Delhivery (DELHIVERY) investor relations material

Executive summary

• Q1 FY26 revenue from services reached INR 2,294 crore, up 6% YoY and 4.7% sequentially, with total income at INR 2,424 crore, up 6.2% YoY.

• EBITDA grew to INR 149 crore (6.5% margin), up from 4.5% YoY, and PAT rose to INR 91 crore, a 67% YoY increase, with a margin of 3.8%.

• Express parcel volumes reached 208 million, up 14% YoY and 17% QoQ, with Ecom Express acquisition beginning to contribute.

• Ecom Express acquisition completed and integration underway, with financial consolidation from July 18, 2025; network rationalization and client migration ongoing.

• New services launched: Delhivery Direct (on-demand delivery), Delhivery Protect (shipment insurance), and Rapid Commerce, with early traction and investment in growth.

Financial highlights

• Express Parcel shipment volumes grew 14% YoY to 208 million; revenue up 10% YoY to INR 1,403 crore.

• PTL tonnage grew 15% YoY to 458K MT; revenue up 17% YoY to INR 508 crore; PTL EBITDA margin expanded to 10.7%.

• Supply Chain Services revenue declined YoY and QoQ, with Q1 FY26 at INR 205 crore; Cross Border revenue at INR 24 crore.

• Adjusted EBITDA margin improved to 3.3% (INR 75 crore), more than doubling YoY.

• Core profitability higher than reported, as INR 14 crore invested in new services is included in P&L.

Outlook and guidance

• Anticipates further margin expansion in Express Parcel (16–18%) and PTL as volumes rise, with strong growth expected post-Ecom Express integration.

• Supply Chain Services targeted to reach INR 1,800–2,000 crore revenue in three years, with 12%+ EBITDA margin and 20%+ ROCE.

• Capex intensity expected to reduce to ~4% of revenue by FY28; corporate overheads to decline to 6–7% of revenue in steady state.

• Expects positive trends in Q2 and Q3 due to peak seasonality and Ecom Express integration.