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Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Picks up parcels from sellers and warehouses, sorts them in large automated hubs, line-hauls them across the country and delivers the last mile, including cash-on-delivery and returns. Shiprocket sits on top as software, letting small sellers book any courier from one dashboard; Shadowfax specialises in hyperlocal and last-mile riders for quick commerce and food.
Why it matters
Every e-commerce parcel needs moving, so logistics grows with order volume whoever wins the storefront war. The independent networks also gain as Meesho and D2C brands avoid being tied to Flipkart's Ekart or Amazon's in-house fleet.
Where the value pool sits
Express parcel is a scale business with mid-single-digit EBITDA margins; utilisation of hubs and line-haul decides profit. Delhivery shipped ~325 million express parcels in Q2 FY27 (+32%) after absorbing Ecom Express. Pricing pressure is constant because the largest shippers also run captive fleets.
Key drivers
E-commerce parcel growth outside the metros
Consolidation after Delhivery's Ecom Express buyout (2025)
Quick-commerce and hyperlocal delivery demand
Part-truckload freight and B2B logistics
Potential bottlenecks
Customer concentration: Meesho and a few marketplaces drive a large share of parcels
Captive fleets (Ekart, Amazon Transportation, Meesho's Valmo) take volume in-house