Logistics · DELHIVER
Logistics - Warehousing/Supply Chain
from 473 today
Management upgraded its FY27 express parcel volume growth guidance to 20-30% YoY, driven by continued market share gains, increasing outsourcing, and customer additions. We expect margins to recover from Q2 as cost pressures are passed on, and continue to view the current risk-reward as attractive.
Delhivery reported strong volume growth in core transportation businesses, though EBITDA margins were temporarily hit by high fuel costs and wage hikes. Management expects cost increases to be passed on to customers in 2Q, and we reiterate our BUY rating with a DCF-based revised TP of INR570.
Delhivery reported strong volume growth driven by share gains, new customer additions, and Ecom Express integration, though margins were impacted by higher fuel costs and wage hikes. We reiterate our BUY rating with a DCF-based revised TP of INR570.
We cut our FY27E EBITDA estimates by 24.3% as we fine tune our margin assumptions for B2C and PTL division given sharp inflationary pressure arising from rise in fuel prices and revision in minimum wages across 4 states. Retain HOLD with a TP of INR503 given imminent margin pressure.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
