Nexus Opportunity Fund Limited and Nexus Ventures III, Limited have completed the divestment of 24 million equity shares in delhivery through open market transactions, as disclosed in a regulatory filing dated April 9, 2026. The sale was executed in two separate tranches over a period spanning from June 2025 to April 2026.

Transaction Details

The divestment was structured across two phases, with the first transaction occurring on June 26, 2025, and the second on April 8, 2026. The total sale comprised 24 million shares, representing 3.21% of Delhivery's total share capital.

Shareholding Changes

Prior to these transactions, the two Nexus entities collectively held 50,577,467 shares, representing 6.76% of Delhivery's total voting capital. Following the completion of both sale tranches, their combined holding has been reduced to 26,577,467 shares, equivalent to 3.55% of the company's equity.

Regulatory Compliance

The disclosure was made in compliance with Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Both Nexus entities confirmed they do not belong to the promoter or promoter group of Delhivery Limited.

Company Capital Structure

As per the latest filing, Delhivery's equity share capital stands at 74,80,95,781 equity shares of ₹1 each. The total diluted share capital, accounting for outstanding convertible securities, is 76,71,52,005 equity shares of ₹1 each. The company's shares are listed on both BSE Limited and the National Stock Exchange of India Limited.

The transactions were executed through open market sales, with both Nexus entities maintaining no encumbrances, voting rights other than through shares, or convertible securities in Delhivery Limited.

Delhivery has received a maintained Hold rating from HSBC, with the brokerage raising its target price to ₹500. The recommendation comes amid a mixed outlook for the logistics sector, balancing growth opportunities against operational challenges.

HSBC Rating and Price Target

Key Performance Factors

HSBC's analysis highlighted several factors influencing its assessment of Delhivery. The brokerage noted the company's resilient share performance, which has demonstrated stability despite broader market volatility. This resilience appears to be supported by strong near-term demand prospects in the logistics and e-commerce delivery sector.

The company's ability to mitigate fuel price spikes emerged as a significant positive factor in HSBC's evaluation. This operational capability is particularly relevant given the current concerns over fuel inflation stemming from Middle East geopolitical tensions.

Financial Outlook and Projections

HSBC has revised its FY28 EBITDA projections upward by 2%, reflecting optimism about the company's volume growth trajectory. The revision is primarily based on expectations of higher Q4 volumes, suggesting sustained business momentum.

Market Challenges and Mitigation

While maintaining a cautiously optimistic stance, HSBC acknowledged potential headwinds from Middle East fuel inflation concerns. However, the brokerage appears confident in Delhivery's operational strategies to manage these cost pressures effectively.

The combination of strong demand fundamentals and the company's demonstrated ability to navigate fuel cost volatility supports HSBC's maintained Hold rating, even as the raised target price reflects improved earnings expectations.