Delhivery Ltd: Good all round performance

Research evidence excerpt

Delhivery Ltd: Good all round performance

Update

May 18, 2026 02:18 AM GMT

Morgan Stanley India Company Private Limited+MDelhivery Ltd | Asia Pacific Gaurav Rateria

Equity Analyst

Good all round performance Gaurav.Rateria@morganstanley.comSulabh Govila, CFA +91 22 6118-2237

What’s Changed Sulabh.Govila@morganstanley.com +91 22 6118-2249

Shreshtha Chopra

Delhivery Ltd (DELH.NS) From To Research Associate

Price Target Rs470.00 Rs510.00 Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

Sakshi Rana

Research Associate

Reaction to earnings Sakshi.Rana@morganstanley.com +91 22 6118-1002

Unchanged Modest upside Modest revision higher

Delhivery Ltd (DELH.NS, DELHIVER IS)

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS India Technology | India

Source: Company data, Morgan Stanley Research Stock Rating Equal-weight

Industry View In-Line

4QF26 highlights: a) Good beat on revenues and adj EBITDA PriceUp/downsidetarget to price target (%) Rs510.007

margins; b) Reassuring commentary on industry growth in Shr price, close (May 15, 2026) Rs475.75

52-Week Range Rs490.00-320.05

eCommerce, PTL volume growth and transport margins; c) near- Sh out, dil, curr (mn) 715

Mkt cap, curr (mn) Rs340,277

term volatile operating environment. EV, curr (mn) Rs314,095

Avg daily trading value (mn) Rs1,276

What we liked? 1. Volume-led beat in express parcel revenues (volume of 306mn Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

vs 275mn of MSe). As per mgmt this is led by improved industry structure and EPS (Rs)** 3.11 8.60 10.95 13.78

some shift towards 3PL industry in F26. The company continues to expect industry Prior EPS (Rs)* 4.61 9.61 11.45 -

EPS (Rs)§ 2.65 8.11 11.11 17.87

growth of 15-20% YoY to be sustained. 2.