Delhivery Ltd shares fell 8.44 percent to ₹443.95 on Thursday afternoon, a decline from the previous close of ₹484.85, following the company’s underwhelming second-quarter results for FY26. The stock fluctuated between ₹470.00 and ₹443.15 throughout the day, with significant selling pressure as sell volumes considerably outstripped buy volumes.
In its Q2FY26 report, Delhivery recorded revenues of ₹2,560 crore, marking a year-on-year growth of 16.9 percent, though this was below analysts’ expectations. More notably, the company incurred a net loss of ₹50.4 crore, which included ₹90 crore in one-off integration costs associated with its Ecom Express acquisition. After adjusting for these costs, the operational profit was ₹59 crore, still falling short of Motilal Oswal’s projection of ₹82 crore.
On November 5, Delhivery’s board greenlit several strategic initiatives, including the establishment of three wholly-owned subsidiaries—two step-down subsidiaries in the UK and UAE, each with potential investments of up to ₹5 crore, along with Delhivery Financial Services Private Limited in India, which will have an initial investment of up to ₹12 crore. Additionally, the company announced that Vivek Pabari will succeed Amit Agarwal as Chief Financial Officer starting January 1, 2026, after Agarwal’s 13-year tenure.
In response to the earnings report, JM Financial downgraded the stock to ‘ADD’ with a target price of ₹530, while Motilal Oswal retained a ‘BUY’ rating but revised its target to ₹570.
Published on November 6, 2025
