Delhivery Ltd
Stock Snapshot
Price Performance
Vista Outlook
View Technicals Analysis →Basis of our Recommendation
Delhivery Ltd's recent performance reflects a strong top-line momentum, particularly in its Express and PTL segments, driven by significant volume growth. Management's focus on long-term market share and infrastructure development, despite temporary margin contractions due to inflationary pressures, underscores a strategic pivot towards sustainable growth. The integration of Ecom Express is a critical factor, as it is expected to enhance operational efficiencies and expand market reach. Vista's financial outlook anticipates stable revenue growth and margins, supported by management's proactive measures to mitigate cost pressures through pricing adjustments and operational efficiencies. The logistics sector's expanding growth phase, characterized by improving pricing power and technological advancements, further bolsters Delhivery's long-term prospects. However, key watchpoints include the successful execution of the Ecom Express integration and the management of rising corporate overheads. Over the next 12-24 months, Delhivery's growth will be influenced by its ability to scale new service lines and navigate potential pricing competition. Overall, the outlook remains cautiously optimistic, with a focus on leveraging technology and operational efficiencies to drive future growth
Why We Like This Stock
- Strong volume growth in core Express and PTL segments supports revenue stability
- Management's focus on long-term market share and infrastructure development enhances competitive positioning
- Technological advancements and the integration of Ecom Express are expected to drive operational efficiencies
Things To Watch Out For
- Temporary margin contraction due to inflationary pressures in fuel and labor costs
- Execution risks associated with the integration of Ecom Express and rising corporate overheads
- Potential pricing competition could impact margins and market share
Key Parameters
Financial Snapshot
| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 8,142 | 8,932 | 10,508 | 11,411 | 13,287 |
| Profit Before Tax (Cr.) | -264 | 136 | 166 | 191 | 532 |
| PBT Margin | -3.2% | 1.5% | 158.0% | 1.7% | 4.0% |
| Net Profit (Cr.) | -264 | 135 | 167 | 144 | 399 |
| Earnings Per Share | -3.5 | 1.8 | 2.2 | 1.9 | 5.3 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| BPWealth | ▲ Buy | nan | 13-Apr-2026 |
| Citigroup | ▲ Buy | 570 | 10-Aug-2026 |
| Elara Capital | ▲ Buy | 620 | 10-Aug-2026 |
| Emkay Global | ▲ Buy | 525 | 10-Aug-2026 |
| Geojit Financials | ▲ Buy | 517 | 12-Jun-2026 |
| Goldman Sachs | ► Hold | 480 | 18-May-2026 |
| HSBC | ► Hold | 490 | 10-Jul-2026 |
| ICICI Securities | ▲ Buy | 600 | 10-Aug-2026 |
| Investec | ▲ Buy | 610 | 08-Jul-2026 |
| JPMorgan | ▲ Overweight | 590 | 10-Aug-2026 |
| Jeffries | ▲ Buy | 540 | 10-Aug-2026 |
| Kotak Securities | ▲ Buy | 590 | 16-Apr-2026 |
| Macguire | ▲ Outperform | 580 | 10-Aug-2026 |
| Morgan Stanley | ► Equalweight | 500 | 10-Aug-2026 |
| Motilal Oswal | ▲ Buy | 570 | 10-Aug-2026 |
| Prabhudas Liladhar | ► Hold | 503 | 10-Aug-2026 |
| UBS | ▲ Buy | 630 | 18-May-2026 |
Company Overview
Show Company Profile
Delhivery Limited provides supply chain solutions in India. It offers express parcel services; part truckload services; supply chain services that provide integrated warehousing and transportation services; point-to-point and multi-point full-truckload services; and cross-border services comprising door-to-door and port-to-port parcel and freight shipping services. The company also provides Delhivery Rapid, a network of shared in-city forward fulfillment centers, as well as Delhivery Direct, an on-demand intra-city pickup and delivery service. In addition, it offers SaaS and data solutions, such as the OS1 platform that provides APIs and SDKs; TransportOne, a transport management system solution; and LocateOne and RTOne data solutions for e-commerce companies. The company provides its services to e-commerce marketplaces, direct-to-consumer e-tailers, enterprises, FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive, and manufacturing industries. Delhivery Limited was incorporated in 2011 and is based in Gurugram, India.