Emkay Global Financial Services has maintained a bullish stance on Delhivery Ltd, reiterating its BUY recommendation while revising its December 2025 target price to Rs 400, reflecting a 6% downward adjustment. This optimism is fueled by Delhivery’s strategic acquisition of Ecom Express, the second-largest B2C logistics operator in India. The Rs 1,400 crore all-cash deal values Ecom Express at just 0.6x EV/Sales based on FY24 numbers.