Date: August 08, 2026

Financial Results (Standalone & Consolidated)

Q1 FY27 Performance Highlights:

  • Revenue from services: Rs.2,931 Crore (+27.8% YoY, +2.9% QoQ)
  • Adjusted EBITDA: Rs.76 Crore (2.6% margin)
  • Reported EBITDA: Rs.156 Crore (5.3% margin)
  • PAT prior to integration costs: Rs.62 Crore (2.0% margin)
  • Cash balance as of quarter end: Rs.4,677 Crore (vs Rs.4,555 Cr last quarter)
  • Capital expenditure: 3.1% of revenue
  • Net working capital position: 9 days

Operational Metrics:

  • Express parcel shipments: 322 million (+55.2% YoY, +5.2% QoQ)
  • PTL freight tonnage: 542K MT (+18.4% YoY, -1.4% QoQ)

Comparative Performance:

  • Q1 FY26 Adjusted EBITDA: Rs.75 Cr (3.3% margin)
  • Q4 FY26 Adjusted EBITDA: Rs.151 Cr (5.3% margin)
  • Q1 FY26 EBITDA: Rs.149 Cr (6.5% margin)
  • Q4 FY26 EBITDA: Rs.231 Cr (8.1% margin)
  • Q1 FY26 PAT: Rs.91 Cr (3.8% margin)
  • Q4 FY26 PAT: Rs.87 Cr (3.0% margin)

Note: All Q1 FY27 figures exclude impact of Ecom integration costs and exceptional items

Business Update & Operational Highlights

Volume Growth Outlook:

  • Express volume growth for FY27 expected in range of 20-30%
  • PTL volume growth target of 18-22% for FY27 with yield improvements

Margin Environment:

  • Service EBITDA remained healthy at 13.1% in Q1FY27 vs 13.0% in Q1FY26
  • Challenging Q1 environment due to labor availability issues, elections, climate disruptions
  • Statutory minimum wage revisions in Haryana, Karnataka, Uttar Pradesh and Punjab increased labor costs
  • Fuel cost pass-through mechanisms activated with 1-month time lag for full reflection

Ecom Express Integration:

  • Total integration costs of Rs.165 Cr since July 2025 completion (lower than original Rs.300 Cr guidance)
  • Integration costs have largely run off, no separate Ecom-related integration costs going forward

New Business Initiatives

Delhivery Local:

  • On-demand intra-city logistics service operational in 6 cities
  • Plans to expand to 10 cities in FY27
  • Q1 FY27 annualized revenue run-rate: Rs.100 Cr+
  • Current annualized revenue run-rate: ~Rs.140 Cr with improved contribution margins
  • Target to end FY27 with Rs.200 Cr+ annualized revenue run rate

Delhivery Financial Services:

  • Wholly owned subsidiary received NBFC license in July 2026
  • Asset-light, capital-efficient model focusing on insurance and lending to fleet owners
  • Planned collaboration with established lending partners

New Business Investment:

  • Q1 FY27 investment: Rs.32 Cr
  • Planned FY27 outlay: Rs.130-160 Cr

Technology & Automation Investments

SmartNDR Service:

  • AI-powered value-added service to reduce return (RTO) rates
  • Delivers up to 10% improvement in delivery success rates
  • 500+ clients subscribed by end of Q1FY27

Automation Systems:

  • First Automated Storage and Retrieval System (ASRS) commissioned at key Fulfilment Centre (6,000-pallet system)
  • Scaling deployment of Autonomous Mobile Robots (AMRs) across transportation operations
  • Operational pilots running with automation partners
  • In-house R&D prototype with field trials begun in Q1

Delhivery Maps:

  • India's first AI-native mapping suite built on commercial logistics telemetry
  • Developed using insights from 2+ billion shipments and 1 billion daily GPS pings
  • Offered as standalone location intelligence platform
  • 200+ businesses in active integration discussions

AI Deployment:

  • AI agents deployed across customer support, claims processing, POD auditing, order manifestation, NDR management, RVP QC pickups

Workforce Welfare Initiatives

Vishram:

  • India's largest nationwide network of 1,000+ rest stops for delivery personnel
  • Available across 600 cities and towns
  • Open ecosystem available to entire logistics industry
  • Amenities include drinking water, washrooms, seating, mobile charging, first-aid facilities

Abhayam:

  • Comprehensive welfare programme for frontline workforce
  • Enhanced financial protection through accident insurance and family health cover
  • Income support during hospitalization, scholarships for children

Capital Expenditure & Financial Position

  • Capex at 3.1% of revenue, within guidance of <4.5% of revenues
  • Robust cash position of Rs.4,677 Cr as of quarter end
  • Expect continued growth and improvements in profitability and cash flow