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View Claim Ledger →Delhivery Limited — Q2 FY26
Delhivery reported a strong Q2 FY26 with revenue of ₹2,546 crore (+16% YoY) and EBITDA of ₹150 crore (+163% YoY), driven by 32% YoY growth in express parcel volumes to 246 million shipments and successful integration of Ecom Express.
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Delhivery reported a strong Q2 FY26 with revenue of ₹2,546 crore (+16% YoY) and EBITDA of ₹150 crore (+163% YoY), driven by 32% YoY growth in express parcel volumes to 246 million shipments and successful integration of Ecom Express. The core express parcel service EBITDA margin held at 15.3%, while supply chain services margins improved sharply to 12.8% from -4.4% a year ago. Management guided that integration costs will be materially below the ₹300 crore envelope, with only ₹100-110 crore remaining over the next two quarters. The company expects express parcel margins to reach 16-18% over 24 months, aided by market share gains and industry consolidation. Risks include potential yield compression from parcel mix shifts and elevated employee costs during peak season.
दिलीवरी ने दूसरी तिमाही में ₹2,546 करोड़ का कारोबार किया, जो पिछले साल से 16% ज़्यादा है। कंपनी ने ₹150 करोड़ का EBITDA कमाया, जो पिछले साल से 163% ज़्यादा है। इसकी वजह एक्सप्रेस पार्सल की संख्या में 32% का उछाल है, जो 24.6 करोड़ पहुँच गई। ईकॉम एक्सप्रेस को मिलाने से भी मदद मिली। कोर एक्सप्रेस पार्सल सेवा का मुनाफा 15.3% रहा, जबकि सप्लाई चेन सेवाओं का मुनाफा -4.4% से बढ़कर 12.8% हो गया। कंपनी का कहना है कि मिलाने का खर्च ₹300 करोड़ से कम रहेगा, अगली दो तिमाहियों में सिर्फ ₹100-110 करोड़ बचे हैं। अगले 24 महीनों में एक्सप्रेस पार्सल मुनाफा 16-18% तक पहुँचने की उम्मीद है। जोखिमों में पार्सल मिश्रण बदलने से कमाई दबाव और त्योहारी सीज़न में कर्मचारी खर्च बढ़ना शामिल है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Risks
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Risk Intelligence
Parcel mix shift could pressure yields
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Read Transcript →Quarter Snapshot
Express Parcel Shipments
246M
+32.5% YoY
Express parcel shipments grew 32.5% YoY to 246 million, driven by organic growth and Ecom Express acquisition.
PTL Freight Tonnage
477K tons
+12% YoY
Part truckload tonnage grew 12% YoY with 3% QoQ yield improvement, contributing to margin expansion.
Active Customers
48,000
+10,000 YoY
Active customers increased by 10,000 YoY to 48,000, reflecting broader client base and market share gains.
Peak Daily Dispatch
7.2M
Record high
Achieved a record single-day dispatch of 7.2 million orders during festive peak, demonstrating network capacity.
What Changed vs Last Quarter
NEW
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.
NEW
PTL volume growth of ~20% for FY26
Despite H1 growth of 15%, management expects full-year PTL volume growth to be close to 20%, driven by strong October and Q4 seasonal peak.
NEW
CapEx intensity to trend towards 4% long-term target
H1 FY26 CapEx intensity was 5.1% (down from 6.6% YoY), and management expects further improvement towards the 4% long-term goal.
UPDATED
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.
DROPPED
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
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.
DROPPED
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 RISK
Parcel mix shift could pressure yields
Express parcel yield is a function of mix; a shift toward lower-weight parcels could reduce revenue per shipment, impacting margins.
NEW RISK
Elevated employee costs may persist
Employee expenses rose due to peak season hiring; if volume growth moderates, fixed costs could pressure margins.
NEW RISK
Integration cost overrun risk
While management expects costs below ₹300 crore, any delays in facility exits or contract terminations could increase integration expenses.
NEW RISK
Competitive pressure from self-logistics networks
Platforms like Meesho's Valmo continue to build in-house logistics, potentially limiting Delhivery's market share gains.
RISK GONE
Marketplace insourcing strategy could reduce volumes
Large marketplaces like Meesho, Flipkart, and Amazon may increase in-house logistics, potentially reducing outsourced volumes to Delhivery.
RISK GONE
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.
RISK GONE
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.
RISK GONE
Weather and operational disruptions impact volumes
Rains and Operation Sindur disrupted Q1 PTL volumes; similar events could affect future quarters.
🤫 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 Q1 FY26, Q4 FY25
One-time integration costs for Ecom Express acquisition will be reported separately in Q2 and Q3, not exceeding the INR 300 crore estimate.
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 reiterated the target of 16-18% service EBITDA margin for the express parcel business, with potential to exceed 18% if pricing benefits...
Express parcel yield is a function of mix; a shift toward lower-weight parcels could reduce revenue per shipment, impacting margins.
View Risks →