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View Claim Ledger →Delhivery Limited — Q3 FY26
Delhivery delivered a record Q3 with revenue of ₹2,798 crore (+18% YoY) and adjusted EBITDA of ₹234 crore (8.4% margin).
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Delhivery delivered a record Q3 with revenue of ₹2,798 crore (+18% YoY) and adjusted EBITDA of ₹234 crore (8.4% margin). Express parcel volumes surged 43% YoY to 295M shipments, while PTL crossed 507K metric tons (+23% YoY). Service EBITDA hit ₹1,053 crore in 9M FY26, a milestone. Margin expansion was driven by higher network utilization, cost discipline, and technology improvements. Management guided for 15-20% volume growth in express and PTL margins marching toward 16%+. New businesses (Rapid Commerce, Delhivery Direct) are gross-margin positive with annual investments of ₹60-80 crore. Key risk: potential insourcing by large e-commerce clients could moderate growth, though management remains confident in cost advantages.
दिल्हीवरी ने तीसरी तिमाही में शानदार प्रदर्शन किया। कमाई ₹2,798 करोड़ रही, जो पिछले साल से 18% ज़्यादा है। कंपनी का मुनाफा (EBITDA) ₹234 करोड़ यानी 8.4% मार्जिन रहा। एक्सप्रेस पार्सल की संख्या 43% बढ़कर 29.5 करोड़ हो गई। पीटीएल (पार्ट ट्रकलोड) ने 5.07 लाख टन माल ढोया, जो 23% ज़्यादा है। 9 महीने में सेवा EBITDA ₹1,053 करोड़ पहुंच गया। मुनाफा बढ़ने की वजह नेटवर्क का बेहतर उपयोग, खर्च पर नियंत्रण और तकनीकी सुधार है। कंपनी को उम्मीद है कि एक्सप्रेस में 15-20% और पीटीएल में 16% से ज़्यादा वृद्धि होगी। नए कारोबार (रैपिड कॉमर्स, दिल्हीवरी डायरेक्ट) मुनाफे में हैं, जिनमें सालाना ₹60-80 करोड़ निवेश होता है। खतरा: बड़े ई-कॉमर्स ग्राहक खुद का काम करने लगें तो वृद्धि धीमी हो सकती है, लेकिन कंपनी को अपनी कम लागत पर भरोसा है।
Promises0 met · 1 missedRisks3 trackedTranscriptfull text
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Potential insourcing by large e-commerce clients
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Read Transcript →Quarter Snapshot
Express Parcel Shipments
295M
+43% YoY
Record quarterly volumes driven by festive season and share-of-wallet gains across clients.
PTL Volume
507K metric tons
+23% YoY
All-time high; revenue growth outpaced volume growth, indicating yield improvement.
Express Service EBITDA Margin
18.1%
+360bps YoY
Within the 16-18% target range; driven by higher utilization and cost discipline.
PTL Service EBITDA Margin
11%
+200bps YoY
Expanded despite carrying extra infrastructure for e-com peak; long-term target is 16%+.
What Changed vs Last Quarter
NEW
Express parcel volume growth of 15-20%
Management expects express parcel volumes to grow 15-20% annually, driven by market growth and share gains, even if insourcing persists.
NEW
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.
NEW
CapEx to decline to 4-4.5% of revenue
CapEx as a percentage of revenue is expected to decline to 4-4.5% over the medium term, though near-term decline may be slower due to vehicle investments.
NEW
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.
DROPPED
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.
DROPPED
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
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.
DROPPED
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.
NEW RISK
Potential insourcing by large e-commerce clients
A large e-commerce customer may increase captive logistics capacity, potentially reducing outsourced volumes to Delhivery.
NEW RISK
PTL margin expansion may be slower than expected
Despite volume growth, PTL margins have been choppy around 10-11% due to capacity build-out ahead of demand and underutilized lanes.
NEW RISK
Corporate overheads remain sticky
Corporate overheads as a percentage of revenue have stayed around 9%, with tech costs rising due to AI investments and server capacity.
RISK GONE
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.
RISK GONE
Elevated employee costs may persist
Employee expenses rose due to peak season hiring; if volume growth moderates, fixed costs could pressure margins.
RISK GONE
Integration cost overrun risk
While management expects costs below ₹300 crore, any delays in facility exits or contract terminations could increase integration expenses.
RISK GONE
Competitive pressure from self-logistics networks
Platforms like Meesho's Valmo continue to build in-house logistics, potentially limiting Delhivery's market share gains.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25, Q2 FY26
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.
Fast read
Guidance and risk preview
Management expects express parcel volumes to grow 15-20% annually, driven by market growth and share gains, even if insourcing persists.
A large e-commerce customer may increase captive logistics capacity, potentially reducing outsourced volumes to Delhivery.
View Risks →