Delhivery - The Night Is Darkest Before The Dawn: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.We maintain Buy rating on Delhivery Ltd. with a target price of Rs 600 valuing the company at 40 times FY26E enterprise value/Ebitda..Delhivery’s stock performance has been subdued given: slowing growth of the third party logistics market as the proportion of insourcing at Meesho continues to increase;faster growth of quick commerce within the e-commerce space, where logistics is generally completely in-house and concerns around some of the peers gaining significant share even within the 3PL space. .We think that even in the express parcel market, Delhivery is consolidating its leadership position among 3PL players through focus on cost and service quality. In partial truckload, it has slowly but steadily managed to reach ~90% of Delhivery + Spoton volumes and, from Q4 FY24, is profitable at service Ebitda level. Delhivery has clarified how the apparent share losses to a peer are on account of different reporting standards..Key risks: Pricing pressure in the express parcel or PTL business; andmedium term growth visibility worsening due to global headwinds..Click on the attachment to read the full report:.Interglobe Aviation - Optimistic Business Outlook: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Delhivery - The Night Is Darkest Before The Dawn: ICICI Securities

In partial truckload, it has slowly but steadily managed to reach ~90% of Delhivery + Spoton volumes and, from Q4 FY24, is profitable at service Ebitda level, says the brokerage.

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Delhivery - The Night Is Darkest Before The Dawn: ICICI Securities

In partial truckload, it has slowly but steadily managed to reach ~90% of Delhivery + Spoton volumes and, from Q4 FY24, is profitable at service Ebitda level, says the brokerage.

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