2/20 · P/E 30.2× · PEG — · 15% evidenceRelative strength 13.9/20 · Lead over its industry 1.6% · Lead over NIFTY 500 -1.7% · 1 year -22.7% · 100% evidence · 12 of 12 weeks aheadExact sum: 21 + 10.7 + 10.2 + 13.9 = 55.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  4. 4Mahindra Logistics LtdMAHLOG · turning · Evidence leans up · 67% evidence55.1out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 19.0/35 · Revenue 20.3% · Profit 100% · Operating margin change 1 points · 71% evidenceCapital efficiency 7.3/25 · ROCE 7.4% · Operating margin 6% · 76% evidenceValuation 9.8/20 · P/E 53.8× · PEG — · 15% evidenceRelative strength 19.0/20 · Lead over its industry 20.1% · Lead over NIFTY 500 16.2% · 1 year 16.3% · 100% evidence · 11 of 12 weeks aheadExact sum: 19 + 7.3 + 9.8 + 19 = 55.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  5. 5TCI Express LtdTCIEXP · quiet · Evidence leans down · 81% evidence49.9out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 8.1/35 · Revenue 5.2% · Profit 0% · Operating margin change 0 points · 88% evidenceCapital efficiency 14.2/25 · ROCE 13.8% · Operating margin 10% · 100% evidenceValuation 18.2/20 · P/E 22× · PEG 0.99 · 100% evidenceRelative strength 9.4/20 · Lead over its industry — · Lead over NIFTY 500 -6% · 1 year -29.1% · 25% evidence · 4 of 12 weeks aheadExact sum: 8.1 + 14.2 + 18.2 + 9.4 = 49.9 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far.
  6. 6TVS Supply Chain Solutions LtdTVSSCS · quiet · Evidence leans down · 64% evidence42.7out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 15.3/35 · Revenue 16.9% · Profit 24.1% · Operating margin change 0 points · 88% evidenceCapital efficiency 9.6/25 · ROCE 10.1% · Operating margin 7% · 100% evidenceValuation 9.4/20 · P/E 65.2× · PEG — · 15% evidenceRelative strength 8.4/20 · Lead over its industry — · Lead over NIFTY 500 -7.5% · 1 year -18.9% · 25% evidence · 3 of 12 weeks aheadExact sum: 15.3 + 9.6 + 9.4 + 8.4 = 42.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  7. 7Delhivery Ltd this pageDELHIVERY · basing · Evidence leans down · 74% evidence40.9out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 24.6/35 · Revenue 23.6% · Profit 33.1% · Operating margin change 4.3 points · 74% evidenceCapital efficiency 4.8/25 · ROCE 1% · Operating margin 7% · 100% evidenceValuation 8.5/20 · P/E 138× · PEG — · 15% evidenceRelative strength 3.0/20 · Lead over its industry -4.5% · Lead over NIFTY 500 -7.4% · 1 year -17.2% · 100% evidence · 0 of 12 weeks aheadExact sum: 24.6 + 4.8 + 8.5 + 3 = 40.9 · What this means: Earnings are strong; relative strength in its sector is -4.5% and the one-year return is -17.2%.
  8. 8Snowman Logistics LtdSNOWMAN · quiet · Evidence leans down · 74% evidence40.3out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 17.0/35 · Revenue 6.8% · Profit 100% · Operating margin change 1.8 points · 74% evidenceCapital efficiency 11.2/25 · ROCE 3.6% · Operating margin 14.7% · 100% evidenceValuation 8.9/20 · P/E 88.7× · PEG — · 15% evidenceRelative strength 3.2/20 · Lead over its industry -6.9% · Lead over NIFTY 500 -9.8% · 1 year -35.6% · 100% evidence · 0 of 12 weeks aheadExact sum: 17 + 11.2 + 8.9 + 3.2 = 40.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Logistics - Warehousing/Supply Chain, all 8 compared on one page.

Which companies are close to Delhivery in size?

Delhivery is the largest of 8 Logistics - Warehousing/Supply Chain companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: TVS Supply Chain Solutions, VRL Logistics, Mahindra Logistics, TCI Express, Allcargo Logistics and Navkar Corporation.

Logistics - Warehousing/Supply Chain companies close in size

  1. Delhivery Ltd ₹28,932 crore
  2. TVS Supply Chain Solutions Ltd ₹4,619 crore
  3. VRL Logistics Ltd ₹4,547 crore
  4. Mahindra Logistics Ltd ₹4,090 crore
  5. TCI Express Ltd ₹1,849 crore
  6. Allcargo Logistics Ltd ₹1,387 crore
  7. Navkar Corporation Ltd ₹1,124 crore

All 8 Logistics - Warehousing/Supply Chain companies, largest first

Companies close in size in other industries

  1. Cochin Shipyard Ltd ₹29,312 crore · Ship - Docks/Breaking/Repairs
  2. Inventurus Knowledge Solutions Ltd ₹29,248 crore · IT Enabled Services/Business Process Outsourcing
  3. Delhivery Ltd ₹28,932 crore
  4. Escorts Kubota Ltd ₹28,824 crore · Auto - Tractors
  5. Housing & Urban Development Corporation Ltd ₹28,641 crore · Finance - Housing

What else do people ask about Delhivery?

What is Delhivery's share price today?

Delhivery Ltd's share price is ₹418.00, −2.8% over the past year. The whole company is worth ₹31,331 Cr on the market.

In the last 52 weeks it traded between ₹370 to ₹520; today it is 32% of the way up from the low, 4.4% below its 200-day average (as of 4 November 2026).

What were Delhivery's latest quarterly results?

Delhivery Ltd reported revenue of ₹3,066 Cr and net profit of ₹41.0 Cr for the Sep 2026 quarter. Earnings per share were ₹0.54. The operating margin was 7.0%, 4.3 percentage points higher than a year earlier (as of 4 November 2026).

What is Delhivery's market cap?

Delhivery Ltd's market capitalisation is ₹31,331 Cr at a share price of ₹418.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026).

How is Delhivery performing?

Delhivery Ltd's share price has been falling for 3 weeks. Over the past 13 weeks it has done worse than the NIFTY 500, for 10 weeks running. This describes what the data did, not a rating (as of 4 November 2026).

Will Delhivery's share price go up?

This page does not forecast Delhivery Ltd's share price. What it shows instead: the share price is ₹418.00, and it has been falling for 3 weeks. Its P/E of 149.4× is higher than 2% of its own last 2 years (as of 4 November 2026).

Does Delhivery have too much debt?

No, Delhivery Ltd has little debt: its debt is 0.15× its equity, and its operating profit is 4 times its interest bill. FY26 borrowings were ₹1,463 Cr against equity of ₹9,687 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026).

Where is Delhivery in its business cycle?

Delhivery Ltd's FY26 operating margin was 6.0%, against a 8-year range of −98.0% to 6.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 7.0%.

Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026).

What could break the Delhivery story?

The main question: foreign institutions moved −15.5 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026).

Is Delhivery a stock worth studying right now?

What the numbers show: Delhivery Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the owners’ moves turn back in line with the business.

Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026).

Is there a Delhivery share price forecast for 2026?

What management itself guided: Vehicle finance to reach operating profit break-even this year and remains on track. What is changing at Delhivery, from the latest results and calls: operating leverage and free cash flow inflection, express share gain with margin band intact and ptl margin expansion.

What would change the story: The latest Q&A flagged a ₹3 pump-price increase and labor-code related overhead pressure.

Where does this page get Delhivery's management information?

From Delhivery's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results.

Where do these numbers come from?

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.

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