Buy Delhivery; target of Rs 570: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Delhivery

Delhivery posted a 17% YoY rise in revenue to INR25.6b in 2QFY26 (in line). During the quarter, the company recognized INR900m of costs related to e com express integration. The acquisition was formally completed in Jul’25. EBITDA (excluding Ecom Express integration costs) stood at INR1.5b against our estimate of INR1.6b. EBITDA margin (excluding Ecom Express integration costs) stood at 5.9% against our estimate of 6.5%.

Outlook

We expect Delhivery to deliver a CAGR of 15%/38%/54% in revenue/EBITDA/ APAT over FY25–28. We reiterate our BUY rating with a revised DCF-based TP of INR570.

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