Delhivery shares rise for third day as Macquarie projects 17% upside, Kotak upgrades

Shares of Delhivery Ltd. rose for the third day in a row on Tuesday, October 7, after brokerage firm Macquarie expressed optimism on the stock's prospects, a day after Kotak Institutional Equities had upgraded the stock.

Macquarie maintained its "outperform" rating on Delhivery with a price target of ₹540 per share, which implies a potential upside of 17% from Monday's closing levels.

The brokerage has cited a sharp inflection in volume growth for the company as the key reason behind its optimism.

Delhivery provided a volume disclosure for the month of September recently, which showcased that it had shipped goods worth ₹19,000 crore during the month ahead of the festive season.

The company processed 104 million e-commerce and freight shipments in Septemeber 2025, of which was 17% was delivered within 24 hours and 35% within 48 hours.

Delhivery's peak daily volume of 6.2 million parcels per day across 19,000 clients in September compares to Macquarie's forecast of a quarter average of 2.4 million to 2.5 million per day. This suggest no drop off in service quality despite a ramp-up in scale post Ecom Express.

Giving context, the brokerage said during the first quarter, Delhivery's monthly run rate was 70 million and the brokerage had forecast an improvement to 75 million the September quarter.

While not strictly comparable, Delhivery's update indicates that the company's volume growth in the September quarter, could be in excess of 20% compared to last year.

Macquaire believe this can be attributed to stronger-than-anticipated market share gains post-consolidation of Ecom Express.

On Monday, Kotak had upgraded the stock to "buy" from its earlier rating of "add" and raised its price target to ₹565 from ₹550 per share.

Of the 25 analysts that have coverage on the stock, 19 have a "buy" rating, three have a "hold" and "sell" ratings, each.

Shares of Delhivery are trading 0.9% at ₹466. The stock is closing in on its IPO price of ₹487.

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