Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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.
Revenue
₹2,192 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹119 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 Q4 FY25 with revenue of INR 2,192 crore (+6% YoY) and EBITDA margin of 5.4%, expanding 320 bps YoY. PAT swung to INR 73 crore from a loss of INR 69 crore last year, marking the highest quarterly PAT in company history. The PTL segment was a standout, with revenue growth of 24% YoY and service EBITDA margins surging to 10.8% from 3.8% in Q3, driven by yield improvements, operating leverage, and fleet utilization gains. Express Parcel margins held steady at ~16% despite industry headwinds. Management highlighted strong volume retention trends from the Ecom Express acquisition, with April-May volumes exceeding seasonal norms. Guidance points to continued margin expansion in PTL and Express, with CapEx intensity expected to decline toward 3.5-4% over the medium term. Key risk: integration of Ecom Express may face unforeseen operational challenges or slower-than-expected volume retention.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects CapEx as a percentage of revenue to taper to 3.5-4% over the medium term, aided by automation assets from Ecom Express.
- PTL service EBITDA margins are expected to continue improving toward Express-like levels, with potential to exceed prior normative targets.
- Delhivery plans to expand its rapid commerce dark store network to 50 stores over the full fiscal year, with older stores approaching breakeven in Q2.
- Management anticipates Express Parcel service EBITDA margins will expand in fiscal 2026 as pricing pressure eases and volumes grow.
Risks flagged
- Integration of Ecom Express may face challenges in facility consolidation, staff absorption, and volume retention, despite conservative assumptions.
- Despite management's optimism, competitive pricing actions could continue to pressure Express Parcel margins, delaying recovery to 18% levels.
- New dark store launches and Delhivery Direct expansion could sustain losses longer than expected, delaying breakeven.
- Largest customer still accounts for ~16% of revenue, posing a risk if that customer shifts volumes to captive logistics.
Key quotes
- Our anticipation is that as long as we can continue to profitably get accounts, as long as we can continue to build capacity in a safe fashion, the growth runway is not affected, and neither is the margin trajectory.
- Suicidal price, I think, in this industry, more or less at this point in time, has ended because I assume most players have seen the consequences of that kind of pricing.
- Our estimation when we did the calculation of our consideration was that we would retain about 30% of the volumes within the core Ecom Express network.
Research modules