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Is Delhivery surge just a frenzy?

Mint Mumbai

|

September 11, 2025

Skyrocketing The Delhivery stock has beaten broader markets substantially so far in 2025.

- Shubham Dilawari

Is Delhivery surge just a frenzy?

It's been quite a ride for the Delhivery Ltd stock, which is up 34% so far in 2025. At ₹464 apiece, the shares trade at about 115 times FY26 estimated earnings, as per Bloomberg.

But the financials don't exactly shout strength. The company's FY25 return on capital employed is only 2.5%, and return on equity is just 1.5%. Given such thin return ratios, what are investors thrilled about?

Delhivery reported its first-ever full-year profit in FY25, earning ₹162 crore. Moreover, its Ebitda margin rose to 6.5% in the June quarter (QIFY26) from 4.5% in QIFY25. Even the truckload business, which was a drag earlier, gained pace with the margin rising to 10.7% from 3.2%.

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