Q4 2026 Delhivery Ltd Earnings Call Transcript
Key Points
- Delhivery Ltd (BOM:543529) achieved over INR10,400 crores in revenue and delivered over 1 billion packages in FY '26, marking a significant milestone.
- The company reported a strong financial position with over INR4,500 crores of cash on the balance sheet, indicating robust capital management.
- Margins in the Express business remain at the upper end of the normative margin guidance of 16% to 18%, showcasing operational efficiency.
- Supply Chain Solutions turned a corner with service EBITDA expanding four times to INR79 crores, indicating a successful pivot to profitability.
- Delhivery Ltd (BOM:543529) turned free cash flow positive with INR89 crores, one year ahead of plan, demonstrating effective cash flow management.
- The increase in fuel prices poses a potential challenge, with some pricing adjustments already being made in certain areas.
- There is potential competitive pressure from Amazon and Flipkart as they expand their 3PL services, which could impact Delhivery's market share.
- Despite strong growth, the company faces challenges in maintaining its market share in the Express Parcel segment, particularly with D2C brands.
- The company's net working capital improvements, while impressive, may face sustainability challenges in the long term.
- The integration costs related to the Ecom Express acquisition have impacted operating cash flow, which could affect short-term financial performance.
Welcome to the Fourth Quarter and FY '26 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. Kindly note that this call is meant for investors and analysts only. If there are representatives from the media, they are requested to kindly drop off this call immediately.
To discuss the results, I'm pleased to welcome Mr. Sahil Barua, MD and Chief Executive Officer; Ms. Vani Venkatesh, Chief Business Officer; Mr. Vivek Pabari, Chief Financial Officer; Mr. Varun Bakshi, SVP and Head of Part Truckload; Mr.
Navneet Kumar, SVP and Head of Supply Chain Solutions. Thank you, and over to you, sir, for your opening comments.
Thank you, Dhruv. Thank you, AMBIT team for hosting us
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