Shares of logistics firm Delhivery Ltd jumped sharply in early trade on Friday, rising nearly 5 per cent to touch a new 52-week high of Rs 452.55, after the company reported solid results for the April–June quarter. The move comes as investors welcomed both a better-than-expected profit print and news that Delhivery has formally closed its acquisition of rival Ecom Express.
By 10:32 am, the stock was trading at Rs 450.95, up by nearly 5 per cent.
Delhivery Q1 results highlights
Delhivery posted a net profit of Rs 91 crore for the first quarter of FY26, marking a 67 per cent increase from Rs 54 crore in the same period last year. Revenue during the quarter came in at Rs 2,294 crore, up 6 per cent year-on-year. The company’s EBITDA, a key indicator of operating performance, rose to Rs 149 crore, up more than 50 per cent from the year-ago period.
Management attributed the margin gains to stronger performance in the express parcel segment and early signs of synergy from the Ecom Express acquisition, which was officially completed on July 18. The deal is valued at up to Rs 1,407 crore.
At a Glance
Net Profit: Rs 91 crore (up 67% YoY)
Revenue: Rs 2,294 crore (up 6% YoY)
EBITDA: Rs 149 crore (up 53% YoY)
Ecom Express Acquisition: Closed on July 18; deal size up to Rs 1,407 crore
52-week High Touched: Rs 452.55
Brokerage views on Delhivery
The earnings report sparked a fresh round of updates from brokerages, with views divided on how much upside remains for the stock in the near term.
Morgan Stanley maintained its ‘Equalweight’ call and raised its target price to Rs 423, up from Rs 321. The brokerage highlighted the benefits of the Ecom Express integration, though it warned that much of the expected improvement may already be baked into the current price. “The outlook remains constructive, but the recent rally likely limits short-term gains,” the note said.
Jefferies, meanwhile, held on to its ‘Underperform’ rating and trimmed expectations, setting a price target of Rs 350. The firm noted that EBITDA came in nearly 35 per cent below forecasts, pointing to delays in recognising volumes from Ecom Express. Jefferies also raised a red flag on the growing trend of insourcing logistics operations by large marketplaces — a potential headwind for third-party logistics players like Delhivery.
In contrast, Citi and Bernstein took a more upbeat tone. Citi maintained a ‘Buy’ rating and sharply lifted its target to Rs 500, citing robust express parcel volumes and strong management commentary on Q2 momentum. Bernstein, even more bullish, upgraded its target to Rs 510, saying it expects scale benefits and margin expansion to continue.
Why delhivery share prices are rising
Beyond the numbers, what’s driving optimism is the sense that Delhivery is maturing into a more operationally disciplined business, one capable of delivering profitability even as it invests in growth. With Ecom Express now folded into its platform, the company gains not just scale but also deeper reach across pin codes , a critical edge in the high-volume, low-margin world of Indian logistics.
However, the stock’s sharp move this year, it has rallied more than 30 per cent in the last six months is making some analysts cautious. Execution on integration, margin sustainability, and volume visibility will remain key for the quarters ahead.
