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Delhivery (https://www.nseindia.com/get-quote/equity/DELHIVERY/Delhivery-Limited) stock fell over 3% this week on the back of growth-stage backers exiting. Alpha Wave Global exited its entire stake. Nexus Venture Partners sold a sizable chunk, and SoftBank Investment Advisers has been trimming since September 2024.

Given the markets are closed today, let us take a look into the MCA filings and find out what you should do on Monday.

1. The sell-off may be venture capital managing its fund cycle.

Alpha Wave invested pre-IPO in 2021. The IPO was in May 2022 at Rs 487. They sold four years later at Rs 460. Nexus has been selling since April. SoftBank led the 2019 round at a fraction of the current price. These look like normal exits from a VC standpoint and should not be taken as long-term investment signals.

2. Towards the right kind of financials.

EBITDA went from Rs 127 crore in FY24 to Rs 376 crore in FY25. Net Income turned positive at Rs 162 crore. FCF grew from Rs 385 crore to Rs 442 crore. Operating cash flow was 1.5x reported EBITDA. Trade receivables fell while revenue grew 9.7%. Earnings rising, receivables falling, cash conversion improving is the right pattern.

3. The balance sheet is clean.

Borrowings fell 68% to Rs 40 crore. When current investments are included alongside cash, the company carried net liquidity of approximately Rs 5,453 crore at March 2025 -- unusually strong for a logistics platform. Employee costs fell 4.2% while revenue grew. Depreciation fell 25.9%. Q4 FY26 operating revenue was up 30% YoY at Rs 2,850 crore with continued profitability.

4. Profit still depends on Other Income.

FY25 Other Income was Rs 440 crore against EBIT of negative Rs 159 crore. Treasury income on cash balances covered the gap between EBITDA and net profit instead of the core logistics business doing so. As that cash deploys into Ecom Express integration, the cushion will shrink.

5. Ecom Express may prove to be the key factor.

The Rs 1,369 crore acquisition closed in July 2025. Delhivery already carries Rs 1,308 crore of Spoton goodwill on the books. A second large acquisition immediately after proving first-time profitability is the same integration risk the Spoton deal created in 2021.

6. Customer concentration is not falling.

One customer contributed 16.51% of FY25 revenue. Top five contributed 39% -- up from 38.4% in FY24. A repricing or volume shift by one or two customers can reverse the margin recovery quickly.

Verdict: VC exit is not a definitive sell signal. But the next filing will have to answer questions about Ecom Express integration, fading Other Income, and customer concentration. The company has crossed the hurdle of converting network scale into cash. It is now a matter of keeping it up.

Read full report here: https://outputs.nullpointer.in/delhivery/preliminary_briefing_memo.pdf

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Turtlemint IPO - FY25 Revenue jump needs explanation.

The Rs 882.67 crore IPO opens today. These are the salient points from the analysis of their MCA filings up to FY25.

Revenue jumped 742% in one year. No public explanation fits it cleanly.

Revenue was Rs 420 crore in FY23. Then Rs 79 crore in FY24. Then Rs 663 crore in FY25. That is not a growth story – it is a pattern that needs a clear accounting and business explanation before an investor prices it. The DRHP confirms these numbers. It does not explain the FY24 collapse or the FY25 rebound with sufficient granularity. Interestingly, Groww - Turtlemint IPO to Open on 19 June 2026: Check Latest GMP, Price Band, Timeline, & Key Issue Details - says FY24 revenues were at Rs 564.2 crore which is at odds with the DRHP and audited financials in the MCA filings.

The GST allegation hits directly at the revenue line.

The FY25 contingent liabilities include a Rs 51 crore GST dispute tied to an allegation that invoices were raised on insurance companies without actual supply of services. In the same year that revenue jumped 742%, that allegation cannot be treated as a footnote.

Scale did not move the loss number.

Net loss was Rs 193 crore in FY24. It was Rs 194 crore in FY25 after revenue jumped 742%. Other expenses alone rose from Rs 129 crore to Rs 628 crore – nearly matching the revenue increase. The business spent almost as much as it earned to generate the FY25 revenue figure.

Net Worth is declining every year.

Rs 744 crore in FY23. Rs 564 crore in FY24. Rs 411 crore in FY25. The DRHP confirms this trajectory. The Rs 661 crore fresh issue is partly a mechanism to rebuild that reserve before it runs out.

The receivables are growing faster than revenue.

Trade receivables rose 330% from Rs 37 crore to Rs 160 crore in FY25. Free cash flow was Rs -216 crore. Cash fell from Rs 268 crore to Rs 183 crore. In a commission-distribution business, cash should follow revenue quickly. It has not.

The audit trail was not fully enabled during FY25.

SAP B1 database-level audit trail was not enabled until September 2024 – five months into the financial year where revenue supposedly jumped 742%. The auditor noted this without qualifying the opinion. In a year with an unexplained revenue surge and a GST allegation on billing, systems controls matter more than usual.

Verdict: conditional go – but the conditions are demanding.

The platform is real. Turtlemint and Turtlefin together cover advisor-led and enterprise-embedded insurance distribution – a genuinely valuable architecture in an underpenetrated market. But FY25 has an unexplained revenue pattern, an active GST allegation on that revenue, and a controls gap during the year it all happened. That is too much unresolved for retail investors to absorb at IPO price without very clear answers from the DRHP.

Full report here - https://outputs.nullpointer.in/turtlemintfintechsolutions/preliminary_briefing_memo.pdf.