Delhivery shares surged 10% to hit ₹415 on the BSE on Monday, registering a 7.51% increase at around 12:21 PM, compared with the previous close. The stock has demonstrated strong momentum with a 11% rally in the past week and 4% gain over the month, though it remains down 4% year-to-date. According to latest market data, the stock has a total market capitalisation of ₹31,123.92 crore as of November 4, 2026. The stock had earlier opened with a gap-up at ₹400 on the National Stock Exchange (NSE) and extended gains to hit the intraday high. The strong market response reflects investor confidence in the company's operational turnaround and festive season performance. Of the 21 analysts covering the stock, 18 have a 'buy' rating, one has a 'hold' rating and two have 'sell' recommendations. The stock has gained 4.3% in the past month and is up 4.2% this year, though it remains down 10.7% in the last six months.
Emkay Global Financial has recommended a 'buy' rating on Delhivery with a target price of ₹500 in its research report dated October 31, 2026. The brokerage noted that despite inflationary pressures from fuel and revision in minimum wages, Delhivery's Q2 operational performance surpassed expectations, as EBITDA margins expanded ~180 basis points quarter-on-quarter to 6.7%. According to Emkay's analysis, the benefits of industry consolidation in B2C and a strengthening leadership position in PTL have started yielding results, with realization growing 4%/6% quarter-on-quarter on the back of price hikes undertaken to pass higher fuel/wage inflation. The management appeared confident of maintaining service EBITDA margins of ~17% in B2C, while targeting margin expansion in PTL, underpinned by automation-led operating efficiencies and disciplined demand shaping. However, Emkay cut its FY28/FY29E EBITDA margins by 20/60 basis points and its September 2027 target price by ~5% to ₹500 from ₹525, citing that new initiatives like Delhivery Local, International, and Financial services would lead to near-term drag on profitability despite providing substantial long-term optionality.
Delhivery achieved a significant turnaround in the September quarter, reporting a consolidated net profit of ₹40.64 crore against a loss of ₹50.38 crore in the corresponding quarter last year. According to the company's exchange filing dated October 30, this marks the first time Delhivery has crossed the ₹3,000-crore quarterly revenue milestone, with revenue from operations increasing 19.81% year-on-year to ₹3,066.38 crore in Q2FY27, compared with ₹2,559.32 crore in Q2FY26. The company also reported standalone profit after tax (PAT) of ₹66.7 crore in the September 2026 quarter, compared with ₹78.2 crore in the June 2026 quarter and ₹58.4 crore in Q2FY26. The turnaround followed an improvement in the company's operating performance over recent quarters, with the company demonstrating remarkable resilience by achieving this turnaround despite facing continued inflationary cost backdrop, rising fuel prices, labour availability issues and statutory changes during the quarter. As per the management statement, network service levels heading into the festive season have been the best we have recorded, while profitability improved, providing strong momentum heading into the second half of FY27.
The logistics major demonstrated remarkable operational improvement with EBITDA more than tripling year-on-year to ₹205 crore from ₹68 crore in the previous year. As reported by the company, the EBITDA margin expanded significantly to 6.7% from 2.7% in the corresponding quarter last year, reflecting substantial operational efficiency gains. According to the latest investor presentation, adjusted EBITDA (operating profit) stood at ₹123 crore for the quarter ending September 2026, marking a 70 basis points YoY improvement from 3.3% in Q2 FY26. The company also holds ₹4,676 crore in cash as of the end of the quarter, providing strong financial flexibility for future growth initiatives. This represents a nearly threefold increase in EBITDA performance compared to the same period in the previous financial year, with the EBITDA margin widening by about 400 basis points to 6.7% from 2.7%. The Part truckload (PTL) EBITDA margin improved to 12.8%, while Kotak noted that reported EBITDA grew 29% year-on-year, beating estimates by 16%, supported by improved service margins. Supply chain margins also nearly doubled sequentially as new contracts stabilised and newer business initiatives gained traction.
Delhivery's core business segments showed robust growth across all categories during the quarter. The Express parcel segment processed 325 million shipments, representing a 32% year-on-year volume growth and 22% revenue growth. According to the latest data, this is Delhivery's biggest business vertical, with Express parcel volumes growing 32% YoY in Q2 FY27. The Part truckload (PTL) segment handled 545K MT, achieving 14% volume growth and 23% revenue growth, with PTL revenue growth of 23% outpacing tonnage growth of 14%, indicating higher realization per tonne. In the PTL business, volumes rose 14% YoY, while realisations increased 8%, with management expecting PTL service-level margins to exceed 15% by the end of FY27, compared with 12.9% in the September quarter. The company noted that Express parcel volumes grew faster than revenue, which points to lower revenue per shipment as volumes scaled, while the PTL segment's revenue growth of 23% outpaced tonnage growth of 14%, indicating improved pricing and operational efficiency. As per Business Standard, Delhivery's management highlighted that early investments in AI are beginning to bear fruit, with improved sales productivity and customer onboarding, faster resolution of claims and disputes and fraud detection.
