Transcript of Earnings Conference Call pertaining to the Financial Results for the quarter and financial year ended March 31, 2026
DELHIVERY · price
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Delhivery reported a record FY26 with revenue of Rs 10,486 crore, delivering over 1 billion packages (up 40% YoY). The express segment grew 46% YoY in revenue and 72-73% in volumes, reaching 306 million parcels in Q4. PTL handled 2 million metric tons with 20% growth. The company achieved ROIC of 16% (up from 5.2%) driven by 220 bps margin expansion to 15.6% service EBITDA. Free cash flow turned positive at Rs 89 crore—one year ahead of plan—while net working capital collapsed from 38 days to 11 days over three years. Supply chain services also turned around with service EBITDA margin jumping four times to 10.9% from 2.2% last year. The company holds Rs 4,500+ crore cash and plans Rs 130-160 crore investment in new initiatives (local, cross-border, rapid, financial services). Board reconstitution completed with new Chairperson Neelam Dhawan and Kabir Ahmed Shakir joining.
Delhivery demonstrates strong operational execution with margin expansion and cash generation. The company's market leadership in express and PTL, combined with a healthy supply chain pipeline and new growth bets, positions it well for sustained profitability. Investors should note ROIC improvement to 16% and FCF positivity as key milestones.