External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Service EBITDA margin for Delhivery express parcel segment was ~500bps lower than what was realised in Q3FY24, despite a similar top line due to a one-off surge in intracity vehicle rental expenses (cINR 540mn differential).</li><li>PTL revenue declined 3% QoQ (+22% YoY) in Q3FY25 given adverse seasonality; however, management remains confident of sustained growth next year.</li><li>We believe Delhivery is a compelling buy at current valuation, given limited downside post the recent stock price correction.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Service EBITDA margin for Delhivery express parcel segment was ~500bps lower than what was realised in Q3FY24, despite a similar top line due to a one-off surge in intracity vehicle rental expenses (cINR 540mn differential).PTL revenue declined 3% QoQ (+22% YoY) in Q3FY25 given adverse seasonality; however, management remains confident of sustained growth next year.We believe Delhivery is a compelling buy at current valuation, given limited downside post the recent stock price correction.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delhivery - Margin Disappoints Given One-Off Surge in Costs; Better Times Likely Ahead