Delhivery (DELHIVERY) Q4 25/26 earnings summary

Executive summary

• Achieved record revenue of over INR 10,400 crores and delivered 1 billion packages in FY 2026, marking a 40% YoY growth in core transportation volumes.

• Reinforced leadership in Indian logistics with strong growth in core Transport (Express + PTL) and new verticals scaling up.

• Completed the acquisition of Ecom Express, strengthening market position and competitive dynamics.

• Turned free cash flow positive a year ahead of plan, generating INR 89 crores in FY 2026, supported by margin expansion and capital efficiency.

• Significant investments in technology, automation, and employee welfare to drive service excellence and operational efficiency.

Financial highlights

• FY 2026 revenue from services reached INR 10,486 crores (₹1,05,083.07 million), up 17.4% YoY; EBITDA margin at 7.3% (INR 764 crores); PAT at INR 347 crores (3.2% margin).

• Q4 revenue was INR 2,848 crores with PAT at INR 87 crores (3% margin).

• Transport segment FY revenue: INR 8,939 crores, margin of INR 561 crores (6.3%).

• Supply Chain Solutions revenue: INR 729 crores, service EBITDA margin improved from 2.2% to 10.9% YoY.

• Free cash flow improved to INR 89 crores in FY26 from negative INR 252 crores in FY25.

Outlook and guidance

• Expect continued margin accretion and capital efficiency, with ROIC targeted to rise from 16% to 25%+ in transport business.

• Focus on scaling new verticals such as Delhivery Local, Cross Border, Rapid, and Financial Services.

• Guidance for on-demand intracity logistics investment at INR 130–160 crores in FY 2027, aiming for a INR 200 crore run rate.

• E-commerce industry growth anticipated at 15–20% annually in the medium term.