External broker reports(aggregated public sources), Emkay Global Financial Services Limited

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Delhivery’s Q3FY25 revenue met our expectations, but EBITDA fell short due to increased vehicle rental costs driven by higher truck spot rates during the festive season.</li><li>These rates have normalized since Jan-25. The management intends to mitigate this risk going forward by exploring fixed cost contracts.</li><li>Performance in the PTL segment is expected to remain robust in Q4 (Jan volumes at 147k ton), while B2C continues to face broader industry headwinds (demand and quick commerce) and insourcing by Meesho.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delhivery’s Q3FY25 revenue met our expectations, but EBITDA fell short due to increased vehicle rental costs driven by higher truck spot rates during the festive season.These rates have normalized since Jan-25. The management intends to mitigate this risk going forward by exploring fixed cost contracts.Performance in the PTL segment is expected to remain robust in Q4 (Jan volumes at 147k ton), while B2C continues to face broader industry headwinds (demand and quick commerce) and insourcing by Meesho.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delhivery - Subdued Profitability; Outlook for PTL Remains Robust

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We cut our FY25E EBITDA estimates by 9% amid eruption of cost led challenges in the quarter; however our FY26E/FY27E estimates are broadly intact.</li><li>Delhivery reported weak set of numbers with EBITDA miss of 13% due to high fleet cost inflation given the festive demand and increase in fixed overheads arising from operationalization of new facility at Bangalore.</li><li>This was the fourth straight quarter wherein Delhivery’s B2C volume growth was in low single digits.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We cut our FY25E EBITDA estimates by 9% amid eruption of cost led challenges in the quarter; however our FY26E/FY27E estimates are broadly intact.Delhivery reported weak set of numbers with EBITDA miss of 13% due to high fleet cost inflation given the festive demand and increase in fixed overheads arising from operationalization of new facility at Bangalore.This was the fourth straight quarter wherein Delhivery’s B2C volume growth was in low single digits.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delhivery (DELHIVER IN) - B2C Margins Erode

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Service EBITDA margin for Delhivery express parcel segment was ~500bps lower than what was realised in Q3FY24, despite a similar top line due to a one-off surge in intracity vehicle rental expenses (cINR 540mn differential).</li><li>PTL revenue declined 3% QoQ (+22% YoY) in Q3FY25 given adverse seasonality; however, management remains confident of sustained growth next year.</li><li>We believe Delhivery is a compelling buy at current valuation, given limited downside post the recent stock price correction.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Service EBITDA margin for Delhivery express parcel segment was ~500bps lower than what was realised in Q3FY24, despite a similar top line due to a one-off surge in intracity vehicle rental expenses (cINR 540mn differential).PTL revenue declined 3% QoQ (+22% YoY) in Q3FY25 given adverse seasonality; however, management remains confident of sustained growth next year.We believe Delhivery is a compelling buy at current valuation, given limited downside post the recent stock price correction.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delhivery - Margin Disappoints Given One-Off Surge in Costs; Better Times Likely Ahead

India

Delhivery is an Indian logistics and supply chain company that provides technology-enabled services, including express parcel delivery, part-truckload (PTL) and full-truckload (FTL) freight, integrated supply chain solutions, and warehousing. It offers comprehensive solutions for e-commerce and B2B commerce, leveraging a proprietary technology stack. The company was founded in May 2011 and is headquartered in Gurugram, Haryana, India.

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Delhivery (DELHIVER IN)

Delhivery - Subdued Profitability; Outlook for PTL Remains Robust

Delhivery’s Q3FY25 revenue met our expectations, but EBITDA fell short due to increased vehicle rental costs driven by higher truck spot rates...

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