Delhivery shares extended gains to the fourth straight session, rising over 6.5% to hit a new all-time high of ₹491.70 on Monday, June 22, as reported by Business Standard. The stock opened in the green at ₹466.50 and scaled to the new high on the National Stock Exchange. As of 1:30 PM, the stock was trading 5% higher at ₹484.40, with nearly 9 million equities changing hands. The logistics major has outperformed the broader market in 2026, rising 21% compared with a 7.7% decline in the Nifty 50 index. In one year, the stock has gained 35% against a 4% fall in the benchmark index. Following Monday's rally, the company's shares moved above its IPO price band of ₹462–487 per share and were trading close to its listing price of ₹495 apiece.
JM Financial has maintained a 'Buy' rating on Delhivery shares with a target price of ₹605, implying an upside of more than 20% from current market price, as reported by Business Standard. The brokerage believes FY27 could be one of the strongest years for Delhivery due to healthy volume growth, market share gains, and sharp acceleration in earnings trajectory. JM Financial expects overall revenue to grow 25% year-on-year and adjusted EBITDA margin to expand 370 basis points to 6.7% by FY27E. Despite near-term cost pressures from fuel costs and minimum wage hikes across states, the brokerage views these as transitory headwinds, expecting profitability to improve meaningfully from Q2FY27 as fuel cost pass-throughs normalize and operating leverage flows through the P&L.
According to The Economic Times, Delhivery reported a flat net profit of ₹73.4 crore for the fourth quarter ended March 31, 2026, compared to ₹72.6 crore in the same period a year ago. The Gurugram-based company posted a sequential loss of ₹39.6 crore during the quarter. Revenue from operations showed strong growth, increasing 30% year-on-year to ₹2,850 crore during the quarter, as against ₹2,191.6 crore seen in the same quarter of the previous fiscal year. The firm's earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹764 crore in FY26, with margins expanding to 7.3%, nearly double the ₹380 crore reported in FY25.
According to Business Standard, JM Financial noted that the industry structure is materially more favourable for large, scaled-up 3PL players following Delhivery's acquisition of Ecom Express. The market has evolved into a duopoly with Delhivery and Shadowfax being the only scaled-up national networks, with Delhivery holding the largest market share while the third-largest player XpressBees faces operational challenges. JM Financial emphasized that industry growth will be increasingly captured by the leading players, positioning Delhivery well given its wider pin code reach, integrated network infrastructure, and superior technology stack. For the March 2026 quarter, Delhivery had reported a marginal dip in net profit to ₹72.39 crore, with total income standing at ₹2,909 crore, up 26.31% year-on-year.
