First Read: Delhivery Limited "Scale and efficiency driving earnings momentum"

研报英文原文证据摘录

First Read: Delhivery Limited "Scale and efficiency driving earnings momentum"

Global Research

18 May 2026ab

First Read

EquitiesDelhivery Limited

Scale and efficiency driving earnings momentum India

Air Freight

12-month rating Buy

Continues to outperform expectations

Delhivery delivered a strong Q4FY26 with revenue of Rs28.5bn (+30% YoY), ahead of 12m price target Rs630.00

expectations. This was driven by robust growth across core transport segments (express Prior : Rs600.00

and PTL), ahead of consensus/our expectations. Alongside, there was a profitability beat

Price (15 May 2026) Rs475.70

led by continued margin expansion. Operational performance reflects strong volume

momentum and effective integration of Ecom Express, while profitability was supported RIC: DELH.BO BBG: DELHIVER IB

by sustained efficiency gains and improved segment-level execution. The key notable is Trading data and key metrics

the sequential growth in express volumes despite Q3 being a strong quarter seasonally.

52-wk range Rs484.95-348.20

We think this further demonstrates Delhivery's dominant position in the industry (read

Market cap. Rs349b/US$3.63b

more). We increase our FY27/28 estimates, building in the improving profitability and

Shares o/s 733m (ORD)

consistent market share gains. Maintain Buy with an increased PT of Rs630 vs Rs600.

Free float 63%

How did Delhivery fare in Q4? Avg. daily volume ('000) 2,428

Delhivery reported revenue of Rs28.5bn in Q4FY26, up 30% YoY. PTL business delivered Avg. daily value (m) Rs1,086.1

30% YoY growth in volumes/revenue, contributing ~22% to revenue in the quarter. Common s/h equity (03/27E) Rs106b

Express parcel revenue grew 46% YoY with strong 73% YoY volume growth owing to P/BV (03/27E) 3.4x

Ecom Express integration and market share gains.