Q1 earnings effect: Delhivery shares hit 52-week high, brokerages mostly bullish 

Shares of Delhivery Ltd rose over 6% on Monday on a stellar set of earnings in the June 2025 quarter. Delhivery stock rose 6.38% to Rs 457.30 against the previous close of Rs 429.85 on BSE. Market cap of the firm rose to Rs 33,988 crore. The stock touched a 52-week high of Rs 457.30 in the current session. It slipped to a 52 week low of Rs 236.80 on March 13, 2025. It opened higher at Rs 443.90 in the current session.

In terms of technicals, the relative strength index (RSI) of Delhivery stands at 60.2, signaling it's trading neither in the oversold nor in the overbought zone. The stock has a beta of 0.8, indicating average volatility in a year. Shares of Delhivery are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

Delhivery reported a 67% rise in consolidated net profit year-on-year rising to Rs 91 crore. This growth was underpinned by a 6% rise in revenue to Rs 2,294 crore, facilitated by substantial volume growth in its core business segments.

The operating profit (EBITDA) saw a 53% rise, totalling Rs 149 crore, with an enhanced EBITDA margin of 6.5% compared to 4.5% the previous year. Express parcel shipments grew by 14% YoY to 208 million, contributing to a 10% revenue increase to Rs 1,403 crore. Furthermore, the part truckload business also experienced gains, with tonnage and revenue rising by 15% and 17% respectively. The service EBITDA margin for this segment surged to 10.7%, a significant improvement from 3.2% last year.

Jefferies has an underperform rating on the stock. However, the brokerage has raised its price target to Rs 350. The brokerage said EBITDA came 35% below estimates due to timing mismatch in Ecom Express (Ecom) volume realisation versus expectations.

Adding back 30 million Ecom volumes, Express Parcel (EP) volume growth came broadly inline with estimates with Jefferies. Logistics costs account for 29%-78% of sales for marketplaces and insourcing is therefore key for operational/cost control for players, a overhang for Third-Party Logistics market 
players.

On the other hand, CITI has a buy call on the stock with a price target of Rs 500.

Better than expected express parcel volumes (14% YoY vs Citi: 11%) and commentary indicating significant additional gains in the second quarter were the major positives offsetting a 2% miss on PTL volumes and 10 basis points lower overall service EBITDA margins, said CITI.

Shares of Delhivery are expected to hit a price target of Rs 450, according to Emkay Global. The brokerage maintained a BUY call on the stock and revise upwards June 2026 expected target price of Rs 450 (by 10% from Rs 410).

"The company’s market leadership position should allow it to tide over industry headwinds like insourcing. Additionally, Delhivery’s foray into new products like rapid commerce and on-demand intracity trucking could create adjacent growth vectors in the future as well as further drive revenue diversification," said the brokerage.

However, the stock faces key risks such as slowdown in e-commerce due to quick commerce; increased insourcing by marketplaces and pricing pressures in a fragmented market.

Brokerage Nuvama Institutional Equities said the firm's growth is on right track and it sees better days ahead for the firm.

Delhivery is expected to post robust growth on all counts, particularly in Express Parcel (by far largest player; consolidation) and PTL (strong growth and significant margin expansion) while strategically considering adjacencies. "We are increasing FY26E/27E EBITDA by 19%/20% as we bake in the Ecom acquisition, Q1 performance and outlook. We value the stock at 30 times June-27E EV/EBITDA, yielding a target price of Rs 525 (earlier Rs 430)," said Nuvama. It maintained a ‘BUY’ call on the stock.

Delhivery is engaged in providing a full range of logistics services, including delivery of express parcel and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software.