New Delhi, Sept. 2 -- Logistics player Delhivery has delivered a strong stock rally in the last six months, surging 89% and hitting a fresh 52-week high of Rs.480.50 in August 2025. However, InCred has reinitiated coverage with a 'Reduce' rating and a target price of Rs.300, implying a potential 36% downside from current levels. The brokerage flagged concerns over the near-term impact of its Ecom Express acquisition, intensifying competition from Amazon and Flipkart's entry into the third party logistics (3PL) cargo segment, and limited operating leverage over FY20-25.

Despite its cautious stance, InCred acknowledged Delhivery's strong price momentum. Over the last year, the stock has gained 15%, including a 10% rise in August, marking i...