Delhivery Limited (DELHIVERY.BO)

Delhivery Limited (DELHIVERY.BO) — VMCI valuation read

Headline read on DELHIVERY.BO: VMCI of 43/100 versus a Industrials sector median of 50. The 7-point below-median position is what makes Delhivery Limited a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on DELHIVERY.BO: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on DELHIVERY.BO: value (DELHIVERY.BO trades at 19.0x earnings, 6% above the Industrials median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of -1.9x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.

DELHIVERY.BO fell 3.4% over the trailing 7 days, with a +1.2% read on a 30-day basis.