Leading logistics firm Delhivery is poised for a robust performance in the coming fiscal years, with brokerages Motilal Oswal and JM Financial predicting substantial upside for its stock. Analysts point to Fiscal Year 2027 (FY27) as a potentially strong period for the company, driven by key operational improvements and market dynamics.
Brokerage Targets and Growth Drivers
JM Financial has set a price target of Rs 605 for Delhivery shares, implying an impressive 32% upside from current levels. The brokerage highlights healthy volume growth, strategic market share gains, and a sharp acceleration in earnings trajectory as primary catalysts for this optimistic outlook. Similarly, Motilal Oswal projects a 26% upside, with a price target of Rs 580, reiterating a 'BUY' rating based on a discounted cash flow (DCF) valuation.
Both firms emphasize Delhivery's strong positioning within its core transportation businesses, particularly Express Parcel and PTL (Partial Truckload) segments, coupled with a disciplined focus on profitability. The integration of Ecom Express is expected to further enhance network efficiency and reduce capital intensity. Additionally, new services like Delhivery Direct and Rapid are anticipated to unlock long-term growth opportunities in on-demand and time-sensitive logistics.
Profitability and Financial Projections
JM Financial forecasts Delhivery's overall revenue to grow at 25% year-over-year and adjusted EBITDA margin to expand by 370 basis points, reaching 6.7% by FY27E. The brokerage anticipates a meaningful improvement in profitability from the second quarter of FY27, as fuel cost pass-throughs normalize, wage inflation is absorbed, and operating leverage flows through the profit and loss statement. While near-term margins may face some pressure, the long-term outlook remains positive.
Motilal Oswal projects a robust compounded annual growth rate (CAGR) for Delhivery between FY26 and FY28:
- Sales: 13% CAGR
- EBITDA: 33% CAGR
- Adjusted Profit After Tax (APAT): 83% CAGR
Current Market Performance and Business Overview
As of June 22, 2026, Delhivery shares were trading higher, gaining 2.5% to Rs 472.50 against a previous close of Rs 460.85, pushing the firm's market capitalization to Rs 35,371 crore. The stock's Relative Strength Index (RSI) stood at 58, indicating it was neither in an oversold nor overbought zone, suggesting average volatility with a beta of 0.98.
Delhivery offers a comprehensive suite of logistics services, including express parcel and heavy goods delivery, PTL and TL (Truckload) freight, warehousing, supply chain solutions, cross-border express, freight services, and supply chain software. This diversified portfolio underpins its resilience and growth potential in the competitive logistics sector.