Delhivery shares jump 9.5% after Q2 results; JPMorgan, Jefferies, Kotak, Citi maintain buy calls

Delhivery's shares surged by 9.5% following its Q2FY27 results, with brokerages citing stronger margins, higher yields, and increased growth in express parcel volumes. The company reported a standalone profit after tax (PAT) of ₹66.7 crore for the September 2026 quarter, up from ₹78.2 crore in the previous quarter and ₹58.4 crore in Q2FY26.

Delhivery's shares closed at ₹423 on the NSE, near the day's high of ₹423. Key highlights include Delhivery shares jumping 9.5% to ₹423 on the NSE, with standalone PAT at ₹66.7 crore. The board approved an investment of up to ₹36 crore in wholly-owned subsidiary DFDPL. Ratings agencies JPMorgan, Jefferies, Kotak, and Citi maintain buy or overweight ratings, with target prices ranging between ₹470 and ₹590.

JPMorgan expects Delhivery's Q2 revenue to grow 20% year-over-year to ₹30.7 billion, with EBITDA increasing by 37% to ₹2.05 billion. Express parcel volumes grew 32% year-over-year, while PTL EBITDA margin improved to 12.8%. Kotak reported a 29% year-over-year growth in EBITDA, surpassing estimates by 16%, driven by improved service margins. Express parcel yields improved, while PTL and supply-chain services contributed to profitability.