diff --git a/compiler/fir/fir2ir/tests-gen/org/jetbrains/kotlin/test/runners/codegen/FirBlackBoxCodegenTestGenerated.java b/compiler/fir/fir2ir/tests-gen/org/jetbrains/kotlin/test/runners/codegen/FirBlackBoxCodegenTestGenerated.java
index 8fd79317883..78113e45b72 100644
--- a/compiler/fir/fir2ir/tests-gen/org/jetbrains/kotlin/test/runners/codegen/FirBlackBoxCodegenTestGenerated.java
+++ b/compiler/fir/fir2ir/tests-gen/org/jetbrains/kotlin/test/runners/codegen/FirBlackBoxCodegenTestGenerated.java
@@ -13879,6 +13879,12 @@ public class FirBlackBoxCodegenTestGenerated extends AbstractFirBlackBoxCodegenT
                 runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt42253.kt");
             }
 
+            @Test
+            @TestMetadata("kt48825.kt")
+            public void testKt48825() throws Exception {
+                runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt");
+            }
+
             @Test
             @TestMetadata("lazy.kt")
             public void testLazy() throws Exception {
diff --git a/compiler/ir/backend.jvm/lower/src/org/jetbrains/kotlin/backend/jvm/lower/PropertyReferenceLowering.kt b/compiler/ir/backend.jvm/lower/src/org/jetbrains/kotlin/backend/jvm/lower/PropertyReferenceLowering.kt
index 613cb2b52fe..22a9d09d33e 100644
--- a/compiler/ir/backend.jvm/lower/src/org/jetbrains/kotlin/backend/jvm/lower/PropertyReferenceLowering.kt
+++ b/compiler/ir/backend.jvm/lower/src/org/jetbrains/kotlin/backend/jvm/lower/PropertyReferenceLowering.kt
@@ -287,7 +287,8 @@ internal class PropertyReferenceLowering(val context: JvmBackendContext) : IrEle
         for (index in expression.symbol.owner.valueParameters.indices) {
             val value = expression.getValueArgument(index)
             if (value is IrCallableReference<*> && value.origin == IrStatementOrigin.PROPERTY_REFERENCE_FOR_DELEGATE) {
-                if (!usesPropertyParameterCache.getOrPut(expression.symbol) { expression.symbol.owner.usesParameter(index) }) {
+                val resolved = expression.symbol.owner.resolveFakeOverride() ?: expression.symbol.owner
+                if (!usesPropertyParameterCache.getOrPut(resolved.symbol) { resolved.usesParameter(index) }) {
                     expression.putValueArgument(index, IrConstImpl.constNull(value.startOffset, value.endOffset, value.type))
                 }
             }
diff --git a/compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt b/compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt
new file mode 100644
index 00000000000..40da534b371
--- /dev/null
+++ b/compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt
@@ -0,0 +1,31 @@
+// IGNORE_BACKEND: JVM
+// MODULE: lib
+// FILE: lib.kt
+import kotlin.reflect.KProperty
+
+open class A {
+    inline operator fun Int.getValue(thisRef: Any?, property: KProperty<*>): String =
+        property.name
+}
+
+// MODULE: main(lib)
+// FILE: main.kt
+import kotlin.reflect.KProperty
+
+open class B : A() {
+    var result = "fail"
+
+    inline operator fun String.getValue(thisRef: Any?, property: KProperty<*>): String =
+        property.name
+
+    inline operator fun String.setValue(thisRef: Any?, property: KProperty<*>, value: String) {
+        result = this + property.name
+    }
+}
+
+class C : B() {
+    val O by 1
+    var K by O
+}
+
+fun box() = C().run { K = "..."; result }
diff --git a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/BlackBoxCodegenTestGenerated.java b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/BlackBoxCodegenTestGenerated.java
index 19dabcd9cb8..cd5b331c9d2 100644
--- a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/BlackBoxCodegenTestGenerated.java
+++ b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/BlackBoxCodegenTestGenerated.java
@@ -13801,6 +13801,12 @@ public class BlackBoxCodegenTestGenerated extends AbstractBlackBoxCodegenTest {
                 runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt42253.kt");
             }
 
+            @Test
+            @TestMetadata("kt48825.kt")
+            public void testKt48825() throws Exception {
+                runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt");
+            }
+
             @Test
             @TestMetadata("lazy.kt")
             public void testLazy() throws Exception {
diff --git a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/IrBlackBoxCodegenTestGenerated.java b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/IrBlackBoxCodegenTestGenerated.java
index 5ea2b30f22b..6769943a4ee 100644
--- a/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/IrBlackBoxCodegenTestGenerated.java
+++ b/compiler/tests-common-new/tests-gen/org/jetbrains/kotlin/test/runners/codegen/IrBlackBoxCodegenTestGenerated.java
@@ -13879,6 +13879,12 @@ public class IrBlackBoxCodegenTestGenerated extends AbstractIrBlackBoxCodegenTes
                 runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt42253.kt");
             }
 
+            @Test
+            @TestMetadata("kt48825.kt")
+            public void testKt48825() throws Exception {
+                runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt");
+            }
+
             @Test
             @TestMetadata("lazy.kt")
             public void testLazy() throws Exception {
diff --git a/compiler/tests-gen/org/jetbrains/kotlin/codegen/LightAnalysisModeTestGenerated.java b/compiler/tests-gen/org/jetbrains/kotlin/codegen/LightAnalysisModeTestGenerated.java
index fb95f315df0..5a6dceaf4f3 100644
--- a/compiler/tests-gen/org/jetbrains/kotlin/codegen/LightAnalysisModeTestGenerated.java
+++ b/compiler/tests-gen/org/jetbrains/kotlin/codegen/LightAnalysisModeTestGenerated.java
@@ -11185,6 +11185,11 @@ public class LightAnalysisModeTestGenerated extends AbstractLightAnalysisModeTes
         @TestDataPath("$PROJECT_ROOT")
         @RunWith(JUnit3RunnerWithInners.class)
         public static class OptimizedDelegatedProperties extends AbstractLightAnalysisModeTest {
+            @TestMetadata("kt48825.kt")
+            public void ignoreKt48825() throws Exception {
+                runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt");
+            }
+
             private void runTest(String testDataFilePath) throws Exception {
                 KotlinTestUtils.runTest(this::doTest, TargetBackend.JVM, testDataFilePath);
             }
diff --git a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/es6/semantics/IrJsCodegenBoxES6TestGenerated.java b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/es6/semantics/IrJsCodegenBoxES6TestGenerated.java
index 8bfdaea319f..e55808958ed 100644
--- a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/es6/semantics/IrJsCodegenBoxES6TestGenerated.java
+++ b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/es6/semantics/IrJsCodegenBoxES6TestGenerated.java
@@ -10027,6 +10027,11 @@ public class IrJsCodegenBoxES6TestGenerated extends AbstractIrJsCodegenBoxES6Tes
                 runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt42253.kt");
             }
 
+            @TestMetadata("kt48825.kt")
+            public void testKt48825() throws Exception {
+                runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt");
+            }
+
             @TestMetadata("lazy.kt")
             public void testLazy() throws Exception {
                 runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/lazy.kt");
diff --git a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/ir/semantics/IrJsCodegenBoxTestGenerated.java b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/ir/semantics/IrJsCodegenBoxTestGenerated.java
index 9c9202e6638..f62983ee5c7 100644
--- a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/ir/semantics/IrJsCodegenBoxTestGenerated.java
+++ b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/ir/semantics/IrJsCodegenBoxTestGenerated.java
@@ -9433,6 +9433,11 @@ public class IrJsCodegenBoxTestGenerated extends AbstractIrJsCodegenBoxTest {
                 runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt42253.kt");
             }
 
+            @TestMetadata("kt48825.kt")
+            public void testKt48825() throws Exception {
+                runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt");
+            }
+
             @TestMetadata("lazy.kt")
             public void testLazy() throws Exception {
                 runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/lazy.kt");
diff --git a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/semantics/JsCodegenBoxTestGenerated.java b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/semantics/JsCodegenBoxTestGenerated.java
index 118d6477167..61ebd71d6d0 100644
--- a/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/semantics/JsCodegenBoxTestGenerated.java
+++ b/js/js.tests/tests-gen/org/jetbrains/kotlin/js/test/semantics/JsCodegenBoxTestGenerated.java
@@ -9413,6 +9413,11 @@ public class JsCodegenBoxTestGenerated extends AbstractJsCodegenBoxTest {
                 runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt42253.kt");
             }
 
+            @TestMetadata("kt48825.kt")
+            public void testKt48825() throws Exception {
+                runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/kt48825.kt");
+            }
+
             @TestMetadata("lazy.kt")
             public void testLazy() throws Exception {
                 runTest("compiler/testData/codegen/box/delegatedProperty/optimizedDelegatedProperties/lazy.kt");