DELHIVERY / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Delhivery · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY26 · 2026-01-31Back to quarter ↗

Questions audited

Answered directly

71%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Sachin Salgaonkar · Bank of America

partial

How high can express parcel margins go from steady state?

How far can margins expand? ... the network has stably operated up to, you know, 22%-23% margins as well in the past. Beyond that, of course, we can expand margins, but that usually comes at the cost of some service quality in some locations.

Sachin Salgaonkar · Bank of America

direct

Pricing power in express industry and yield outlook?

We will retain yields where they are. ... our competitors do not make money at this price. ... Will you see deep cuts in yield? No, not necessarily.

Sachin Salgaonkar · Bank of America

direct

How long will investments in rapid commerce continue?

My sense is that at this stage, our annual investments will be in the range of INR 60 crores-INR 70 crores a year or so, but that really depends on what our expansion plan is gonna be.

Sachin Salgaonkar · Bank of America

partial

Can express margins cross past peak of 24-25%?

Could the network operate stabler, sort of margins above that range? Yes, it could, actually. ... Can the network perform at 22%, 23%, 24% margins? Absolutely. ... can we go beyond that? I think let's see.

Sachin Dixit · Research desk

direct

Sustainability of numbers and potential retracing from outperformance?

Look, I have said this many, many, many times over the years, our margins are sustainable. They do not depend on variations in volume, right?

Sachin Dixit · Research desk

partial

Where were you positively surprised on Ecom integration costs?

I suppose we are positively surprised by everything. ... we have been able to shut down facilities earlier than originally thought. ... integration costs have been much lower.

Sachin Dixit · Research desk

partial

Has supply chain services bottomed out for growth?

I'd like to think so. ... I do think this is perhaps sort of the low end, of supply chain services from a growth standpoint.

Vijit Jain · Citi

direct

Is CapEx comment towards mid-mile infrastructure in e-commerce?

In the mid-mile facilities, e-commerce growth doesn't really compute, you know, in terms of tonnage handled. ... really, the mid-mile CapEx gets determined by PTL as opposed to, you know, anything to do with e-commerce.

Vijit Jain · Citi

direct

Meaningful wallet share gains in PTL from existing customers?

My sense is share of wallet gain, plus, you know, sort of to some extent, you know, organic client growth would have contributed a little over half of the total growth that we've seen, and the rest of it would have come from new client acquisition.

Gaurav Rateria · Research desk

evasive

Segregate express parcel volume growth into organic/inorganic and market share gain?

In terms of parcel growth, segregating between organic and inorganic, et cetera, you know, to be perfectly honest, this is something we stopped bothering about in Q3. ... I don't think it's very material to think of it as either organic or inorganic.

Gaurav Rateria · Research desk

partial

Bridge for PTL margins from 11% to 16-18% range?

In terms of bridge of PTL margins from 11%-16%, will continue to go up as utilization of the network goes up. ... yield will also continue to get, better.

Gaurav Rateria · Research desk

direct

At what adjusted EBITDA margin does Delhivery turn FCF positive?

Gaurav, and we are about 6%, we will be free cash flow breakeven. ... at 6% adjusted EBITDA, we're going to be free cash flow breakeven.