In today’s briefing:
- 2026 High Conviction Idea: ‘Delhivery’ India’s Largest Full-Range Logistics Platform
- Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth
2026 High Conviction Idea: ‘Delhivery’ India’s Largest Full-Range Logistics Platform
- Delhivery has consolidated its leadership position in Express Parcel segment through ‘Ecom Express’ acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.
- Express PTL business is taking off along with the industry cycle. Supported by Delhivery’s tech stack and deep infrastructure, it is ready to corner market share with margin expansion.
- We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.
Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth
- Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.
- The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.
- Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
