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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹2,294 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹149 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Delhivery reported a strong Q1 FY26 with revenue from services at INR 2,294 crore (+6% YoY) and EBITDA margin expanding 200 bps YoY to 6.5%. PAT surged to INR 91 crore (+68% YoY). Express Parcel volumes grew 14% YoY to 208 million shipments, driven by market share gains and the Ecom Express acquisition, which closed in July. Management highlighted a 'flight to quality' as customers consolidate toward reliable networks, with Ecom volume retention exceeding initial 30% target. PTL revenue grew 17% YoY, though Q1 seasonality and weather disruptions moderated sequential growth. Guidance: Express Parcel margins to remain in 16%-18% range; PTL margins to expand toward 15%-18% as volumes scale. Risk: competitive intensity from first-party logistics players could pressure pricing if they expand third-party services.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Express Parcel service EBITDA margins to stay within the normative 16%-18% range, with potential to exceed 18% in peak months.
- PTL margins are expected to reach 15%-18% when quarterly tonnage reaches 600,000-640,000 tonnes, driven by operating leverage and pricing discipline.
- Management targets SCS revenue of INR 1,800-2,000 crore over three years, supported by a pipeline of over INR 1,000 crore.
- One-time integration costs for Ecom Express acquisition will be reported separately in Q2 and Q3, not exceeding the INR 300 crore estimate.
Risks flagged
- Large marketplaces like Meesho, Flipkart, and Amazon may increase in-house logistics, potentially reducing outsourced volumes to Delhivery.
- Average weight per parcel declined double-digits due to growth in small parcels, pressuring yields despite stable pricing.
- If first-party logistics arms expand into third-party services, they could increase price competition and pressure margins.
- Rains and Operation Sindur disrupted Q1 PTL volumes; similar events could affect future quarters.
Key quotes
- The reality is that no customer is willing to pay a lower logistics cost for packages to not get delivered.
- 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.
- 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.
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