Q3 2026 Delhivery Ltd Earnings Call Transcript
Key Points
- Delhivery Ltd (BOM:543529) reported record volumes across its transportation businesses, with Express Parcel shipments reaching 295 million and PTL crossing 500,000 metric tonnes.
- The company achieved significant improvements in profitability, with service EBITDA profits surpassing INR1,000 crores in the first nine months of fiscal '26.
- Revenue from services grew 18% year-over-year to nearly INR2,800 crores, with Express Parcel revenue showing a 24% YoY growth.
- Delhivery Ltd (BOM:543529) successfully launched new services, including Delhivery Direct in Mumbai and Hyderabad, and an air economy product for SME customers.
- The company made advancements in technology, including the launch of Freight Index One and successful tests with autonomous VTOL drones for medical deliveries.
- Despite the growth, the PTL business margins have remained in the 10% to 11% range, indicating challenges in achieving incremental margin expansion.
- The company faces competitive pressures in the Express industry, with pricing power being a critical factor for maintaining profitability.
- Integration costs from the Ecom Express acquisition were initially estimated at INR300 crores but are expected to be around INR150 crores, indicating potential underestimation of integration complexities.
- Corporate overheads as a percentage of revenue have remained relatively high at around 9%, with technology costs increasing due to investments in AI and server capacity.
- The Supply Chain Services business has shown flat growth despite onboarding marquee clients, highlighting challenges in scaling this segment.
Good evening, everyone. Welcome to Q3 FY26 earnings call of Delhivery Limited, hosted by Ambit Capital.
Before we start, Delhivery would like to point out that some of the statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared with you earlier.
To discuss the results, I'm pleased to welcome Mr. Sahil Barua, MD and Chief Executive Officer; Mr. Vivek Pabari, Chief Financial Officer; Ms. Vani Venkatesh, Chief Business Officer; Mr. Varun Bakshi, SVP and Head of Supply Chain Solutions; Mr. Naman Jain, Head, Investor Relations and Corporate Development. (Operator Instructions)
Now I invite Mr. Sahil Barua to take us through the key highlights of the quarter, post which we'll open up for Q&A. Thank you, and over to you, Sahil.
Thank you, Yash. Thank you, Ambit, for hosting us this evening. Welcome to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
