Shares of logistics and supply chain giant Delhivery Ltd surged over 6.5% to hit a new 52-week high of ₹491.70 on the National Stock Exchange (NSE). The aggressive buying rally pushed the stock above its initial IPO price band (₹462–487) and within striking distance of its listing price of ₹495.
The sharp upward momentum comes on the heels of glowing financial assessments from top-tier institutional brokerages, which project up to a 32% upside for the stock heading into the new fiscal year (FY27).
1. Top Brokerage Targets & Growth Projections
Market optimism is heavily anchored by updated research notes from JM Financial and Motilal Oswal (MOSL). Both firms point to third-party logistics (3PL) market consolidation and structural optimization as major tailwinds:
| Brokerage | Rating | Price Target | Projected Upside* | Primary Growth Driver |
| JM Financial | BUY | ₹605 | ~32% | Sharp acceleration in earnings trajectory; Ecom Express network integration efficiencies. |
| Motilal Oswal | BUY | ₹580 | ~26% | Core transportation momentum; disciplined margin strength across Express Parcel & PTL segments. |
*Upside calculated against the pre-rally consolidation base of ~₹460.
2. Why Analysts Are Bullish on FY27
According to brokerage notes, FY27 is shaping up to be one of Delhivery’s strongest operational years due to a mix of operating leverage and strategic positioning:
- Market Share Consolidation: Following industry adjustments, Delhivery and Shadowfax have effectively emerged as the only scaled, national 3PL networks capable of handling massive e-commerce and enterprise volume.
- Margin Expansion: JM Financial expects overall revenue to jump 25% year-on-year, with adjusted EBITDA margins expanding by 370 basis points to 6.7% by FY27. Profitability is anticipated to scale sharply as wage inflation is absorbed and fuel cost pass-throughs normalize.
- Long-Term Revenue CAGR: Motilal Oswal forecasts a robust financial trajectory for the company over the FY26–28 horizon, projecting an EBITDA CAGR of 33% and an Adjusted Profit After Tax (APAT) CAGR of 83%.
3. Strong Financial Bedrock (Q4 FY26 Results)
The structural shift in share price is backed by a solid Q4 FY26 scorecard. Revenue from operations leaped 30% year-on-year to ₹2,850 crore, compared to ₹2,191.6 crore in the same period last year.
Full-year FY26 EBITDA reached ₹764 crore, with margins expanding to 7.3%—nearly doubling the ₹380 crore reported in FY25. This expanding margin framework proves that Delhivery’s capital-intensive sorting centers and automated infrastructure are finally delivering true network economies of scale.
Institutional Confidence: The stock’s upward trajectory has been quietly supported by institutional hands. In April, a high-profile block deal saw global heavyweights including Goldman Sachs, Morgan Stanley, Nippon India Mutual Fund, and Edelweiss Mutual Fund collectively absorb 40 lakh shares from venture capital firm Nexus Venture Partners at an average price of ₹465 apiece.
