Delhivery Ltd.Record Revenue & Early FCF Positive

Delhivery Ltd. delivered a landmark FY26 performance, crossing ₹10,486 crore in revenue and delivering over one billion parcels annually, a milestone that took a decade to reach initially.

The company turned free cash flow positive at ₹89 crore, one year ahead of its guidance, while achieving EBITDA of ₹764 crore at 7.3% margin and PAT of ₹347 crore. Express parcel volumes surged 40% year-on-year, while the part-truckload business reached a record two million metric tons. Q4 FY26 saw particularly strong momentum with express volumes up 72-73% and revenue growing 46% year-on-year. Working capital improved dramatically to 11 days from 38 days three years prior, reflecting disciplined collections and AI-enabled billing systems.

Management outlined ambitious steady-state targets, projecting transport EBITDA margins expanding to 10% from the current 6.3% and ROIC reaching 25% from 16%. Supply Chain Services turned around decisively with service EBITDA quadrupling to ₹79 crore. The company plans investments of ₹130-160 crore in new verticals for FY27, funded entirely from core transport cash flows while maintaining capital intensity targets of 4%.