Delhivery Ltd.Record Q3 Profit Matches FY25 Full-Year

Delhivery delivered an exceptional Q3 FY26 with adjusted EBITDA of ₹147 crore, matching the entire FY25 performance, and PAT of ₹110 crore, representing 4x year-over-year growth.

Revenue from services grew 18% YoY to ₹2,798 crore, driven by record express parcel volumes of 295 million shipments with exceptional 43% YoY growth, significantly outpacing market growth of 15-18%. The company achieved service EBITDA margin of 15.1%, with Express margins at 18.1% (upper end of 16-18% target range) and PTL margins expanding to 11% en route to 16-18% target. Nine-month service EBITDA crossed the ₹1,000 crore milestone for the first time.

Ecom Express integration is tracking 50% below cost guidance at ₹150-160 crore versus ₹300 crore originally estimated. Management emphasized sustainable competitive advantages through superior cost structure and dismissed captive logistics models as structurally unprofitable. The company has achieved free cash flow breakeven threshold, operating at 8.4% margins versus 6% requirement, with working capital improved to 15 days. Management targets 25-30% ROIC on tangible assets with continued market share gains.