Motilal Oswal Recommends 'BUY' on Delhivery, Sets Target Price at INR 580

• Motilal Oswal has issued a research report recommending a 'BUY' rating for Delhivery.
• Delhivery reported an 18% YoY revenue growth, reaching INR 28 billion in Q3FY26.
• EBITDA doubled YoY to approximately INR 2.1 billion, with margins at 7.4%, exceeding estimates.
• Adjusted PAT stood at INR 1.1 billion after accounting for E-com Express integration costs.
• Motilal Oswal projects Delhivery's revenue, EBITDA, and APAT to grow at a CAGR of 14%, 44%, and 54% respectively over FY25-28.

Why It Matters: Motilal Oswal maintains a 'BUY' rating for Delhivery with a revised target price of INR 580.