'Buy' Delhivery Shares Maintains Motilal Oswal; Ongoing Festive, Post-GST Revival Phase To Boost Growth

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Motilal Oswal Report

Delhivery Ltd. is well-positioned for future growth, supported by strong momentum in its core transportation businesses and a clear focus on profitability.

With Express Parcel and PTL segments delivering consistent volume growth and healthy service Ebitda margins, the company expects to sustain 16-18% margins over the next two years.

The integration of Ecom Express is set to enhance network efficiency and reduce capital intensity, while new services like Delhivery Direct and Rapid offer long-term growth potential in on-demand and time-sensitive logistics.

We expect the company to report a CAGR of 14%/38%/53% in sales/ Ebitda/adjusted profit after tax over FY25-28.

Reiterate Buy with a target price of Rs 540 (based on DCF valuation).

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