Potential insourcing by large e-commerce clients
A large e-commerce customer may increase captive logistics capacity, potentially reducing outsourced volumes to Delhivery.
DELHIVERY / Q3-FY26 / risks
Keep the risk register visible.
Delhivery · Material risks, their source context, and severity in the latest available quarter.
Research layer active
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Risk intelligence
Material risks this quarter
medium
PTL margin expansion may be slower than expected
Despite volume growth, PTL margins have been choppy around 10-11% due to capacity build-out ahead of demand and underutilized lanes.
Corporate overheads remain sticky
Corporate overheads as a percentage of revenue have stayed around 9%, with tech costs rising due to AI investments and server capacity.