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View Claim Ledger →Delhivery Limited — Q4 FY25
Delhivery reported a strong Q4 FY25 with revenue of INR 2,192 crore (+6% YoY) and EBITDA margin of 5.4%, expanding 320 bps YoY.
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Delhivery reported a strong Q4 FY25 with revenue of INR 2,192 crore (+6% YoY) and EBITDA margin of 5.4%, expanding 320 bps YoY. PAT swung to INR 73 crore from a loss of INR 69 crore last year, marking the highest quarterly PAT in company history. The PTL segment was a standout, with revenue growth of 24% YoY and service EBITDA margins surging to 10.8% from 3.8% in Q3, driven by yield improvements, operating leverage, and fleet utilization gains. Express Parcel margins held steady at ~16% despite industry headwinds. Management highlighted strong volume retention trends from the Ecom Express acquisition, with April-May volumes exceeding seasonal norms. Guidance points to continued margin expansion in PTL and Express, with CapEx intensity expected to decline toward 3.5-4% over the medium term. Key risk: integration of Ecom Express may face unforeseen operational challenges or slower-than-expected volume retention.
डेल्हीवरी ने Q4 FY25 में मजबूत प्रदर्शन किया। कंपनी की कमाई ₹2,192 करोड़ रही, जो पिछले साल से 6% ज्यादा है। कमाई पर खर्च घटाने के बाद बचत (EBITDA मार्जिन) 5.4% रही, जो पिछले साल से 3.2% बढ़ी है। कंपनी को ₹73 करोड़ का मुनाफा हुआ, जबकि पिछले साल ₹69 करोड़ का घाटा था। यह अब तक का सबसे बड़ा तिमाही मुनाफा है। PTL सेगमेंट ने 24% ज्यादा कमाई की और उसकी बचत दर 10.8% पहुंच गई। एक्सप्रेस पार्सल सेगमेंट की बचत 16% पर स्थिर रही। कंपनी ने कहा कि ईकॉम एक्सप्रेस के साथ जुड़ने से ग्राहक बने रहे। आगे मुनाफा बढ़ने की उम्मीद है, लेकिन ईकॉम एक्सप्रेस को जोड़ने में कुछ चुनौतियां आ सकती हैं।
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Ecom Express integration execution risk
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Read Transcript →Quarter Snapshot
Express Parcel Volume
177M
Flat YoY
Express Parcel shipments in Q4 FY25 were 177 million, flat year-over-year.
PTL Tonnage
460K tons
+19% YoY
Part Truckload tonnage grew 19% YoY to 460,000 tons, reflecting strong market share gains.
PTL Service EBITDA Margin
10.8%
+700bps QoQ
PTL service EBITDA margin expanded 700 bps sequentially to 10.8% in Q4.
Active Customers
44,000
+33% YoY
Active customer base grew 33% YoY to 44,000, driven by SME onboarding via Delhivery One.
What Changed vs Last Quarter
NEW
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.
NEW
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.
NEW
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
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.
DROPPED
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.
DROPPED
PTL business to grow 25%-30% in FY26
Management targets 25%-30% volume growth in the Part Truckload business next financial year, driven by expansion in unorganized market.
DROPPED
CapEx to be 5.6% of revenue or lower in FY25, trending to 3.5%-4% long-term
Capital expenditure as a percentage of revenue is expected to decline to 3.5%-4% over the long term, with no major capacity additions planned.
DROPPED
Rapid commerce to add INR 80-100 crore revenue in FY26
The two-hour delivery service is expected to generate INR 80-100 crore in revenue next financial year, with 50 dark stores in top eight cities.
NEW RISK
Ecom Express integration execution risk
Integration of Ecom Express may face challenges in facility consolidation, staff absorption, and volume retention, despite conservative assumptions.
NEW RISK
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.
NEW RISK
Rapid commerce losses may take longer to abate
New dark store launches and Delhivery Direct expansion could sustain losses longer than expected, delaying breakeven.
NEW RISK
Customer concentration risk remains
Largest customer still accounts for ~16% of revenue, posing a risk if that customer shifts volumes to captive logistics.
RISK GONE
Continued pricing pressure from loss-making competitors
Competitors may continue aggressive pricing to sustain volumes, delaying industry consolidation and pressuring Delhivery's margins.
RISK GONE
Muted e-commerce volume growth
Overall e-commerce industry growth has moderated, with express parcel volumes growing only 2.4% YoY, limiting operating leverage.
RISK GONE
In-sourcing by large marketplaces
Marketplaces like Meesho have in-sourced volumes to their own logistics arms, reducing the addressable market for third-party players.
RISK GONE
Fleet cost inflation during peak season
Unexpected spike in intracity fleet costs during the festive season impacted Q3 margins by INR 12-15 crore, highlighting operational vulnerability.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25
Management expects express parcel service EBITDA margins to stay in the 17-18% range, with no structural change despite Q2 dip.
Fast read
Guidance and risk preview
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.
Integration of Ecom Express may face challenges in facility consolidation, staff absorption, and volume retention, despite conservative assumptions.
View Risks →