Delhivery shares increase for the third day while Macquarie projects 17% increase, Kotak improves

The actions of Delhivery Ltd. increased for the third consecutive day on Tuesday, October 7, after the Macquarie brokerage company expressed its optimism on the prospects of the action, one day after Kotak Institutional Actions improved the stock.

Macquarie maintained its note of “outperformance” on Delhivery with a price target of 540 ₹ per share, which implies a potential increase of 17% compared to the fence levels on Monday.

The brokerage cited a strong inflection of volume growth for the company as a key reason for its optimism.

Delhivery provided volume disclosure for the month of September recently, which showed that it had sent goods worth 19,000 crosses ₹ during the month before the holiday season.

The company has dealt with 104 million electronic and freight shipping shipments in Septeber 2025, 17% of which were delivered within 24 hours and 35% in 48 hours.

The Delhivery’s daily volume of cutting edge of Delhivery of 6.2 million packages per day on 19,000 customers in September compares to the macquarie forecast of a quarter of 2.4 to 2.5 million per day. This does not suggest a drop in the quality of services despite an increase in the Post Ecom Express scale.

By giving a context, the brokerage said in the first quarter, the monthly execution rate of Delhivery was 70 million and that brokerage had planned an improvement at 75 million in the September quarter.

Although it is not strictly comparable, the Delhivery update indicates that the growth of the volume of the company during the September quarter could exceed 20% compared to last year.

Macquaire believes that this can be allocated to gains in markets stronger than expected after the consolidation of ECOM Express.

Monday, Kotak had improved the action to “buy” from his previous note “Add” and increased his course goal to 565 ₹, against 550 ₹ per share.

Of the 25 analysts who have a coverage on the action, 19 have a note “Buy”, three have a note “Hold” and “Sell”, each.

Delhivery’s shares are negotiated 0.9% to 466 ₹. The action is approaching its price of Introduction on the stock market of 487 ₹.

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