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View Claim Ledger →Delhivery Limited — Q4 FY26
Delhivery reported a record FY26 with revenue crossing INR 10,400 crore, delivering over 1 billion packages and achieving INR 764 crore EBITDA (7.3% margin).
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Delhivery reported a record FY26 with revenue crossing INR 10,400 crore, delivering over 1 billion packages and achieving INR 764 crore EBITDA (7.3% margin). PAT stood at INR 347 crore. The Express Parcel business grew 46% YoY revenue, while PTL grew 20% in both revenue and volume. Supply Chain Solutions turned around with service EBITDA expanding 4x to INR 79 crore. The company turned free cash flow positive at INR 89 crore, one year ahead of plan, driven by margin expansion and capital efficiency (CapEx/revenue down to 4.7%, net working capital days reduced to 11). Management highlighted continued investment in AI, robotics, and new initiatives (Delhivery Direct, Rapid) with guided investment of INR 130-160 crore in FY27. Key risk: potential consumption slowdown from rising fuel prices and competitive intensity from captive 1P networks.
दिल्हीवरी ने वित्त वर्ष 2026 में रिकॉर्ड कमाई की। कंपनी की आय 10,400 करोड़ रुपये से अधिक रही। उसने 1 अरब से अधिक पार्सल डिलीवर किए। कंपनी ने 764 करोड़ रुपये का EBITDA कमाया, यानी मुनाफे की दर 7.3% रही। शुद्ध लाभ 347 करोड़ रुपये रहा। एक्सप्रेस पार्सल कारोबार में सालाना 46% की बढ़ोतरी हुई। PTL कारोबार में आय और मात्रा दोनों 20% बढ़ी। सप्लाई चेन सॉल्यूशंस ने मुनाफा बढ़ाया। कंपनी ने एक साल पहले ही फ्री कैश फ्लो पॉजिटिव कर लिया। उसने AI और रोबोटिक्स में निवेश जारी रखा है। जोखिम: बढ़ती ईंधन कीमतों से खपत धीमी हो सकती है और प्रतिस्पर्धा बढ़ सकती है।
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
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Risk Intelligence
Fuel price increase impact on costs and consumption
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Transcript
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Read Transcript →Quarter Snapshot
Express Parcel Volume
306M
+70-73% YoY
Quarterly express parcel volumes reached 306 million, driven by strong e-commerce growth and market share gains.
PTL Volume
549K metric tons
+20% YoY
Part Truckload volumes grew 20% YoY, with revenue of INR 622 crore, reflecting continued market share gains.
ROIC (Core Transport)
16%
+1080bps YoY
Return on invested capital for transport business improved from 5.2% to 16%, driven by margin expansion and capital efficiency.
Net Working Capital Days
11 days
-27 days YoY
Net working capital days reduced sharply from 38 days three years ago to 11 days, aided by AI-driven billing and collections.
What Changed vs Last Quarter
NEW
CapEx/revenue to decline to ~4%
Management expects capital intensity to continue declining from 4.7% to around 4% of revenue, driven by network utilization improvements.
NEW
New initiatives investment of INR 130-160 crore in FY27
Delhivery plans to invest INR 130-160 crore in new businesses like Delhivery Direct (intracity on-demand logistics) and Rapid, targeting a INR 200 crore external GMV run rate.
NEW
Supply Chain Solutions to remain margin accretive
SCS pipeline projects will meet internal hurdle rates and continue to be margin accretive, with disciplined client selection.
NEW
Transport business ROIC can reach 25%+
CFO Vivek Pabari guided that steady-state ROIC for transport can exceed 25%, driven by margin expansion to 10%+ adjusted EBITDA and capital intensity reduction.
DROPPED
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.
DROPPED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
Fuel price increase impact on costs and consumption
Rising diesel prices (INR 3/liter increase) may pressure margins if pass-through is incomplete, and could dampen e-commerce consumption.
NEW RISK
Amazon entering 3PL could increase competitive intensity
Amazon's opening of its logistics network to third parties may intensify competition for D2C and SME customers, though management downplayed the threat.
NEW RISK
Client concentration risk
Single largest customer revenue share likely crossed 20% in FY26, up from 16% last year, posing concentration risk if volumes shift.
NEW RISK
Integration costs from Ecom Express acquisition
Integration expenses weighed on free cash flow; while core business FCF was higher, any delays in synergies could impact near-term profitability.
RISK GONE
Potential insourcing by large e-commerce clients
A large e-commerce customer may increase captive logistics capacity, potentially reducing outsourced volumes to Delhivery.
RISK GONE
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.
RISK GONE
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.
🤫 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.
Mentioned in Q2 FY25, Q3 FY26
A large e-commerce customer may increase captive logistics capacity, potentially reducing outsourced volumes to Delhivery.
Mentioned in Q1 FY25, Q3 FY26
PTL service EBITDA margins are expected to expand from 11% to 16%+ over time through network utilization and yield improvements.
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 capital intensity to continue declining from 4.7% to around 4% of revenue, driven by network utilization improvements.
Rising diesel prices (INR 3/liter increase) may pressure margins if pass-through is incomplete, and could dampen e-commerce consumption.
View Risks →