Delhivery slumps 8% even as analysts affirm 'bright outlook' after Q2 loss

Delhivery reported a consolidated loss of ₹50.49 crore for the September quarter against a profit of ₹10.20 crore in the year-ago period

Shares of Delhivery Ltd. fell over 8 per cent on Thursday, even after analysts affirmed a "bright outlook" for the company despite it reporting a consolidated loss of ₹50.49 crore for the September quarter. 

 

The logistics firm's stock fell as much as 8.5 per cent during the day to ₹443.13 per share, the steepest intraday fall since June 4 2024. The Delhivery stock pared losses to trade 5.7 per cent lower at ₹456 apiece, compared to a 0.09 per cent advance in Nifty 50 as of 9:30 AM. 

 

Shares of the company snapped a two-day winning streak and currently trade at 18 times the average 30-day trading volume, according to Bloomberg. The counter has risen 32 per cent this year, compared to an 8 per cent advance in the benchmark Nifty 50. Delhivery has a total market capitalisation of ₹34,238.81 crore. 

 

Delhivery Q2 earnings

The Logistics services operator reported a consolidated loss of ₹50.49 crore for the September quarter against a profit of ₹10.20 crore in the year-ago period. Its total income, however, rose 14.81 per cent to ₹2,651.53 crore in the quarter under review compared to ₹2,309.33 crore a year ago.

 

On a standalone basis, the profit after tax (excluding Ecom Express integration costs) during Q2 FY26 was recorded at ₹59 crore against a PAT of ₹10 crore in the same quarter of the last year. Its revenue from services (excluding Ecom Express) for the second quarter rose 16 per cent to ₹2,546 crore from ₹2,190 crore in Q2 FY25, it said.

Analysts on Delhivery results 

Motilal Oswal said one-time integration costs weighed on Delhivery’s second-quarter performance, but the outlook remains bright. The brokerage highlighted strong momentum in the Express and Partial Truckload (PTL) segments, alongside improving supply chain margins.

 

It noted that Delhivery is well-positioned for future growth, driven by its core transportation businesses and focus on profitability. The company expects to maintain Ebitda margins of 16-18 per cent over the next two years, supported by consistent volume growth and healthy service margins in the Express Parcel and PTL segments.

 

The integration of Ecom Express is expected to improve network efficiency and lower capital intensity, while new services such as Delhivery Direct and Rapid offer long-term growth potential in on-demand and time-sensitive logistics.

 

Motilal Oswal projects Delhivery to deliver a compound annual growth rate (CAGR) of 15 per cent in revenue, 38 per cent in Ebitda, and 54 per cent in adjusted profit after tax over FY25–28, maintaining a 'Buy' rating with a target price of ₹570.