Delhivery (DELHIVERY) Q4 24/25 earnings summary

Executive summary

• Achieved highest quarterly profitability in Q4 FY25, with margins expanding both year-on-year and sequentially from Q3.

• FY25 marked the first full year of profitability, with all four quarters being PAT positive.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2025, were approved, with the audit report carrying an unmodified opinion from Deloitte Haskins & Sells LLP.

• The group operates primarily in the logistics services segment, with significant operations in India and a growing international presence.

• Announced proposed acquisition of Ecom Express, expected to further strengthen market position.

Financial highlights

• Q4 FY25 revenue: ₹2,192 Cr, up 5.6% YoY, but down 7.9% QoQ; FY25 revenue from services: ₹8,932 Cr, up 9.7% YoY.

• Q4 FY25 EBITDA: ₹119 Cr (5.4% margin), up from ₹46 Cr (2.2%) YoY; FY25 EBITDA: ₹376 Cr (4.2% margin), up from ₹127 Cr (1.6%) in FY24.

• Q4 FY25 PAT: ₹73 Cr (3.1% margin), compared to a loss of ₹69 Cr YoY; FY25 PAT: ₹162 Cr (1.7% margin), reversing a loss of ₹249 Cr in FY24.

• Consolidated revenue for FY25 was ₹89,319 million, up from ₹81,415 million in FY24; Q4 FY25 revenue was ₹21,915.66 million.

• Cash and cash equivalents stood at ₹5,493 Cr as of March 31, 2025.

Outlook and guidance

• Anticipates continued margin expansion in FY26 and beyond, especially post Ecom Express integration.

• CapEx intensity expected to decline further, targeting 3.5%-4% of revenue in the long term.

• Profitability expansion continues, with ongoing improvements in cost structure and working capital efficiency.

• The Board approved the acquisition of at least 99.4% of Ecom Express Limited for up to ₹14,070 million, subject to regulatory approvals.

• A proposed merger with Spoton Logistics and Spoton Supply Chain Solutions is pending NCLT approval.