Delhivery Ka Dhamaka! Revenue **30%** Bhaga, Par Profit Wahi Ka Wahi? Valuation Par Sawal

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AuthorRiya Kapoor|Published at:
Delhivery Ka Dhamaka! Revenue **30%** Bhaga, Par Profit Wahi Ka Wahi? Valuation Par Sawal
Overview

Delhivery ke investors ke liye Q4 mein revenue toh zabardast bhaga hai, **30%** growth ke saath **₹2,850 crore** tak pahunch gaya. Par bhai, profit wahi ka wahi atka hai, sirf **₹72.4 crore**! Is growth ke peeche kya chal raha hai aur company ki valuation par kyun sawaal uth rahe hain, chalo samjhte hain.

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Logistics sector mein Delhivery ne Q4 FY26 mein kamaal kar diya! Company ka revenue 30% badh kar ₹2,850 crore ho gaya. Yeh growth industry mein ho rahe consolidation aur demand badhne ki wajah se hai, plus Ecom Express ka integration bhi kaam aaya. Operational side pe bhi achi khabar hai, EBITDA margins 7.5% tak pahunch gaye (jo ₹214.2 crore bante hain), jo pichhle saal 5.4% the. Lakin, asli khel toh bottom line mein hota hai na? Aur wahi par gaadi atak gayi. Net profit sirf ₹72.4 crore pe flat raha. Poore FY26 ki baat karein toh profit ₹153 crore raha, jo FY25 ke ₹162 crore se kam hai. Yeh revenue growth aur profit mein gap thoda chinta ka vishay hai.

Kya hai Valuation Ka Chakkar?

Ab dekho, India ka logistics market toh badh raha hai, aur E-commerce bhi. Lekin Delhivery ka jo P/E ratio chal raha hai na, woh toh aasman chhoo raha hai – 152x se 233x tak! Matlab, investors growth ke liye paisa de rahe hain, current earnings ke liye nahi. Iske compare mein Blue Dart jaise competitors ka P/E 45-52x hai aur unka ROE bhi 15.16% hai, jo Delhivery ke 1-2% se kaafi zyada hai. Khair, Blue Dart ka stock pichhle saal 26% gira hai, toh yeh bhi dekhna hoga. TVS Supply Chain aur XpressBees jaise options bhi hain, par woh alag kahaani hai.

Analyst Kya Kehte Hain?

Bhale hi profit flat ho, analysts abhi bhi bullish hain. Motilal Oswal ne 'Buy' rating maintain ki hai aur target price ₹580 rakha hai. Unhe umeed hai ki revenue 13% CAGR aur EBITDA 33% CAGR se badhega. Jan 2026 tak, 23 mein se 19 analysts 'Buy' keh rahe hain, aur average target price ₹498.78 hai. Sabki nazar iss baat par hai ki company apna revenue growth ko sustainable profit mein kaise convert karti hai, especially jab operating costs jaise fuel aur labor badh rahe hain. Ecom Express ka integration bhi ek bada factor hai jise manage karna hoga.

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