Shares of Delhivery were trading at ₹472.25, down 0.22 per cent from their previous close of ₹473.30, by 10.30 am on Monday, after the logistics company reported a margin disappointment in its Q1FY27 earnings on Saturday. The stock opened sharply lower at ₹456.40, touching an intraday low of ₹452.50 before recovering to ₹479.85 at the high. Buy orders accounted for nearly 64 per cent of total traded quantity. Traded volume stood at 93.21 lakh shares worth ₹436.91 crore by mid-morning.The stock has gained around 18 per cent year-to-date but remains well below its 52-week high of ₹524, touched in July. Its current symbol P/E of 379.58 reflects thin profitability, a key concern flagged by brokerages after Saturday’s results.Brokerages largely maintained constructive ratings but trimmed price targets following the earnings miss. Jefferies retained a Buy with a target of ₹540, noting that Q1 EBITDA came in 26 per cent below its estimates, hurt by weak express parcel realisations, wage inflation and fuel costs. The brokerage sees margin recovery in the second half of FY27. JPMorgan kept its Overweight rating but cut its target to ₹590 from ₹650, acknowledging the EBITDA miss while expressing confidence that margins have likely bottomed. Morgan Stanley maintained Equal Weight with a ₹500 target, noting good topline performance but a margin shortfall. Citi stayed with an Accumulate rating and a ₹570 target, calling the volume trajectory robust and flagging new opportunities in quick commerce logistics and reverse logistics. JM Financial, the most bullish on the street, reiterated Buy with a revised target of ₹600, down from ₹650, trimming EBITDA estimates for FY27 by 14 per cent to account for the Q1 miss but remaining confident in Delhivery’s positioning in a consolidating third-party logistics market.Delhivery posted revenue from services of ₹2,931 crore in Q1FY27, up 27.8 per cent year-on-year, driven by express parcel shipment volumes surging 55.2 per cent YoY to 322 million and PTL freight tonnage rising 18.4 per cent YoY to 542,000 metric tonne. However, adjusted EBITDA margin contracted to 2.6 per cent from 3.3 per cent a year ago, pressured by minimum wage hikes, diesel price inflation, and supply chain services ramp-up costs. Profit after tax stood at ₹62 crore. Management raised FY27 express parcel volume growth guidance to 20-30 per cent from the earlier 15-20 per cent.Published on August 10, 2026