Motilal Oswal Recommends 'BUY' on Delhivery with Rs 570 Target

• Motilal Oswal has reiterated a 'BUY' rating for Delhivery, setting a target price of Rs 570.
• The recommendation is based on a DCF valuation, projecting strong growth for the logistics company.
• Delhivery is expected to achieve a CAGR of 15% in sales, 41% in EBITDA, and 52% in APAT over FY25-28.
• The report highlights the distinction between captive in-house logistics platforms and independent 3PL players like Delhivery.
• Captive platforms often face structural margin dilution and sustained losses, unlike independent players focused on profitability.

Why It Matters: Motilal Oswal recommends buying Delhivery shares, forecasting significant growth and a target of Rs 570.