Why Delhivery shares fell nearly 5% today despite 30% revenue growth in Q4 FY26

Shares of Delhivery declined nearly 5% in Monday’s trade even after the logistics major reported strong revenue growth in Q4 FY26, as investors reacted to flat profitability and concerns around earnings quality despite higher shipment volumes.

The stock fell 4.93% to ₹452.30 on the NSE and emerged among the top losers in early trade. Delhivery touched an intraday low of ₹451 after opening lower following the earnings announcement.

At the current price, the company commands a market capitalisation of around ₹34,029 crore.

Revenue surged, but profit growth disappointed

Delhivery reported Q4 FY26 revenue from operations of ₹2,850 crore, compared with ₹2,191.6 crore in the corresponding quarter last year, reflecting a strong year-on-year growth of around 30%.

Sequentially, revenue also improved from ₹2,805 crore reported in Q3 FY26.

However, net profit remained largely flat at ₹73.4 crore versus ₹72.6 crore in Q4 FY25 despite the strong topline growth. The market appeared disappointed that a 30% jump in revenue translated into only marginal profit expansion.

The company had reported a loss of ₹39.6 crore in the December quarter, making the return to profitability sequentially positive, but investors were expecting stronger operating leverage from the rapid revenue expansion.

FY26 profit declined despite scale expansion

For the full financial year FY26, Delhivery reported net profit of ₹152.5 crore, down nearly 6% from ₹162.1 crore in FY25.

The decline in annual profitability despite scale growth indicates continued pressure from costs, pricing competition and investments across the logistics network.

This appears to be one of the key reasons behind the stock reaction.

Why the stock moved lower

The market reaction suggests investors were focused less on revenue growth and more on margin conversion and earnings efficiency.

Delhivery’s valuation remains premium, with the stock trading at a trailing P/E ratio above 225. At such elevated valuations, investors typically expect strong profit compounding alongside revenue growth.

Instead, the company delivered flat quarterly profit growth and lower full-year profit despite expanding revenue scale.

The stock is still trading well above its 52-week low of ₹332.30 but remains below its 52-week high of ₹490.

Average daily traded volume in the counter stands at approximately 31.1 lakh shares.

The broader market weakness in high-growth platform and logistics stocks also contributed to the selling pressure after results.

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