Emkay Global has projected a mixed bag of Q4FY25 results for logistics companies, citing rising competition among organized players. However, the impact may be partly offset by seasonal demand. The firm noted a 20% year-on-year increase in GST e-way bill volumes, signaling strong momentum for B2B logistics operators.

Delhivery is expected to benefit from this trend, with its Partial Truckload (PTL) segment likely to post a 20% revenue rise. Overall, the company is forecast to achieve a 10% year-on-year revenue growth, including an 8% gain in the B2C express segment. Emkay also expects Delhivery’s EBITDA margin to improve by 220 basis points, maintaining a ‘BUY’ rating with a target price of ₹400.

On the other hand, TCI Express faces headwinds. The brokerage downgraded the stock from ‘Add’ to ‘Reduce’, slashing its December 2025 target price by 26% to ₹650. TCIE is anticipated to report a 2% decline in Q4 revenue and a sharp 28% drop in EBITDA due to intense competition and muted consumption. While its asset-light model continues to support profitability, Emkay emphasized the need for growth to turn positive on the stock again.