# Delhivery share price today (Delhivery Ltd, NSE: DELHIVERY)

> 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. > Delhivery Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. DELHIVERY · Logistics - Warehousing/Supply Chain · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/delhivery-ltd

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## Key numbers

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

The main question: foreign institutions moved −15.5 percentage points over 8 quarters while the business went the other way. ## 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. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 10 weeks running. 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹3,066 crore | ₹2,559 crore | +19.8% |
| Profit | ₹41.0 crore | loss of ₹50.0 crore | n/a |
| Earnings per share | ₹0.54 | ₹−0.67 | n/a |
| Operating margin | 7.0% | 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

| When | Close | Change 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](https://files.tijoristack.ai/concall/transcript/46055-30-Oct-2026.pdf). (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. - 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. [Small & mid cap stocks Size rank in India: 278](https://www.sectoralpha.in/small-cap-stocks-india)

## 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. For the full year, FY26 profit was ₹153 Cr (−5.6% on the year 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. The last four reported quarters add to ₹11,652 Cr. FY26 revenue was ₹10,508 Cr, +17.6% on the year 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. 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-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. ## 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. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. 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. 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. 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. 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. 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. 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. 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. ## 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. Our read, 17 May 2026. From the numbers. From the price. Price stage 4, week 3, below its 200-day line, relative strength falling. From the research. Where they disagree. What is proven. What is not proven yet. The test written in advance. 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%. 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. ## 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. 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. ## 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. 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. ## 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. 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. ## 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. ## 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. [VRL Logistics Ltd](https://www.sectoralpha.in/stocks/vrl-logistics-ltd) VRLLOG · leader · Most evidence points up · 96% evidence 75.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Revenue 5.6% · Profit 22.4% · Operating margin change 1 points · 88% evidence Capital efficiency 20.4/25 · ROCE 18.3% · Operating margin 21% · 100% evidence Valuation 19.5/20 · P/E 17× · PEG 0.6 · 100% evidence Relative 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 ahead Exact 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. [Navkar Corporation Ltd](https://www.sectoralpha.in/stocks/navkar-corporation-ltd) NAVKARCORP · quiet · Evidence leans up · 85% evidence 59.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.0/35 · Revenue 50.3% · Profit 100% · Operating margin change 0 points · 100% evidence Capital efficiency 11.1/25 · ROCE 3.1% · Operating margin 15% · 100% evidence Valuation 12.9/20 · P/E 23.7× · PEG 0.85 · 100% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -18.7% · 1 year -36.9% · 25% evidence · 0 of 12 weeks ahead Exact 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. [Allcargo Logistics Ltd](https://www.sectoralpha.in/stocks/allcargo-logistics-ltd) ALLCARGO · breaking out · Evidence leans up · 64% evidence 55.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 5.3% · Profit 87.5% · Operating margin change 3 points · 62% evidence Capital efficiency 10.7/25 · ROCE 4.8% · Operating margin 13% · 76% evidence Valuation 10.2/20 · P/E 30.2× · PEG n/a · 15% evidence Relative 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 ahead Exact 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. [Mahindra Logistics Ltd](https://www.sectoralpha.in/stocks/mahindra-logistics-ltd) MAHLOG · turning · Evidence leans up · 67% evidence 55.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.0/35 · Revenue 20.3% · Profit 100% · Operating margin change 1 points · 71% evidence Capital efficiency 7.3/25 · ROCE 7.4% · Operating margin 6% · 76% evidence Valuation 9.8/20 · P/E 53.8× · PEG n/a · 15% evidence Relative 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 ahead Exact 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. [TCI Express Ltd](https://www.sectoralpha.in/stocks/tci-express-ltd) TCIEXP · quiet · Evidence leans down · 81% evidence 49.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.1/35 · Revenue 5.2% · Profit 0% · Operating margin change 0 points · 88% evidence Capital efficiency 14.2/25 · ROCE 13.8% · Operating margin 10% · 100% evidence Valuation 18.2/20 · P/E 22× · PEG 0.99 · 100% evidence Relative strength 9.4/20 · Lead over its industry n/a · Lead over NIFTY 500 -6% · 1 year -29.1% · 25% evidence · 4 of 12 weeks ahead Exact 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. [TVS Supply Chain Solutions Ltd](https://www.sectoralpha.in/stocks/tvs-supply-chain-solutions-ltd) TVSSCS · quiet · Evidence leans down · 64% evidence 42.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.3/35 · Revenue 16.9% · Profit 24.1% · Operating margin change 0 points · 88% evidence Capital efficiency 9.6/25 · ROCE 10.1% · Operating margin 7% · 100% evidence Valuation 9.4/20 · P/E 65.2× · PEG n/a · 15% evidence Relative strength 8.4/20 · Lead over its industry n/a · Lead over NIFTY 500 -7.5% · 1 year -18.9% · 25% evidence · 3 of 12 weeks ahead Exact 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. Delhivery Ltd this page DELHIVERY · basing · Evidence leans down · 74% evidence 40.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.6/35 · Revenue 23.6% · Profit 33.1% · Operating margin change 4.3 points · 74% evidence Capital efficiency 4.8/25 · ROCE 1% · Operating margin 7% · 100% evidence Valuation 8.5/20 · P/E 138× · PEG n/a · 15% evidence Relative 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 ahead Exact 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. [Snowman Logistics Ltd](https://www.sectoralpha.in/stocks/snowman-logistics-ltd) SNOWMAN · quiet · Evidence leans down · 74% evidence 40.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Revenue 6.8% · Profit 100% · Operating margin change 1.8 points · 74% evidence Capital efficiency 11.2/25 · ROCE 3.6% · Operating margin 14.7% · 100% evidence Valuation 8.9/20 · P/E 88.7× · PEG n/a · 15% evidence Relative 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 ahead Exact 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](https://www.sectoralpha.in/sectors/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](https://www.sectoralpha.in/stocks/tvs-supply-chain-solutions-ltd) ₹4,619 crore
3. [VRL Logistics Ltd](https://www.sectoralpha.in/stocks/vrl-logistics-ltd) ₹4,547 crore
4. [Mahindra Logistics Ltd](https://www.sectoralpha.in/stocks/mahindra-logistics-ltd) ₹4,090 crore
5. [TCI Express Ltd](https://www.sectoralpha.in/stocks/tci-express-ltd) ₹1,849 crore
6. [Allcargo Logistics Ltd](https://www.sectoralpha.in/stocks/allcargo-logistics-ltd) ₹1,387 crore
7. [Navkar Corporation Ltd](https://www.sectoralpha.in/stocks/navkar-corporation-ltd) ₹1,124 crore

[All 8 Logistics - Warehousing/Supply Chain companies, largest first](https://www.sectoralpha.in/sectors/logistics-warehousing-supply-chain#all-companies)

### Companies close in size in other industries

1. [Cochin Shipyard Ltd](https://www.sectoralpha.in/stocks/cochin-shipyard-ltd) ₹29,312 crore · Ship - Docks/Breaking/Repairs
2. [Inventurus Knowledge Solutions Ltd](https://www.sectoralpha.in/stocks/inventurus-knowledge-solutions-ltd) ₹29,248 crore · IT Enabled Services/Business Process Outsourcing
3. Delhivery Ltd ₹28,932 crore
4. [Escorts Kubota Ltd](https://www.sectoralpha.in/stocks/escorts-kubota-ltd) ₹28,824 crore · Auto - Tractors
5. [Housing & Urban Development Corporation Ltd](https://www.sectoralpha.in/stocks/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. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

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