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India
As of 18 Sept 2026, 03:30 pm
On September 9, 2026, Delhivery Limited reported the allotment of 1,27,439 equity shares following the exercise of vested employee stock options. This resulted in an increase in the company's paid-up share capital from ₹74,91,66,930 to ₹74,92,94,369. The company realized ₹1,90,880.15 from these option exercises.
As of September 18, 2026, Delhivery's daily technical trend indicates a bearish direction with the Supertrend at 456.89, and the 14-day ADX at 21.25 suggesting moderate trend strength. The 5-day EMA slope for the 20-day EMA is negative at -12.18. In contrast, the weekly trend shows a bullish Supertrend at 396.66, with the 14-day ADX at 11.53 indicating a weaker trend. The 5-day EMA slope for the 20-day EMA is negative at -6.73.
Delhivery Limited's 15th Annual General Meeting is scheduled for September 22, 2026, to be held via video conference. Shareholders will vote on the adoption of audited financial statements for the fiscal year 2025-26. Additionally, the AGM will seek approval for the re-appointment of Sahil Barua as Managing Director and CEO, and Kapil Bharati as Whole-time Director (Executive Director and Chief Technology Officer), both for five-year terms starting October 13, 2026. Stock options are also proposed for these re-appointments, including 450,000 for Sahil Barua and 225,000 each for Kapil Bharati and Suraj Saharan (Whole-time Director, Executive Director and Chief People Officer).
As of September 18, 2026, Delhivery's stock has shown mixed performance across different timeframes. It has returned 0.0% for the last day and 0.07% year-to-date. Over longer periods, it has seen negative returns: -0.05% for 1 month, -0.07% for 3 months, -0.12% for 1 year, and -0.08% for 10 years. The return since the start of trading is 0.23%.
As of 18 Sept 2026, 03:30 pm
Recent drawdown or price variability is high enough to warrant closer monitoring.
Primary driver: Price remains materially below a previous peak
Trading activity was substantially higher than usual and the price closed lower.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
Upward price movement of 2.76 standard deviations recorded on 2026-08-27.
Unusual market activity that may warrant review of the underlying price, volume, or news context.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | Q1 FY2026-27(Latest) | Q4 FY2025-26 | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 |
|---|---|---|---|---|---|
| Revenue From Operations | PEAK₹2,930.73 crore | ₹2,850 crore | ₹2,804.99 crore | ₹2,559.32 crore | ₹2,294 crore |
| Expenses | PEAK₹3,011.60 crore | ₹2,853.10 crore | ₹2,819.98 crore | ₹2,708.12 crore | ₹2,326.65 crore |
| Profit Before Tax | ₹33.24 crore | ₹57.81 crore | ₹34.77 crore | -₹56.59 crore | PEAK₹97.25 crore |
| Profit Loss For Period | ₹31.91 crore | ₹72.40 crore | ₹39.59 crore | -₹50.49 crore | PEAK₹91.05 crore |
| Finance Costs | ₹33.79 crore | ₹34.05 crore | ₹37.19 crore | PEAK₹38.86 crore | ₹34.01 crore |
| Tax Expense | -₹1.66 crore | -₹5.11 crore | -₹2.91 crore | -₹2.73 crore | PEAK-₹1.37 crore |
Finance costs were ₹33.79 crore, essentially unchanged from ₹34.05 crore in the prior quarter and ₹34.01 crore a year ago. The stability in finance costs indicates that the increase in total expenses was not driven by borrowing costs.
The company reported a tax credit of ₹1.66 crore for the quarter, compared to a credit of ₹5.11 crore in the prior quarter and ₹1.37 crore a year ago. The smaller tax credit in the current quarter contributed to the decline in net profit relative to profit before tax.
Exchange disclosures and regulatory announcements for Delhivery.
On September 9, 2026, Delhivery Limited's Stakeholders' Relationship Committee approved the allotment of 1,27,439 equity shares (face value Re. 1 each) upon exercise of vested employee stock options. The allotment included 1,12,286 shares under ESOP 2012 and 15,153 shares under ESOP IV 2021. Consequent to this, the paid-up share capital increased from Rs. 74,91,66,930 to Rs. 74,92,94,369. The money realized by exercise of options was Rs. 1,90,880.15.
On September 4, 2026, Delhivery Limited's Nomination and Remuneration Committee granted 94,300 stock options under the ESOP-2021 plan to eligible employees, effective September 1, 2026. Each option is convertible into one equity share of Re. 1 face value at an exercise price of Re. 1 per share. Of these, 89,300 options vest over 4 years and 5,000 options vest over 3 years, with specific vesting schedules tied to completion of 12, 24, and 36 months from the grant date.
Delhivery Limited granted 94,300 stock options under the ESOP-2021 scheme to eligible employees effective September 01, 2026. The exercise price is set at Re. 1/- per share, with 89,300 options vesting over four years and 5,000 options vesting over three years from the grant date. These options are exercisable upon vesting while the employee remains in service, and resulting shares will rank pari passu with existing equity without a lock-in period.
Delhivery Limited announced on August 28, 2026, that it published newspaper advertisements regarding its 15th Annual General Meeting scheduled for September 22, 2026, which will be conducted via video conferencing. The company also disclosed the dispatch of the Notice and Annual Report for the financial year 2025-26 along with e-voting information to shareholders. Concurrently, Rupa Food Products Limited and Sun TV Network Limited issued notices for their respective AGMs in September 2026, while Pet Airways (India) Limited announced an auction of assets under liquidation proceedings starting September 12, 2026.
Delhivery Limited's 15th Annual General Meeting (AGM) will be held on September 22, 2026, at 2:00 PM IST via video conference to adopt audited standalone and consolidated financial statements for FY26 (ended March 31, 2026). The AGM seeks shareholder approval for the re-appointment of Sahil Barua as Managing Director and CEO for five years from October 13, 2026, including a grant of 450,000 stock options and remuneration terms. It also seeks re-appointment of Kapil Bharati as Whole-time Director (Executive Director and Chief Technology Officer) for five years from October 13, 2026, with a grant of 225,000 stock options, and a grant of 225,000 stock options to Suraj Saharan, Whole-time Director (Executive Director and Chief People Officer). The remote e-voting period runs from September 18 to September 21, 2026, with a cut-off date of September 15, 2026, for voting eligibility.
Delhivery Limited announced on August 27, 2026, that its 15th Annual General Meeting will be held virtually on September 22, 2026, to approve the financial statements for the year ended March 31, 2026. The meeting agenda includes re-appointing Mr. Sahil Barua as Managing Director and CEO with a proposed remuneration of INR 112,500,000, and re-appointing Mr. Kapil Bharati as Whole-time Director and CTO with a proposed remuneration of INR 75,000,000. Additionally, the company seeks shareholder approval for granting stock options to Mr. Barua, Mr. Bharati, and Mr. Suraj Saharan.
Delhivery Limited's 15th Annual General Meeting (AGM) will be held on September 22, 2026, at 2:00 PM IST via video conference. The Annual Report for FY2025-26 and AGM Notice are available on the company's website. E-voting runs from September 18 to September 21, 2026, with a cut-off date of September 15, 2026.
Delhivery Limited will participate in the Elara Ashwamedha Conference on September 2, 2026, from 9:00 A.M. to 6:00 P.M. IST in Mumbai, in a physical investor group meeting, with no unpublished price sensitive information to be disclosed.
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Prabhudas Lilladher, hold, Delhivery, Recommendations
Comprehensive Section Breakdown for Delhivery
Strategic Vision: Integrated logistics provider building an operating system for commerce.
• Integrated logistics network combining infrastructure, operations, and technology.
• Mesh network that dynamically adapts to volume changes or channel hindrances.
• Extensive nationwide network servicing over 18,850+ pin codes.
Delhivery’s revenue continued to grow in the June 2026 quarter, reaching ₹2,930.73 crore. However, expenses increased more rapidly than revenue, causing a sharp decline in profitability. Net profit fell to ₹31.91 crore, less than half the prior quarter’s level and about a third of what the company earned in the same quarter last year. The company remained profitable, but the margin compression was the defining development of the quarter.
Revenue from operations rose to ₹2,930.73 crore in Q1 FY2026-27, up 2.83% from ₹2,850 crore in the March 2026 quarter and 27.76% from ₹2,294 crore in the same quarter last year.
The year-over-year growth of nearly 28% shows the business continues to expand. However, the sequential growth rate has moderated. After growing 11.6% in the September 2025 quarter and 9.6% in the December 2025 quarter, sequential growth slowed to 1.6% in the March 2026 quarter and edged up only slightly to 2.8% in the current quarter. The pace of quarter-to-quarter revenue addition has clearly decelerated from the middle of the last fiscal year.
Total expenses reached ₹3,011.60 crore in the quarter, up 5.56% from ₹2,853.10 crore in the prior quarter and 29.44% from ₹2,326.65 crore a year ago.
The critical development is that expenses grew at nearly twice the rate of revenue on a sequential basis (5.56% vs. 2.83%). This marks a reversal from the prior two quarters, when expenses grew more slowly than revenue. In the December 2025 quarter, expenses rose 4.13% while revenue rose 9.60%. In the March 2026 quarter, expenses rose 1.17% while revenue rose 1.60%. That pattern of improving cost leverage has now reversed.
For the quarter, expenses exceeded revenue by ₹80.87 crore. Other income of ₹114.11 crore helped bridge this gap, resulting in a positive profit before tax of ₹33.24 crore.
Profit before tax fell to ₹33.24 crore from ₹57.81 crore in the prior quarter, a decline of 42.5%. Compared to the same quarter last year (₹97.25 crore), the drop was 65.8%.
Net profit for the period was ₹31.91 crore, down 55.9% from ₹72.40 crore in the March 2026 quarter and 65.0% from ₹91.05 crore a year ago.
The profit margin compressed accordingly. Net profit as a percentage of revenue fell from approximately 2.5% in the March 2026 quarter to about 1.1% in the current quarter. This is the lowest net profit margin since the December 2025 quarter (1.4%) and well below the 4.0% margin in the same quarter last year.
Basic earnings per share dropped to ₹0.43 from ₹0.97 in the prior quarter and ₹1.22 a year ago, reflecting the same profit decline.
Delhivery grew revenue 28% from a year ago, but the pace of sequential growth has slowed. More importantly, expenses rose faster than revenue in the June 2026 quarter, reversing the cost leverage the company had been building in the prior two quarters. This pushed net profit down to about a third of what it was a year ago and cut the net profit margin to roughly 1.1%. The quarter’s results highlight the sensitivity of profitability to the relationship between expense growth and revenue growth.
Category: Supply Chain
Services for consignments, including heavy goods.
Category: Supply Chain
Storage and fulfillment solutions.
Category: Supply Chain
Facilitates the movement of goods from different customers through a single truck, allowing multiple shippers to share load and optimize costs.
Category: Supply Chain
Shipments where the entire truck is utilized for a single customer, offering reduced transit times.
Category: Supply Chain
Cross-border services, including door-to-door and port-to-port express parcel services and air cargo to and from India.
Category: B2B Services
Category: B2B Services
Category: B2B Services
Category: B2B Services
Category: B2B Services
Category: B2B Services
Core Thesis: The company combines infrastructure, logistics operations, and technology capabilities to offer supply chain solutions.
• Network: Operates a nationwide network servicing over 18,850+ pin codes through 50 automated sort centres, 123 gateways, and 4,500+ direct delivery centres. • Technology: Leverages a self-developed logistics operating system and automation investments to provide supply chain solutions. • People: Employs over 74,000 people, enabling 24/7/365 delivery operations.