Delhivery (DELHIVERY) Q4 25/26 earnings summary

Executive summary

• FY26 marked record revenue, volume, and profitability, with over 1 billion express parcels delivered and leadership reinforced in Indian logistics through the Ecom Express acquisition and board reconstitution.

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

• Free cash flow turned positive a year ahead of plan, supported by margin expansion, capital efficiency, and disciplined allocation.

• Major developments included the acquisition of Ecom Express Limited and the amalgamation of Spoton Logistics entities.

• Annual and quarterly financials were audited with unmodified opinions by the statutory auditor.

Financial highlights

• FY26 consolidated revenue reached ₹1,05,083.07 million (INR 10,486 crores), up 17.4% YoY; EBITDA margin expanded to 7.3% (₹764 crores); PAT at ₹3,254.27 million (standalone) and ₹347 crores (consolidated, pre-exceptional).

• Free cash flow positive at ₹89 crores; quarter revenue at ₹2,848 crores, PAT at ₹87 crores.

• Transport (Express + PTL) revenue for FY26 was ₹8,939 crores (6.3% margin); Express revenue: ₹6,685 crores; PTL: ₹2,254 crores; SCS: ₹729 crores.

• SCS service EBITDA margin improved to 10.9%, yielding ₹79 crores.

• EBIT turned positive at ₹119 crores in FY26, compared to a loss of ₹159 crores in FY25.

Outlook and guidance

• Continued focus on profitable growth, capital efficiency, and disciplined investments in technology, AI, and automation.

• Guidance for on-demand intracity logistics investment in FY27 is ₹130–160 crores, targeting a run rate above ₹200 crores.

• E-commerce industry expected to grow at 15–20% annually in the medium term.

• SCS pipeline expected to remain margin accretive, with strict internal hurdle rates for new projects.

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