Delhivery Stock Target: Bullish Calls From JP Morgan, Investec and Jefferies With Strong Upside

Synopsis: Brokerages are bullish on Delhivery: JPMorgan maintains ‘Overweight’ with ₹600 target (37.5% upside), Investec raises target to ₹515 (‘Buy’, 18% upside), and Jefferies lifts target to ₹525 (‘Buy’, 20% upside), citing strong segment performance and growth potential.

The shares of the Logistics services stock company specialising in providing end-to-end logistics solutions, primarily focusing on e-commerce, Direct-to-Consumer (D2C) brands, and enterprises, are been into spotlight as the brokerages have lifted their outlook on the company and see a potential upside ahead.

With a market capitalization of Rs. 32,868.76 Crores on Monday, the shares of Delhivery Limited rose upto 3.17 percent, reaching a high of Rs. 450.15 from its opening price of Rs. 436.30. 

Delhivery Limited, which provides end-to-end logistics solutions and primarily focuses on e-commerce, Direct-to-Consumer (D2C) brands, and enterprises, has been in the spotlight as most of the top brokerage firms gave a positive outlook on the company and set a target for potential upside. 

JPMorgan has maintained its ‘Overweight’ rating, with a price target of Rs 600, which implies an upside potential of up to 37.5 percent from yesterday’s closing price of Rs 436.30

JPMorgan noted that the segment-wise performance remained robust, with the Express Parcel business achieving an impressive 18% service EBITDA margin. Meanwhile, Delhivery Direct and other smaller segments continue to offer significant growth potential. Looking ahead, capital intensity is expected to trend lower in the medium term, supporting operational efficiency and sustainable expansion.

Investec reiterated its ‘Buy’ rating by raising its price target to Rs. 515 from Rs. 500 earlier on it with an upto 18 percent Upside Potential from yesterday’s close price of Rs. 436.30.

Investec noted that Delhivery delivered an impressive Q3, although Meesho’s insourcing led to lower EPD volumes. On the downside, corporate overheads increased sharply, driven by investments in the Part Truck Load (PTL) sales team. Despite these costs, Delhivery’s competitive position appears stronger than ever, and there remains potential for further industry consolidation.

Jefferies reiterated its rating to ‘Buy’ from “Underperform” by raising its price target to Rs. 525 from Rs. 360 earlier on it with an upto 20 percent Upside Potential from yesterday’s close price of Rs. 436.30.

Jefferies noted that headwinds from insourcing are easing, as Meesho scales down its efforts. Low e-commerce integration costs helped drive a 10% EBITDA beat in Q3. Part Truck Load (PTL) volumes continue to show strong growth, while the potential recovery in road logistics, supported by robust commercial vehicle sales, provides an additional tailwind.

The company’s revenue rose by 17.94 percent from Rs. 2,378 crore in December 2024 to Rs. 2,805 crore in December 2025. Meanwhile, the Net profit rose from  Rs. 25 crore to  Rs. 40 crore during the same period.

The company has a low debt-to-equity ratio of 0.17 and has delivered strong profit growth, with a 19.7% CAGR over the past five years. Additionally, working capital efficiency has improved significantly, with requirements declining from 118 days to 67.5 days.

Delhivery Limited is a leading provider of logistics services in India, including e-commerce and express parcel transportation, on-demand logistics, part truck-load (PTL) freight, full-truckload (FTL) freight services, cross-border air express and freight services, warehousing and supply chain solutions, data services and software, including warehouse management and transportation management systems to over 51,000 clients.

In Q3 FY26, the company demonstrated strong operational scale with services spanning 220+ countries and territories, supported by a robust network covering 18,838 pin codes. Operations were anchored by 140 freight service centers, while a daily average fleet size of 21,226 vehicles ensured efficient and reliable logistics execution across regions.

In Q3 FY26, revenue from services was primarily driven by Express Parcel, contributing 66% of the total. PTL accounted for 21%, while TL and SCS each contributed 6%. Cross-border services contributed NIL, indicating that domestic operations remained the key revenue driver during the quarter.

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