Domestic brokerage firm Nuvama has reiterated its ‘Buy’ rating on Delhivery, citing a strong Q4 FY25 performance, particularly in the company’s Part-Truckload (PTL) segment. PTL revenue surged 24%, propelled by a 19% increase in volume and a 5% rise in realisation. The segment also achieved record EBITDA margins of 10.8%, a significant improvement from 2.2% a year earlier, thanks to improved yields, better fleet utilization, and operating leverage marking a strong case study in supply chain management efficiency. Delhivery's express parcel segment also grew modestly, with revenue up 3% and a 1% increase in volume and 2% in realisation. According to Nuvama, the company is well-positioned to capitalize on consolidation in the express parcel space, particularly with its proposed acquisition of e-com Express (awaiting CCI approval), a strategic move that reflects emerging trends in digital supply chain transformation and SCM innovations in India. The brokerage raised its EBITDA