Delhivery Ltd(DELHIVERY)

NSE: DELHIVERYBSE: 543529

₹ 375.9+1.59%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 28,166 crNext results: 30 Oct 2026Website: www.delhivery.comUpdated: 24 Oct 2026

About

Delhivery provides logistics services in India, including express parcel delivery, part truckload and truckload freight, warehousing, supply chain solutions, cross-border services and supply chain software. It calls itself India's largest third-party Express Parcel network by volume and serves 18,830 PIN codes as of March 31, 2026. Revenue was Rs 10,508.31 Cr in FY26. Following its acquisition of Ecom Express, Delhivery estimates it holds a 27 - 30% share of the overall e-commerce express market and more than half of the outsourced segment.^[1][2][3]

Business segments

Express Parcel: 322 Mn shipments in Q1 FY27 (+55.2% YoY); revenue of ₹1,869 Cr (+33.2% YoY). This is the core e-commerce last-mile delivery business.^[4]
Part Truckload (PTL): freight tonnage of 542K MT in Q1 FY27 (+18.4% YoY, -1.4% QoQ); PTL revenue rose 24.5% YoY.^[4]
Supply Chain Services (SCS): contract warehousing and fulfilment. Service EBITDA was Rs 79 Cr at a 10.9% margin in FY26, up from Rs 20 Cr / 2.2% in FY25.^[3]
FY25 revenue by service: Express Parcel ₹53,175.16 mn, Part Truckload ₹18,894.86 mn, Supply Chain ₹9,073.98 mn, Full Truckload ₹6,260.29 mn, Cross Border ₹1,792.68 mn.^[5]
The company reports a single segment, Logistics Services, in its FY26 annual report.^[1]

Key operating numbers

Express Parcel shipments were 1,054 million in FY26, up 40.2% from 752 million in FY25.^[1]
PTL freight tonnage was 1,991K tonnes in FY26, up 17.4% from 1,696K tonnes in FY25.^[1]
Service EBITDA margin was 13.1% in Q1 FY27, down from 15.8% in Q4 FY26. Express fell to 15.6% from 18.8%, and PTL fell to 11.2% from 13.4%.^[4]
Active customers were 54,096 in Q1 FY27, up from 43,022 in Q1 FY26 and 52,226 in Q4 FY26.^[4]
Transport ROIC (pre-tax) was 16.0% in FY26, up from 5.2% in FY25.^[3]
Net working capital was 11 days as of Mar 2026, down from 22 days in Mar 2025.^[3]
Capex intensity was 4.7% of revenue in FY26, down from 5.2% in FY25. ₹4,933.26 mn of property, plant and equipment was capitalised in FY26.^[1][3]

Network and operations

The network serves 18,830 PIN codes as of March 31, 2026, covering about 97% of India's deliverable addresses.^[1]
There are 3 mega gateways, at Bhiwandi (Maharashtra), Bengaluru (Karnataka) and Tauru (Haryana). Total gateways numbered 136 in Q1 FY27, up from 119 a year earlier.^[1][4]
Delhivery follows an asset-light model and delivers services through a large number of network partners. In FY26, 18,855 employees were trained across 4,787 operational facilities.^[1]
The EV fleet expanded to 939 units in FY26, and the company has 3,000+ contracted CNG/EV vehicles.^[1]
Its in-house logistics operating system has over 80 applications. An R&D team set up in FY26 is building mobile robotics and truck loading/unloading automation.^[1]
Delhivery operates 9 all-women hubs across eight states, as of FY26.^[1]

Customers and market position

The top five customers made up 39.9% of the business in FY26. In FY25, the largest customer accounted for about 16.51% of net sales.^[1][5]
Customers named in the FY26 report include Samsung India, Titan, Orient Electric, Mamaearth, Herbalife, LittleBox and Smylo.^[1]
After the Ecom Express acquisition, Delhivery estimates its share of the e-commerce express market (excluding groceries) at 27 - 30%, up from ~20% before the deal.^[6]
Excluding Amazon and Flipkart self-logistics, Delhivery's share of the outsourced express market is above 50%.^[6]

New and emerging services

New initiatives (Local, Rapid, Financial services) brought in ₹32 Cr of revenue in Q1 FY27, up from ₹20 Cr in Q4 FY26. Their adjusted EBITDA loss widened to ₹32 Cr.^[4]
Delhivery Direct (intra-city on-demand delivery) was live in six cities as of Q4 FY26 and generated Rs 47 Cr of revenue in FY26.^[3]
Rapid Commerce (sub-2-hour delivery from dark stores) turned gross margin positive in Q3 FY26.^[7]
Delhivery Financial Services Private Limited was incorporated to offer Fastag/fuel services, commercial vehicle lending and cargo protection to truckers.^[6]
Delhivery International economy cross-border, a service for Indian SME exporters, launched in Q3 FY26 through carrier partnerships.^[7]

Expansion and investment plans

Investment in new initiatives is guided at Rs 130 - 160 Cr for FY27, up from Rs 76 Cr in FY26.^[3]
The company plans to add to its 5 MW solar capacity during FY27. Capital commitments stood at ₹1,373.86 mn as of March 31, 2026.^[1]
The long-term capex intensity target is ~4% of revenue.^[3]
Management targets Rs 1,800 - 2,000 Cr of SCS revenue over three years (by approximately FY29).^[3]
Dark store expansion for Rapid Commerce and a merger of the non-express and rapid networks were planned for Q1 - Q2 FY27.^[3]

Recent developments

Delhivery acquired 100% of Ecom Express, the #3 independent express player in India, for about ₹1,371 crore. Integration is complete, per the FY26 annual report.^[1]
Ecom Express integration costs were about Rs 150 - 160 Cr, below the original Rs 300 Cr estimate.^[7]
Free cash flow was ₹893 mn in FY26, compared with -Rs 252 Cr in FY25.^[1][3]
Fuel prices became volatile because of the US-Iran conflict: Brent peaked at ~US$118, and diesel and petrol prices in India rose in May 2026.^[1]
Adjusted EBITDA was ₹76 Cr (2.6%) in Q1 FY27, down from ₹151 Cr (5.3%) in Q4 FY26.^[4]

Market Cap

₹28,166 Cr

High / Low

₹524 / 366

Stock P/E

296.0

Price / Book

2.9

Book Value

₹129

EPS

₹2.0

No. of Shares

74.86 Cr

ROCE

3.2%

ROE

1.6%

OPM

2.8%

Debt / Equity

0.00

Sales

₹10,508 Cr

Net Profit

₹153 Cr

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