Delhivery Limited has informed the Exchange about Letter to Shareholders.
DELHIVERY · price
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Awaiting price reaction for this filing.
Delhivery reported Q1FY26 revenue from services of ₹2,294 Cr (up 5.6% YoY), EBITDA of ₹149 Cr at 6.5% margin (vs 4.5% last year), and PAT of ₹91 Cr at 3.8% margin (vs 2.4% last year). Express Parcel volumes grew 13.6% YoY to 208 million shipments, with momentum continuing into July. PTL tonnage rose 14.7% YoY to 458K MT. The Ecom Express acquisition closed on July 18, 2025, with integration costs not expected to exceed ₹300 Cr over 6 months. Management launched new products (Delhivery Direct, Delhivery Protect) and guided Express Parcel EBITDA margins to return to 17–18% by end of FY26, PTL to 16–18% within 24 months, and SCS to ₹1,800–2,000 Cr revenue at 12%+ margins over 3 years. Capex intensity is set to decline from 5.2% to ~4% of revenue by FY28.
Strong margin expansion YoY combined with explicit guidance for further improvement to historical 17–18% levels is positive for profitability outlook. Ecom Express integration will lift revenue scale but pressure margins short-term; investors should watch for execution on volume growth and integration cost containment.