Shares of logistics major Delhivery are projected for a significant 22% upside, according to brokerage firm Motilal Oswal (MOSL). This optimistic outlook comes despite the stock experiencing a 4.20% decline on May 18, 2026, closing at Rs 455.70 on the BSE, down from its previous close of Rs 475.70. The company's market capitalization stood at Rs 34,119 crore following the day's trading.
Brokerage Sees Strong Growth Trajectory
Motilal Oswal has reiterated its 'BUY' rating for Delhivery, setting a revised discounted cash flow (DCF)-based target price of Rs 580. The brokerage firm anticipates robust financial performance, projecting a Compound Annual Growth Rate (CAGR) of 13% for revenue and an impressive 33% for EBITDA between fiscal years 2026 and 2028.
MOSL highlighted Delhivery's strong positioning for future expansion, driven by momentum in its core transportation businesses and a clear strategic focus on profitability. The Express Parcel and PTL (Partial Truckload) segments are expected to continue their strong volume growth, contributing to healthy service EBITDA margins, which the company aims to sustain at 16-18% over the next two years.
Q4 and Full-Year FY26 Performance
For the fourth quarter of fiscal year 2026, Delhivery reported a net profit of Rs 73.4 crore, showing a flat performance year-on-year compared to Rs 72.6 crore in the same period a year prior. This marks a significant turnaround from the Rs 39.6 crore loss reported in the preceding quarter. Revenue from operations surged by 30% year-on-year to Rs 2,850 crore in Q4 FY26, up from Rs 2,191.6 crore in the previous year. Sequentially, revenue also saw an increase from Rs 2,805 crore in Q3 FY26.
Looking at the full fiscal year 2026, the Gurugram-based firm's net profit saw a 6% dip to Rs 152.5 crore, down from Rs 162.1 crore in the prior year. However, full-year revenue climbed almost 18% to Rs 10,508.3 crore, compared to Rs 8,931.9 crore in the previous fiscal. The company's Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) for FY26 reached Rs 764 crore.
Strategic Initiatives for Future Expansion
Motilal Oswal noted that the integration of Ecom Express is expected to significantly enhance Delhivery's network efficiency and reduce capital intensity. Furthermore, new service offerings like 'Delhivery Direct' and 'Rapid' are poised to unlock long-term growth opportunities in the on-demand and time-sensitive logistics sectors. Delhivery offers a comprehensive suite of logistics services, including express parcel delivery, heavy goods transport, PTL and TL freight, warehousing, supply chain solutions, cross-border express, and supply chain software.
Technical Indicators and Stock Volatility
Technically, Delhivery's Relative Strength Index (RSI) stands at 59.1, indicating that the stock is neither in the oversold nor overbought zone. With a beta of 0.92, the stock exhibits average volatility. The shares are currently trading lower than their 5-day, 10-day, 20-day, and 30-day moving averages but remain above the 50-day, 100-day, 150-day, and 200-day moving averages. The stock's 52-week low was Rs 320 on May 16, 2025, and its 52-week high reached Rs 489.95 on November 4, 2025.