
Transport Services
Size: Market Cap wise it is among the top 20% companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Balance Sheet: Strong Balance Sheet.
Technicals: Bullish SharesGuru indicator.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Dividend: Stock hasn't been paying any dividend.
Momentum: Stock has a weak negative price momentum.
Past Returns: In past three years, the stock has provided 5.7% return compared to 11.8% by NIFTY 50.
Valuation | |
|---|---|
| Market Cap | 31.04 kCr |
| Price/Earnings (Trailing) | 224.49 |
| Price/Sales (Trailing) | 3.15 |
| EV/EBITDA | 37.11 |
| Price/Free Cashflow | 396.4 |
| MarketCap/EBT | 255.48 |
| Enterprise Value | 32.33 kCr |
Fundamentals | |
|---|---|
| Revenue (TTM) | 9.86 kCr |
| Rev. Growth (Yr) | 14.8% |
| Earnings (TTM) | 138.1 Cr |
| Earnings Growth (Yr) | -594.8% |
Profitability | |
|---|---|
| Operating Margin | 1% |
| EBT Margin | 1% |
| Return on Equity | 1.45% |
| Return on Assets | 1.09% |
| Free Cashflow Yield | 0.25% |
Growth & Returns | |
|---|---|
| Price Change 1W | 1.5% |
| Price Change 1M | -3.3% |
| Price Change 6M | 16.1% |
| Price Change 1Y | 11.9% |
| 3Y Cumulative Return | 5.7% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) | -103.61 Cr |
| Cash Flow from Operations (TTM) | 567.36 Cr |
| Cash Flow from Financing (TTM) | -432.27 Cr |
| Cash & Equivalents | 355.46 Cr |
| Free Cash Flow (TTM) | 84.18 Cr |
| Free Cash Flow/Share (TTM) | 1.13 |
Balance Sheet | |
|---|---|
| Total Assets | 12.7 kCr |
| Total Liabilities | 3.17 kCr |
| Shareholder Equity | 9.53 kCr |
| Current Assets | 4.96 kCr |
| Current Liabilities | 1.74 kCr |
| Net PPE | 3.02 kCr |
| Inventory | 30.42 Cr |
| Goodwill | 2.31 kCr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.13 |
| Debt/Equity | 0.17 |
| Interest Coverage | -0.13 |
| Interest/Cashflow Ops | 5.31 |
Dividend & Shareholder Returns | |
|---|---|
| Shares Dilution (1Y) | 1% |
| Shares Dilution (3Y) | 3% |
Summary of Delhivery's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
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Management's outlook for Delhivery is optimistic, highlighting a quarter of significant growth and operational success. For Q2 FY26, the company's revenue from services reached approximately Rs.2,546 crores, reflecting a substantial 16% year-over-year growth and an 11% sequential increase. EBITDA for the quarter stood at Rs.150 crores, translating to a margin of 5.9%, a notable increase from Rs.57 crores during the same quarter last year.
Key performance indicators include a 32% year-on-year growth in express parcel shipments, totaling 246 million shipments, and profitability, with a PAT of Rs.59 crores, marking a significant rise from Rs.10 crores last year. Cash reserves are healthy at Rs.4,200 crores, providing a strong foundation for future growth.
Management also outlined expectations for the integration costs related to the Ecom Express acquisition, which should total around Rs.300 crores. So far, Rs.90 crores have been accounted for in Q2, with an expectation of remaining costs distributed without exceeding the original estimate.
The outlook for express parcel service EBITDA margins remains positive, projected between 16% and 18% by the end of 2026, driven by volume growth and the reduced necessity to pass on cost reductions to customers due to improved competitive positioning. Management emphasizes that they remain on track to achieve these targets without solely relying on market growth, which is anticipated to range between 15% to 20%.
In terms of strategic initiatives, Delhivery is investing in rapid commerce and on-demand intercity services, with an investment of Rs.15 crores planned for these new ventures. Overall, management believes they are well-positioned for sustained growth, profitability, and successful integration of recent acquisitions, setting a strong tone heading into Q3 and beyond.
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Here are the summarized questions and answers from the Q&A section of the earnings call transcript:
Question: Can you elaborate on express parcel margins? Answer: Our normative margins in the express business remain 16% to 18%. With the Ecom Express acquisition, we expect incremental margins to potentially exceed 18%. However, Q2 margins remained constrained due to some shifted volumes and initial September costs. Over the next 24 months, with ongoing growth, we anticipate improving margins, likely reaching the 18% range and possibly beyond as we gain volume scale.
Question: Could you clarify the Rs. 300 crore integration cost envelope? Answer: The Rs. 300 crores was based on our initial assessments of real estate and integration needs. We've incurred Rs. 90 crores this quarter and expect about Rs. 100-110 crores more over the next two quarters. We now believe total integration costs will be lower than anticipated due to faster than expected consolidation of Ecom's network.
Question: What has driven the increase in supply chain margins from 7.2% to 12.8%? Answer: This improvement is structural, resulting from significant operational process enhancements and technology use. We prioritized profitability over growth, allowing us to invest in efficiency that has led to gear improvements in our supply chain services, boosting margins significantly over last year and optimizing performance.
Question: Is there an increase in demand post-GST cuts? Answer: Yes, we noted some positive impact on consumer demand due to GST cuts, especially in sectors like consumer durables during the festive period. However, the impact varies, with a notable uptick in certain categories amid overall increased volumes.
Question: What is the expected market growth rate for express parcel beyond this year? Answer: We expect the express market to grow at a rate of 15-20%. Delhivery aims to outpace that due to our improved cost structure and the reduced competitive intensity from acquisitions, allowing us to gain market share beyond general industry growth.
Question: What about PTL growth targets? Answer: Despite H1 achieving around 15% growth impacted by GST shifts, we anticipate returning to about 20% growth for the year, especially as the January-March period traditionally sees a surge in shipments. Our focus remains on improving yield while achieving that volume growth.
Question: How should we interpret current express parcel volume versus peak volumes? Answer: The daily average may seem lower due to fluctuations in shipment volume on different weekdays. High volumes are typical on Mondays while lower on weekends, making the network's capacity planning efficient without significant slack impacting profitability or costs.
Question: How does the market share look after acquiring Ecom Express? Answer: Our market share has increased from about 20% to around 27-30% following the Ecom acquisition. When excluding certain self-logistics competitors, our share could be over half the market, indicating strong growth and retention in our network.
Question: Is additional rent currently affecting your costs due to facilities from Ecom? Answer: Yes, we continue to incur some rent due to lock-in contracts; we expect most facilities to exit by the end of this financial year, alleviating this cost in future quarters.
This summary encapsulates key questions and responses while complying with your request for detail.
Understand Delhivery ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| Svf Doorbell (Cayman) Ltd | 8.81% |
| Sbi Equity Hybrid Fund | 6.41% |
| Mirae Asset Large & Midcap Fund | 5.68% |
| Hdfc Mutual Fund - Hdfc Mid-Cap Fund | 5.21% |
| Nexus Ventures Iii Limited | 4.49% |
| Fedex Express Transportation And Supply Chain Services (I) Pvt. Ltd. | 2.8% |
| Alpha Wave Ventures, Lp | 1.93% |
| Invesco India Focused Fund | 1.81% |
| Sahil Barua | 1.73% |
| Baillie Gifford Emerging Markets Equities Fund | 1.69% |
| The Master Trust Bank Of Japan, Ltd. As Trustee Of Hsbc India Infrastructure Equity Mother Fund | 1.6% |
| Steadview Capital Opportunities Pcc Cell 0221 009 | 1.52% |
| Suraj Saharan | 1.42% |
| Sundaram Mutual Fund A/C Sundaram Mid Cap Fund | 1.26% |
| Franklin India Focused Equity Fund | 1.11% |
| Invesco Asian Equity Fund | 1.09% |
| Vanguard Total International Stock Index Fund | 1.05% |
Distribution across major stakeholders
Distribution across major institutional holders
Detailed comparison of Delhivery against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| BLUEDART | Blue Dart Express | 12.86 kCr | 5.96 kCr | -12.90% | -30.30% | 48.29 | 2.16 | - | - |
| TCI | Transport Corp of India | 8.05 kCr | 4.72 kCr | -7.70% | -17.20% | 18.6 | 1.71 | - | - |
| MAHLOG | Mahindra Logistics | 3.23 kCr | 6.49 kCr | -4.80% | -15.90% | -66.72 | 0.5 | - | - |
| ALLCARGO | Allcargo Logistics | 1.23 kCr | 16.24 kCr | -64.40% | -77.40% | 35.83 | 0.08 | - | - |
Comprehensive comparison against sector averages
DELHIVERY metrics compared to Transport
| Category | DELHIVERY | Transport |
|---|---|---|
| PE | 215.16 | -394.64 |
| PS | 3.02 | 1.53 |
| Growth | 8.2 % | 7.2 % |
Delhivery Limited provides supply chain solutions to e-commerce marketplaces, direct-to-consumer e-tailers, enterprises, FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing industries in India. The company offers logistics services, including express parcel delivery, heavy goods delivery, part truckload freight, truckload freight, warehousing supply chain solutions, cross-border express, and freight services; supply chain software; and e-commerce return services, payment collection and processing, and fraud detection services. Delhivery Limited was incorporated in 2011 and is based in Gurugram, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
DELHIVERY vs Transport (2023 - 2025)