Whalesbook
Arey suno, Delhivery ne Q4 FY26 mein apna revenue toh ekdum mast 30% badha liya, jo ab ₹2,850 crore ho gaya hai. Par yeh jo profit hai na, woh lagbhag flat hi raha, sirf ₹73.4 crore pe atka, pichhle saal ke ₹72.6 crore se zyada nahi badha. Asal mein, company ka total kharcha bhi 27% badh kar ₹2,853.1 crore ho gaya hai, isliye revenue ki tez bhaag ka faida profit mein convert nahi ho paya.
Aur agar poore FY26 ki baat karein toh, net profit toh thoda neeche hi gira hai, lagbhag 6% tak, ₹152.5 crore pe aa gaya, jabki pichhle saal ₹162.1 crore tha. Haan, ek acchi khabar yeh hai ki EBITDA double hokar ₹764 crore ho gaya hai aur margins 7.3% tak pahunch gaye. Lekin interest, depreciation, aur tax ke badhte kharche bottom line ko peeche kheench rahe hain.
Operational side pe toh Delhivery ne kamaal kar diya hai! FY26 mein 1 billion e-commerce shipments handle kiye hain, yeh unke pehle das saal ke barabar hai! Aur free cash flow bhi ₹89 crore positive generate kiya FY26 mein. Yeh sab dikhata hai ki business mein dum hai aur achha perform kar raha hai.
Market bhi badh raha hai, e-commerce shipments aur honge. Lekin petrol aur labour costs jaise badhte expenses company ke liye ek challenge bane hue hain, jisse profit margins pe pressure aa raha hai.
Aur ek badi khabar yeh hai ki Delhivery Ecom Express ko ₹1,407 crore tak mein khareedne ka plan bana rahi hai. Isse unka market position aur bhi mazboot ho jayega.
Abhi agar valuation ki baat karein toh, Delhivery ka P/E ratio competitors jaise Blue Dart aur XpressBees ke comparison mein thoda zyada hai. Lekin analysts ka outlook positive hai, aur unhone price targets ₹490 se ₹539 ke beech set kiye hain, unko umeed hai ki company future mein apne profit ko sudharegi.