Robust growth outlook for Delhivery

DELHIVERY REPORTED ROBUST Q1FY26 Ebitda/PAT growth of 53%/67% y-o-y, beating our and consensus estimates.

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Express Parcel revenue increased 10% y-o-y led by volume (+14%; gained market share y-o-y), partially offset by yield (-3%; customer mix). Partial truck business (PTL) revenue jumped 17% y-o-y (volumes up 15%) while Service Ebitda margin rose 7.2pp to 10.6% (guidance of 16-18% over medium term). With Ecom Express under its fold, Delhivery is likely to turn in strong volume growth along with a better pricing scenario. We are increasing FY26E/27E EPS by 52%/58%. Valuing the