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Motilal Oswal Report
Delhivery Ltd. delivered a strong Q4 FY26 performance, aided by strong consumption-led demand, integration of Ecom Express, and market share gains driven by industry consolidation.
Management expects to sustain the strong momentum in Express business and PTL going forward. New services such as Delhivery Direct and Rapid are scaling up well.
The brokerage maintains its FY27 and FY28 Ebitda estimates, factoring in strong growth in the transportation segment, supported by healthy service Ebitda margins.
Motilal Oswal expects Delhivery to deliver a CAGR of 13%/33% in revenue/Ebitda over FY26-28. Motilal Oswal reiterates its Buy rating with a DCF-based target price of Rs 580.
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