DELHIVERY - Fundamental Analysis

Last Updated Time : 02 Aug 25, 12:58 am

📊 Fundamental Analysis: Delhivery Ltd (DELHIVERY) Fundamental Rating: 2.9

🧾 Core Financial Overview

Earnings Snapshot

EPS: ₹2.17 ➜ low compared to peers — margin pressure persists

PAT Qtr: ₹72.6 Cr vs ₹25.0 Cr ➜ massive QoQ jump (+235%) — good turnaround

Return Metrics

ROE: 1.80%, ROCE: 2.72% ➜ weak profitability — capital efficiency issues

Debt Levels

Debt-to-equity: 0.15 ➜ low — conservative capital structure

Dividend Yield

0.00% ➜ no payouts — reinvestment strategy in place

📌 Summary: Despite earnings momentum, low returns indicate underlying structural inefficiencies.

💸 Valuation Analysis

Indicator Value Insight

P/E Ratio 188 extremely high ➜ priced for future optimism

P/B Ratio ~3.32 (₹422 / ₹127) ➜ fair given asset-light model

PEG Ratio 6.43 overvalued relative to growth — growth premium risk

📉 Verdict: Valuation is stretched — current price assumes sustained aggressive growth, which may be difficult to maintain.

🚚 Business Model & Strategic Landscape

Core Operations

Logistics, express parcel delivery, supply chain services

Strengths

Tech-enabled logistics with real-time tracking

Scalable infrastructure — pan-India warehousing network

Strategic M&A (e.g., Spoton Logistics)

Risks

Hyper-competitive landscape (Blue Dart, Amazon, Ecom Express)

Operating leverage not yet optimized

Asset-light model reduces fixed cost benefits over time

📈 Investor Sentiment

FII holding ↑ 0.96% ➜ foreign institutions accumulating

DII holding ↓ 0.44% ➜ domestic caution persists

📉 Technical Positioning

RSI: 58.5 ➜ approaching overbought zone — watch reversal signals

MACD: +14.6 ➜ upward momentum intact

Price above DMA 50 & DMA 200 ➜ bullish consolidation

✅ Suggested Entry Zone: ₹395–₹410 🧭 Consider entry only after clear bullish breakout or broader market support.

📅 Long-Term Investment Outlook

🧠 Best for

Investors betting on India’s logistics digitization & e-commerce boom

Comfortable with volatility & delayed profitability

🔍 Monitor

Operating margin expansion

Growth in full-truckload (FTL) and warehousing segments

Cross-border logistics initiatives

Curious how Delhivery stacks against tech-driven logistics peers or IPOs like TCI Express or BlackBuck? I can whip up a comparative heatmap or peer trend analysis if you’d like.

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