India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Electronic payments and consumption surged post the GST rate cut, with Delhivery reporting a record 104 million shipments in September 2025.</li>
<li>The Ecom Express integration and festive demand have positioned Delhivery for volume leadership and margin expansion.</li>
<li>With strong execution and improving capital efficiency, Delhivery is set to consolidate its dominance in India’s third-party logistics market.</li>
</ul>


Electronic payments and consumption surged post the GST rate cut, with Delhivery reporting a record 104 million shipments in September 2025.
The Ecom Express integration and festive demand have positioned Delhivery for volume leadership and margin expansion.
With strong execution and improving capital efficiency, Delhivery is set to consolidate its dominance in India’s third-party logistics market.


Delhivery: Riding the Festive Wave and the GST Boost

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delhivery-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (DELHIVER IN)</a> faces immediate volume erosion as <a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> migrates 65% of orders to Valmo, destabilizing a key client relationship historically contributing ~16% of total revenue.</li>
<li>Valmo’s rise structurally shrinks the addressable 3PL market, creating a permanent headwind that compresses pricing power and intensifies competition for remaining open volumes.</li>
<li>Anchor client insourcing caps Delhivery’s growth trajectory, rendering the Ecom Express acquisition insufficient to offset the structural decay in organic B2C volume velocity.</li>
</ul>



Delhivery (DELHIVER IN) faces immediate volume erosion as Meesho (1546271D IN) migrates 65% of orders to Valmo, destabilizing a key client relationship historically contributing ~16% of total revenue.
Valmo’s rise structurally shrinks the addressable 3PL market, creating a permanent headwind that compresses pricing power and intensifies competition for remaining open volumes.
Anchor client insourcing caps Delhivery’s growth trajectory, rendering the Ecom Express acquisition insufficient to offset the structural decay in organic B2C volume velocity.


Meesho’s Valmo | Erosion of Delhivery’s Margins

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe Pvt Ltd (1732974D IN)</a> 's new app, "Pincode", is based on the ONDC platform and offers hyperlocal e-commerce.</li>
<li>ONDC-Enabled Pincode could disrupt <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> food delivery and grocery businesses.</li>
<li>Loyal restaurants may choose to offer discounts via ONDC, putting pressure on <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>  and <a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a> to compete bringing back cash burn and discounting. </li>
</ul>



Phonepe Pvt Ltd (1732974D IN) 's new app, "Pincode", is based on the ONDC platform and offers hyperlocal e-commerce.
ONDC-Enabled Pincode could disrupt Zomato (ZOMATO IN) food delivery and grocery businesses.
Loyal restaurants may choose to offer discounts via ONDC, putting pressure on Zomato (ZOMATO IN)  and Swiggy (1255298D IN) to compete bringing back cash burn and discounting. 


Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delhivery-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (DELHIVER IN)</a> acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom's failed IPO and rights issue raised similar funds.</li>
<li>The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.</li>
<li>Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.</li>
</ul>



Delhivery (DELHIVER IN) acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom's failed IPO and rights issue raised similar funds.
The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.
Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.


Event Driven: Delhivery Acquires Ecom Express as Distress Sale

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Delhivery’s Q3FY25 revenue met our expectations, but EBITDA fell short due to increased vehicle rental costs driven by higher truck spot rates during the festive season.</li><li>These rates have normalized since Jan-25. The management intends to mitigate this risk going forward by exploring fixed cost contracts.</li><li>Performance in the PTL segment is expected to remain robust in Q4 (Jan volumes at 147k ton), while B2C continues to face broader industry headwinds (demand and quick commerce) and insourcing by Meesho.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delhivery’s Q3FY25 revenue met our expectations, but EBITDA fell short due to increased vehicle rental costs driven by higher truck spot rates during the festive season.These rates have normalized since Jan-25. The management intends to mitigate this risk going forward by exploring fixed cost contracts.Performance in the PTL segment is expected to remain robust in Q4 (Jan volumes at 147k ton), while B2C continues to face broader industry headwinds (demand and quick commerce) and insourcing by Meesho.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delhivery - Subdued Profitability; Outlook for PTL Remains Robust

India

Delhivery Limited provides logistics solutions to e-commerce companies. The Company offers last-mile delivery, payment collection and processing, third-party and transit warehousing, vendor-to-customer shipping, technology integration, and customized and revers logistics solutions. Delhivery Limited serves customers in India.

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Delhivery (DELHIVER IN)

Delhivery: Riding the Festive Wave and the GST Boost

GST rate cut boosts electronic payments, Delhivery sees record 104 million shipments in September 2025, poised for volume leadership and margin...

Sudarshan Bhandari

Meesho’s Valmo | Erosion of Delhivery’s Margins

Delhivery faces volume erosion as Meesho migrates orders to Valmo, impacting revenue and creating pricing pressure in the 3PL market.

Pranav Bhavsar

Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

Emergence of ONDC and PhonePe's Pincode app likely to disrupt food delivery and grocery businesses of Zomato and Swiggy, bringing back cash burn...

Pranav Bhavsar

Event Driven: Delhivery Acquires Ecom Express as Distress Sale

Delhivery acquires 99.4% stake in Ecom Express for ₹1,407 crore, creating logistics powerhouse in India's B2C e-commerce sector with potential for...

Nimish Maheshwari

Delhivery - Subdued Profitability; Outlook for PTL Remains Robust

Delhivery’s Q3FY25 revenue met our expectations, but EBITDA fell short due to increased vehicle rental costs driven by higher truck spot rates...

Emkay

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Delhivery: Riding the Festive Wave and the GST Boost

​GST rate cut boosts electronic payments, Delhivery sees record 104 million shipments in September 2025, poised for volume leadership and margin...

Sudarshan Bhandari

Meesho’s Valmo | Erosion of Delhivery’s Margins

​Delhivery faces volume erosion as Meesho migrates orders to Valmo, impacting revenue and creating pricing pressure in the 3PL market.

Pranav Bhavsar

Zomato (ZOMATO IN) | Houston, We Have A "Pincode" Problem

Emergence of ONDC and PhonePe's Pincode app likely to disrupt food delivery and grocery businesses of Zomato and Swiggy, bringing back cash burn...

Pranav Bhavsar

Event Driven: Delhivery Acquires Ecom Express as Distress Sale

​Delhivery acquires 99.4% stake in Ecom Express for ₹1,407 crore, creating logistics powerhouse in India's B2C e-commerce sector with potential for...

Nimish Maheshwari

Delhivery - Subdued Profitability; Outlook for PTL Remains Robust

Delhivery’s Q3FY25 revenue met our expectations, but EBITDA fell short due to increased vehicle rental costs driven by higher truck spot rates...

Emkay

GST rate cut boosts electronic payments, Delhivery sees record 104 million shipments in September 2025, poised for volume leadership and margin...

Delhivery faces volume erosion as Meesho migrates orders to Valmo, impacting revenue and creating pricing pressure in the 3PL market.

Delhivery acquires 99.4% stake in Ecom Express for ₹1,407 crore, creating logistics powerhouse in India's B2C e-commerce sector with potential for...