Investor Presentation for the "Earning Conference Call" scheduled to be held on May 16, 2026
DELHIVERY · price
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Delhivery reported FY26 revenue of ₹10,486 Cr, up 24% YoY, with EBITDA margin expanding to 7.3% from 4.2% in FY25. The Transport segment (Express + PTL) delivered 16% ROIC in FY26, up sharply from 5.2% in FY25, with adjusted EBITDA of ₹561 Cr (6.3% margin). Express parcel shipments crossed 1 billion in FY26 with 40.2% YoY growth, while PTL freight tonnage reached 2 million MT (17.4% YoY growth). Supply Chain Services turned profitable at ₹79 Cr Service EBITDA (10.9% margin), 4x of FY25. The company generated positive Free Cashflow of ₹89 Cr in FY26 versus negative FCF of ₹252 Cr in FY25. Management highlighted a pipeline of ~₹1,800 Cr annual business potential under active discussions across Auto, Industrial, FMCG, Consumer, and E-Commerce sectors.
Delhivery is demonstrating strong operational leverage with improving profitability across segments. The sharp ROIC improvement to 16% in Transport and positive FCF generation indicate the business model is scaling effectively. However, Ecom Express integration costs of ₹148 Cr in FY26 and new initiatives showing ₹76 Cr EBITDA loss suggest ongoing investments may continue to pressure near-term consolidated margins.