Delhivery Margin Trend — Quarter by Quarter

Delhivery's EBITDA margin moved from 4.5% in Q1 FY25 to 8.0% in Q4 FY26 across 8 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q4 FY26	8.0%	—
Q3 FY26	7.0%	—
Q2 FY26	3.0%	+370 bps
Q1 FY26	6.5%	+200 bps
Q4 FY25	5.4%	+320 bps
Q3 FY25	4.3%	-70 bps
Q2 FY25	2.6%	—
Q1 FY25	4.5%	—

What management said about ebitda margin

Q4 FY26 · Supply Chain Solutions to remain margin accretive

SCS pipeline projects will meet internal hurdle rates and continue to be margin accretive, with disciplined client selection.

Q4 FY26 · Transport business ROIC can reach 25%+

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.

Q3 FY26 · PTL margins to reach 16%+

PTL service EBITDA margins are expected to expand from 11% to 16%+ over time through network utilization and yield improvements.

Q3 FY26 · Ecom Express integration costs ~₹150-160 crore

Total integration costs for Ecom Express are expected to be around ₹150-160 crore, significantly lower than the original estimate of ₹300 crore.

Q2 FY26 · Express parcel service EBITDA margin target of 16-18% over 24 months

Management reiterated the target of 16-18% service EBITDA margin for the express parcel business, with potential to exceed 18% if pricing benefits are retained.

Q2 FY26 · Integration costs materially below ₹300 crore envelope

Total integration costs for Ecom Express will be significantly lower than the original ₹300 crore estimate, with ₹90 crore incurred in Q2 and ₹100-110 crore expected over the next two quarters.

Q1 FY26 · Express Parcel margins to remain in 16%-18% range

Management expects Express Parcel service EBITDA margins to stay within the normative 16%-18% range, with potential to exceed 18% in peak months.

Q1 FY26 · PTL margins to expand to 15%-18% at 600K-640K tonnes quarterly

PTL margins are expected to reach 15%-18% when quarterly tonnage reaches 600,000-640,000 tonnes, driven by operating leverage and pricing discipline.

Q1 FY26 · Ecom Express integration costs within INR 300 crore envelope

One-time integration costs for Ecom Express acquisition will be reported separately in Q2 and Q3, not exceeding the INR 300 crore estimate.

Q4 FY25 · PTL margins to reach normative levels similar to Express

PTL service EBITDA margins are expected to continue improving toward Express-like levels, with potential to exceed prior normative targets.

Q4 FY25 · Express Parcel margins to expand in FY26

Management anticipates Express Parcel service EBITDA margins will expand in fiscal 2026 as pricing pressure eases and volumes grow.

Q3 FY25 · Express service EBITDA margins to return to 17%-20% range

Management expects express parcel service EBITDA margins to normalize to 17%-20% as fleet cost pressures reverse and PTL growth improves line haul efficiency.