Macquarie has maintained an Outperform rating on Delhivery, assigning a target price of ₹380, even as the stock has witnessed a significant correction of approximately 40% since its September 2024 highs. This decline contrasts with a 17% drop in the Nifty Smallcap Index over the same period.
According to Macquarie, the sharp decline in Delhivery’s share price has been driven primarily by significant shifts in the third-party logistics (3PL) industry structure, especially with key customer Meesho’s internalisation of logistics. This move has weighed on volumes and led to muted near-term visibility.
Despite these headwinds, Macquarie remains optimistic on Delhivery’s long-term prospects. It believes the logistics industry is moving toward a “winner-take-all” structure, and Delhivery is positioned to be a key beneficiary, given its technological capabilities, national reach, and diversified clientele. While acknowledging near-term pain, the brokerage sees accelerated market share gains over the medium term.
