Delhivery (DELHIVERY) Q3 25/26 earnings summary

Executive summary

• Achieved record volumes and profitability in Q3 FY2026, with service revenue up 18% year-over-year to INR 2,798 crores and PAT at INR 110 crores, more than 4x the same quarter last year.

• Express parcel shipments reached 295 million, up 43% year-over-year, and PTL freight tonnage crossed 500K MT, up 23% year-over-year.

• All core businesses—Express, PTL, and SCS—delivered strong performance, with new contract wins and operational expansion.

• Technology and automation investments, including SaaS products, AI, and autonomous drone deliveries, drove operational efficiency and cost savings.

• Acquisition of Ecom Express Limited was completed, making it a wholly-owned subsidiary as of December 10, 2025.

Financial highlights

• Q3 service revenue reached INR 2,798 crores, up 18% year-over-year and 10% sequentially.

• Express parcel volumes grew 43% year-over-year; PTL volumes up 23% year-over-year.

• Adjusted EBITDA for Q3 at INR 147 crores, the highest in company history; service EBITDA at INR 421 crores (15.1% margin).

• PAT for Q3 at INR 110 crores (3.8% margin), more than 4x the prior year quarter.

• Nine-month service EBITDA at INR 1,053 crores; PAT at INR 260 crores.

Outlook and guidance

• Express and PTL businesses expected to sustain high growth and profitability, with Express margins targeted at 16%-18% and PTL aiming for double-digit margins.

• CapEx as a percentage of revenue expected to decline to 4%-4.4% over the medium term, with no significant increase anticipated.

• Free cash flow breakeven projected at 6% adjusted EBITDA margin.

• Ongoing integration of Ecom Express is expected to enhance scale and value proposition.

• Management highlights continued focus on operating leverage, technology investments, and expanding service lines.