Potential insourcing by large e-commerce clients
A large e-commerce customer may increase captive logistics capacity, potentially reducing outsourced volumes to Delhivery.
medium · analyst_questionDelhivery 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).
bullish
high
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
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.
medium · data_observationCorporate 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.
low · analyst_question