Global alternative asset manager Alpha Wave Global exited Delhivery completely through two transactions on Wednesday, selling 1.44 crore shares (1.93 percent stake) worth ₹665 crore through open market transactions. According to bulk deals data, Alpha offloaded 72.22 lakh shares at ₹460.03 per share on the NSE and another 72.22 lakh shares at ₹460.36 per share on the BSE, both at ₹460.03-460.36 per share. This follows the recent exit of venture capital firm Nexus Venture Partners, which sold 43.23 lakh Delhivery shares (0.57% stake) at ₹481 per share for ₹208 crore on Tuesday. The combined exits by these major investors have significantly impacted market sentiment, with Delhivery shares falling as much as 2.21% to ₹470.40 on Thursday trading. At the end of the March quarter, Alpha Wave Ventures, LP held a 1.93% stake in Gurugram-based Delhivery.
The institutional exits have created immediate pressure on Delhivery shares, with the stock declining 2.21% to ₹470.40 on Thursday trading. The scrip also slipped 2.15% at ₹470.25 per piece on the BSE. Despite the recent selling pressure, the logistics stock has demonstrated strong long-term performance, gaining over 3% in one month, 13% in three months, and 19% on a year-to-date basis. The stock has surged 47% in one year and 29% over three years, indicating underlying business strength despite the current institutional exits.
In the latest Pine Labs transaction, Axis Mutual Fund emerged as a key buyer, acquiring 96.15 lakh shares at ₹154 per share worth ₹148 crore. The identities of other buyers could not be immediately ascertained. Pine Labs reported strong financial performance in Q4 FY26, with revenue increasing 17% year-on-year to ₹700.5 crore and the company swinging to a net profit of ₹59.4 crore from a loss of ₹28.9 crore in the same quarter last year. For the full FY26, Pine Labs reported a profit of ₹112.5 crore as against a loss of ₹145.5 crore in FY25, with top line spiking 19% to ₹2,710.6 crore in the reported fiscal year. Actis first invested in Pine Labs in 2018 when it led the $82 million round in the merchant commerce platform, and as of March 2026, Actis held a 4.48% stake in the firm.
Delhivery reported robust Q4FY26 financial performance with significant growth across key metrics. The company reported a marginal decline of 0.2% year-on-year in net profit for Q4FY26 at ₹72.4 crore, compared with ₹72.6 crore in the same quarter last year. However, revenue demonstrated strong momentum with 30% YoY growth to ₹2,850 crore from ₹2,191.6 crore a year ago. EBITDA showed exceptional performance with 80% growth to ₹214.2 crore from ₹119.1 crore in the corresponding period last year, while EBITDA margin expanded significantly to 7.5% in Q4FY26 from 5.4% in the same period a year back. Express parcel volumes rose 72% YoY to 306 million shipments, while PTL freight volume increased 20% to 549,000 metric tonnes, reflecting strong operational performance in India's leading logistics sector.
In a separate bulk deal on the BSE, Mirae Asset Venture Investments divested nearly a 1% stake in Shadowfax Technologies for ₹120 crore through an open market transaction. The fund, through its arm Mirae Asset Late Stage Opportunities Fund, sold 56.5 lakh shares at an average price of ₹212 per share, taking the transaction value to ₹119.78 crore. After the latest transaction, Mirae Asset Late Stage Opportunities Fund's holding in Shadowfax dropped to 1.94% from 2.91%. Shadowfax shares rallied 3.18% to ₹228.71 despite the stake sale, maintaining an uptrend since mid-March with gains exceeding 118%. In other corporate actions, India Motor Parts & Accessories saw promoter Gita Ram acquire 71,559 shares (0.86% stake) for ₹8.01 crore at ₹1,120.1 per share, while Pari Washington Company sold 1.22 lakh shares (1.47% stake) for ₹13.72 crore against its 4.49% shareholding as of March 2026. The multiple bulk deals come after the expiry of the lock-in period of the company's shares in May, with Pine Labs seeing two more investment firms Altimeter Capital, Invesco and Madison India Capital also diluting their stakes over the previous month.
