Whalesbook
Q3 results ka asar stock par dikh raha hai. Delhivery ka share last 2 trading sessions mein 5% se zyada bhaga hai. Monday ko toh stock 2.06% upar tha, ₹445.3 par chal raha tha, jo BSE Sensex se behtar performance thi. Investor ka confidence badha hua hai, company ki operational improvements aur future growth ko dekh kar.
Q3 ka pura hisab-kitab (Q3 Performance Snapshot)
December quarter FY26 mein Delhivery ka profit after tax (PAT) ₹39.6 crore raha, jo pichhle saal ke ₹25 crore se kaafi zyada hai. Revenue from operations 18% badh kar ₹2,805 crore ho gaya (pichhle saal ₹2,378 crore tha). Ebitda toh lagbhag double ho gaya, ₹103 crore se ₹208.5 crore par pahunch gaya. Operating margins bhi sudhar kar 7.4% ho gaye (pehle 4.3% the). Company ne bataya ki unke Part Truck Load (PTL) business ne 500,000 metric tonne ka milestone paar kar liya aur express parcel volumes 40% se zyada badhe hain YoY. Ek ₹20.86 crore ka exceptional item bhi tha, jo Labour Codes ki wajah se gratuity aur leave liabilities mein badhotri ke karan tha.
Analysts kya bol rahe hain? (Analyst Consensus & Price Targets)
Itne acche results dekh kar kai brokerages ne apna outlook positive rakha hai ya badhaya hai. Motilal Oswal Financial Services ne 'Buy' rating rakhte hue target price ko ₹570 se badha kar ₹580 kar diya hai. Unke hisab se core transportation business mein momentum achha hai aur profitability par focus hai. Woh log expect kar rahe hain ki margins 16-18% rahenge aur revenue mein 14% aur adjusted PAT mein 54% ka CAGR rahega FY25 se FY28 tak. JM Financial ne bhi 'Buy' rating di hai aur target ₹570 rakha hai. Dusre analysts bhi optimistic hain, Jinme Jefferies, Investec, aur J.P. Morgan shamil hain, jinke price targets ₹600 tak ja rahe hain. Sab log volume growth, margin expansion aur market share gains par zor de rahe hain.
Industry trends aur company ke moves (Sectoral Tailwinds and Strategic Moves)
Delhivery India ke badhti hui logistics sector ka hissa hai. Government ka Gati Shakti Master Plan jaise initiatives infrastructure ko modern bana rahe hain, jisse logistics cost kam ho sake. Company iska fayda utha rahi hai aur third-party logistics (3PL) industry mein chal rahe consolidation ka bhi. Ecom Express ke integration se network aur efficient hoga, aur Delhivery Direct, Rapid jaise naye services specialized logistics mein growth pakadne ke liye hain. Plus, company international bhi expand kar rahi hai – UK mein Q4 FY26 mein launch ke baad EU, GCC, Canada, aur Australia mein bhi jaane ka plan hai.
Valuation aur Future Outlook
Toh sab kuch positive dikh raha hai, par valuation thoda sochne wala hai. Filhal, company ki market cap ₹31,000-₹32,000 crore ke aas paas hai. Trailing twelve-month P/E ratio kaafi high hai, around 152 se 236 ke beech mein. ROE aur ROCE mein sudhar hua hai, par abhi bhi moderate hain. Kuch analysts ka kehna hai ki agar capital efficiency aur consistent profitability mein bada sudhar nahi dikha, toh stock ka valuation thoda risky ho sakta hai. Haal hi mein ek aur news aayi hai ki Chairman Deepak Kapoor ne board se step down kar diya hai. Company ko apne margins maintain karne aur operations ko smoothly integrate karne par focus karna hoga taaki market mein apni value maintain rakh sake.