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Delhivery Limited (DELHIVERY) Fair Value & Analysis

Industrials · IN · Market cap ₹348B

DL Delhivery Limited DELHIVERY · NSE
Price₹470.25
Fair Value₹54.37
Upside-88.4%
Quality60/100
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Healthy Growth
Thin margins · 1.5% net margin
Low debt · generates free cash flow
Trails peers (4/12)
Narrow moat 33/100
Evidence: High Range ₹38.06 – ₹59.35 Share as image

Fair value as of: Aug 2, 2026

From 21 valuation models · updated 11 days ago

Share price −8.2% over the past month.

A solid business, but screening 88% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹59.35). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (4 years)

₹699.20 ₹240.29 Fair Value ₹54.37 May 2022 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

51‑month range ₹240.29 – ₹699.20 · fair‑value band ₹38.06 – ₹59.35 · the ₹470.25 price screens above the ₹54.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.

Full chart & analysis →

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Analysis

Delhivery Limited (DELHIVERY) currently trades at ₹470.25, while our model-based Fair Value estimate is ₹54.37, implying the stock looks roughly 88.4% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Delhivery Limited generated revenue of ₹105B at a net margin of 1.5%. Revenue grew 30.0% year over year. It earns a return on equity of 1.6%. Net debt stands at ₹12.2B. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹38.06 (bear case) to ₹59.35 (bull case); at ₹470.25, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 26% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -11% fair-value upside, at -88%, DELHIVERY screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (₹34.66 to ₹301.21). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹146.81 ₹301.21 ₹604.62 80
Rev-Margin DCF ₹107.59 ₹200.21 ₹336.50 74
Growth-Adj P/E ₹38.06 ₹54.37 ₹70.68 68
All 21 models by family
DCF Models
FCF DCF ₹152.79 ₹266.72 ₹593.90 38
Owner Earnings ₹96.23 ₹216.65 ₹476.55 31
5Y Revenue Exit ₹107.59 ₹193.04 ₹346.37 39
5Y EBITDA Exit ₹103.40 ₹183.85 ₹318.58 41
5Y P/E Exit ₹66.89 ₹109.33 ₹159.99 38
10Y Revenue Exit ₹116.96 ₹222.20 ₹356.92 36
10Y EBITDA Exit ₹117.46 ₹214.26 ₹381.85 37
10Y P/E Exit ₹91.32 ₹145.13 ₹227.52 35
Earnings-Based
Graham-Dodd ₹13.86 ₹93.77 ₹131.43 54
Lynch FV ₹27.50 ₹39.29 ₹51.07 50
PEG = 1.0 ₹27.50 ₹39.29 ₹51.07 46
Multiples
P/E Multiple ₹32.11 ₹42.82 ₹53.52 63
P/S Multiple ₹25.99 ₹34.66 ₹43.32 58
P/B Multiple ₹25.99 ₹34.66 ₹43.32 55
EV/EBITDA ₹86.59 ₹114.37 ₹142.14 54
EV/Revenue ₹86.52 ₹122.21 ₹157.89 43
Asset-Based
NCAV (Graham) ₹64.68 ₹86.67 ₹129.36 50
Growth DCF
Growth DCF ₹146.81 ₹301.21 ₹604.62 80
Rev-Margin DCF ₹107.59 ₹200.21 ₹336.50 74
Economic Profit
Residual Income ₹91.27 ₹86.27 ₹67.28 61
Growth Earnings
Growth-Adj P/E ₹38.06 ₹54.37 ₹70.68 68

Widest divergence: Growth DCF (₹200.21) versus Earnings-Based (₹39.29). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹105B
Revenue growth (YoY) +30.0%
Net margin 1.5%
Return on equity 1.6%
Free cash flow ₹6.9B FY2026
P/E ratio 232.5
More key figures
Operating margin 1.1%
EPS (TTM) ₹2.00
EPS growth (YoY) -0.6%
Net debt ₹12.2B FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 60

Profitability 26
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 67
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Delhivery Limited provides supply chain solutions in India. It offers express parcel services; part truckload services; supply chain services that provide integrated warehousing and transportation services; point-to-point and multi-point full-truckload services; and cross-border services comprising door-to-door and port-to-port parcel and freight shipping …

Full company description

Delhivery Limited provides supply chain solutions in India. It offers express parcel services; part truckload services; supply chain services that provide integrated warehousing and transportation services; point-to-point and multi-point full-truckload services; and cross-border services comprising door-to-door and port-to-port parcel and freight shipping services. The company also provides Delhivery Rapid, a network of shared in-city forward fulfillment centers, as well as Delhivery Direct, an on-demand intra-city pickup and delivery service. In addition, it offers SaaS and data solutions, such as the OS1 platform that provides APIs and SDKs; TransportOne, a transport management system solution; and LocateOne and RTOne data solutions for e-commerce companies. The company provides its services to e-commerce marketplaces, direct-to-consumer e-tailers, enterprises, FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive, and manufacturing industries. Delhivery Limited was incorporated in 2011 and is based in Gurugram, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Delhivery Limited reported revenue of ₹105B in FY2026 versus ₹68.8B in FY2022, a compound +11.2%/yr. Reported net income was ₹1.5B in FY2026.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹105B
Latest YoY
+17.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+23.6%
Avg. growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+30.2%
Revenue +11.2%/yr
FY22 ₹68.8B
FY23 ₹72.3B
FY24 ₹81.4B
FY25 ₹89.3B
FY26 ₹105B
Net income
FY22 −₹10.1B
FY23 −₹10.1B
FY24 −₹2.5B
FY25 ₹1.6B
FY26 ₹1.5B

DELHIVERY screens 88% overvalued. Compare with United Parcel Service, Inc →

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Cite: Fair Value Calculator (2026). "Delhivery Limited Fair Value". https://www.fairvalue-calculator.com/stock/DELHIVERY

Peer Group

Integrated Freight & Logistics · 218 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Above median
Fair Value upside −88% · Bottom 25%
Return on equity (TTM) 2% · Below median
Return on assets -0% · Bottom 25%
Net margin (TTM) 1% · Below median
Operating margin (TTM) 1% · Below median
Revenue growth 30% · Top 25%

Valuation Multiples vs Integrated Freight & Logistics median · lower = cheaper

P/E (TTM) 232.5× · Pricier than 75% of peers
P/B 3.59× · Pricier than 75% of peers
P/S (TTM) 3.31× · Pricier than 75% of peers
P/FCF 0.5× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 43
FUTURE 100 · sector 8
PAST 6 · sector 26
HEALTH 100 · sector 94
DIVIDEND 0 · sector 55

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Integrated Freight & Logistics stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
United Parcel Service, Inc UPS $117.72 $104.58 -11%
FedEx Corporation FDX $314.69 $347.68 +10%
Deutsche Post AG DHL €57.22 €53.18 -7%
DSV A/S DSV kr 1,660 kr 712.57 -57%
Kuehne + Nagel International AG KNIN CHF 209.90 CHF 147.92 -30%
J.B. Hunt Transport Services, Inc JBHT $291.41 $133.80 -54%
S.F. Holding 002352 ¥31.91 ¥48.64 +52%
C.H. Robinson Worldwide, Inc CHRW $193.50 $86.56 -55%
Expeditors International of Washington, Inc EXPD $172.02 $115.95 -33%
ZTO Express (Cayman) Inc 2057 HK$185.20 HK$224.26 +21%

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Frequently asked questions

Is Delhivery Limited (DELHIVERY) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹54.37 versus a price of ₹470.25, about −88% (overvalued).
What is the fair value of DELHIVERY?
Our model-based fair value for Delhivery Limited is ₹54.37 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹470.25.
What is the quality score of DELHIVERY?
Delhivery Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Delhivery Limited (DELHIVERY)?
Delhivery Limited reported trailing-twelve-month revenue of about ₹105B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of DELHIVERY?
The net profit margin of Delhivery Limited is about 1.5%, meaning it keeps roughly 1.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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