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18 Jun 2025 |
Delhivery
|
Consensus Share Price Target
|
358.75 |
412.70 |
- |
15.04 |
buy
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06 Jun 2025
|
Delhivery
|
Geojit BNP Paribas
|
358.75
|
431.00
|
367.05
(-2.26%)
|
20.14 |
Accumulate
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Delhivery's consolidated revenue saw a 5.6% YoY increase, reaching Rs. 2,192cr in Q4FY25, owing to increasing the Part Truckload (PTL) volumes. Indian operations contributed Rs. 2,191cr (+5.6% YoY). International revenue,...
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19 May 2025
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Delhivery
|
Prabhudas Lilladhar
|
358.75
|
387.00
|
351.25
(2.14%)
|
7.87 |
Buy
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Service EBITDA margin of PTL business zooms to 10.8% (2.2% in 4QFY24). our service EBITDA margin assumptions for PTL division amid stellar performance in 4QFY25. DELHIVER reported strong set of results with operating margin of 5.4% (PLe 3.7%; CE 3.4%) as service EBITDA margin of PTL business skyrocketed to 10.8% led by improvement in yield, fleet utilization and volumes. While growth challenges in B2C parcel division continue (flat volumes with 170bps reduction in service EBITDA margin), we believe acquisition of Ecom express will not only drive yields but also improve margins as operating leverage benefits would come into play with a wider network coverage. We...
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17 May 2025
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Delhivery
|
Emkay
|
358.75
|
380.00
|
320.85
(11.81%)
|
5.92 |
Buy
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Delhivery’s Q4FY25 print was a mixed bag, with revenue missing our estimate by 4% while EBITDA registered an 18% beat. The B2C segment continued to track its muted trajectory, growing only 3% YoY due to subdued demand and insourcing by Meesho.
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06 Apr 2025
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Delhivery
|
Emkay
|
358.75
|
400.00
|
258.80
(38.62%)
|
11.50 |
Buy
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Delhivery announced the acquisition of Ecom Express – the second largest 3PL B2C operator, for a cash consideration of Rs14bn, valuing the company at 0.6x EV/sales (on FY24 numbers).
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10 Feb 2025
|
Delhivery
|
Prabhudas Lilladhar
|
358.75
|
340.00
|
297.25
(20.69%)
|
Target met |
Hold
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09 Feb 2025
|
Delhivery
|
ICICI Securities Limited
|
358.75
|
500.00
|
315.10
(13.85%)
|
39.37 |
Buy
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Service level EBITDA margin for Delhivery express parcel segment was ~500bps lower than what was realised in Q3FY24, despite a similar top line due to a one-off surge in intracity vehicle rental expenses (cINR 540mn differential).
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08 Feb 2025
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Delhivery
|
Emkay
|
358.75
|
425.00
|
315.10
(13.85%)
|
18.47 |
Buy
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Delhivery’s Q3FY25 revenue met our expectations, but EBITDA fell short due to increased vehicle rental costs driven by higher truck spot rates during the festive season.
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10 Dec 2024
|
Delhivery
|
Prabhudas Lilladhar
|
358.75
|
361.00
|
380.60
(-5.74%)
|
Target met |
Hold
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18 Nov 2024
|
Delhivery
|
Prabhudas Lilladhar
|
358.75
|
|
327.30
(9.61%)
|
|
Not Rated
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18 Sep 2024
|
Delhivery
|
ICICI Securities Limited
|
358.75
|
600.00
|
426.00
(-15.79%)
|
67.25 |
Buy
|
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Delhivery’s stock performance has been subdued slowing growth of the 3PL market as the proportion of insourcing at Meesho continues to increase.
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03 Aug 2024
|
Delhivery
|
ICICI Securities Limited
|
358.75
|
600.00
|
416.10
(-13.78%)
|
67.25 |
Buy
|
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Express parcel volumes were below our estimates, but yield improvement of 5.6% YoY aided revenue growth of 6.2% YoY. PTL surprised positively, growing 25.4% YoY in a weak market.
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23 May 2024
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Delhivery
|
Ashika Research
|
358.75
|
465.00
|
404.05
(-11.21%)
|
|
Buy
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18 May 2024
|
Delhivery
|
ICICI Securities Limited
|
358.75
|
600.00
|
434.85
(-17.50%)
|
|
Buy
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In Q4FY24, Delhivery’s express parcel revenue declined 16% QoQ (+3% YoY), as e-commerce spends softened post a strong festive season
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23 Dec 2023
|
Delhivery
|
BP Wealth
|
358.75
|
450.00
|
387.45
(-7.41%)
|
Target met |
Buy
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06 Nov 2023
|
Delhivery
|
ICICI Securities Limited
|
358.75
|
500.00
|
402.25
(-10.81%)
|
|
Buy
|
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Revenue growth for Delhivery remained subdued as festive season impact was absent in Q2FY24. However, management called out sharp recovery in express parcel volumes from Q3FY24 with a large proportion of heavy packages (bodes well for yield).
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07 Aug 2023
|
Delhivery
|
ICICI Securities Limited
|
358.75
|
500.00
|
420.75
(-14.74%)
|
|
Buy
|
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In Q1FY24, Delhivery’s adjusted EBITDA loss was INR 250mn (vs profit of INR 60mn in Q4FY23) largely due to annual wage increments, investments in capacity expansion (60-70% of yearly capex in Q1) and disruptions pertaining to security and weather. In spite of Q1 being a seasonally weaker quarter, express parcel revenue grew 2.1% QoQ/ 14.3% YoY, broadly in line with our estimates.
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07 Jul 2023
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Delhivery
|
ICICI Direct
|
358.75
|
500.00
|
398.70
(-10.02%)
|
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Buy
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06 Jun 2023
|
Delhivery
|
ICICI Securities Limited
|
358.75
|
425.00
|
354.70
(1.14%)
|
Target met |
Buy
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In this note we highlight some of the key takeaways from Delhivery’s Analyst Day event organised at their Tauru warehouse (Gurugram,Haryana) on June 5, 2023. Delhivery team has taken some new initiatives (such as RTO scores) to improve data visibility for customers, which we believe could in turn help in gaining share in express parcel segment or open up newer avenues for monetization.
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22 May 2023
|
Delhivery
|
ICICI Securities Limited
|
358.75
|
425.00
|
361.35
(-0.72%)
|
Target met |
Buy
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In Q4FY23, Delhivery reported positive EBITDA margin for the first time since listing. Though the quantum of EBITDA profitability is not significant from a valuation context, the steady improvement over the last 2-3 quarters is a positive development.
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12 Feb 2023
|
Delhivery
|
ICICI Securities Limited
|
358.75
|
425.00
|
315.45
(13.73%)
|
Target met |
Buy
|
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Delhivery’s Q3FY23 revenue was lower than our estimates due to delayed recovery in PTL volumes. Management clarified that this was due to network footprint optimisation and subdued volumes in the first few days of Q3FY23 caused by unseasonal rains in Tauru.
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