Delhivery (DELHIVERY) Q4 24/25 earnings summary

Executive summary

• Achieved highest quarterly profitability in Q4 FY25, with margins expanding both year-on-year and sequentially from Q3.

• FY25 marked the first full year of profitability, with all four quarters PAT positive and consolidated net profit at ₹1,621.10 million, compared to a net loss of ₹2,491.86 million in FY24.

• Announced proposed acquisition of Ecom Express, expected to further strengthen market position and operational leverage, with Board approval for up to ₹14,070 million, subject to regulatory approvals.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2025, were approved, with the audit report carrying an unmodified opinion.

• The group operates primarily in the logistics services segment, with significant operations in India and a growing international presence.

Financial highlights

• Q4 FY25 revenue: ₹2,192 crore, up 6% YoY, but down 8% sequentially from Q3 peak; FY25 revenue from services: ₹8,932 crore, up nearly 10% YoY.

• Q4 EBITDA: ₹119 crore (5.4% margin), up 320 bps YoY and 110 bps QoQ; FY25 EBITDA: ₹376 crore (4.2% margin), up from ₹127 crore (1.6%) in FY24.

• Q4 PAT: ₹73 crore (3.1% margin), compared to a loss of ₹69 crore YoY and tripled from Q3; FY25 PAT: ₹162 crore (1.7% margin), compared to a loss of ₹249 crore in FY24.

• Cash and cash equivalents: ₹5,493 crore as of March 31, 2025.

• Consolidated revenue for FY25 was ₹89,319 million, up from ₹81,415 million in FY24.

Outlook and guidance

• Anticipates continued margin expansion in FY26 and beyond, especially post Ecom Express integration.

• CapEx intensity expected to stabilize and gradually decline toward 3.5%-4% long-term target; FY25 capex as % of revenue from services reduced to 1.6%.

• Positive growth outlook for PTL and Express Parcel segments, with industry consolidation expected to benefit market share.

• Profitability expansion continues, with ongoing improvements in cost structure and working capital efficiency.

• Integration of Ecom Express expected to entail lower risks and estimated integration costs of ₹300 crore.