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View Claim Ledger →Delhivery Limited — Q1 FY26
Delhivery reported a strong Q1 FY26 with revenue from services at INR 2,294 crore (+6% YoY) and EBITDA margin expanding 200 bps YoY to 6.5%.
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Delhivery reported a strong Q1 FY26 with revenue from services at INR 2,294 crore (+6% YoY) and EBITDA margin expanding 200 bps YoY to 6.5%. PAT surged to INR 91 crore (+68% YoY). Express Parcel volumes grew 14% YoY to 208 million shipments, driven by market share gains and the Ecom Express acquisition, which closed in July. Management highlighted a 'flight to quality' as customers consolidate toward reliable networks, with Ecom volume retention exceeding initial 30% target. PTL revenue grew 17% YoY, though Q1 seasonality and weather disruptions moderated sequential growth. Guidance: Express Parcel margins to remain in 16%-18% range; PTL margins to expand toward 15%-18% as volumes scale. Risk: competitive intensity from first-party logistics players could pressure pricing if they expand third-party services.
डेल्हीवरी ने Q1 FY26 में मजबूत प्रदर्शन किया। सेवाओं से आय ₹2,294 करोड़ रही, जो पिछले साल से 6% ज्यादा है। कंपनी का EBITDA मार्जिन (कमाई का वह हिस्सा जो खर्च निकालने के बाद बचता है) 2% बढ़कर 6.5% हो गया। मुनाफा ₹91 करोड़ पहुंचा, जो 68% ज्यादा है। एक्सप्रेस पार्सल (जल्दी डिलीवरी वाले पैकेज) की संख्या 14% बढ़कर 20.8 करोड़ हो गई, क्योंकि ज्यादा ग्राहकों ने भरोसेमंद नेटवर्क को चुना। ईकॉम एक्सप्रेस खरीद के बाद ग्राहक बनाए रखने का लक्ष्य 30% से ज्यादा रहा। PTL (पार्ट-ट्रकलोड) से आय 17% बढ़ी, लेकिन मौसम और छुट्टियों के कारण धीमी रही। आगे: एक्सप्रेस पार्सल मार्जिन 16-18% और PTL मार्जिन 15-18% रहने का अनुमान है। खतरा: बड़ी कंपनियां अगर अपनी डिलीवरी सेवा दूसरों को देने लगीं तो कीमतों पर दबाव पड़ सकता है।
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
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Marketplace insourcing strategy could reduce volumes
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Read Transcript →Quarter Snapshot
Express Parcel Volumes
208M
+14% YoY
Shipments in Q1 FY26, driven by market share gains and early Ecom Express volume transition.
PTL Freight Tonnage
458K tonnes
+15% YoY
Part Truckload tonnage grew despite Q1 being seasonally weak quarter.
Active Customers
43,000
+8,000 YoY
Customer base expanded 23% YoY, reflecting broader client acquisition.
Express Parcel Service EBITDA Margin
16.3%
+190 bps YoY
Express Parcel margins improved within guided 16%-18% range.
What Changed vs Last Quarter
NEW
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.
NEW
Supply chain services revenue target of INR 1,800-2,000 crore in 3 years
Management targets SCS revenue of INR 1,800-2,000 crore over three years, supported by a pipeline of over INR 1,000 crore.
NEW
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.
UPDATED
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.
DROPPED
CapEx intensity to decline to 3.5-4% of revenue
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.
DROPPED
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.
DROPPED
Rapid commerce dark stores to reach 50 by end of FY26
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.
NEW RISK
Marketplace insourcing strategy could reduce volumes
Large marketplaces like Meesho, Flipkart, and Amazon may increase in-house logistics, potentially reducing outsourced volumes to Delhivery.
NEW RISK
Yield compression from mix shift to smaller parcels
Average weight per parcel declined double-digits due to growth in small parcels, pressuring yields despite stable pricing.
NEW RISK
Competitive intensity from first-party logistics players
If first-party logistics arms expand into third-party services, they could increase price competition and pressure margins.
NEW RISK
Weather and operational disruptions impact volumes
Rains and Operation Sindur disrupted Q1 PTL volumes; similar events could affect future quarters.
RISK GONE
Ecom Express integration execution risk
Integration of Ecom Express may face challenges in facility consolidation, staff absorption, and volume retention, despite conservative assumptions.
RISK GONE
Pricing pressure in Express Parcel may persist
Despite management's optimism, competitive pricing actions could continue to pressure Express Parcel margins, delaying recovery to 18% levels.
RISK GONE
Rapid commerce losses may take longer to abate
New dark store launches and Delhivery Direct expansion could sustain losses longer than expected, delaying breakeven.
RISK GONE
Customer concentration risk remains
Largest customer still accounts for ~16% of revenue, posing a risk if that customer shifts volumes to captive logistics.
🤫 Topics management stopped discussing
Mentioned in Q2 FY25, Q4 FY25
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.
Mentioned in Q2 FY25, Q4 FY25
PTL service EBITDA margins are expected to continue improving toward Express-like levels, with potential to exceed prior normative targets.
Fast read
Guidance and risk preview
Management expects Express Parcel service EBITDA margins to stay within the normative 16%-18% range, with potential to exceed 18% in peak months.
Large marketplaces like Meesho, Flipkart, and Amazon may increase in-house logistics, potentially reducing outsourced volumes to Delhivery.
View Risks →