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

Equity Bottom-Up

<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

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

<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

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the firm’s historical performance.


Knowledge Realty Trust Pre-IPO - The Positives - Premium Market Positioning, Healthy Forecasts

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index</a>, <a href="https://www.smartkarma.com/entities/nifty-it-index" target="_blank" data-smartkarma-citation="entities:36059:1" rel="noopener">Nifty IT Index</a>, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF</a> rebalance at the close today.</li>
<li>The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.</li>
<li>Stocks with the largest impact are <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries</a>, <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum</a>, <a href="https://www.smartkarma.com/entities/adani-total-gas-ltd" target="_blank" data-smartkarma-citation="entities:28352:1" rel="noopener">Adani Total Gas</a>, <a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels</a>, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial</a>, <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">IRCTC</a>, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato</a>, <a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank</a>, <a href="https://www.smartkarma.com/entities/union-bank-of-india" target="_blank" data-smartkarma-citation="entities:546:1" rel="noopener">Union Bank Of India</a> and <a href="https://www.smartkarma.com/entities/crompton-greaves-ltd" target="_blank" data-smartkarma-citation="entities:6248:1" rel="noopener">Crompton Greaves</a>.</li>
</ul>


The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.


NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

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)

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

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

Knowledge Realty Trust Pre-IPO - The Positives - Premium Market Positioning, Healthy Forecasts

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier...

Akshat Shah

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

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

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52-week Range

Market Cap (USDm)

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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

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

Knowledge Realty Trust Pre-IPO - The Positives - Premium Market Positioning, Healthy Forecasts

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier...

Akshat Shah

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

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

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

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

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...