India’s IPO darlings need to deliver narratives, not just numbers 📈
Until India’s new-age companies learn to narrate the big picture, the markets will keep missing it.
Delhivery is executing a sophisticated, multi-pronged strategy: acquiring Spoton for B2B logistics, integrating Ecom Express for tier-2 and 3 India, launching rapid commerce for two-hour deliveries and using AI tools like RTO predictors for D2C clients. Yet this vision disappears in earnings calls. Instead of owning "India's commerce infrastructure platform," investors hear line items like "Express Parcel revenue grew 7% YoY." Instead of reframing the quick commerce challenge as a major opportunity for “speed-as-a-service,” the responses are defensive.
The result: a company building a platform is valued like a courier. Despite 67% profit growth and strong operational improvements, Delhivery's modest +3.54% annual gain and volatile stock range (₹236-₹485) reflect investor confusion, suggesting they can't agree on the company’s worth due to an unclear long-term story.
Delhivery is not the only one suffering post-IPO blues, with missing narratives. Ola Electric and Ather emphasize manufacturing metrics over their role electrifying India's transportation. Cello World, despite changing the food storage solutions, presents itself with only manufacturing metrics rather than its role in transforming Indian kitchen experiences. Inox Green Energy's communications focuses on capacity addition and power generation numbers rather than articulating contribution to powering India's clean energy infrastructure for climate leadership.
These companies are missing the fact that earnings calls are no longer just compliance rituals.
