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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
₹2,805 Cr
verified against source
Revenue YoY
18%
reported change
EBITDA
₹234 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Delhivery delivered a record Q3 with revenue of ₹2,798 crore (+18% YoY) and adjusted EBITDA of ₹234 crore (8.4% margin). Express parcel volumes surged 43% YoY to 295M shipments, while PTL crossed 507K metric tons (+23% YoY). Service EBITDA hit ₹1,053 crore in 9M FY26, a milestone. Margin expansion was driven by higher network utilization, cost discipline, and technology improvements. Management guided for 15-20% volume growth in express and PTL margins marching toward 16%+. New businesses (Rapid Commerce, Delhivery Direct) are gross-margin positive with annual investments of ₹60-80 crore. Key risk: potential insourcing by large e-commerce clients could moderate growth, though management remains confident in cost advantages.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects express parcel volumes to grow 15-20% annually, driven by market growth and share gains, even if insourcing persists.
- PTL service EBITDA margins are expected to expand from 11% to 16%+ over time through network utilization and yield improvements.
- CapEx as a percentage of revenue is expected to decline to 4-4.5% over the medium term, though near-term decline may be slower due to vehicle investments.
- Total integration costs for Ecom Express are expected to be around ₹150-160 crore, significantly lower than the original estimate of ₹300 crore.
Risks flagged
- A large e-commerce customer may increase captive logistics capacity, potentially reducing outsourced volumes to Delhivery.
- Despite volume growth, PTL margins have been choppy around 10-11% due to capacity build-out ahead of demand and underutilized lanes.
- Corporate overheads as a percentage of revenue have stayed around 9%, with tech costs rising due to AI investments and server capacity.
Key quotes
- We are the pricing pressure in this market, and we will continue to maintain pricing pressure on competition in this market.
- Our cost structure is what gives us the unique advantage. Our model is what gives us the unique advantage.
- Discounting-led growth in logistics or low-cost growth in logistics is suicidal, as you've seen by the industry getting consolidated towards us.
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