Nuvama has maintained its buy rating on Delhivery and raised the target price to ₹430 from ₹380, implying a potential upside of around 34% from the current market price of ₹321.10.
The brokerage noted steady performance and robust margins in the PTL (Partial Truckload) segment, describing the Q4 margin surprise as a key positive. It also flagged optimism around Express Parcel business, with the possibility that margin worries may be behind.
Nuvama believes Delhivery is well-positioned to benefit from consolidation in Express Parcel—particularly with the pending CCI approval for its e-com Express acquisition—and sees rapid scale-up in PTL along with margin expansion. The firm raised its EBITDA estimates by 8% for FY25 and 13% for FY26, largely driven by PTL segment margin improvement.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult certified financial professionals before making any investment decisions.
