Latest broker research reports
with
buy recommendations along with share price targets forecast and upside.
Browse thousands of reports and search by company.
Broker Research reports: Buy reports
for Industry - Warehousing & Logistics
TCI Express (TCIE)’s Q2FY26 EBITDA of INR 33.5mn was broadly in line with consensus estimates. Volumes were largely stable at 248kte (250kte in Q2FY25). EBITDA margin improved QoQ to 10.9% (vs. 9.8% in Q1FY26 and 11.8% in Q2FY25), mainly on account of 25bps price hike and cost stabilisation and optimisation.
Delhivery’s Q2FY26 results (excluding Ecom) were in line with our revenue/EBITDA estimates. With network investments in core transportation businesses (for the festive season) behind us, seasonality would aid peak profitability in H2FY26, coupled with the lower-than-anticipated integration cost (~Rs2bn vs Rs3bn earlier) boosting PAT in FY26, in our view.
VRL Logistics (VRL)’s Q2FY26 EBITDA was slightly ahead of Street’s estimate. Realisation/te improved 12.8% YoY to INR 7,166, while EBITDA/te has improved to INR 1,548 (INR 1,216 in Q2FY25).
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 ecom express integration. The acquisition was formally completed in Jul’25.
VRL’s revenue was flat YoY at INR8.0b (+7% QoQ) in 2QFY26, in line with our estimate. Volume dipped 11% YoY to 0.97m tons, while realization grew by 12% YoY to INR 8,079/ton, driven by a price hike.
According to the RBI, total electronic payments surged to INR11.3t on 22nd Sep’25, nearly ten times higher than the INR1.18t recorded the previous day.
TCI Express’ (TCIE) Q1FY26 EBITDA was slightly below consensus estimates. Volume fell 0.9% YoY to 233kte (235kte in Q1FY25) on subdued demand. EBITDA margin improved QoQ to 9.8% (vs. 8.5% in Q4FY25 and 11.2% in Q1FY25), mainly on account of 75bps price hike and stable variable costs in Q1.
CONCOR’s Q1FY26 EBITDA of INR 4.26bn missed consensus estimates by ~9%. Overall volume grew 11.3% YoY (EXIM- 12% and domestic- 9.1%), EBITDA was impacted due to volume discount reconciliation and increase in employee cost (one time performance bonus) of INR 180mn.
VRL Logistics (VRL)’s revenue grew 2% YoY to ~INR7.4b (-8% QoQ), in line with our estimate. Volume dipped 13% YoY to 0.93m tonnes, while realization improved 17% YoY to INR7,852/tonne, driven by price hikes.
In Q1FY26, Delhivery beat estimates in terms of growth and profitability. Express parcel volume grew 13.7% YoY, improving from FY25’s 2–3% volume growth trend.
Delhivery reported a 6% YoY increase in revenue to INR22.9b in 1QFY26. EBITDA surged 53% YoY to INR1.5b, resulting in an improved EBITDA margin of 6.5%.
Delhivery is India’s leading 3PL logistics player, catering to a wide network of ~19,000 pincodes. Its service offerings include express parcels, part truck load (PTL), supply chain services, and others.
CCRI holds a dominant position with a ~58% market share at JNPT and a 56% pan-India share as of Mar’25, complemented by a significant presence at Mundra (37.7%) and Pipavav (48.4%) ports.
Blue Dart Express (BDE)’s revenues grew 7% YoY to INR14.2b (6% below our estimate). The company handled 0.33m tons of cargo volumes(+11% YoY) in 4QFY25.
