Delhivery Shares Plunge Close To 9% After Q2 Loss

Update | November 6, 18:52 IST 

Shares of logistics major Delhivery ended the day’s trading 9.04% lower at INR 443.35 on the BSE today. At this point, the company’s market capitalisation stood at INR 32,979.02 Cr (around $3.7 Bn). 

For the day, the shares dipped as much as 10%, reporting an intraday low of INR 436.50 on the BSE. 

Original | November 6, 13:48 IST 

Shares of logistics major Delhivery fell as much as 8.58% during intraday trading today to INR 443.35 after it announced a loss making September quarter on November 5. The company’s shares were trading down 7.03% from previous close at INR 450.60 as of 13:36 IST. With the decline in share prices, Delhivery’s market cap fell to $3.83 Bn. 

Important to mention that the company’s shares touched a fresh 52-week high of INR 489.95 during intra-day trading on November 4. Despite the decline today, Delhivery’s shares have gained over 30% year-to-day. 

The selling pressure for the company’s stock today comes at the behest of the company plunging into losses in Q2 FY26, reporting a net loss of INR 50.5 Cr as against a profit of INR 10.2 Cr in the year-ago quarter. The company attributed the losses to an INR 90 Cr integration cost it incurred in the quarter pertaining to its latest acquisition of rival Ecom Express. 

The integration cost is expected to impact the company’s bottom line in the upcoming quarters. During the Q2 earnings call, CEO Sahil Barua said the integration of Ecom Express will cost the company another INR 100 Cr-110 Cr over the next two quarters.

It reported a net loss of INR 50.5 Cr, compared to a profit of INR 10.2 Cr in the year-ago quarter, as it incurred integration costs of INR 90 Cr related to Ecom Express. Notably, on July 18, Delhivery completed the acquisition of Ecom Express and expects to bear a total integration cost of INR 300 Cr over the remainder of FY26.

However, the company’s operating revenue maintained a healthy momentum in the quarter, gaining 17% YoY and 12% QoQ to INR 2,559.3 Cr. In line with the mixed picture pertaining to Delhivery’s Q2 performance, brokerage firms have displayed a mixed stance over the company’s future trajectory.

Brokerage firm Jefferies maintained an ‘Underperform’ rating on Delhivery but raised its price target (PT) for Delhivery to INR 390 from INR 350 earlier. 

In its report today, Jefferies cited margin weakness in the company’s key verticals, Express Parcel (EP) and Partial Truck Load (PTL), despite a temporary boost from the Ecom Express acquisition. Further, it also noted that Delhivery’s organic growth remained muted despite higher reported revenue.

JM Financial downgraded Delhivery to ‘Add’ from ‘Buy’ rating as well as lowering its PT to INR 530 from INR 560 before. In its report, the brokerage noted that the company’s financial performance was lower than expected due to demand being back-ended due to GST revisions. 

“Management noted that service EBITDA guidance for FY26 still remains on track, while one-time integration costs are likely to be significantly lower than earlier anticipated. While we still remain positive on Delhivery’s positioning and expect a strong recovery in Q3, we lower estimates to align with the current trajectory,” the brokerage noted.