Delhivery has outperformed the market since announcing the acquisition of Ecom Express, we believe the uptick only reflects the benefits of consolidation. We expect significant re-rating considering the subdued headwinds over the coming year – 1) plateauing of Meesho’s insourcing at c.65%, and 2) rise in e-commerce shipments. Furthermore, we expect FY26 to see the peak impact of channel shift towards Quick Commerce and the impact would start tapering FY27 onwards
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