Synopsis: Logistic provider shares surged 7% after Motilal Oswal reiterated a “Buy” rating with a target price of Rs. 580, implying 26% upside. The optimism is driven by strong express volume growth and a significant turnaround in the company’s PTL business margins.
The shares of this company offer a comprehensive suite of logistics services, including express parcel and heavy goods delivery, part-truckload (PTL) and full-truckload (TL) freight, warehousing, supply chain solutions, cross-border express services, and logistics software solutions are in the spotlight after it rose by 7 per cent in today’s session following a target given by Motilal Oswal.
With a market capitalisation of Rs. 36,199 cr, the shares of Delhivery Ltd were trading at Rs. 483.40 per share, increasing 7% in today’s market session, making a high of Rs. 491.50, up from its previous close of Rs. 460.85 per share.
Brokerage Commentary
Shares of Delhivery Ltd advanced 7% after Motilal Oswal Financial Services (MOSL) reiterated its “Buy” rating on the logistics firm. The brokerage maintained a target price of Rs. 580 per share, which indicates a potential upside of nearly 26% from its previous closing price.
According to MOSL, Delhivery’s express segment achieved a massive 73% year-on-year volume growth during the fourth quarter of FY26. This impressive growth figure includes the impact of its Ecom Express acquisition.
The expansion comes despite a challenging macro environment heavily impacted by the West Asia crisis and the usual seasonal slowdown that follows the festive-heavy third quarter. The growth was primarily driven by resilient consumption demand, increased outsourcing by clients, and strong momentum from major e-commerce players.
Structural Turnaround in Part-Truckload (PTL) Business
A key highlight from the brokerage report is the structural turnaround within Delhivery’s PTL segment. The business saw its service EBITDA margins flip dramatically to 13.4% in Q4 FY26, up from a negative 8.5% in the first quarter of FY24.
MOSL attributed this operational improvement to tight cost controls, a favourable shift toward higher-yielding SME and retail clients, the rationalisation of low-profit contracts, and a strengthened sales team that enhanced customer acquisition and pricing discipline.
Delhivery Ltd is one of India’s largest integrated logistics and supply chain service providers, offering services such as express parcel delivery, warehousing, freight transportation, cross-border logistics, and supply chain solutions. The company serves businesses across e-commerce, retail, manufacturing, and FMCG sectors through its extensive nationwide network and technology-driven logistics platform.
On the financial front, it reported strong operational growth in Q4FY26. Revenue increased 30% YoY to Rs. 2,850 crore from Rs. 2,192 crore in Q4FY25, while EBITDA surged 80% YoY to Rs. 214 crore from Rs. 119 crore. However, net profit remained largely flat at Rs. 72.4 crore compared to Rs. 72.6 crore in the year-ago period, with EPS unchanged at Rs. 0.97.
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