Delhivery Shares Hit 10% Lower Circuit After Q2 Loss, JM Financial Downgrades to 'Add'

Shares of !logistics major !Delhivery Ltd crashed 10% to hit the lower circuit at ₹314.55 on the NSE on Thursday, wiping out nearly ₹3,200 crore in market value in a single session. The sharp sell-off came a day after the company reported a consolidated net loss of ₹50.4 crore for Q2 FY26, swinging from a profit of ₹10.2 crore in the same quarter last year. Key Q2 Highlights Revenue from operations up 17% YoY to ₹2,559.3 crore Adjusted PAT (ex-Ecom Express integration costs): ₹59 crore (vs ₹10 crore YoY) EBITDA stood at ₹92 crore with 3.6% margin JM Financial’s Take In a post-earnings note, JM Financial downgraded the stock to ‘Add’ from ‘Buy’ and slashed the target price, citing: Back-ended demand ahead of GST rate cuts on e-commerce deliveries Part Truck Load (PTL) revenue grew only 15.2% YoY (management still guides ~20% for FY26) Weakness in Truck Load, Supply Chain Services, and Cross-border segments The brokerage, however, noted that one-time integration costs related to Ecom Express will be “significantly lower” than earlier estimates, and management reaffirmed FY26 service EBITDA guidance. At 12:52 PM on November 7, Delhivery shares remained locked at the 10% lower circuit with over 1.8 crore shares in sell-only mode, reflecting sustained investor disappointment.