Shares of Delhivery rose over 5% in early trade on August 4, reaching ₹451.05, following its June quarter earnings announcement. The stock hit an intraday high of ₹452.55 and marked a gain of ₹21.20 from the previous close of ₹429.85. With this, the logistics company’s market cap has crossed ₹3.34 lakh crore.
However, brokerages remain divided on the stock’s outlook. While 19 out of 24 analysts have a “buy” rating, only eight believe Delhivery will cross its IPO price of ₹487 in the near future.
Brokerage views:
- Jefferies maintained an “underperform” rating with a target of ₹350, citing EBITDA 35% below estimates due to delayed volume realisations from Ecom Express.
- Goldman Sachs held a “neutral” stance with a ₹375 target, pointing to lower realisations and EBITDA margin miss despite higher PAT.
- Kotak Institutional Equities, however, remains bullish with a ₹500 target, highlighting a 77% sequential jump in profit before tax and operational resilience despite disruptions.
Analysts note that while Q1 faced challenges, expected volume gains in Q2 could boost profitability. But for now, the stock’s rally already prices in much of the optimism.
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