Delhivery shares rally 15% as analysts turn bullish post robust Q4 profit

Shares of Delhivery , a fully integrated logistics provider, surged nearly 15% in intraday trade on Monday after the company reported sharp turnaround in financial numbers in March quarter of FY25. The sentiment was further boosted after multiple brokerages reiterated bullish views on Delhivery, forecasting the logistic stock to hit ₹380 levels in the near term.

Snapping two sessions losing streak, Delhivery shares opened 5% higher at ₹336.95 on the BSE, after ending 0.86% lower in the previous session. Extending opening gains, the logistic stock gained as much as 14.6% to ₹367.90 amid strong volume.

At the time of reporting, Delhivery share price was quoting at ₹355, up 10.6%, with a market capitalisation of ₹26,486 crore. The counter witnessed surge in buying activities as 31.5 lakh shares changed hands over the counter as compared to two-week average volume of 2.15 lakh stocks.

Delhivery shares have risen nearly 50% in two months, from its 52-week low of ₹236.80 touched on March 13, 2025. The stock hit its 52-week high of ₹461 on May 17, 2024. In the last one year, the counter has delivered a negative return of 9%, while it added nearly 3% in six months. However, the stock has seen a rally of over 20% in a month.

Delhivery achieves first full year of profitability in FY25

Gurugram-based logistics unicorn reported a significant improvement in profitability and modest growth in revenue in the January-March quarter of 2024-25, helping the company to achieve its first full year of profitability.

For the fourth quarter ended March 31, 2025, Delhivery posted a profit after tax of ₹73 crore, an increase of ₹141 crore YoY from a loss of ₹69 crore in Q4 FY24, making it the fourth consecutive profitable quarter. Its revenue grew 6% to ₹2,192 crore in Q4 FY25, from ₹2,076 crore in the same period last year. On the operating front, EBITDA more than doubled to ₹119 crore (5.4% margin) in Q4 FY25 from ₹46 crore (2.2% margin) in Q4 FY24.

For FY25, Delhivery saw its profit rise to ₹162 crore, an increase of ₹411 crore YoY from a loss of ₹249 crore in FY24, marking FY25 as the first full year of PAT profitability. Revenue from services grew 10% on-year at ₹8,932 crore in FY25, up from ₹8,142 crore in FY24, while EBITDA nearly tripled YoY to ₹376 crore (4.2% margin) in FY25 from ₹127 crore (1.6% margin) in FY24.

“We continue to deliver steady performance in our core transportation businesses. Our ongoing measures to improve profitability are visible in Q4 numbers, and we expect continued momentum on this front as growth picks up in FY26,” said Sahil Barua, MD & Chief Executive Officer.

Analysts views on Delhivery results

Post Q4 results, JM Financial has reiterated ‘BUY’ rating on Delhivery shares with an increased Mar’26 TP of ₹380, saying that the changed industry landscape can result in a sustained uptick for the logistic company.

Going ahead, the key trigger remains the impending closure of Ecom Express acquisition and the resulting change in express parcel industry structure – a scaled 3PL player not just makes better service EBITDA but also provides the cheapest cost to its customers, the report noted.

Last month, Delhivery acquired Ecom Express in an all-cash deal for₹1,407 crore, subject to approval from the Competition Commission of India (CCI).

Emkay has also maintained ‘BUY’ on the stock, with a trimmed price target of ₹380 from ₹400 projected earlier. The brokerage expects the company’s scale and inherent lower cost structure owing to its integrated logistics offerings to disproportionately benefit from the industry consolidation. 

“With Delhivery’s acquisition of Ecom Express, the management is hopeful of pricing sanity prevailing in the 3PL B2C industry. As such, some pick up is being seen in Q1 FY26 volume, owing to this consolidation,” the report noted.

Slowdown in e-commerce due to quick commerce; operational risks due to dependence on contractual labor; and pricing pressures in a fragmented market remain key risk for the company going ahead.

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