Delhivery Revenue History — Quarter by Quarter

Delhivery's revenue moved from ₹2,170 Cr in Q1 FY25 to ₹2,850 Cr in Q4 FY26, a 31.3% change over 8 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q4 FY26	₹2,850 Cr	—
Q3 FY26	₹2,805 Cr	+18%
Q2 FY26	₹2,559 Cr	+16%
Q1 FY26	₹2,294 Cr	+6%
Q4 FY25	₹2,192 Cr	+6%
Q3 FY25	₹2,378 Cr	+8.4%
Q2 FY25	₹2,190 Cr	+13%
Q1 FY25	₹2,170 Cr	+12.6%

What management said about revenue

Q4 FY26 · 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.

Q4 FY26 · 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.

Q3 FY26 · 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.

Q3 FY26 · 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.

Q2 FY26 · 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.

Q1 FY26 · Supply chain services revenue target of INR 1,800-2,000 crore in 3 years

Management targets SCS revenue of INR 1,800-2,000 crore over three years, supported by a pipeline of over INR 1,000 crore.

Q4 FY25 · 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.

Q3 FY25 · 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.

Q3 FY25 · 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.

Q3 FY25 · 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.

Q3 FY25 · 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.

Q2 FY25 · CapEx intensity to reduce to ~6.5-6.7% of revenue in FY25, sub-6% in FY26

CapEx as a percentage of revenue is expected to be ~6.5-6.7% for FY25 and below 6% for FY26, driven by lower trucking CapEx.