Logistics servicesHistorical case study · data as of 28 Jul 2026 · published 31 Oct 2026 (95 days later)
Delhivery — 100-point case study
How Delhivery looked on 50 technical and 50 fundamental measures on 28 Jul 2026 — and what happened over the next three months. Education only; not a current view.
Codes
NSE: DELHIVERY
Close on 28 Jul 2026
₹472.20
Market cap then
₹35,331 crore
Valuation
P/E 230.9× · P/B 3.65×
Momentum
RSI (14) 44 · 1-year return +10.1%
Next 3 months
-18.3% vs Nifty 50 -3.9% (to 30 Oct 2026)
Scorecard
Technical — 50 points
15 bullish · 20 neutral · 1 caution · 13 bearish — the picture was mixed.
Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance
Data note: Delhivery has no promoter group, so promoter-holding points are not applicable.
Technical analysis — 50 points
Calculated by code from daily prices up to 28 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Trend
#
Point
Reading
Tag
Commentary
1
Short-term trend (20 days)
slope -0.58%/day
Bearish
Over the last 20 sessions the regression line of closing prices was falling about 0.58% a day — a short-term downtrend.
Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2
Medium-term trend (~5 months)
3M return +2.1%
Bullish
The 100-session trend line was up (+0.16%/day) and the stock was +2.1% over three months, so the medium-term picture was bullish.
Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3
Long-term trend (1 year)
1Y return +10.1%
Bullish
Compared with a year earlier the price was +10.1%. A strong positive year.
Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4
Weekly chart trend
10W 471.87 / 30W 447.11
Bullish
On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack.
Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5
Swing structure (highs/lows)
last highs 491.70→524.00; lows 430.30→428.10
Neutral
The two most recent swing points showed a higher high but a lower low — mixed structure.
Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6
ADX (14) — trend strength
22.9
Bearish
ADX at 22.9 shows a trend of moderate strength. ADX measures strength only, not direction.
Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7
+DI vs –DI
+DI 17.2 / –DI 26.2
Bearish
–DI was above +DI: sellers had the upper hand in directional movement.
Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.
B. Moving averages
#
Point
Reading
Tag
Commentary
8
Price vs 20-day SMA
496.03 (-4.8%)
Bearish
Close of 472.20 was 4.8% below the 20-day SMA — the short-term trend filter was negative.
Bullish close above the average · Bearish close below the average · No neutral zone.
9
Price vs 50-day SMA
470.44 (+0.4%)
Bullish
Close of 472.20 was 0.4% above the 50-day SMA — the medium-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
10
Price vs 200-day SMA
442.93 (+6.6%)
Bullish
Close of 472.20 was 6.6% above the 200-day SMA — the long-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
11
9 / 21 EMA crossover
9E 477.35 / 21E 482.77
Bearish
The 9-day EMA was below the 21-day EMA; the last crossover happened on 23 Jul 2026.
The 50-day average was 6.2% above the 200-day. The most recent signal was a golden cross on 05 May 2026.
Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13
50-day SMA slope
+2.5% in 20 sessions
Bullish
The 50-day average rose 2.5% over the past month — rising.
Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14
MA ribbon alignment
496 / 470 / 457 / 443
Bullish
The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200).
Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15
Monthly anchored VWAP
500.99 (-5.7%)
Bearish
Anchored to the start of July, the volume-weighted average price was 500.99; the close was below it — buyers that month were on average under water.
Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.
C. Momentum
#
Point
Reading
Tag
Commentary
16
RSI (14)
44.4
Bearish
RSI at 44.4 reflected soft, below-average momentum.
Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17
RSI divergence (last 40 days)
none
Neutral
Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price.
Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18
MACD line vs signal
MACD -1.77 / signal 3.88
Bearish
MACD was below its signal line — momentum turning or staying negative.
Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19
MACD histogram (5-day change)
-5.55 → -5.65
Bearish
The histogram fell over the last five sessions, meaning momentum was weakening.
Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.
D. Volatility
#
Point
Reading
Tag
Commentary
25
Bollinger Band position (%B)
%B 0.20 (bands 456.70–535.37)
Neutral
%B of 0.20 — inside the bands, lower half.
How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26
Bollinger width / squeeze
width 15.9% (67th pct of 6M)
Neutral
Band width was at the 67th percentile of the last six months, a normal level.
How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27
ATR (14)
₹13.44 (2.8% of price)
Neutral
A typical day's range was about ₹13.44, or 2.8% of the price — useful for judging how much 'normal noise' to expect.
How to read: Information only. A higher % means bigger normal daily swings.
28
Historical volatility (30-day)
36.1% vs 1Y 31.2%
Neutral
Annualised 30-day volatility was 36.1%, close to the one-year level of 31.2%.
How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29
Keltner Channel (20, 2×ATR)
456.86–508.73
Neutral
The close was inside the channel, so no volatility breakout.
Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30
Beta vs Nifty 50 (1Y daily)
1.06
Neutral
A beta of 1.06 means the stock tended to move roughly in line with the Nifty 50 day to day.
How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.
E. Volume & money flow
#
Point
Reading
Tag
Commentary
31
Volume vs 20-day average
last day 0.82× / 5-day 0.51×
Neutral
The final session traded 0.82× its 20-day average volume and the last five sessions averaged 0.51× — lighter than usual participation.
How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32
Up-day vs down-day volume (20d)
ratio 2.21
Bullish
Average volume on up days was 2.21× that on down days — accumulation-leaning.
Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33
On-Balance Volume (20d)
OBV rising
Bullish
OBV rose over the month while price rose — volume confirmed the price move.
About ₹313 crore changed hands per day on average over 20 sessions — liquid.
How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.
F. Price levels
#
Point
Reading
Tag
Commentary
38
Support levels (S1/S2/S3)
459.88 / 445.50 / 427.03
Neutral
Nearest support (prior swing lows) sat at 459.88, 2.7% below the close, then 445.50, 427.03.
How to read: Information only. Levels to watch, not good or bad.
39
Resistance levels (R1/R2/R3)
482.18 / 523.50
Neutral
Nearest resistance (prior swing highs) sat at 482.18, 2.1% above the close, then 523.50.
How to read: Information only.
40
Monthly pivot points (for next month)
P 484.78 | R1 511.42 | S1 445.57
Neutral
Classic pivots from July's high/low/close gave a pivot of 484.78; the close was below it.
How to read: Information only.
41
Fibonacci retracement (6M swing)
23.6% 489 | 38.2% 467 | 50.0% 449 | 61.8% 432
Neutral
Measuring the 6-month rise from 374.45 to 524.00, the close was nearest the 38.2% retracement at 466.87.
How to read: Information only.
42
52-week high / low
H 524.00 / L 374.45
Neutral
The close was 9.9% below the 52-week high and 26.1% above the 52-week low.
Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43
Unfilled price gaps (6M)
1 open; latest gap-up 15 Jun at 442.85
Neutral
There was 1 unfilled gap(s). The latest, a gap-up on 15 Jun 2026, left an open level at 442.85 that price had not revisited.
How to read: Information only.
G. Patterns
#
Point
Reading
Tag
Commentary
44
Price structure / chart pattern
pullback inside a larger uptrend
Neutral
Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.)
Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45
Breakout / breakdown (20-day)
range 458.15–524.00
Neutral
The close was inside the prior 20-day range of 458.15–524.00.
Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46
Latest candlestick
Ordinary green candle
Neutral
On 28 Jul the candle opened 471.00, ranged 466.05–474.40 and closed 472.20: Ordinary green candle. Single candles are weak signals on their own.
Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47
Ichimoku Cloud
cloud 450.80–454.95; Tenkan 481.02 / Kijun 491.07
Bullish
Price was above the cloud and the Tenkan line was below the Kijun line — a bullish Ichimoku setup.
Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.
H. Relative strength & summary
#
Point
Reading
Tag
Commentary
48
Relative strength vs Nifty 50
1M +1.7% / 3M +2.5%
Bullish
The stock outperformed the Nifty 50 by 2.5 points over three months and outperformed by 1.7 points over one month.
Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49
Relative strength vs Nifty 50 (6M)
6M +27.6%
Bullish
No sector index in today's data set, so we show the 6-month comparison instead: 27.6 points ahead of the Nifty 50.
Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50
Technical summary
15 bullish · 13 bearish · 20 neutral · 1 caution
Neutral
Across the 49 readings the technical picture was mixed. Levels that mattered: support 459.88, resistance 482.18. This is a description of the chart on 28 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
Fundamental analysis — 50 points
Uses only results published by 28 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 28 Jul 2026 close.
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Valuation
#
Point
Reading
Tag
Commentary
1
P/E (trailing 12 months)
230.9×
Neutral
At ₹472.20 the market valued the company at about ₹35,331 crore, or 230.9× the ₹153 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth.
How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2
Price / Book
3.65×
Neutral
Market cap was 3.65× the Mar 2026 book value (equity + reserves) of ₹9,687 crore.
How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3
Price / Sales
3.36×
Neutral
The company was valued at 3.36× its trailing-12-month sales of ₹10,508 crore.
How to read: Information only.
4
EV / EBITDA (approx.)
58.2×
Neutral
Enterprise value (market cap + ₹1,463 cr borrowings; cash not netted) was 58.2× trailing operating profit of ₹632 crore.
How to read: Information only. Lower means cheaper relative to operating profit.
5
Earnings yield
0.4%
Neutral
The inverse of P/E: each ₹100 invested bought about ₹0.4 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds.
How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6
PEG (P/E ÷ 3-yr profit CAGR)
n/m
Neutral
PEG is not meaningful because 3-year profit growth was not available.
Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7
Dividend yield (trailing 12M)
n/a
Neutral
Dividend history in our data window was not available.
Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8
Market capitalisation
₹35,331 cr
Neutral
At about ₹0.35 lakh crore the company was a mid-cap.
How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9
Graham number vs price
₹77.18 vs ₹472.20
Neutral
Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹77.18; the price was 512% above it. Quality franchises usually trade above this number.
Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).
B. Growth
#
Point
Reading
Tag
Commentary
10
Revenue growth FY26 (YoY)
+17.6%
Bullish
Revenue for FY26 was ₹10,508 crore, +17.6% versus FY25.
Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49
Automated screen flags
1 strength(s) · 4 weakness(es)
Neutral
Strengths: Company's working capital requirements have reduced from 71.1 days to 37.2 days. Weaknesses: Stock is trading at 2.95 times its book value; Though the company is reporting repeated profits, it is not paying out dividend; Company has a low return on equity of -0.53% over last 3 years; Earnings include an other income of Rs.303 Cr. (Flags generated by the data source’s rule screen.)
How to read: Information only.
50
Fundamental summary
12 bullish · 7 bearish · 29 neutral · 1 caution
Bullish
On the numbers published by 28 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 230.9×, P/B 3.65×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
News in the three months before the snapshot
Company news from 28 Apr 2026 – 28 Jul 2026 that an investor could have known on the snapshot date.
16 May 2026Delhivery Q4 FY26 net profit flat at Rs 72.4 crore as revenue rises 30% — Delhivery reported Q4 FY26 consolidated net profit of about Rs 72.4 crore, roughly flat year on year, while revenue from operations rose 30% to Rs 2,850 crore. Express parcel shipments rose to 306 million; the board also announced an independent director appointment and a resignation. source
18 May 2026Delhivery shares slide as flat Q4 profit overshadows revenue growth — Delhivery shares fell nearly 6% intraday to Rs 447.85 on BSE after the Q4 FY26 results, amid a broader market sell-off linked to higher crude prices and West Asia tensions. source
19 Jun 2026Delhivery launches Delhivery Maps, an AI-native mapping suite for commercial logistics — Marking its 15-year anniversary, Delhivery made its in-house geospatial APIs (geocoding, vehicle-aware routing, navigation and more), powered by its Naksha LLM models, commercially available to enterprises and developers. source
22 Jun 2026Delhivery shares hit 52-week high — Delhivery shares rose as much as 6.6% intraday to a 52-week high of Rs 491.50 on BSE and closed about 5% higher at Rs 483.90, following brokerage commentary on growth prospects. source
14 Jul 2026RBI approves NBFC registration for Delhivery Financial Services — Delhivery disclosed that the RBI approved its application for a certificate of registration for wholly owned subsidiary Delhivery Financial Services Pvt Ltd to operate as a Type II non-deposit-taking NBFC, subject to submission of required documents. source
What happened next (28 Jul 2026 → 30 Oct 2026)
Price went from ₹472.20 to ₹386.00 by 30 Oct 2026 (-18.3%) while the Nifty 50 moved -3.9% — underperforming by 14.4 points.
Highest ₹491.40 on 31 Jul 2026; lowest ₹364.65 on 26 Oct 2026.
S1 459.88: broken on a closing basis on 14 Aug 2026.
S2 445.50: broken on a closing basis on 24 Aug 2026.
R1 482.18: not cleared on a closing basis.
R2 523.50: not cleared on a closing basis.
200-day SMA: price was above it at the snapshot and crossed below on 11 Sep 2026.
Apr–Jun 2026 results (reported 08 Aug 2026): revenue ₹2,931 crore (+27.8% YoY), net profit ₹32 crore (-64.8% YoY), operating margin 5% vs 6% a year earlier (Screener consolidated figures).
Later news
31 Jul 2026Delhivery schedules board meeting on August 8 to consider Q1 FY27 results — Delhivery informed exchanges that its board would meet on Saturday, August 8, 2026 to consider unaudited results for the quarter ended June 30, 2026. source
08 Aug 2026Delhivery Q1 FY27 profit falls 65% to Rs 32 crore; revenue up 28% — Consolidated net profit fell to about Rs 31.9 crore from Rs 91.1 crore a year earlier, while operating revenue rose 28% to Rs 2,930.7 crore. The company cited wage, fuel and climate-related cost pressures; the board also approved reappointments of the MD & CEO and CTO and up to Rs 50 crore investment in its financial services subsidiary. source
10 Aug 2026Delhivery shares fall over 4% at open after Q1 FY27 earnings, then recover — Delhivery shares dropped to an early low of Rs 452.50 on NSE as freight costs weighed on Q1 margins, before recovering to trade about 1% higher in early trade. source
27 Aug 2026Delhivery schedules 15th AGM for September 22 — Delhivery scheduled its 15th annual general meeting for September 22, 2026 via video conference, with the reappointment of Sahil Barua as MD and CEO on the agenda. source
30 Oct 2026Delhivery reports Rs 3,066 crore revenue and Rs 41 crore profit in Q2 FY27 — Revenue from operations rose to Rs 3,066 crore from Rs 2,559 crore a year earlier, and net profit was Rs 40.64 crore against a net loss of Rs 50.50 crore in Q2 FY26. source
Educational summary. On 28 Jul 2026 the technical picture was mixed and the fundamental picture leaned positive. Over the next three months the stock moved -18.3% against -3.9% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Delhivery today.
Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.
Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 31 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction