InCred Equities - Delhivery

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	89,319	104,009	119,167	133,349
Operating EBITDA (Rsm)	326	2,193	4,286	6,322
Net Profit (Rsm)	1,647	590	1,611	3,112
Core EPS (Rs)	2.1	0.8	2.2	4.2
Core EPS Growth	(161.8%)	(61.6%)	173.1%	93.1%
FD Core P/E (x)	210.54	591.42	216.59	112.15
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	1,096.02	167.06	86.12	58.53
P/FCFE (x)	(93.51)	153.75	(708.14)	204.70
Net Gearing	11.5%	18.3%	20.9%	21.1%
P/BV (x)	3.70	3.68	3.62	3.50
ROE	1.6%	0.6%	1.7%	3.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	89,319	104,009	119,167	133,349
Gross Profit	35,545	42,431	49,807	57,068
Operating EBITDA	326	2,193	4,286	6,322
Depreciation And Amortisation	(3,102)	(4,696)	(5,411)	(5,946)
Operating EBIT	(2,776)	(2,503)	(1,125)	376
Financial Income/(Expense)	4,252	3,093	2,736	2,736
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	1,475	590	1,611	3,112
Exceptional Items	122
Pre-tax Profit	1,597	590	1,611	3,112
Taxation	50
Exceptional Income - post-tax
Profit After Tax	1,647	590	1,611	3,112
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,647	590	1,611	3,112
Recurring Net Profit	1,525	590	1,611	3,112
Fully Diluted Recurring Net Profit	1,525	590	1,611	3,112

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	326	2,193	4,286	6,322
Cash Flow from Invt. & Assoc.
Change In Working Capital	(370)	(2,437)	(2,515)	(2,353)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(122)
Other Operating Cashflow
Net Interest (Paid)/Received	4,252	3,093	2,736	2,736
Tax Paid	50
Cashflow From Operations	4,136	2,849	4,507	6,705
Capex	(4,783)	(19,991)	(5,000)	(5,000)
Disposals Of FAs/subsidiaries	(2,472)	18,000
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(7,254)	(1,991)	(5,000)	(5,000)
Debt Raised/(repaid)	(589)	1,412
Proceeds From Issue Of Shares	1,228	0
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(737)	(1,286)
Cash Flow From Financing	(98)	126
Total Cash Generated	(3,217)	984	(493)	1,705
Free Cashflow To Equity	(3,708)	2,270	(493)	1,705
Free Cashflow To Firm	(3,046)	1,040	(261)	1,937

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	3,360	4,344	3,851	5,556
Total Debtors
Inventories
Total Other Current Assets	26,914	31,340	35,908	40,181
Total Current Assets	30,274	35,684	39,759	45,737
Fixed Assets	25,758	44,847	46,727	48,347
Total Investments	48,077	30,077	30,077	30,077
Intangible Assets	13,442	17,033	17,033	17,033
Total Other Non-Current Assets	3,080	3,080	3,080	3,080
Total Non-current Assets	90,357	95,038	96,918	98,538
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	12,094	14,083	16,135	18,055
Total Current Liabilities	12,094	14,083	16,135	18,055
Total Long-term Debt	14,216	21,728	24,019	26,585
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	14,216	21,728	24,019	26,585
Total Provisions
Total Liabilities	26,310	35,810	40,154	44,640
Shareholders Equity	94,322	94,912	96,523	99,635
Minority Interests
Total Equity	94,322	94,912	96,523	99,635

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	9.7%	16.4%	14.6%	11.9%
Operating EBITDA Growth	(121.7%)	572.1%	95.5%	47.5%
Operating EBITDA Margin	0.4%	2.1%	3.6%	4.7%
Net Cash Per Share (Rs)	(14.55)	(23.29)	(27.02)	(28.18)
BVPS (Rs)	126.39	127.18	129.34	133.51
Gross Interest Cover	(38.20)	(13.71)	(4.85)	1.62
Effective Tax Rate
Net Dividend Payout Ratio
Accounts Receivables Days
Inventory Days
Accounts Payables Days
ROIC (%)	(5.4%)	(4.4%)	(1.4%)	0.4%
ROCE (%)	(2.6%)	(2.2%)	(0.9%)	0.3%
Return On Average Assets	(2.3%)	(2.0%)	(0.8%)	0.3%

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