BSE: 543529 | NSE: DELHIVERY | Courier Services | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Delhivery Ltd is a average quality company.
The key valuation ratios of Delhivery Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Delhivery Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -42.1% | -110.6% | 0% | 0% | -254.5% | -6.8% | -8.1% | -15.9% | -8.9% | -0.8% | - |
| Value Creation Index ⓘ | -4.1 | -9.2 | NA | NA | -19.9 | -1.5 | -1.6 | -2.1 | -1.8 | -1.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 223 | 496 | 738 | 1,019 | 1,654 | 2,777 | 3,500 | 5,911 | 6,659 | 7,454 | 8,109 |
| Sales YoY Gr. | - | 122.6% | 48.8% | 38.1% | 62.2% | 67.9% | 26% | 68.9% | 12.7% | 12% | - |
| Adj EPS ⓘ | -7.5 | -33.2 | -66.3 | -71.8 | -185.1 | -30.5 | -21.8 | -10.4 | -11.2 | -2 | 0.4 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 14.7 | 33.2 | -162.1 | -233.2 | 342.8 | 308 | 163.3 | 90.4 | 124 | 122.9 | 131.5 |
| Adj Net Profit ⓘ | -71.1 | -317 | -632 | -688 | -1,774 | -297 | -363 | -666 | -814 | -146 | 33 |
| Cash Flow from Ops. ⓘ | -104 | -346 | -430 | -218 | -337 | -643 | 13.5 | -441 | -40.3 | 521 | - |
| Debt/CF from Ops. ⓘ | -0.1 | -0.2 | -0 | -0.2 | -0.3 | -0.4 | 22.4 | -0.7 | -4.9 | 0.2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 47.7% | 35.1% | 28.7% | 12% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | 26.6% | -18.6% | -9% | -0.9% | ||||
| Share Price | - | - | - | -42% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -46.7 | -129.3 | 104.8 | 37 | -285.1 | -9 | -12 | -14.7 | -10.4 | -1.5 | 0.4 |
| Op. Profit Mgn % ⓘ | -31.4 | -60.7 | -78.3 | -66.4 | -102.7 | -6.1 | -1.4 | -2.7 | -5.8 | 2.4 | 3.9 |
| Net Profit Mgn % ⓘ | -31.9 | -63.9 | -85.6 | -67.5 | -107.3 | -10.7 | -10.4 | -11.3 | -12.2 | -2 | 0.4 |
| Debt to Equity ⓘ | 0.1 | 0.2 | -0 | -0 | 0 | 0.1 | 0.1 | 0.1 | 0 | 0 | - |
| Working Cap Days ⓘ | 0 | 147 | 222 | 240 | 161 | 177 | 212 | 149 | 224 | 252 | 134 |
| Cash Conv. Cycle ⓘ | 0 | 18 | 12 | -56 | -32 | 28 | 27 | 9 | 22 | 27 | 102 |
Return on Equity has increased versus last 3 years average to 0.30%
Sales growth is growing at healthy rate in last 3 years 28.66%
Sales growth is good in last 4 quarters at 11.18%
Net Profit has been subdued in last 3 years 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.4 | 0.3 |
| TTM Sales (₹ Cr.) | 8,109 | 8,816 |
| BVPS (₹.) ⓘ | 131.5 | 124.7 |
| Reserves (₹ Cr.) ⓘ | 9,731 | 9,219 |
| P/BV ⓘ | 1.98 | 2.09 |
| PE ⓘ | 592.17 | 920.88 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 236.80 / 478.00 |
| All Time Low / High (₹) | 236.80 / 708.45 |
| Market Cap (₹ Cr.) | 19,415 |
| Equity (₹ Cr.) | 74.6 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 113.8 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Delhivery is a comprehensive logistics services provider encompassing the delivery of express parcels and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border express, freight services, and supply chain software. Additionally, the company provides value-added services like e-commerce return management, payment collection and processing, installation and assembly services, as well as fraud detection solutions.
Industry Overview
Logistics spending in India accounted for approximately 14% of the country's GDP, which is notably higher compared to developed nations, where logistics expenditure stands at around 8% of their GDPs. According to RedSeer, the Indian logistics market is projected to experience a compound annual growth rate (CAGR) of 9% from its valuation of $216 billion in FY2020 to reach $365 billion by 2026.
Indian express parcelmarket consisting e-commerce shipments is expected to become a $10-12 Bn market by FY26, while ecommerce shipments count is expected to grow at 20% CAGR to become 10Bn parcels industry by FY28.
PTL (Part Truckload) market in India had a market size of $13 billion in FY2020, and it is projected to witness significant growth, reaching twice its size by FY2026. This market comprises two main segments: Express PTL and Slow PTL.
Express PTL, valued at $3 billion expected to grow at CAGR of 20%, focuses on shorter turnaround times of 3-5 days and is suitable for smaller consignments. It serves shippers with time-sensitive requirements who prioritize faster delivery. On the other hand, Slow PTL valued at $10 billion expected to grow at CAGR of 10%, operates with longer turnaround times compared to Express PTL. It caters to shippers who are less concerned about immediate delivery and typically deals with larger and heavier consignments.
Business Segments
Express Segment
Delhivery is a 3PL express logistics player providing last-mile delivery services, express parcel transportation, fulfilment services and warehousing & inventory management services under this segment. Delhivery has 23% market share in this segment as of FY22. Revenue is driven by fees charged for each parcel based on various parameters. It accounts amazon, flipkart, meesho as well various other B2B, B2C as its clients in this segment.
Partial Truck Load (PTL)
Delhivery offers PTL freight services, which involve the transportation of partial truckloads, catering to businesses with smaller shipment volumes. It acquired SpotOn to drive efficiencies and improve truck utilisation. Combined entity has 8% market share in this segment as of FY22.
Full Truck Load (FTL)
Company operates in this segment by offering freight services for businesses with larger shipment volumes that require full truckload transportation.
Supply Chain Services (SCS)
Under SCS Delhivery provides integrated warehousing, transportation and technology solutions created for industry-specific and customer-specific requirements. This segment demand is driven by complex integrated solutions required by enterprises.
Business Performance
|
|
FY23 |
FY22 |
FY21 |
|
Revenue |
7,224 |
7,054 |
3,647 |
|
Operating Profit/(Loss) |
(452) |
(472) |
(123) |
|
PAT |
(1,081) |
(1,008) |
(416) |
Risks
Competition between various 3PL express logistics providers.
Higher portion of express logistics done in-house by ecommerce companies.
ESOP costs & issuance to management could reduce returns for shareholders.
Inability to gain market share in profitable segments.
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 223 | 496 | 738 | 1,019 | 1,654 | 2,777 | 3,500 | 5,911 | 6,659 | 7,454 |
| Operating Expenses ⓘ | 293 | 797 | 1,316 | 1,697 | 3,352 | 2,947 | 3,548 | 6,370 | 7,048 | 7,277 |
| Manufacturing Costs | 16 | 448 | 899 | 58 | 79 | 942 | 1,297 | 2,184 | 2,847 | 2,968 |
| Material Costs | 0 | 0 | 0 | 0 | 0 | 6 | 10 | 172 | 2 | 0 |
| Employee Cost | 49 | 165 | 200 | 279 | 355 | 486 | 555 | 1,177 | 1,217 | 1,309 |
| Other Costs ⓘ | 228 | 185 | 218 | 1,359 | 2,918 | 1,513 | 1,686 | 2,837 | 2,982 | 3,000 |
| Operating Profit ⓘ | -70 | -301 | -578 | -677 | -1,698 | -169 | -48 | -459 | -389 | 178 |
| Operating Profit Margin (%) | -31.4% | -60.7% | -78.3% | -66.4% | -102.0% | -6.1% | -1.4% | -7.8% | -5.8% | 2.4% |
| Other Income ⓘ | 5 | 27 | 13 | 51 | 41 | 209 | 199 | 170 | 331 | 475 |
| Interest ⓘ | 1 | 3 | 13 | 12 | 19 | 49 | 89 | 94 | 86 | 88 |
| Depreciation ⓘ | 5 | 40 | 53 | 47 | 92 | 254 | 353 | 478 | 657 | 659 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | -13 | -20 | -66 | -2 | -11 | -74 |
| Profit Before Tax ⓘ | -71 | -317 | -631 | -684 | -1,781 | -284 | -356 | -864 | -812 | -168 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -71 | -317 | -631 | -684 | -1,781 | -284 | -356 | -864 | -812 | -168 |
| PAT Margin (%) | -31.9% | -63.9% | -85.4% | -67.1% | -107.0% | -10.2% | -10.2% | -14.6% | -12.2% | -2.3% |
| Adjusted EPS (₹) | -7.5 | -33.2 | -66.2 | -71.4 | -185.0 | -29.3 | -21.8 | -13.5 | -11.2 | -2.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 148 | 332 | -1,545 | -2,235 | 3,324 | 3,027 | 2,702 | 5,801 | 9,036 | 9,052 |
| Share Capital ⓘ | 11 | 17 | 1 | 1 | 40 | 40 | 37 | 64 | 73 | 74 |
| Reserves ⓘ | 138 | 315 | -1,546 | -2,236 | 3,284 | 2,987 | 2,665 | 5,737 | 8,963 | 8,979 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 14 | 63 | 11 | 41 | 64 | 190 | 216 | 214 | 114 | 40 |
| Long Term Debt | 0 | 1 | 1 | 9 | 36 | 100 | 132 | 114 | 114 | 40 |
| Short Term Debt | 14 | 63 | 10 | 32 | 29 | 91 | 84 | 100 | 0 | 0 |
| Trade Payables | 37 | 114 | 132 | 185 | 155 | 270 | 413 | 673 | 783 | 770 |
| Others Liabilities ⓘ | 17 | 54 | 2,428 | 3,149 | 178 | 856 | 1,290 | 1,442 | 1,592 | 1,980 |
| Total Liabilities ⓘ | 217 | 563 | 1,027 | 1,139 | 3,722 | 4,344 | 4,621 | 8,130 | 11,526 | 11,843 |
Fixed Assets | ||||||||||
| Gross Block | 20 | 138 | 153 | 234 | 406 | 1,198 | 1,541 | 2,371 | 2,854 | 3,602 |
| Accumulated Depreciation | 6 | 45 | 93 | 134 | 217 | 458 | 492 | 934 | 1,317 | 1,637 |
| Net Fixed Assetsⓘ | 15 | 93 | 60 | 100 | 189 | 740 | 1,049 | 1,437 | 1,536 | 1,965 |
| CWIP ⓘ | 5 | 1 | 0 | 6 | 1 | 27 | 77 | 60 | 23 | 29 |
| Investmentsⓘ | 57 | 122 | 211 | 284 | 1,160 | 1,197 | 1,163 | 3,706 | 3,945 | 4,615 |
| Inventories | 0 | 0 | 0 | 17 | 23 | 18 | 26 | 25 | 19 | 16 |
| Trade Receivables | 52 | 113 | 95 | 162 | 212 | 602 | 573 | 775 | 1,402 | 1,288 |
| Cash Equivalents | 41 | 47 | 157 | 5 | 1,660 | 395 | 254 | 178 | 602 | 362 |
| Others Assetsⓘ | 48 | 187 | 505 | 565 | 477 | 1,367 | 1,480 | 1,949 | 3,998 | 3,568 |
| Total Assets ⓘ | 217 | 563 | 1,027 | 1,139 | 3,722 | 4,344 | 4,621 | 8,130 | 11,526 | 11,843 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -104 | -346 | -430 | -218 | -337 | -643 | 13 | -441 | -40 | 521 |
| PBT ⓘ | -71 | -317 | -631 | -684 | -1,781 | -284 | -356 | -864 | -812 | -168 |
| Adjustment ⓘ | 1 | 26 | 452 | 504 | 1,638 | 228 | 465 | 1,129 | 788 | 688 |
| Changes in Working Capital ⓘ | -39 | -79 | -236 | -32 | -171 | -542 | -78 | -699 | 55 | 27 |
| Tax Paid ⓘ | 0 | 0 | -15 | -6 | -23 | -45 | -17 | -7 | -72 | -26 |
| Cash Flow From Investing Activity ⓘ | -112 | -181 | -101 | -139 | -935 | -934 | 286 | -2,895 | -3,428 | -147 |
| Capex | -21 | -115 | -20 | -93 | -157 | -209 | -212 | -531 | -588 | -468 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | -811 | 515 | -762 | -2,907 | 129 |
| Others ⓘ | -91 | -66 | -81 | -46 | -778 | 85 | -18 | -1,602 | 66 | 191 |
| Cash Flow From Financing Activityⓘ | 216 | 547 | 684 | 206 | 2,927 | -17 | -112 | 3,247 | 3,557 | -364 |
| Net Proceeds from Shares ⓘ | 209 | 507 | 744 | 174 | 2,890 | 1 | 45 | 3,390 | 3,910 | 5 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 101 | 32 | 22 | -22 | -74 |
| Interest Paid ⓘ | 0 | -2 | -8 | -3 | -9 | -49 | -21 | -93 | -86 | -87 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 7 | 42 | -52 | 35 | 46 | -71 | -168 | -72 | -246 | -208 |
| Net Cash Flow ⓘ | 0 | 21 | 154 | -151 | 1,655 | -1,594 | 187 | -89 | 88 | 11 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -51.22 | -139.27 | N/A | N/A | -339.31 | -9.06 | -12.6 | -20.4 | -10.95 | -1.86 |
| ROCE (%) | -42.09 | -110.55 | N/A | N/A | -254.46 | -6.78 | -8.09 | -15.91 | -8.94 | -0.82 |
| Asset Turnover Ratio | 1.03 | 1.27 | 0.93 | 0.94 | 0.68 | 0.69 | 0.78 | 0.93 | 0.68 | 0.64 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 85 | 61 | 51 | 46 | 41 | 53 | 61 | 42 | 60 | 66 |
| Inventory Days | 0 | 0 | 0 | 6 | 4 | 3 | 2 | 2 | 1 | 1 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,151 | 0 | 0 |
The company was incorporated as ‘SSN Logistics Private Limited’, a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana, at New Delhi (RoC) on June 22, 2011. Subsequently, the name of the company was changed to “Delhivery Private Limited”, pursuant to a fresh certificate of incorporation issued by the RoC on December 8, 2015. On the conversion of the Company to a public limited company, pursuant to a resolution passed by its Shareholders on September 29, 2021, the name of the company was changed to “Delhivery Limited” and a fresh certificate of incorporation dated October 12, 2021 was issued by the RoC.
Delhivery is the largest and fastest growing fully-integrated logistics player in India. The company provided supply chain solutions to a diverse base of Active Customers (excluding those serviced by Spoton) such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing. This is achieved through high quality logistics infrastructure and network engineering, a vast network of domestic and global partners and significant investments in automation, all of which are orchestrated by the company’s self-developed logistics operating system that is guided in real-time by deep sources of proprietary network and environmental data. Together, these create powerful, intersecting flywheels that drive strong network synergies within and across its services and enhance its value proposition to customers.
Business area of the company
Delhivery provides a full range of Logistics services, including delivery of express parcel and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software. The company also offers value-added services such as e-commerce return services, payment collection and processing, installation & assembly services, and fraud detection.
Major events and milestones
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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