Is Delhivery delivering or dressing up?

Delhivery's stock surged nearly 10 per cent after announcing its Q4 FY25 results, marking its first annual profit since listing. A similar reaction followed its acquisition of Ecom Express, with markets cheering the seemingly opportunistic deal at a bargain price. But scratch beneath the surface, and the narrative becomes less straightforward.

This article was originally published on May 24, 2025.