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Revenue
₹2,850 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹764 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Delhivery reported a record FY26 with revenue crossing INR 10,400 crore, delivering over 1 billion packages and achieving INR 764 crore EBITDA (7.3% margin). PAT stood at INR 347 crore. The Express Parcel business grew 46% YoY revenue, while PTL grew 20% in both revenue and volume. Supply Chain Solutions turned around with service EBITDA expanding 4x to INR 79 crore. The company turned free cash flow positive at INR 89 crore, one year ahead of plan, driven by margin expansion and capital efficiency (CapEx/revenue down to 4.7%, net working capital days reduced to 11). Management highlighted continued investment in AI, robotics, and new initiatives (Delhivery Direct, Rapid) with guided investment of INR 130-160 crore in FY27. Key risk: potential consumption slowdown from rising fuel prices and competitive intensity from captive 1P networks.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects capital intensity to continue declining from 4.7% to around 4% of revenue, driven by network utilization improvements.
- Delhivery plans to invest INR 130-160 crore in new businesses like Delhivery Direct (intracity on-demand logistics) and Rapid, targeting a INR 200 crore external GMV run rate.
- SCS pipeline projects will meet internal hurdle rates and continue to be margin accretive, with disciplined client selection.
- CFO Vivek Pabari guided that steady-state ROIC for transport can exceed 25%, driven by margin expansion to 10%+ adjusted EBITDA and capital intensity reduction.
Risks flagged
- Rising diesel prices (INR 3/liter increase) may pressure margins if pass-through is incomplete, and could dampen e-commerce consumption.
- Amazon's opening of its logistics network to third parties may intensify competition for D2C and SME customers, though management downplayed the threat.
- Single largest customer revenue share likely crossed 20% in FY26, up from 16% last year, posing concentration risk if volumes shift.
- Integration expenses weighed on free cash flow; while core business FCF was higher, any delays in synergies could impact near-term profitability.
Key quotes
- The core is profitable, the core is cash generative. SCS has pivoted. We have the balance sheet and the conviction to build our next chapter.
- If only businesses could be built off of press releases, but I don't think so.
- The reality is that first-party logistics does tend to be more expensive than third-party logistics. Over a period of time, one believes that if rational financial decision-making is to be believed, people will move a certain amount of volume towards third-party logistics.
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