Delhivery share price targets 2026: up to 32% upside

What is driving fresh interest in Delhivery

Brokerages Motilal Oswal and JM Financial have flagged material upside potential in Delhivery from the previous close, with target prices that imply up to a 32% rise. The optimism is anchored in expectations of stronger operating leverage and a faster earnings trajectory into FY27. Alongside brokerage targets, the broader analyst community is also tracking scenario-based levels around a consensus target and defined bull and bear cases. Technical levels have been highlighted as well, with specific support and resistance zones referenced for risk management.

JM Financial: FY27 could be a standout year

JM Financial set a price target of Rs 605 on Delhivery, implying a 32% upside from the previous close. The brokerage expects FY27 to be among Delhivery’s strongest years, citing healthy volume growth, market share gains and an acceleration in earnings. It also projects overall revenue growth of 25% year-on-year and expects adjusted EBITDA margin expansion of 370 basis points to 6.7% by FY27E. JM Financial added that profitability should improve meaningfully from 2QFY27 as fuel cost pass-throughs normalise, wage inflation is absorbed, and operating leverage flows through the profit and loss statement.

Motilal Oswal: multiple notes, consistently bullish stance

Motilal Oswal’s research commentary in the material points to more than one target level over time. In one view, the brokerage expects a 26% upside with a price target of Rs 580 and reiterates a BUY rating with a DCF-based target price. It also expects the company to report a sales, EBITDA and APAT CAGR of 13%, 33% and 83% over FY26-28.

Separately, another Motilal Oswal note reiterates a BUY call and sets a target price of Rs 570. That note anticipates a 15% sales CAGR and a 52% APAT CAGR from FY25-FY28, linking the thesis to Delhivery’s independent third-party logistics model versus captive e-commerce platforms, which it says face structural margin dilution. The material also cites projections of roughly 14% to 15% revenue CAGR, 38% EBITDA CAGR and 53% to 54% APAT CAGR over FY25-28 in the context of DCF-based valuation work.

ICICI Securities: BUY with DCF-backed target

ICICI Securities maintained a BUY recommendation with a price target of INR 600, based on a three-stage discounted cash flow model. The target implies an enterprise value to forward EBITDA multiple of 40x in that framework. The report cited express parcel volumes growing 33% year-on-year and revenue increasing 24% year-on-year, while also pointing to better-than-expected acquisition integration cost control.

Consensus targets and scenario framework

Beyond brokerage calls, the material references an analyst consensus target of Rs 420, alongside a bull case target of Rs 530 and a bear case target of Rs 240. Another risk scenario reference in the text is a bear case of Rs 200. A separate consensus framing cited a 12-month target range of Rs 350 to Rs 430, described as implying 23% to 51% upside from Rs 285.

Q1 FY27 results are flagged as the first key validation point in this scenario-led framework. In addition, Q4 FY26 results and FY27 management guidance are cited as important near-term checkpoints for clarity on the operating trajectory.

Technical levels: support, resistance and trading range references

A technical note attributed to Ankit Jaiswal highlighted that at Rs 330, key support lies in the Rs 265 to Rs 314 band, with resistance near Rs 350. The same view suggested watching for a move toward the Rs 420 consensus level, contingent on Logistics and Courier sector momentum and the direction of the Nifty 50.

Near-term trading expectations referenced a Rs 248 to Rs 480 range pending Q4 FY26 results and FY27 guidance clarity. The 52-week low of Rs 248 was cited as a primary downside reference for position management. Another technical observation noted a cup-like pattern on the daily chart, with a stated depth of about 207 points and a potential target of 651 if the pattern plays out.

Key numbers at a glance

Valuation and performance markers mentioned

The material includes multiple valuation datapoints. One section cites Delhivery at Rs 330 with a P/E of 80.00x. Another cites a TTM P/E of 178.0 versus an industry average of 102.2, along with a 1-year return of 9.8% versus the Nifty 50’s -0.6%.

A separate forecast snapshot cited earnings and revenue growth of 39.4% and 14% per annum respectively, EPS growth of 38.4% per annum, and return on equity forecast at 9.7% in three years. The text also includes multiple instances of analyst price target revisions, including a move from ₹600 to ₹630, from ₹424.67 to ₹455.93, from ₹360.33 to ₹424.67, and smaller adjustments to around ₹526.82 and from about ₹522 to about ₹523.

What investors are watching next

Brokerage optimism in the material clusters around operational leverage, margin normalisation and volume-led growth. JM Financial’s comments on fuel pass-through normalisation and wage inflation absorption place 2QFY27 as an important timing marker for profitability. For market participants focused on nearer-term signals, Q4 FY26 results and FY27 guidance are repeatedly mentioned as the next catalysts for clarifying the growth and margin path.

On the tape, the material also includes a market snapshot: Delhivery shares were trading 0.33% higher at ₹468.65 per share around 9:20 am in one cited instance. That datapoint sits alongside a wide dispersion of targets across brokerages and scenario frameworks, reinforcing why quarterly execution remains central to validating the higher-end valuation cases.

Conclusion

Delhivery is seeing renewed target-price activity, with JM Financial at Rs 605 and Motilal Oswal citing targets such as Rs 580 and Rs 570, while ICICI Securities maintains a BUY with INR 600. At the same time, consensus and scenario levels cluster around Rs 420 as a base case, Rs 530 as a bull case and Rs 240 to Rs 200 as downside references. The next concrete checkpoints highlighted are Q4 FY26 results, FY27 guidance, and Q1 FY27 performance as an early validation point for the FY27 thesis.