The shares of Delhivery tumbled 5% to the day's low of Rs 451 on the NSE on Monday after the logistics major reported a marginal 0.2% year-on-year (YoY) decline in consolidated net profit to Rs 72.4 crore for Q4 FY26 from Rs 72.6 crore in the corresponding quarter of the previous financial year, with brokerages retaining ‘Buy’ calls, citing several reasons.
Delhivery released its results for the January-March quarter of the financial year 2026 on Saturday. While net profit slightly contracted, revenue from operations grew 30% YoY to Rs 2,850 crore during the quarter under review from Rs 2,191.6 crore a year ago. Quarterly EBITDA surged 80% YoY to Rs 214.2 crore, while EBITDA margin expanded to 7.5% from 5.4%.
The company highlighted that its net profit stood at Rs 87 crore in the fourth quarter, excluding integration costs related to Ecom and exceptional items. It added that its FY26 consolidated performance turned free cash flow positive at Rs 89 crore, while revenue from services crossed Rs 10,486 crore. Delhivery reported FY26 express parcel volumes of 1 billion shipments. PTL freight volume stood at around 2 million metric tonnes, marking a 17% year-on-year increase.
Nuvama on Delhivery
Nuvama maintained its ‘Buy’ call on the shares of Delhivery, and increased its target price to Rs 580 apiece, implying an upside potential of 22% from the stock’s previous closing price. The brokerage said that the firm’s Q4 revenue and EBITDA growth beat its estimates by 4% and 9%, respectively.
It highlighted that the company marked a milestone year as revenue crossed Rs 100 billion, having delivered over 1 billion express parcels and achieved around 2 million MT of PTL freight volumes. “Delhivery remains well-positioned to deliver industry-leading growth, driven by continued market share gains in PTL and Express, improving segment economics and scaling up of new business verticals,” Nuvama said, while raising its earnings estimates for the company.
Motilal Oswal on Delhivery
Motilal Oswal Financial Services retained its ‘Buy’ call on the shares of Delhivery, with a target price of Rs 580 apiece, implying an upside potential of 22% from the stock’s previous closing price. The domestic brokerage highlighted that the company delivered a strong Q4 performance, aided by strong consumption-led demand, integration of Ecom Express, and market share gains driven by industry consolidation.
It noted that the management expects to sustain the strong momentum in Express business and PTL going forward. New services such as Delhivery Direct and Rapid are scaling up well, it added. “We maintain our FY27 and FY28 EBITDA estimates, factoring in strong growth in the transportation segment, supported by healthy service EBITDA margin,” Motilal further said in its report.
Elara Capital on Delhivery
Elara Capital maintained its ‘Buy’ call on the shares of Delhivery, with a target price of Rs 620 apiece. This implies an upside potential of more than 30% from the stock’s previous closing price.
The brokerage highlighted that the company reported strong operating leverage and improving asset utilisation, while reiterating Delhivery as its top pick in the logistics sector, ET Now reported.
Delhivery share price
Delhivery shares have gained around 3% in one month and around 19% in 2026 so far. The stock has gained over 48% in one year and 30% in three years.
The company has a market capitalisation of nearly Rs 35,654 crore.
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