Delhivery shares fell more than 8% after the company announced its Q2 (September quarter) results. The logistics firm reported a loss of ₹50.49 crore, compared to a profit of ₹10.20 crore in the same quarter last year.
However, the company’s total income increased by nearly 15%, reaching ₹2,651.53 crore from ₹2,309.33 crore last year, according to its official filing.
On a standalone basis, Delhivery posted a profit after tax (PAT) of ₹59 crore in Q2 FY26 (excluding Ecom Express integration costs), compared to ₹10 crore a year ago.
The company’s service revenue (excluding Ecom Express) also grew 16% year-on-year to ₹2,546 crore. In the express parcel business, shipment volumes increased by 32%, reaching 246 million parcels versus 185 million in Q2 FY25. The Ecom Express acquisition helped Delhivery gain a stronger share among its key clients.
In the part truckload (PTL) business, tonnage rose 12%, while supply chain service revenue dropped to ₹170 crore from ₹197 crore last year. Truckload revenue also slipped slightly to ₹150 crore from ₹158 crore.
Should You Buy, Sell, or Hold Delhivery Stock?
ICICI Securities said that express parcel volumes rose by 33% year-on-year, and revenue increased by 24%. However, yields dropped slightly due to a weaker product mix. PTL tonnage growth of 12% shows Delhivery’s strong pricing power.
The brokerage noted that EBITDA margins were lower than expected because of festive season costs and GST-related delays. The Ecom Express integration also added a one-time cost of ₹90 crore. But management expects total integration costs to be 30% lower than earlier estimates.
ICICI Securities believes that this fall in stock price offers a good buying opportunity as demand in the logistics sector remains strong. It has given a BUY rating for the stock.
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JM Financial, however, is slightly cautious. It said that some expected revenue from Q2 will only be reflected in Q3. The firm expects 20% growth in FY26 but has downgraded its rating to ‘ADD’ with a target price of ₹530 by September 2026.
Delhivery Share Price Today
On Thursday, Delhivery opened at ₹467.05 on the BSE, touched a high of ₹469.95, and a low of ₹443.35 during intraday trade.
Anshul Jain, Head of Research at Lakshmishree, said the stock is testing its support zone near ₹427. A break below this level could push prices lower, but if it holds, a bounce-back is possible in the coming sessions.
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