Delhivery shares set for a 33% upside, says PL Capital; turns bullish 

Shares of Delhivery Ltd are set for a 33% upside, according to brokerage Prabhudas Lilladher. The brokerage has upgraded the stock to buy from hold. Delhivery stock's fresh target price of Rs 532 implies a 33% upside from the previous close of Rs 398. In the last 23 months, Prabhudas Lilladher has rated Delhivery buy three times, hold twice, accumulate once and under review once.

Meanwhile, MOFSL also has a Buy call on the Delhivery stock with a target price of Rs 510.

Express shipment volumes rose 55% YoY in Q1FY27, led by e-commerce expansion and industry consolidation, MOFSL said adding that diversified customer base reduces concentration risk.

Sales, EBITDA and adjusted PAT are expected to witness strong CAGRs through FY28.

The brokerage further said the acquisition of Ecom Express strengthens rural reach and network density.

The company is targeting EBITDA margin expansion to 8.4% by FY28, it added.

Meanwhile, in the current session, Delhivery stock gained 0.50% to Rs 401 against the previous close of Rs 398. Market cap of the firm rose to Rs 29,900 crore. The logistics solutions provider slipped to a 52 week low of Rs 374.40 on January 21, 2026.  Earlier, the stock opened flat at Rs 400.90.

In terms of technicals, the relative strength index (RSI) of Delhivery stands at 32.6, signaling it's trading neither in the oversold nor in the overbought zone.

The stock has a beta of 0.9, indicating average volatility in a year.

Shares of Delhivery are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

Delhivery is engaged in providing a full range of logistics services, including delivery of express parcel and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software.