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Last Updated: April 2, 2026, 4:27 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543529 | NSE: DELHIVERY

Delhivery Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹281.96Overvalued by 34.58%vs CMP ₹431.00

P/E (179.0) × ROE (1.5%) × BV (₹127.00) × DY (2.00%)

₹203.04Overvalued by 52.89%vs CMP ₹431.00
MoS: -112.3% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹507.0230%Under (+17.6%)
Graham NumberEarnings₹76.5418%Over (-82.2%)
DCFCash Flow₹28.1814%Over (-93.5%)
Net Asset ValueAssets₹127.1710%Over (-70.5%)
EV/EBITDAEnterprise₹99.6712%Over (-76.9%)
Earnings YieldEarnings₹20.5010%Over (-95.2%)
Revenue MultipleRevenue₹119.207%Over (-72.3%)
Consensus (7 models)₹203.04100%Overvalued
Key Drivers: EPS CAGR 79.8% lifts DCF — verify sustainability. | P/E of 179 makes PE-ROE unreliable — asset/earnings models are better benchmarks.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 79.8%

*Investments are subject to market risks

Investment Snapshot

54
Delhivery Ltd scores 54/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health46/100 · Moderate
ROCE 2.5% WeakROE 1.5% WeakD/E 0.10 Low debtInterest Coverage 0.0x RiskyProfitable 1/5 years Inconsistent
Smart Money45/100 · Moderate
FII holding down -3.42% (6mo) SellingDII holding up 4.94% MF buying
Earnings Quality65/100 · Strong
OPM expanding (-7% → 3%) Improving
Quarterly Momentum80/100 · Strong
Revenue (4Q): +12% YoY GrowingProfit (4Q): +633% YoY Strong
Industry Rank20/100 · Weak
P/E 179.0 vs industry 54.6 Premium to peersROCE 2.5% vs industry 10.0% Below peersROE 1.5% vs industry 23.1% Below peers3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:27 am

Market Cap 32,295 Cr.
Current Price 431
Intrinsic Value₹203.04
High / Low 490/238
Stock P/E179
Book Value 127
Dividend Yield0.00 %
ROCE2.47 %
ROE1.52 %
Face Value 1.00
PEG Ratio2.24

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Delhivery Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Delhivery Ltd 32,295 Cr. 431 490/238179 1270.00 %2.47 %1.52 % 1.00
Container Corporation Of India Ltd 33,858 Cr. 445 653/42126.5 1682.07 %13.9 %10.8 % 5.00
Aegis Logistics Ltd 15,184 Cr. 433472/28029.5 1041.33 %15.9 %15.9 % 1.00
Mahindra Logistics Ltd 3,457 Cr. 348 435/218 1150.72 %5.64 %7.96 % 10.0
Gateway Distriparks Ltd 2,641 Cr. 52.9 76.5/48.19.82 42.03.78 %12.4 %12.2 % 10.0
Industry Average5,604.59 Cr140.1654.5865.651.14%10.01%23.09%6.93

All Competitor Stocks of Delhivery Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,8241,8601,9301,9422,1942,0762,1722,1902,3782,1922,2942,5592,805
Expenses 1,8981,8461,9431,9572,0892,0302,0762,1392,2782,0722,1532,4912,596
Operating Profit -7513-13-1610546965110011914168209
OPM % -4%1%-1%-1%5%2%4%2%4%5%6%3%7%
Other Income 9475108101123111105120991291309652
Interest 21192020222728313334343937
Depreciation 207242167171183200119131142142147178187
Profit before tax -209-173-92-10523-71539247290-5337
Tax % -6%-8%-3%-2%50%-3%-3%-18%-5%-1%-2%-5%-8%
Net Profit -196-159-89-10312-685410257391-5040
EPS in Rs -2.69-2.18-1.22-1.400.16-0.930.740.140.340.971.22-0.670.53

Last Updated: February 2, 2026, 8:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 3:45 am

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,6542,7813,6476,8827,2258,1428,9329,850
Expenses 3,2722,9523,7697,3577,6778,0158,5569,313
Operating Profit -1,618-171-123-475-452127376537
OPM % -98%-6%-3%-7%-6%2%4%5%
Other Income 41207150156319439442406
Interest 3649891008989126144
Depreciation 170256355611831722535655
Profit before tax -1,783-269-416-1,029-1,053-244157145
Tax % 0%0%0%-2%-4%2%-3%
Net Profit -1,783-269-416-1,011-1,008-249162153
EPS in Rs -18,607.05-2,758.26-2,492.60-15.75-13.83-3.382.172.05
Dividend Payout % 0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)84.91%-54.65%-143.03%0.30%75.30%165.06%
Change in YoY Net Profit Growth (%)0.00%-139.56%-88.38%143.33%75.00%89.76%

Delhivery Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2019-2020 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:26%
3 Years:9%
TTM:8%
Compounded Profit Growth
10 Years:%
5 Years:20%
3 Years:29%
TTM:343%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:-6%
1 Year:13%
Return on Equity
10 Years:%
5 Years:-8%
3 Years:-4%
Last Year:2%

Last Updated: September 5, 2025, 3:11 pm

Balance Sheet

Last Updated: December 4, 2025, 2:44 am

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 0.960.9826473747575
Reserves 3,3483,1302,8005,8939,1049,0719,3589,454
Borrowings 4507941,1521,1029231,1691,4221,642
Other Liabilities 2644326441,1921,0901,1391,2091,529
Total Liabilities 4,0634,3574,5988,25111,19111,45312,06312,699
Fixed Assets 4887441,0533,0522,9953,3543,8875,491
CWIP 132776023293325
Investments 1,1551,1881,1282,0912,0942,7763,5782,634
Other Assets 2,4192,3942,3403,0486,0785,2954,5654,549
Total Assets 4,0634,3574,5988,25111,19111,45312,06312,699

Reserves and Borrowings Chart

Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -243-6345-241-30472567
Cash from Investing Activity + -939-933338-2,742-3,408-99-102
Cash from Financing Activity + 2,858-17-1472,9023,538-366-432
Net Cash Flow 1,676-1,583196-81100833
Free Cash Flow -399-847-244-780-624492
CFO/OP 14%344%-19%48%-9%402%158%

Free Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-451.00-965.00-124.00-476.00-1,375.00126.00375.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 47796053776458
Inventory Days
Days Payable
Cash Conversion Cycle 47796053776458
Working Capital Days 2188894117810968
ROCE %-7%-8%-17%-11%-2%2%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
FIIs 67.63%65.57%65.50%62.71%63.63%61.16%55.02%53.75%51.99%52.95%51.65%48.57%
DIIs 13.03%14.58%14.68%17.02%19.62%22.03%28.56%28.99%30.04%29.60%32.05%34.98%
Public 19.34%19.83%19.81%20.27%16.73%16.81%16.41%17.27%17.99%17.46%16.30%16.43%
No. of Shareholders 82,58783,91683,57594,01192,9841,28,9851,39,7151,62,3181,72,9421,77,5461,60,7971,67,966

Shareholding Pattern Chart

No. of Shareholders

Delhivery Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Mid Cap Fund 31,539,800 1.45 1366.9330,639,8002026-03-24 01:31:152.94%
Mirae Asset Large & Midcap Fund 20,048,920 2.02 868.9218,501,5562026-03-24 01:31:158.36%
Mirae Asset ELSS Tax Saver Fund 16,892,655 2.79 732.1314,764,6972026-03-24 00:21:4714.41%
Mirae Asset Midcap Fund 12,291,760 2.95 532.7210,901,7602025-12-15 08:47:1412.75%
Nippon India Multi Cap Fund 8,301,116 0.71 359.77N/AN/AN/A
SBI Large & Midcap Fund 7,470,500 0.84 323.777,470,5002025-04-22 17:07:470%
SBI Contra Fund 7,156,013 0.63 310.147,156,0132025-04-22 17:07:470%
Invesco India Contra Fund 6,447,545 1.4 279.44N/AN/AN/A
SBI ELSS Tax Saver Fund 6,043,971 0.81 261.95N/AN/AN/A
Nippon India Small Cap Fund 5,367,117 0.34 232.61N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.0010.00
Basic EPS (Rs.) 2.19-3.40-14.09-16.98-8.05
Diluted EPS (Rs.) 2.14-3.40-14.09-16.98-8.05
Cash EPS (Rs.) 9.256.29-2.61-6.18-374.30
Book Value[Excl.RevalReserv]/Share (Rs.) 126.51124.11125.9492.7817154.92
Book Value[Incl.RevalReserv]/Share (Rs.) 126.51124.11125.9492.7817154.92
Revenue From Operations / Share (Rs.) 119.80110.5099.15107.1822330.23
PBDIT / Share (Rs.) 10.947.86-2.01-4.92421.52
PBIT / Share (Rs.) 3.77-1.93-13.42-14.43-1750.07
PBT / Share (Rs.) 2.01-3.44-14.64-15.98-2545.88
Net Profit / Share (Rs.) 2.08-3.50-14.02-15.69-2545.88
NP After MI And SOA / Share (Rs.) 2.17-3.38-13.83-15.74-2545.88
PBDIT Margin (%) 9.137.11-2.02-4.581.88
PBIT Margin (%) 3.14-1.74-13.53-13.46-7.83
PBT Margin (%) 1.68-3.10-14.76-14.90-11.40
Net Profit Margin (%) 1.73-3.16-14.13-14.64-11.40
NP After MI And SOA Margin (%) 1.81-3.06-13.94-14.68-11.40
Return on Networth / Equity (%) 1.71-2.72-10.98-16.97-14.84
Return on Capital Employeed (%) 2.63-1.40-9.86-13.72-7.84
Return On Assets (%) 1.34-2.17-9.00-12.25-9.04
Long Term Debt / Equity (X) 0.000.000.010.010.04
Total Debt / Equity (X) 0.000.010.020.050.10
Asset Turnover Ratio (%) 0.750.710.670.920.77
Current Ratio (X) 4.234.425.422.642.97
Quick Ratio (X) 4.224.415.402.622.94
Inventory Turnover Ratio (X) 542.870.000.000.000.00
Interest Coverage Ratio (X) 6.496.54-1.65-3.170.77
Interest Coverage Ratio (Post Tax) (X) 2.27-1.66-10.50-9.13-3.22
Enterprise Value (Cr.) 18723.4532539.0123776.070.000.00
EV / Net Operating Revenue (X) 2.104.003.290.000.00
EV / EBITDA (X) 22.9556.17-162.120.000.00
MarketCap / Net Operating Revenue (X) 2.134.033.350.000.00
Price / BV (X) 2.023.592.640.000.00
Price / Net Operating Revenue (X) 2.134.033.350.000.00
EarningsYield 0.01-0.01-0.040.000.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Delhivery Ltd. is a Public Limited Listed company incorporated on 22/06/2011 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L63090DL2011PLC221234 and registration number is 221234. Currently Company is involved in the business activities of Freight transport by road. Company's Total Operating Revenue is Rs. 8252.45 Cr. and Equity Capital is Rs. 74.56 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Logistics - Warehousing/Supply Chain/OthersN24-N34, S24-S34, New Delhi Delhi 110037Contact not found
Management
NamePosition Held
Mr. Deepak KapoorChairperson (NonExe.&Ind.Director)
Mr. Sahil BaruaManaging Director & CEO
Mr. Kapil BharatiExecutive Director
Mr. Suraj SaharanExecutive Director
Mr. Romesh SobtiInd. Non-Executive Director
Ms. Aruna SundararajanInd. Non-Executive Director
Mr. Saugata GuptaInd. Non-Executive Director
Mr. Srivatsan RajanInd. Non-Executive Director
Mr. Sameer MehtaInd. Non-Executive Director
Ms. Namita ThaparInd. Non-Executive Director
Mr. Padmini SrinivasanInd. Non-Executive Director
Mr. Yashish DahiyaInd. Non-Executive Director

FAQ

What is the intrinsic value of Delhivery Ltd and is it undervalued?

As of 16 April 2026, Delhivery Ltd's intrinsic value is ₹203.04, which is 52.89% lower than the current market price of ₹431.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (1.52 %), book value (₹127), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Delhivery Ltd?

Delhivery Ltd is trading at ₹431.00 as of 16 April 2026, with a FY2026-2027 high of ₹490 and low of ₹238. The stock is currently near its 52-week high. Market cap stands at ₹32,295 Cr..

How does Delhivery Ltd's P/E ratio compare to its industry?

Delhivery Ltd has a P/E ratio of 179, which is above the industry average of 54.58. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Delhivery Ltd financially healthy?

Key indicators for Delhivery Ltd: ROCE of 2.47 % is on the lower side compared to the industry average of 10.01%; ROE of 1.52 % is below ideal levels (industry average: 23.09%). Dividend yield is 0.00 %.

Is Delhivery Ltd profitable and how is the profit trend?

Delhivery Ltd reported a net profit of ₹162 Cr in Mar 2025 on revenue of ₹8,932 Cr. Compared to ₹-1,011 Cr in Mar 2022, the net profit shows an improving trend.

Does Delhivery Ltd pay dividends?

Delhivery Ltd has a dividend yield of 0.00 % at the current price of ₹431.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Delhivery Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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