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Delhivery
Delhivery (DELHIVERY) investor relations material
Delhivery Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary31 Jan, 2026
Executive summary
Achieved record volumes and profitability in Q3 FY2026, with service revenue up 18% year-over-year to INR 2,798 crores and PAT at INR 110 crores, more than 4x the same quarter last year.
Express parcel shipments reached 295 million, up 43% year-over-year, and PTL freight tonnage crossed 500K MT, up 23% year-over-year.
All core businesses—Express, PTL, and SCS—delivered strong performance, with new contract wins and operational expansion.
Technology and automation investments, including SaaS products, AI, and autonomous drone deliveries, drove operational efficiency and cost savings.
Acquisition of Ecom Express Limited was completed, making it a wholly-owned subsidiary as of December 10, 2025.
Financial highlights
Q3 service revenue reached INR 2,798 crores, up 18% year-over-year and 10% sequentially.
Express parcel volumes grew 43% year-over-year; PTL volumes up 23% year-over-year.
Adjusted EBITDA for Q3 at INR 147 crores, the highest in company history; service EBITDA at INR 421 crores (15.1% margin).
PAT for Q3 at INR 110 crores (3.8% margin), more than 4x the prior year quarter.
Nine-month service EBITDA at INR 1,053 crores; PAT at INR 260 crores.
Outlook and guidance
Express and PTL businesses expected to sustain high growth and profitability, with Express margins targeted at 16%-18% and PTL aiming for double-digit margins.
CapEx as a percentage of revenue expected to decline to 4%-4.4% over the medium term, with no significant increase anticipated.
Free cash flow breakeven projected at 6% adjusted EBITDA margin.
Ongoing integration of Ecom Express is expected to enhance scale and value proposition.
Management highlights continued focus on operating leverage, technology investments, and expanding service lines.
Impact of goodwill accounting deviation?
Ecom Express acquisition: expected synergies?
Labour Codes: future financial implications?
Express margin levers beyond pricing?
SCS margin and growth trajectory post-turnaround
Steady-state ROIC profile and key drivers
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Next Delhivery earnings date
Q4 25/2614 May, 2026
Delhivery
Next Delhivery earnings date
Q4 25/2614 May, 2026
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