However, the brokerage said that the company's stock is on a clear path to double over the next three years.
Macquarie cites Delhivery to be a play on five megatrends - growing e-commerce penetration, rising discretionary spends, formalisation, digitsation, and improving logistics efficiency. The company is the third-largest player in a $3 billion B2B express part-truck load market.
The firm also forecasts volumes to quadruple by financial year 2030 with a sustainable cost leadership position, positive unit economics, and no external funding needs.
Delhivery is expected to reach EBITDA breakeven by financial year 2026, according to Macquarie.
Macquarie foresees low-growth operating environment due to tighter funding conditions for e-commerce platforms. In case it becomes the new normal, the brokerage sees a 30 percent downside from current levels, which is a bear case possibility. However, Delhivery is well placed to consolidate its share during this period and look beyond this cyclical slowdown.
Delhivery on January 9, 2023 said that it has extended its partnership with content-to-commerce conglomerate The Good Glamm Group to implement end-to-end supply chain solutions and increase customer satisfaction.
As their long-standing supply chain partner, Delhivery has customised its services to complement Good Glamm Group's growth and evolving logistics requirements.
As the D2C brand planned to accelerate sales from Tier 1 and 2 cities, it leveraged Delhivery's pan-India network to reach Tier 3 and 4 markets.
Delhivery collaborated with The Good Glamm Group in 2017 and now the two companies have accelerated their partnership on technology as well.
Shares of Delhivery are trading 3.7 percent higher at Rs 321.40.
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