Delhivery Shares Up 6% After Strong Q1; SEBI Analysts Highlight Strong Operating Leverage, Margin Gains

Delhivery’s core logistics segments, like express parcel and part-truck load, drove growth, while new initiatives such as Rapid and Direct showed early momentum.

Shares of Delhivery hit a fresh 52-week high on Monday, rising over 6% after the company reported strong first-quarter (Q1) results with a 67% year-on-year jump in profit, driven by operational leverage and margin expansion across core verticals. 

SEBI-registered analysts Saurabh Sahu and Financial Independence both pointed to efficiency gains and improved execution as key positives.

Brokerages are also bullish on the stock after its Q1 earnings, with ICICI Securities raising its target price to ₹600, implying a 33% upside. 

Q1 Earnings Review 

Delhivery reported profit after tax of ₹91 crore in Q1, a 67% increase from ₹54 crore a year earlier. Revenue rose 6% to ₹2,294 crore, and core profit climbed 53% to ₹149 crore, pushing margins from 4.5% to 6.5%. 

Estimated earnings per share stood at ₹1.24 for the quarter.

SEBI-registered research analyst Saurabh Sahu noted that Delhivery’s growth was fueled by its core verticals. Express parcel volumes rose 14% to 208 million, while Part-Truck Load (PTL) revenues were up 17%, with a margin increase to 10.7% from 3.2% last year. 

However, other segments showed mixed performance, with truckload revenue down 5%, supply chain Solutions down 21%, and cross-border business declining 44%. 

He said the overall trend highlighted Delhivery’s ability to scale its most profitable operations.

New business initiatives like ‘Rapid’, which has 20 stores and a monthly run-rate of ₹1.2 crore, and ‘Direct,’ now active in NCR, Ahmedabad, and Bengaluru, are showing early signs of momentum, according to Sahu.

Meanwhile, Financial Independence also took a positive view of the quarter, stating that Delhivery had delivered a strong start to FY26 with significant profitability gains despite modest top-line growth. 

The firm said operating leverage across business segments, margin improvement, and cost control reflected improving execution, and that momentum appeared intact as scale continues and festive-season demand builds.

On Stocktwits, retail sentiment for Delhivery was ‘bullish’ amid ‘high’ message volume.

The stock has risen 30.9% so far in 2025.

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