Letter to Shareholders on Financial Results for the quarter and financial year ended March 31, 2026
DELHIVERY · price
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Delhivery reported strong FY26 results with revenue of Rs.10,486 Cr, up 17% YoY, and turned free cashflow positive at Rs.89 Cr, three to four quarters ahead of guidance. Q4FY26 revenue was Rs.2,848 Cr with 30% YoY growth. Express Service EBITDA margin expanded to 18.8% while PTL reached 13.4%, driving overall Transport margins to 17.5%. The company delivered over 1 billion e-commerce parcels in FY26. Management guided Adjusted EBITDA margin expansion to 10%+ over the next 8-10 quarters, with steady-state capex expected at ~4% of revenue. New businesses received Rs.76 Cr investment in FY26 with Rs.130-160 Cr planned for FY27. SCS pipeline stands at Rs.1,800 Cr across consumer durables, auto, and other segments.
Positive signal for shareholders as Delhivery achieves FCF positivity ahead of schedule while maintaining growth investments. Margin expansion trajectory and robust order pipeline support continued earnings growth, though rising geopolitical risks and inflationary pressures warrant monitoring.