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India's largest third-party logistics company, running e-commerce parcel delivery, freight trucking and warehousing.
India's largest third-party logistics company, running e-commerce parcel delivery, freight trucking and warehousing.
Is paid per parcel or per kilogram for express delivery and per shipment for freight, with a few large e-commerce platforms accounting for a big share of parcel volume. A network of sorting centres and delivery stations means each extra parcel costs less to handle, so volume growth lifts margins.
Moat: narrow (scale, network effects, installed base). Largest pan-India logistics network gives density/cost advantages, but the category has many well-funded rivals.
Headquarters: Gurugram, India · Founded: 2011 · Employees: 73,633
Size Delhivery (DELHIVERY.NS) is an India Industrials company (Air Freight/Couriers) with a market value of $3.40B, the 264th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹428.00 on 6 Nov 2026.
Performance Over six months the shares fell 11.2%, against -7.3% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 23.6% over the last twelve months (peer median +7.0%); the operating margin is 0.1% (peer median 4.2%).
Valuation It trades at 81.8× forward earnings against a peer median of 14.0× (most expensive of 16).
Capital Return on invested capital runs 11.2 points below its cost of capital (11.3% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹117B | ₹105B | ₹89.3B | ₹81.4B | ₹72.3B |
| Revenue growth | — | +18% | +10% | +13% | — |
| Gross profit | ₹8.61B | ₹35.2B | ₹7.50B | ₹2.70B | -₹4.28B |
| EBITDA | ₹7.70B | ₹6.40B | ₹3.77B | ₹1.27B | -₹4.48B |
| Net income | ₹1.85B | ₹1.53B | ₹1.62B | -₹2.49B | -₹10.1B |
| Free cash flow | n/a | ₹6.85B | ₹2.81B | ₹1.34B | -₹5.53B |
| Capital expenditure | n/a | ₹4.22B | ₹4.83B | ₹5.65B | ₹6.07B |
| Total debt | ₹14.6B | ₹14.6B | ₹14.2B | ₹11.7B | ₹9.23B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Delhivery DELHIVERY.NS | $3.40B | -11% | +24% | 0% | 81.8× | n/a |
| Blue Dart Express BLUEDART.NS | $1.14B | -20% | +9% | 7% | 26.5× | 22.4% |
| Mahindra Logistics MAHLOG.NS | $443M | +5% | +20% | 2% | 34.9× | 33.7% |
| VRL Logistics VRLLOG.NS | $624M | +27% | +11% | 14% | 16.1× | 6.2% |
| Shadowfax Technologies SHADOWFAX.NS | $1.79B | +70% | +69% | 10% | 60.0× | 47.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DELHIVERY.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.5% | -1.4% | 4th highest of 21 |
| 6-month return | -11.2% | -7.3% | 8th lowest of 21 |
| Distance from 52-week high | -18.3% | -21.8% | 9th highest of 21 |
| Revenue growth (TTM) | +23.6% | +7.0% | 4th highest of 21 |
| Operating margin | 0.1% | 4.2% | 4th lowest of 20 |
| Forward P/E | 81.8× | 14.0× | most expensive of 16 |
| ROIC minus cost of capital | -11.2 pp | -1.4 pp | 3rd lowest of 20 |
| EV / EBITDA | 40.2× | 9.4× | 2nd most expensive of 8 |
| Net debt / EBITDA | -1.5× | 2.3× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Delhivery DELHIVERY.NS | India | $3.40B | -11% | +24% | 0% | 81.8× | n/a | n/a |
| Huaihe Energy 600575.SS | China | $3.38B | -12% | +38% | n/a | 12.2× | n/a | n/a |
| Xiamen C&D 600153.SS | China | $3.77B | -8% | -6% | 1% | 12.4× | 21.2% | +9.3% |
| Antong 600179.SS | China | $3.81B | -7% | +9% | 16% | n/a | -4.0% | +13.5% |
| Shanghai Zhonggu Logistics 603565.SS | China | $3.97B | +16% | +4% | 27% | 10.4× | -14.4% | +0.4% |
| Aegis Vopak Terminals AEGISVOPAK.NS | India | $2.89B | +14% | +17% | 53% | 61.3× | n/a | n/a |
| ID Logistics IDL.PA | France | $2.80B | +7% | +16% | 4% | 30.3× | 10.4% | +17.9% |
| Yunda 002120.SZ | China | $2.74B | -20% | +7% | 4% | 9.7× | -13.2% | +9.0% |
| Mitsubishi Logistics 9301.T | Japan | $2.67B | -15% | -1% | 6% | 16.0× | n/a | n/a |
| Eastern Air Logistics 601156.SS | China | $4.70B | +23% | +20% | 14% | 10.9× | -16.0% | +9.9% |
| SENKO 9069.T | Japan | $2.45B | +23% | +7% | 4% | 15.2× | 4.4% | +9.5% |
| Compagnie de l'Odet ODET.PA | France | $4.74B | -30% | -83% | -8% | n/a | 24.3% | -29.4% |
| Jiayou International Logistics 603871.SS | China | $2.41B | -8% | -10% | 19% | 11.3× | -7.9% | +20.7% |
| Yamato 9064.T | Japan | $4.83B | +26% | +2% | 2% | 34.5× | 8.9% | +1.9% |
| China Railway Special Cargo Logistics 001213.SZ | China | $2.35B | -11% | -3% | 3% | n/a | 2.1% | +7.2% |
| Liaoning Cheng Da 600739.SS | China | $2.29B | -16% | -27% | -17% | n/a | 4.4% | -10.1% |
| Logista Integral LOG.MC | Spain | $5.42B | +15% | +4% | 2% | 15.8× | -5.9% | +5.4% |
| SG Holdings Co., Ltd. 9143.T | Japan | $5.56B | +1% | +14% | 5% | 14.0× | -2.6% | +4.6% |
| Swiggy SWIGGY.NS | India | $5.61B | -32% | +42% | -15% | n/a | n/a | n/a |
| GXO Logistics GXO | United States | $6.33B | +7% | +7% | 3% | 16.0× | 20.2% | +16.3% |
| Xiamen International Trade 600755.SS | China | $1.77B | -10% | +28% | 0% | 11.5× | n/a | n/a |