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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
₹2,190 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
₹57 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Delhivery reported Q2 FY25 revenue of INR 2,190 crore (+13% YoY) and EBITDA of INR 57 crore (2.6% margin), with PAT of INR 10 crore. Express parcel volumes were flat at 185M consignments, while PTL freight tonnage grew 23% YoY to 427K tons. Service EBITDA margins in express dipped to 15.1% from 18.2% QoQ due to early peak-season capacity investments. Management highlighted a 30% volume surge in October and outlined growth initiatives including a third-party quick commerce network, faster regional/air products, and expanded franchise reach. Risks include consumption slowdown, potential insourcing by large clients, and labor market tightness. The company expects express margins to remain in the 17-18% range and PTL margins to improve toward express levels.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects express parcel service EBITDA margins to stay in the 17-18% range, with no structural change despite Q2 dip.
- CapEx as a percentage of revenue is expected to be ~6.5-6.7% for FY25 and below 6% for FY26, driven by lower trucking CapEx.
- PTL service EBITDA margins are expected to improve from current ~3% to 15-17% over time as volumes scale, without yield improvements.
- Net working capital days are expected to reduce by 1-2 days annually over the next few years, driven by improvements in supply chain and cross-border businesses.
Risks flagged
- Management acknowledged a real consumption slowdown affecting the e-commerce industry, which could pressure volume growth.
- Analysts raised concerns about insourcing by major marketplaces; management believes bulk of impact is behind but cannot rule out further shifts.
- Management noted the labor market is challenging and may continue to tighten, potentially impacting delivery costs and availability.
- Management argued quick commerce's impact on e-commerce parcel distances is limited, but structural shifts could alter network economics.
Key quotes
- We are the lowest cost player in this space, and our Delhivery outcomes are better.
- Our aim is not to optimize the corporate overheads for a given size of business. It is to grow the business.
- 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.
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