Delhivery Slides 6% As Flat Q4 Profit Overshadows Revenue Growth
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Shares of Delhivery fell nearly 6% to hit an intraday low of ₹447.85 on the BSE as investors turned cautious following the logistics major’s largely flat Q4 FY26 profit despite strong top line growth.
Shares were further weighed down by a broader market sell-off triggered by surging crude oil prices, ongoing tensions in West Asia, and rising US bond yields. BSE Sensex and Nifty 50 fell as much as 1.41% and 1.38% intraday, respectively.
Delhivery pared some of the losses later and was trading 4.75% lower at ₹453.10 apiece at 11:26 IST. The company’s market capitalisation stood at ₹33,901.9 Cr (about $3.5 Bn) at the time.
On Saturday, Delhivery reported a flat Q4 FY26 profit amid higher corporate overheads despite strong revenue growth. Its consolidated net profit stood at ₹72.4 Cr in Q4 FY26 against ₹72.5 Cr a year ago, even as operating revenue rose 30% YoY to ₹2,850 Cr from ₹2,191.6 Cr.
Total expenses increased 26.9% YoY to ₹2,853.1 Cr during the quarter. At operating level, EBITDA jumped 94% YoY to ₹231 Cr, while EBITDA margin expanded to 8% from 5.4%. The company’s transport business remained the key growth driver, with revenue from the segment rising 38% YoY to ₹2,453 Cr.
For the full FY26, Delhivery’s profit rose 8% YoY to ₹321 Cr, while operating revenue grew 17% to ₹10,486 Cr.
The company said it delivered over 1 Bn express shipments during FY26, with annual shipment volumes rising 40% YoY to 1,054 Mn.
Delhivery said it continued investing in AI-led logistics infrastructure during the quarter and also announced key board-level changes, including the appointment of Tata Communications CFO Kabir Ahmed Shakir as an independent director.
Despite the stock decline, brokerages largely maintained positive ratings on the company following its Q4 FY26 results.
UBS maintained a ‘Buy’ rating and raised the target price to ₹630, citing strong volume growth and benefits from the Ecom Express integration.
Citi maintained a ‘Buy’ call with a target price of ₹565, highlighting improving free cash flows and gains from ecommerce outsourcing.
Goldman Sachs maintained a ‘Neutral’ rating with a ₹480 target, noting strong parcel growth but weaker realisations and elevated integration costs.
Nuvama also maintained a ‘Buy’ call and raised its target price to ₹580, saying Delhivery remains well-positioned to gain market share in part truck load (PTL) and express logistics segments.
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