Brokers flag Delhivery FY27 as inflection year, target Rs 580-605 with 26-32% upside

Motilal Oswal and JM Financial reiterate BUY on Delhivery at CMP Rs 472.50, citing 25% revenue CAGR and EBITDA margin expansion to 6.7% by FY27. Ecom Express integration is expected to lift network density and unit economics, positioning FY27 as the strongest year yet for the Rs 35,371 cr m-cap logistics firm.

— Source publishedMon, 22 Jun, 2026, 10:08 IST·First seen Mon, 22 Jun, 2026, 10:28 IST·Source Business Today · Latest

What happened

Motilal Oswal and JM Financial reiterate BUY on Delhivery with targets of Rs 580-605 (26-32% upside), citing 25% revenue growth, EBITDA margin expansion to 6.7%

Key facts

  • Rs 605 target (JM)
  • Rs 580 target (MOSL)
  • 32% upside
  • 26% upside
  • Rs 472.50 CMP
  • Rs 35,371 cr m-cap
  • 25% revenue YoY FY27E
  • EBITDA margin 6.7% FY27E

Why this matters

The Ecom Express tuck-in is the template—logistics consolidation is unlocking unit economics, so scan for sub-scale 3PL targets where network density arbitrage is still available.

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