Delhivery shares surged nearly 3% after global brokerage Macquarie maintained its ‘Outperform’ rating on the stock, setting a target price of ₹380. As of 9:47 AM, the shares were trading 2.40% higher at Rs 263.25.
This comes despite a sharp correction of nearly 40% since its September 2024 highs, significantly underperforming the Nifty Smallcap Index, which has declined by 17% over the same period.
According to Macquarie, the downturn in Delhivery’s stock price has been largely influenced by structural shifts in the third-party logistics (3PL) industry. A key factor has been e-commerce giant Meesho’s move to internalize its logistics, impacting volumes and creating near-term uncertainty. However, the brokerage remains confident in Delhivery’s long-term growth potential, citing its robust technological infrastructure, extensive national network, and diverse customer base.
Macquarie believes the logistics sector is evolving into a “winner-take-all” market, where dominant players will consolidate market share. Despite current challenges, Delhivery is well-positioned to emerge stronger, leveraging its competitive advantages to drive accelerated growth. While near-term headwinds persist, the brokerage sees significant potential for Delhivery to gain market share in the medium term, reinforcing its optimistic outlook on the stock.
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