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).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Impact of fuel price increase on consumption and costs, and Amazon opening 3PL.
Asked by Sachin Salgaonkar, Bank of America
Management explained pass-through mechanisms but deferred on consumption impact, saying 'too early to comment'.
deferred impact on consumptionno specific quantification
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Question
First question, would be great to understand what kind of a impact could we expect from increase in fuel prices, both on consumption as well as costs? ... Second question is, there are media articles about Amazon opening up its 3PL to get new customers.
Sahil Barua, Managing Director and CEO
On the first one, on the impact of fuel prices on consumption and cost, I think first let's get to the price question. I think, we have a natural pass-through process which where our prices are indexed to diesel prices at the pumps, especially in the PTL business.
Answered
Medium priority
Impact of AI, robotics, automation investments on OpEx and CapEx.
Asked by Sachin Salgaonkar, Bank of America
Management directly stated no material impact on OpEx or CapEx, and explained specific AI use cases.
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Question
We heard a lot of comments in terms of AI, robotics, automation investments, what you guys are looking to make. I wanted to understand any impact on OpEx either led by higher inference costs on CapEx we should expect on the back of this?
Sahil Barua, Managing Director and CEO
Not significant enough for us to sort of have to report anything unusual. On the AI front, look, there's been a lot of, you know, people have been experimenting sort of left, right, and center across, you know, a variety of industries, and even within logistics.
Partial answer
High priority
Market share evolution and net working capital reduction drivers.
Asked by Aditya Suresh, Macquarie Capital
Management gave qualitative market share commentary but no specific numbers; working capital drivers explained qualitatively.
no specific market share numbersqualitative only
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Question
First one is on market share, right? As I tell you, the sands have shifted compared to, say, 12, 18 months back. ... The second is on your net working capital. You've seen a really meaningful reduction there over the past, say, 4 years and particularly in the past 12 months. What's been driving this?
Sahil Barua, Managing Director and CEO
In terms of overall market, I think, you know, after the Ecom acquisition, we had said this at the time that the Ecom acquisition was happening, that there were, you know, too many players in the express space. ... In terms of net working capital, I think again, Aditya and I have spoken about this since the time Delhivery's gone public.
Answered
High priority
Market share in D2C long tail and path to higher share.
Asked by Vijit Jain, Citi
Management confirmed market share gains and affirmed opportunity to grow further, with specific examples.
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Question
First question, Sahil, just to build on the previous answer you gave on the D2C long tail side in Express Parcel. You said, broadly stable market share here. Would that be across, you know, your own direct efforts as well as aggregator business that you get? ... is there a path here for you to take your market share even higher than where it is right now?
Sahil Barua, Managing Director and CEO
Yeah. It's across not just direct customers but also aggregators. There's no question. We've gained a lot of share. ... Is there an opportunity for us to continue to gain market share within that segment? Absolutely.
Partial answer
Medium priority
Working capital improvement drivers and sustainability of 11 days.
Asked by Vijit Jain, Citi
Management confirmed sustainability but did not quantify the impact of prepaid mix or client mix changes.
no breakdown of prepaid vs COD impactqualitative only
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Question
How much of the benefit this year has also been because, you know, the mix of prepaid orders that you may have been processing went up. ... From a long-term point of view, is this, 11 days broadly sustainable?
Sahil Barua, Managing Director and CEO
Yeah, I think the 11 days is sustainable. I mean, it would be very difficult to sort of crunch it precisely for one quarter, right? I have the confidence that it's quite sustainable overall.
Partial answer
Medium priority
Supply Chain Solutions margin accretion and new initiatives investment.
Asked by Vijit Jain, Citi
Management confirmed margin accretion but did not clarify whether the INR 130-160 crore investment is all OpEx.
did not specify OpEx vs CapEx split for new initiatives
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Question
good to see Supply Chain Solutions achieve breakeven in FY 2026, and you've talked about the pipeline going forward. This pipeline and the growth that you see from here, would it continue to be service EBITDA margin accretive? ... you've talked about an investment of INR 130 crore-INR 160 crore over the next year. Is this going to be all OpEx?
Sahil Barua, Managing Director and CEO
The short answer to your question, is the SCS pipeline margin accretive? The answer is yes. There is an internal hurdle rate that every SCS project needs to pass.
Evasive
Medium priority
Will Delhivery actively push 1P to 3P shift or wait?
Asked by Mukesh Saraf, Spark Capital Advisors
Management avoided stating whether they would actively push for share shift, instead emphasizing organic approach.
reframed the questionno direct answer on aggressive push
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Question
will you kind of continue to do, you know, what you're doing in terms of efficiencies and costs and wait for, you know, this phenomena to continue to play out? Will you try to kind of, you know, try and aggressively do this so that 3Ps continue to gain share?
Sahil Barua, Managing Director and CEO
I think the problem is that when people look at the third-party logistics industry, I think Delhivery needs to be looked at a little differently, right? ... Our job as Delhivery is merely to continue to do the best possible job that we can.
Answered
Medium priority
Is further consolidation in the industry likely?
Asked by Mukesh Saraf, Spark Capital Advisors
Management directly stated no space for other players, implying consolidation is likely complete.
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Question
Could we also kind of assume that a further consolidation in the industry? ... will you probably not see any more consolidation in the industry?
Sahil Barua, Managing Director and CEO
I think, look, the reality is that there are now, you know, three listed players in the express logistics space across, you know, ourselves- Blue Dart and Shadowfax. ... Is there space for other players in this market? I've said this before, I don't think so.
Answered
High priority
What is the acceptable level of single customer concentration?
Asked by Aditya Mongia, Kotak Securities
Management gave a specific threshold (35%) and confirmed current level is below that.
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Question
Till what level is it, okay for this number to go to? My sense is this number would have crossed 20% in this year.
Sahil Barua, Managing Director and CEO
Yeah, I think, it's a good question. blunt answer, I think if any single customer were to cross 35% of revenues, and I don't really have a very scientific basis for that, to be honest, Aditya.
Answered
High priority
ROIC components and potential improvement, and whether single customer can exceed 20%.
Asked by Aditya Mongia, Kotak Securities
CFO provided detailed breakdown of ROIC drivers and gave a specific target of 25%+.
Read the exchange
Question
On the slide eight, wherein you talk about the ROICs as in two parts. One is that there are different components beyond working capital. Are all of them kind of aligned to sales or how to think through them? Related question, since the 16%, as in, does it have a chance to go beyond 20% or not?
Vivek Pabari, CFO
Yes. Aditya, in terms of the other assets, a good part of it will be. The first is the tax receivables will be a big amount here. It is linked to sales. ... The steady-state ROICs, currently we are at 16%, but on a steady state, this number for our transport business can certainly go to 25% plus.
Answered
Medium priority
Risk of CapEx intensity increasing again for the industry.
Asked by Speaker 14
Management directly stated no increase in CapEx intensity, citing improved utilization.
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Question
Right now, is there a chance of, you know, the CapEx intensity again increasing for the industry, and how are you thinking about it, you know, going ahead?
Sahil Barua, Managing Director and CEO
If your question is broadly because we are seeing growth in our Express network, is our capital intensity going to change? The short answer is no. ... I think we've learned how to improve our network utilizations.
Answered
Medium priority
Scale-up and investment in new businesses like Delhivery Direct and Rapid.
Asked by Ankita Shah, Elara Capital
Management provided specific investment guidance and growth expectations for new businesses.
Read the exchange
Question
My question is on your planned investment on new businesses like Delhivery Direct, Delhivery Rapid. How are you looking at the scale-up on those businesses, and what kind of investment can we expect in the next couple of years?
Sahil Barua, Managing Director and CEO
Well, I mean, very optimistically, you know, Delhivery Direct is our intracity on-demand logistics service. ... Our anticipation of the investment for fiscal 2027 is broadly between about INR 130 and INR 160 crores that we've guided to in our shareholder letter as well.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Adjusted EBITDA margin at 6.3% | 6.3% | 8% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.