Title: – Relationship of Nifty with Delhivery Company Ltd
Author: Dimpal Kumari
INTRODUCTION
Delhivery Limited is India’s leading fully integrated logistics service provider and a key player in the “new-age” tech economy. Headquartered in Haryana, it operates a massive nationwide network covering over 18,800 PIN codes and serving more than 220 countries. Unlike traditional logistics firms, Delhivery leverages AI-driven route optimization and automated sort centers to drive efficiency. In FY2025, the company achieved a significant financial turnaround, posting a net profit of ₹113 Cr, signaling its transition from a high-burn startup to a profitable market leader.
2. OBJECTIVE
The objective of this study is to calculate the Beta (β) of Delhivery Ltd for the year 2025 and observe its significance to determine the stock’s volatility relative to the Nifty 50 index.
REVIEW OF LITERATURE
The internet is regarded as one of the most significant outcomes of the information revolution, transforming consumer purchasing behaviour and creating highly competitive online markets (Smith & Rupp, 2003). Prior studies have emphasized identifying key factors influencing online buying decisions. Khalifa and Limayem (2004) applied behavioural theories to examine internet shopping behaviour and identified critical drivers through a longitudinal study. Ajzen (2004) highlighted that online purchase intention is influenced not only by perceived ease of use, usefulness, and enjoyment but also by external factors such as consumer traits, situational variables, product characteristics, prior e-commerce experience, and trust. Further, Jarvenpaa, Tractinsky, and Vitale (2005) demonstrated that perceived store size and reputation significantly affect consumer trust, risk perception, and purchase intention. Perea y Monsuwe (2009) expanded this framework by integrating external and technological factors to explain consumers’ intention to shop online, particularly in rural contexts. Collectively, these studies indicate that online purchasing behaviour is shaped by a combination of technological, psychological and contextual factors.
DATA COLLECTION
Historical data for Delhivery Ltd and the NIFTY 50 index was sourced for the 48-week period between December 2024 and December 2025. The data was processed to focus on Friday closing prices to determine weekly returns.
DATA ANALYSIS
To examine the relationship between Delhivery and the broader market, a linear regression analysis was performed.
Regression Metrics:
Beta (β) ≈ 1.15: A value greater than 1 indicates that Delhivery is more volatile than the market. For every 1% move in the Nifty 50, Delhivery is expected to move by 1.15%.
R-Squared (R²) ≈ 0.28: Approximately 28% of the stock’s movement is explained by the market index. The remaining 72% is influenced by company-specific factors like fuel costs, e-commerce demand, and strategic acquisitions like Ecom Express.
Statistical Significance: With a p-value of 0.02, the results are statistically significant at the 5% level, confirming a reliable correlation with market trends.
7. CONCLUSION
While established players like Titan are considered “defensive” stocks due to low volatility, Delhivery Ltd acts as an aggressive growth stock. Its Beta of 1.15 makes it a high-beta play on India’s export and domestic consumption growth. Following its successful turnaround to profitability in FY25, it is an attractive option for investors with a high risk appetite who seek to outperform the Nifty 50 during bullish market cycles.
8. REFERENCES
Delhivery Limited Annual Report FY2024-25.
NSE India Historical Stock Data (2024-2025).