Arthneeti

Delhivery Q2 FY27 Share Price & Earnings Call Analysis

₹386.00-2.84% today
Market cap
₹28,887 Cr
P/E
242.17
ROE
-0.21%
PEG
9.45
Price to sales
2.60
Debt to equity
0.15
52W high / low
₹520 / ₹370
Sales growth (5Y)
23.57%
EBITDA margin
5.66%
Net profit margin
-0.20%
Sales (last year)
₹11,145 Cr

Delhivery provides a full range of Logistics services, including delivery of express parcels and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software. The company also offers value-added services such as e-commerce return services, payment collection and processing, installation & assembly services, and fraud detection.[1]

Guidance scorecard · Q2 FY27 call

What Delhivery Ltd's management guided
and where it ranks in Transport Services

#10of 31 in
Transport Services
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

20–40%
  • Q1FY27 showed strong growth despite challenges: overall revenue nearly Rs. 3000 Cr, up ~28% YoY; express volumes grew 55% YoY; PTL freight grew 18% YoY.
  • Express volume growth guidance for FY27 is 20-30%, with potential to be towards the upper end of this range based on early Q2 trends.
  • Delhivery expects sustained D2C volume growth at 40-45% YoY.
  • New initiatives such as Delhivery Direct are growing faster than planned; GMV currently ahead of plan at ~Rs. 150 Cr with year-end expected to exceed the Rs. 250 Cr target.
  • PTL business aims to continue margin expansion, targeting 15-15.5% service EBITDA by year-end.

2 more points from Delhivery Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Delhivery Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Delhivery is investing significantly in automation and engineering, including industrial automation systems for transportation facilities and automated storage/retrieval systems in fulfillment centers.
  • The company is developing Delhivery Maps, a proprietary GIS-based technology, initially deployed internally but planned to be offered to external customers.
  • There's ongoing investment in expanding business development teams for part-truck and full-truck freight to deepen penetration across 100 cities in India.
  • New initiatives focus heavily on Delhivery Local, which is growing faster than anticipated, targeting a 250 Cr ARR by year-end; financial services is also a new emerging segment with recent NBFC approval.

2 more points from Delhivery Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Delhivery Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising

Ask what Delhivery Ltd said on the order book →

Full Q1 FY27 analysis
Full Transport Services ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Transport Services
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Delhivery Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Transport Services companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 0–2%₹795 Cr24.9
240%+Flat₹16,984 Cr98.6
340%+Flat₹4,361 Cr29.7
440%+Flat₹591 Cr16.6
520–40%Up 2%+₹510 Cr6.7
620–40%Up 2%+₹234 Cr8.1

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Pro shows every company guiding 40%+ revenue growth →Full Transport Services ranking

Financials of Delhivery Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Delhivery Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
FIIs +62.71%63.63%61.16%55.02%53.75%51.99%52.95%51.65%48.57%48.23%41.93%39.54%
DIIs +17.02%19.62%22.03%28.56%28.99%30.04%29.60%32.05%34.98%36.27%43.07%45.95%
Government +0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%
Public +20.27%16.73%16.81%16.41%17.27%17.99%17.46%16.30%16.43%15.51%15.00%14.51%
No. of Shareholders94,01192,9841,28,9851,39,7151,62,3181,72,9421,77,5461,60,7971,67,9661,67,2991,75,6091,76,192

Financials of Delhivery Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,9422,1942,0762,1722,1902,3782,1922,2942,5592,8052,8502,9313,066
Expenses +1,9572,0892,0302,0762,1392,2782,0722,1532,4912,5962,6362,7922,863
Operating Profit-1610546965110011914168209214139204
OPM %-0.8%4.8%2.2%4.4%2.3%4.2%5%6%2.7%7%8%4.8%7%
Other Income +1011231111051209912913096527011467
Interest20222728313334343937343434
Depreciation171183200119131142142147178187183189197
Profit before tax-10523-71539247290-5337673039
Tax %-2%50%-3%-3%-18%-5%-1%-2%-5%-8%-8%-5%-4%
Net Profit +-10312-685410257391-5040723241
EPS in Rs-1.400.16-0.930.740.140.340.971.22-0.670.530.970.430.54

Financials of Delhivery Ltd

Profit & Loss

Annual income statement trend

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,6542,7813,6476,8827,2258,1428,93210,50811,652
Expenses +3,2722,9523,7697,3577,6778,0158,5569,86810,886
Operating Profit-1,618-171-123-475-452127376640766
OPM %-98%-6%-3.4%-7%-6%1.6%4.2%6%7%
Other Income +41207150156319439442340303
Interest3649891008989126144139
Depreciation170256355611831722535695757
Profit before tax-1,783-269-416-1,029-1,053-244157140173
Tax %0%0%0%-2%-4%2%-3%-9%
Net Profit +-1,783-269-416-1,011-1,008-249162153185
EPS in Rs-185.76-27.44-24.89-15.75-13.83-3.382.172.042.47
Dividend Payout %0%0%0%0%0%0%0%0%

Financials of Delhivery Ltd

Balance Sheet

Capital structure and asset base

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital0.960.982647374757575
Reserves3,3483,1302,8005,8939,1049,0719,3589,6129,741
Borrowings +4507941,1521,1029231,1691,4221,4631,465
Other Liabilities +2644326441,1921,0901,1391,2091,6271,689
Total Liabilities4,0634,3574,5988,25111,19111,45312,06312,77712,970
Fixed Assets +4887441,0533,0522,9953,3543,8875,4325,498
CWIP1327760232933110
Investments1,1551,1881,1282,0912,0942,7763,5782,9613,277
Other Assets +2,4192,3942,3403,0486,0785,2954,5654,3834,185
Total Assets4,0634,3574,5988,25111,19111,45312,06312,77712,970

Financials of Delhivery Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-243-6345-241-30472567911
Cash from Investing Activity +-939-933338-2,742-3,408-99-102-474
Cash from Financing Activity +2,858-17-1472,9023,538-366-432-532
Net Cash Flow1,676-1,583196-81100833-94
Free Cash Flow-399-847-244-780-624492506
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit14%344%-19%48%-9%402%158%146%

Financials of Delhivery Ltd

Ratios

Working capital efficiency and return ratios

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4779605377645848
Inventory Days
Days Payable
Cash Conversion Cycle4779605377645848
Working Capital Days218889411781096837
ROCE %-7%-8%-17%-11%-2%2%1%

Guidance history

How Delhivery Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlanned—Rising
Q4 FY26 call →20–40%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

15out of 100

Momentum score · price trend

15 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−18.8%39%
Last 6 months−17.4%26%
Last 3 months−19.9%22%

The price is 42.2% below its all-time high of ₹667.9 (22 Jul 2022). Stocks more than 20% below their peak have their score halved, so 30 became 15.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Delhivery Ltd: 0.4 × 39 + 0.4 × 26 + 0.2 × 22 = 30, halved to 15 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Delhivery Ltd's management said in earlier quarters

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