Whalesbook
Revenue toh badha, par profit kyun ruka?
Delhivery ka Q4 FY26 result dekh kar lagta hai ki revenue to ekdum shot maar raha hai. Total income 26.31% badhkar ₹2,909 crore tak pahunch gaya. Ye sabse bada express parcel volume mein 72% ke izafe aur 20% badhe Part Truckload (PTL) freight volume ki wajah se hua. Lekin bhai, asli picture profit ki hai. Net profit practically same hi raha, pichhle saal ke ₹72.55 crore se thoda kam hokar ₹72.39 crore pe aa gaya. Full fiscal year FY26 ki baat karein toh consolidated profit 6.81% gir kar ₹152.54 crore ho gaya jo FY25 mein ₹162.11 crore tha.
Iska matlab hai ki company revenue to kama rahi hai, par usko profit mein convert karne mein dikkat aa rahi hai. Ho sakta hai operating expenses, ya koi aur cost badh gayi ho jo revenue ke growth ko kha ja rahi hai.
Valuation aur Competitors ka kya kehna hai?
Bade numbers dekh kar lagta hai ki company ka valuation bhi kaafi high hai, market cap around ₹35,615 crore hai aur P/E ratio 152x se lekar 341x tak hai. Yeh dikhata hai ki investors ko future growth ki umeed hai, par current profit growth us valuation ko justify nahi kar raha.
Sector mein bhi aisi hi situation hai. Blue Dart Express ka bhi Q4 FY26 net profit 11.42% gir gaya tha, haalanki unka revenue 8.20% badha tha. Mahindra Logistics ne loss se nikal kar profit dikhaya hai. Toh lagta hai ki industry mein sabhi ko margin pressure ki dikkat aa rahi hai.
Analysts kya bol rahe hain?
Itni sab situation ke baad bhi analysts kaafi positive lag rahe hain. 22 analysts ne isko 'Strong Buy' rating di hai aur average price target ₹527.27 diya hai, matlab lagbhag 12% aur upside ka scope hai. Company ke paas ₹4,555 crore cash bhi hai aur free cash flow bhi positive raha hai, toh financial stability ka zyada issue nahi lag raha.
Company ne 6 senior leaders ko bhi promote kiya hai, jo future strategy ke liye achha ho sakta hai.