Delhivery rises 2% as MOFSL initiates coverage with 'Buy'; 18% upside eyed

Shares of logistics company Delhivery rose nearly 2% on Tuesday, trading around ₹417.50, after Motilal Oswal Financial Services (MOFSL) initiated coverage on the stock with a ‘Buy’ rating and a target price of ₹460, implying an 18% upside from current levels. The brokerage firm based its valuation on a discounted cash flow (DCF) model, applying a 12% weighted average cost of capital (WACC) and a 5% terminal growth rate, with a fair value estimate of up to ₹480 per share. In its report, MOFSL highlighted Delhivery’s strong position in India’s growing logistics sector, driven by its asset-light model, extensive network, and technological infrastructure. The company currently serves over 44,000 customers across 19,000 PIN codes and operates with 111 gateways, 45 automated sort centers, and 20 million square feet of warehousing space. It has also increased its