- Delhivery's Q1 net profit fell 64.9% to Rs 32 crore from Rs 91 crore last year
- Revenue grew 27.8% to Rs 2,931 crore for the quarter ending June 30, 2026
- EBITDA dropped 4.5% to Rs 142 crore, with margin contracting to 4.8% year-on-year
Delhivery Ltd. has received mixed reactions from brokerages after declaring its first quarter results on Saturday, August 8, 2026. While Citi has raised the logistics company's price target, others like Morgan Stanley, Nuvama, and JPMorgan have cut their TPs for Delhivery on margin hits.
Citi has hiked the company's price target from Rs 565 to Rs 570 and maintained a 'buy' rating as it expects the margins to rebound.
The brokerage noted that first quarter had a higher-than-expected impact and incomplete passthrough of nationwide fuel price increases and minimum wage hikes; these are estimated to be passed through to customers in the second quarter.
Citi remained bullish on new upcoming e-commerce opportunities for the company including: 3PL Quick Commerce; Reverse Logistics, Intra-City. It has also revised its e-commerce volume projections for the company by 2% each for FY27 and FY28.
Additionally, the brokerage outlined that Delhivery is well-positioned to benefit from any acceleration in traditional e-commerce.
On the other hand, Nuvama has cut FY27E price target to Rs 570 from Rs 580. However, the brokerage expects margin recovery from the second quarter. It has also revised its Ebitda estimates for FY27 and FY28 downwards by 18% and 9%, respectively on Q1 margin hit, higher ESOP charges and higher spends on new services.
ALSO READ: Delhivery CEO Explains How They Tackle The Threat From In-House Logistics
Nonetheless, the brokerage noted, "Delhivery remains on a robust volume growth trajectory, supported by continued market share gains across Express and PTL."
JPMorgan maintains an overweight on Delhivery, but has slashed TP to Rs 590 from Rs 650 as transitory costs weighed on earnings, but it pointed out that outlook remains solid. The brokerage believes that margins bottomed in Q1 and should see a sharp recovery in H2. However, margin delivery will be key to improved investor confidence, JPMorgan said.
Morgan Stanley maintained an 'equal-weight' rating to the logs company, while reducing the price traget to Rs 500 from Rs 510 due to the margin impact. MS expects elevated management team members to take on greater responsibilities in the coming quarters.
Delhivery Q1 FY27
Delhivery reported a 64.9% drop in net profit. The company's bottom-line came at Rs 32 crore in the quarter against Rs 91 crore in the corresponding period last year.
Revenue rose 27.8% to Rs 2,931 crore for the quarter ended on June 30 from Rs 2,294 crore in the same quarter previous year. In terms of operations, Ebitda dropped 4.5% to Rs 142 crore in the quarter under review from Rs 149 crore in Q1FY26. Ebitda margin contracted 4.8% year-on-year against 6.5%.
Delhivery Share Price History
Delhivery shares have mostly stayed flat in the past five trading sessions. The stock hit a 52-week high of Rs 524 on July 10, 2026, and a 52-week low of Rs 374.45 on January 21, 2026, on the NSE.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.