Q1-FY25 · Sahil Barua
Our objective is to reduce the cost of logistics for all of our customers linked to the volume that they provide to us.
DELHIVERY / language trends
Read confidence between the lines.
Delhivery · tone and specificity signals across the available quarters.
Research layer active
Language signals
What changed in management language.
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Q1-FY25 · Sahil Barua
The unit economics for sub-1 hour or sub-30-minute delivery for low-value products with not significant value density and distances higher than three or four kilometers in an urban environment like India, are going to work out.
Q1-FY25 · Sahil Barua
We are the lowest cost operator in this space. Over a period of time, as we've discovered cost efficiencies in our network, we have passed those benefits on to our customers.
Q1-FY26 · Sahil Barua
The reality is that no customer is willing to pay a lower logistics cost for packages to not get delivered.
Q1-FY26 · Sahil Barua
Our cost advantages expand every year. I realize that for the first year or so that may not have shown up in our numbers. As you can see with the acquisition of Ecom Express and what you see in July and August, I think reality does catch up.
Q1-FY26 · Sahil Barua
The rational pricing that I've spoken about did exist, and logistics is really not one of those spaces where pricing below cost is a good strategy, as obviously evidenced by our acquisition.
Q2-FY25 · Sahil Barua
We are the lowest cost player in this space, and our Delhivery outcomes are better.
Q2-FY25 · Sahil Barua
Our aim is not to optimize the corporate overheads for a given size of business. It is to grow the business.
Q2-FY25 · Sahil Barua
I think the bulk of the insourcing sort of problem is behind us, and it is, people make jerky moves. I don't think that it makes sense.
Q2-FY26 · Vani Venkatesh
Our core businesses are growing healthily. The orientation towards profit has been solid. All the metrics are in the right direction as far as the core businesses are concerned.
Q2-FY26 · Sahil Barua
I think choosing what to buy in this space is very, very important. There is sort of no price at which that asset makes sense for us because I think buying a forward moving PTL network with volumetric assets is the easy part. Making it make money is very hard.
Q2-FY26 · Sahil Barua
We are more efficient both at an unbundled level as well as at a bundled level compared to the pricing that we have seen in the market.
Q3-FY25 · Sahil Barua
Our belief is that cumulative losses in this industry outside of Delhivery have increased between Q2 and Q3. I suspect that we should see correction in this, either in the form of increased pricing from other 3PLs who are finding current pricing unsustainable, which is good for Delhivery because either it manifests as increased volumes or increased price.
Q3-FY25 · Sahil Barua
If our customers shut down self-logistics arms, they would be able to inject $500 million back into marketing and growing the market. That's the biggest lever they have. And on behalf of the industry, we warmly encourage them to do that.
Q3-FY25 · Sahil Barua
The entry barriers in logistics, if you consider entry to merely be the ability to deliver a package, are zero. If you own a bike, you're a logistics company. So in that sense, I don't think that the entry barriers to logistics to start off are high.
Q3-FY26 · Sahil Barua
We are the pricing pressure in this market, and we will continue to maintain pricing pressure on competition in this market.
Q3-FY26 · Sahil Barua
Our cost structure is what gives us the unique advantage. Our model is what gives us the unique advantage.
Q3-FY26 · Sahil Barua
Discounting-led growth in logistics or low-cost growth in logistics is suicidal, as you've seen by the industry getting consolidated towards us.
Q4-FY25 · Sahil Barua
Our anticipation is that as long as we can continue to profitably get accounts, as long as we can continue to build capacity in a safe fashion, the growth runway is not affected, and neither is the margin trajectory.
Q4-FY25 · Sahil Barua
Suicidal price, I think, in this industry, more or less at this point in time, has ended because I assume most players have seen the consequences of that kind of pricing.
Q4-FY25 · Sahil Barua
Our estimation when we did the calculation of our consideration was that we would retain about 30% of the volumes within the core Ecom Express network.
Q4-FY26 · Vani Venkatesh
The core is profitable, the core is cash generative. SCS has pivoted. We have the balance sheet and the conviction to build our next chapter.
Q4-FY26 · Sahil Barua
If only businesses could be built off of press releases, but I don't think so.
Q4-FY26 · Sahil Barua
The reality is that first-party logistics does tend to be more expensive than third-party logistics. Over a period of time, one believes that if rational financial decision-making is to be believed, people will move a certain amount of volume towards third-party logistics.