Good time to buy, sell or hold Delhivery shares post-Q4 results?

Gurugram-headquartered Delhivery shares took centre stage on Dalal Street on Monday, after the company's overall mixed quarterly performance over the weekend. The largecap stock took a hit of as much as 5.2 per cent in intraday trade to Rs 451 apiece on the bourses amid a weak start to the week on Dalal Street, with the Sensex giving up nearly 900 points -- or 1.2 per cent -- in morning deals.

Brokerages have lined up their targets for Delhivery in the range of Rs 480-630, indicating some potential upside in the stock from its previous close.

Delhivery Q4 FY26 Results: Headline Nos vs estimates

On Saturday, the logistics and supply chain service provider reported a year-on-year decline of 0.3 per cent in consolidated net profit to Rs 72.3 crore for the quarter ended March 31. Its revenue, however, grew 30 per cent to Rs 2,850 crore, according to a regulatory filing.

The net profit failed to meet analysts' expectations, though the top line met the mark.

According to Zee Business research, Delhivery was estimated to register a net profit of Rs 78.4 crore with revenue of Rs 2,776 crore for the January-March period.

What was Delhivery's operational performance like?

The logistics firm staged an 80.3 per cent year-on-year jump in its quarterly EBITDA to Rs 214 crore, almost in line with estimates.

Its quarterly margin -- a key measure of profitability -- improved by 210 basis points to 7.5 per cent.

The company's EBITDA and margin were pegged at Rs 218.6 crore and 7.9 per cent, respectively, according to the research.

Market guru Anil Singhvi's view

Zee Business Managing Editor Anil Singhvi noted that Delhivery's operational performance showed improvement while its outlook was even better.

The market wizard expects earnings per share (EPS) upgrades to the tune of 4-6 per cent for Delhivery going forward.

Before the opening bell on Dalal Street, Singhvi said the stock was expected to hit a higher level of Rs 492 with immediate support at Rs 458.

Should you buy, sell or hold Delhivery shares now?

Here's what brokerages' latest targets indicate:

UBS maintains 'buy' on Delhivery, raises target by Rs 30 to Rs 630

Delhivery's Q4 performance, driven by robust growth across core transport segments, was better than UBS analysts' expectations.

The company's operational performance, according to the brokerage, reflects strong volume momentum and the effective integration of Ecom Express.

Profitability at the company was aided by sustained efficiency gains and improved segment-level execution, with sequential growth in Express volumes even as the October-December period was a seasonally strong quarter, noted UBS analysts.

Goldman Sachs retains 'neutral' rating, raises target by Rs 60 to Rs 480

Goldman Sachs pointed out that Delhivery's Express parcel volume surged 73 per cent during the quarter, but its revenue was up 46 per cent, implying lower realisation. The company's part truck load (PTL) volumes grew 20 per cent with stable realisation, noted the brokerage.

Goldman Sachs analysts noted that the company's growth in other business segments was weak. While its service EBITDA was higher, the increase in corporate overheads in the quarter was higher than the brokerage's estimates.

Citi maintains 'buy', raises target to Rs 565 from Rs 545

According to Citi, the logistics company is expected to stage improvement in network utilisation and free cash flows due to rangebound capex (up to 5 per cent of revenue) and working capital requirements.

The brokerage expects Delhivery's adjusted EBITDA per FCF margin at 8 per cent and 2.5 per cent in FY28 versus 4.4 per cent and less than 1 per cent in FY26 at a revenue growth CAGR of 19 per cent.