Despite an 18% YTD rally, SBI MF pares stake in logistics major as Delhivery faces short-term pressure from Ecom Express integration and Q2 losses.
SBI Mutual Fund Lowers Stake in Delhivery to 5.69%
SBI Mutual Fund has further trimmed its position in logistics major Delhivery, selling 18.18 lakh shares and reducing its stake from 5.93% to 5.69%, according to a regulatory filing dated December 22.
The sale, executed at a closing price of ₹409.20, fetched ₹74.45 Cr. This continues a broader stake reduction trend—SBI MF held 7.91% in April 2023 and has gradually decreased its exposure over several quarters. As of September 2025, it owned 6.41% via SBI Equity Hybrid Fund, per public disclosures.
“This is a calibrated rebalancing, not an exit signal,” said a fund manager familiar with SBI MF’s broader portfolio strategy.
Delhivery Stock Holds Ground Despite Q2 Loss
Even as SBI trims its position, Delhivery’s stock is up 18% YTD, buoyed by a strong Q1 performance and the acquisition of rival Ecom Express. However, Q2 FY26 told a different story:
- Net loss of ₹50.5 Cr in Q2 vs. a profit of ₹10.2 Cr a year earlier.
- Q2 revenue rose 17% YoY and 12% QoQ to ₹2,559.3 Cr.
- Integration costs related to Ecom Express hit ₹90 Cr, with an expected additional ₹100–110 Cr in H2 FY26.
The stock closed at ₹406.85, down 1.2%, as the market weighed near-term margin pressure against long-term strategic moves.
Strategic Bets: Fintech & Global Expansion
Despite integration challenges, Delhivery is not standing still. The company has made aggressive diversification moves in recent months:
- Launched Delhivery Fintech Services Pvt Ltd, a new subsidiary offering credit solutions to fleet partners, riders, and MSMEs—a vertical lending play that could drive future monetization.
- Incorporated two new international subsidiaries in the UK and UAE, through its Singapore holding arm, as part of global market expansion.
Is Delhivery pivoting toward a logistics-fintech hybrid model? These steps suggest it’s building a broader ecosystem play.
What’s Driving SBI MF’s Exit?
SBI MF’s gradual drawdown appears tactical rather than reactive:
- Profit-taking after stock’s 70% rally from 52-week lows.
- Near-term earnings drag from integration and restructuring.
- Reallocation to sectors with lower volatility and better earnings visibility in the near term.
Still, Delhivery’s inclusion in long-term thematic or innovation-focused portfolios remains plausible as it scales and diversifies revenue.
