India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>Delhivery reported strong 4QFY26 results in line with our estimates.</li>
<li>Mgt guidance outlines margin resilience despite current market environment and estimates limited demand impact</li>
<li>We discuss the recent underperformance vis-a-vis shadowfax and we find the valuations  attractive and compelling</li>
</ul>


Delhivery reported strong 4QFY26 results in line with our estimates.
Mgt guidance outlines margin resilience despite current market environment and estimates limited demand impact
We discuss the recent underperformance vis-a-vis shadowfax and we find the valuations  attractive and compelling


Delhivery - Strong End to FY26, Seeing Limited Impact from Iran Conflict

<ul>
<li>In this note, we summarise our top high conviction ideas for 2026</li>
<li>Delhivery, Edelweiss and JSW Energy are out top ideas for the year.</li>
<li>We expect stocks like BlueJet and Sammaan Capital that have not performed well in recent months to pull back in the coming months</li>
</ul>


In this note, we summarise our top high conviction ideas for 2026
Delhivery, Edelweiss and JSW Energy are out top ideas for the year.
We expect stocks like BlueJet and Sammaan Capital that have not performed well in recent months to pull back in the coming months


Happy New Year: Summarising Top Ideas for 2026

<ul>
<li>Delhivery has consolidated its leadership position in Express Parcel segment through 'Ecom Express' acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.</li>
<li>Express PTL business is taking off along with the industry cycle. Supported by Delhivery's tech stack and deep infrastructure, it is ready to corner market share with margin expansion.</li>
<li>We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.</li>
</ul>


Delhivery has consolidated its leadership position in Express Parcel segment through 'Ecom Express' acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.
Express PTL business is taking off along with the industry cycle. Supported by Delhivery's tech stack and deep infrastructure, it is ready to corner market share with margin expansion.
We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.


2026 High Conviction Idea: 'Delhivery' India's Largest Full-Range Logistics Platform

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>Ecom Express has been absorbed by Delhivery, Meesho has shifted most fulfilment control to Valmo, and Shadowfax has emerged as the listed high-growth challenger.</li>
<li>Indian parcel demand is expanding rapidly, but the addressable pool for independent end-to-end carriers is being compressed by marketplace-owned orchestration.</li>
<li>Fewer 3PLs do not automatically mean pricing power. Investors must underwrite outsourced wallet share, network density, customer diversity and labour-adjusted margins.</li>
</ul>


Ecom Express has been absorbed by Delhivery, Meesho has shifted most fulfilment control to Valmo, and Shadowfax has emerged as the listed high-growth challenger.
Indian parcel demand is expanding rapidly, but the addressable pool for independent end-to-end carriers is being compressed by marketplace-owned orchestration.
Fewer 3PLs do not automatically mean pricing power. Investors must underwrite outsourced wallet share, network density, customer diversity and labour-adjusted margins.


India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

<ul>
<li>The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India's labour sector.</li>
<li>The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India's formalization and productivity deficit.</li>
<li>Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India's formal sector.</li>
</ul>


The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India's labour sector.
The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India's formalization and productivity deficit.
Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India's formal sector.


India's Labor Code Reform: What Global Investors Should Know?

India

Delhivery is an Indian logistics and supply chain company that provides technology-enabled services, including express parcel delivery, part-truckload (PTL) and full-truckload (FTL) freight, integrated supply chain solutions, and warehousing. It offers comprehensive solutions for e-commerce and B2B commerce, leveraging a proprietary technology stack. The company was founded in May 2011 and is headquartered in Gurugram, Haryana, India.

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Delhivery (DELHIVER IN)

Delhivery - Strong End to FY26, Seeing Limited Impact from Iran Conflict

Delhivery's strong 4QFY26 results and margin resilience make its valuations attractive despite recent underperformance compared to shadowfax.

Himanshu Dugar

Happy New Year: Summarising Top Ideas for 2026

We summarise our High Conviction ideas for 2026, namely: Delhivery, JSW Energy, Edelweiss Financial, Sammaan Capital, and Bluejet Healthcare

Himanshu Dugar

2026 High Conviction Idea: 'Delhivery' India's Largest Full-Range Logistics Platform

Delhivery has strengthened its leadership in the Express Parcel segment and is now shifting gears in the PTL business. Poised for growth and...

Himanshu Dugar

India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Nimish Maheshwari

India's Labor Code Reform: What Global Investors Should Know?

India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Delhivery - Strong End to FY26, Seeing Limited Impact from Iran Conflict

​Delhivery's strong 4QFY26 results and margin resilience make its valuations attractive despite recent underperformance compared to shadowfax.

Himanshu Dugar

Happy New Year: Summarising Top Ideas for 2026

We summarise our High Conviction ideas for 2026, namely: Delhivery, JSW Energy, Edelweiss Financial, Sammaan Capital, and Bluejet Healthcare

Himanshu Dugar

2026 High Conviction Idea: 'Delhivery' India's Largest Full-Range Logistics Platform

​Delhivery has strengthened its leadership in the Express Parcel segment and is now shifting gears in the PTL business. Poised for growth and...

Himanshu Dugar

India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

​Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Nimish Maheshwari

India's Labor Code Reform: What Global Investors Should Know?

​India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

Nimish Maheshwari

Delhivery's strong 4QFY26 results and margin resilience make its valuations attractive despite recent underperformance compared to shadowfax.

Delhivery has strengthened its leadership in the Express Parcel segment and is now shifting gears in the PTL business. Poised for growth and...

Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...