Delhivery vs Mahindra Logistics vs TCI Express: Which Stock Should You Track

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.

Click Here – Get Free Investment Predictions

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

Check the Univest Screener for Live Data

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.

Download the Univest iOS App or Univest Android App to track Delhivery, Mahindra Logistics and TCI Express live prices.

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.

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.