Delhivery Stock: Company to Deploy 150 New EVs; How Will It Benefit the Company?

Synopsis: Logistics firm partners with EV provider to deploy 150 electric vehicles, cutting rider costs over 50 percent, lowering emissions, and accelerating last-mile electrification alongside steady revenue and profit growth in Q3FY26.

A mid cap stock in the business of logistics and supply chain solutions gained attention after announcing deployment of 150 electric vehicles through an EV-as-a-Service partnership. The initiative aims to reduce delivery partner costs by over 50 percent, accelerate electrification, lower emissions, and strengthen last-mile delivery operations across key cities. With its market cap around Rs 32,300 Cr, Delhivery Ltd saw its stock hit an intraday high of Rs 432 which is 3 percent higher than the previous close of Rs 418.

What’s the News?

Delhivery announced a strategic partnership with RIDEV to deploy 150 electric vehicles across North East India, Bengaluru, and Hyderabad over three months. This move supports last-mile electrification through an EV-as-a-Service model, reducing upfront costs and easing adoption for delivery partners while accelerating sustainable logistics expansion.

Delhivery currently operates nearly 1,000 EVs and plans systematic replacement of ICE vehicles nationwide. Pilot projects cut 4,260 kg CO2 emissions and reduced rider costs by over 50 percent. The initiative aligns with India’s PM E-DRIVE goals, aiming to decarbonize urban delivery networks and expand across major cities.

Revenue Mix

In Q3FY26 the company’s revenue mix remained heavily driven by Express Parcel, contributing 66 percent of total services revenue. PTL (Part Truckload) accounted for 21 percent, reflecting strong freight momentum. TL and Cross Border segments contributed 6 percent each, while other segments formed a small share, highlighting the company’s dependence on logistics growth.

Additionally, Express Parcel’s revenue grew by 24 percent on YoY basis, Express Parcel shipments grew by 43 percent YoY. While in the PTL business freight revenue grew by 25 percent YoY and  freight tonnage grew by 23 percent. The Supply Chain Services’ and Cross Border Services’ revenue went down by around 23 percent each, and FTL Service’s revenue stayed the same as a year ago.

Business & Financial Overview

Delhivery Limited, founded in 2011 and headquartered in Gurugram, is India’s leading integrated logistics company. It provides end-to-end supply chain solutions including express parcel, freight, warehousing, cross-border logistics, and technology-driven services, serving e-commerce, enterprises, SMEs, and consumers across India.

In the latest quarter the company saw a YoY revenue growth of 18 percent, going from Rs 2,378 Cr in Q3FY25 to Rs 2,805 Cr in Q3FY26, while the QoQ went up by 10 percent from Rs 2,559 Cr in Q2FY26. The YoY Net Profits growth is at 60 percent, going from Rs 25 Cr in Q3FY25 to Rs 40 Cr in Q3FY26, but the company made a loss of Rs 50 Cr in Q2FY26.

The company has a 3 year sales CAGR of 9 percent, while the TTM is at 12 percent. The company’s 3 year profit CAGR is at 29 percent, while the TTM number is at 341 percent. The company also has a ROCE of 2.5 percent and a ROE of 1.5 percent.

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