Delhivery vs Mahindra Logistics vs TCI Express: Which Stock Should You Track
- September 23, 2026
- Posted by: Harsh Piplani
- Category: Market
Delhivery PE 345.60, mkt cap Rs 32,370 crore. Mahindra Logistics PE 83.06, mkt cap Rs 3,975 crore. TCI Express PE 22.62, mkt cap Rs 1,865 crore.
Quick Answer
Delhivery vs Mahindra Logistics vs TCI Express is a side-by-side comparison of three companies from the Express Logistics and E-commerce Delivery space. On this comparison, Delhivery carries a market capitalisation of about Rs 32,370 crore against Rs 3,975 crore for Mahindra Logistics and Rs 1,865 crore for TCI Express, with return on equity of 1.84%, 0.28% and 9.95% respectively. Each company’s numbers are presented here without a declared better pick, since the right stock depends on an investor’s own criteria.
Delhivery vs Mahindra Logistics vs TCI Express starts with the core numbers most investors compare within the Express Logistics and E-commerce Delivery segment: market capitalisation, valuation multiples, profitability and dividend yield. Figures below are sourced as of September 2026 and will shift with daily price moves.
All three names sit in the Express Logistics and E-commerce Delivery bucket, which makes them a natural set to place side by side rather than a random trio of unrelated businesses.
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Delhivery, Mahindra Logistics and TCI Express: Company Overview
Delhivery is a listed Indian company in the Express Logistics and E-commerce Delivery space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.
Mahindra Logistics is a listed Indian company in the Express Logistics and E-commerce Delivery space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.
TCI Express is a listed Indian company in the Express Logistics and E-commerce Delivery space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.
Delhivery vs Mahindra Logistics vs TCI Express: Valuation and Profitability Snapshot
| Metric | Delhivery | Mahindra Logistics | TCI Express |
|---|---|---|---|
| Market Cap (approx.) | Rs 32,370 crore | Rs 3,975 crore | Rs 1,865 crore |
| PE Ratio (TTM) | 345.60 | 83.06 | 22.62 |
| PB Ratio | 3.34 | 3.38 | 2.28 |
| Return on Equity (ROE) | 1.84% | 0.28% | 9.95% |
| EPS (TTM, Rs) | 1.25 | 4.82 | 21.45 |
| Dividend Yield | 0.00% | 0.62% | 1.44% |
| Debt to Equity | 0.15 | 0.55 | 0.08 |
| Book Value per Share (Rs) | 129.28 | 118.34 | 212.99 |
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On valuation, Delhivery trades at a PE of 345.60 and a PB of 3.34, Mahindra Logistics at a PE of 83.06 and a PB of 3.38, while TCI Express trades at a PE of 22.62 and a PB of 2.28. On return on equity, the three post 1.84%, 0.28% and 9.95% respectively, and on dividend yield they stand at 0.00%, 0.62% and 1.44%.
Delhivery vs Mahindra Logistics vs TCI Express: Latest Quarterly Results
| Company | Latest Quarter Revenue | Latest Quarter Net Profit | YoY Change (Revenue) | QoQ Change (Revenue) |
|---|---|---|---|---|
| Delhivery | Rs 3,044.84 crore | Rs 31.91 crore | +25.6% | +4.7% |
| Mahindra Logistics | Rs 2,012.71 crore | Rs 27.83 crore | +23.5% | +12.1% |
| TCI Express | Rs 317.43 crore | Rs 20.49 crore | +9.3% | -4.3% |
Quarterly figures above are the most recent reported quarter for each company (Q1 FY28, quarter ended June 2026), compared with the year-ago and preceding quarter.
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What Should Investors Look at Beyond These Numbers?
Beyond the metrics above, investors comparing these three express logistics and e-commerce delivery names should track quarter-on-quarter revenue and margin trends, management commentary on demand and cost drivers, and any sector-specific regulatory developments, since a single-quarter snapshot can shift quickly.
Conclusion
Delhivery vs Mahindra Logistics vs TCI Express highlights how differently three companies in the same express logistics and e-commerce delivery segment can score across valuation, profitability and dividend metrics, even when operating in a similar space. This comparison does not declare a winner; investors should weigh these figures against their own research and risk appetite. Please read the disclaimer below before making any investment decision.
Disclaimer: Data and figures in this article are sourced from publicly available information as of September 2026 and may not reflect real-time prices. Please verify all data independently before making any investment decision. This comparison does not recommend or endorse any single stock over another; investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Delhivery vs Mahindra Logistics vs TCI Express
What is the market cap difference between Delhivery, Mahindra Logistics and TCI Express?
Ans. As of September 2026, Delhivery has a market cap of approximately Rs 32,370 crore, Mahindra Logistics is at approximately Rs 3,975 crore, and TCI Express is at approximately Rs 1,865 crore.
Which of the three has the highest PE ratio?
Ans. Among Delhivery, Mahindra Logistics and TCI Express, the PE ratios stand at 345.60, 83.06 and 22.62 respectively as of September 2026.
Which of the three has the highest ROE?
Ans. Delhivery, Mahindra Logistics and TCI Express post ROE of 1.84%, 0.28% and 9.95% respectively as of September 2026.
Which of these three stocks pays the highest dividend yield?
Ans. Delhivery, Mahindra Logistics and TCI Express carry dividend yields of 0.00%, 0.62% and 1.44% respectively.
What is the debt to equity ratio for Delhivery, Mahindra Logistics and TCI Express?
Ans. Delhivery carries a debt to equity of 0.15, Mahindra Logistics of 0.55, and TCI Express of 0.08.
Which of the three trades at the highest price to book value?
Ans. Delhivery, Mahindra Logistics and TCI Express trade at price to book ratios of 3.34, 3.38 and 2.28 respectively.
Is one of Delhivery, Mahindra Logistics or TCI Express better than the others?
Ans. This comparison does not declare one stock better than another; each company scores differently across valuation, profitability and dividend metrics, and the right fit depends on an individual investor’s own criteria and research.
