Delhivery Limited – Investor Presentation Summary
Key Operational Highlights
- Express parcel shipments: 322 Mn (YoY: 55.2% / QoQ: 5.2%)
- PTL freight tonnage: 542K MT (YoY: 18.4% / QoQ: (1.4%))
- Number of active customers: 54,096 (Q1FY26: 43,022; Q4FY26: 52,226)
- Infrastructure: 23.3 million sqft (Q1FY26: 20.4; Q4FY26: 22.9)
- Gateways: 136 (Q1FY26: 119; Q4FY26: 129)
- Automated sort centres: 48 (Q1FY26: 45; Q4FY26: 47)
- Sorters count: 73 (Q1FY26: 64; Q4FY26: 73)
- Freight service centres: 141 (Q1FY26: 125; Q4FY26: 140)
- Processing centres: 157 (Q1FY26: 161; Q4FY26: 158)
- Express delivery centres: 4,266 (Q1FY26: 3,607; Q4FY26: 4,088)
- Partner centres: 694 (Q1FY26: 853; Q4FY26: 760)
- Team size: 75,074 (Q1FY26: 65,849; Q4FY26: 73,477)
- Partner agents: 82,768 (Q1FY26: 52,225; Q4FY26: 71,362)
- Fleet size – daily average: 20,663 (Q1FY26: 17,509; Q4FY26: 20,160)
- Pin-codes served: 18,810 unique pin-codes out of 19,500 India Post pin-codes
- Countries and territories served: 220+
Segment-wise Performance
Transport (Express + PTL)
- Revenue: ₹2,502 Cr (Q1FY26: ₹1,912 Cr; Q4FY26: ₹2,453 Cr)
- Adjusted EBITDA: ₹128 Cr (Q1FY26: ₹102 Cr; Q4FY26: ₹194 Cr)
- % margin: 5.1% (Q1FY26: 5.3%; Q4FY26: 7.9%)
Supply Chain Services
- Revenue: ₹199 Cr (Q1FY26: ₹205 Cr; Q4FY26: ₹185 Cr)
- Adjusted EBITDA: (₹8) Cr (Q1FY26: (₹3) Cr; Q4FY26: (₹1) Cr)
- % margin: (4.1%) (Q1FY26: (1.4%); Q4FY26: (0.7%))
Others (Full truckload and Cross border)
- Revenue: ₹197 Cr (Q1FY26: ₹174 Cr; Q4FY26: ₹191 Cr)
- Adjusted EBITDA: (₹12) Cr (Q1FY26: (₹10) Cr; Q4FY26: (₹15) Cr)
New Initiatives (Delhivery Local, Rapid and Financial services)
- Revenue: ₹32 Cr (Q1FY26: ₹4 Cr; Q4FY26: ₹20 Cr)
- Adjusted EBITDA: (₹32) Cr (Q1FY26: (₹14) Cr; Q4FY26: (₹26) Cr)
Financial Highlights
Revenue from services: ₹2,931 Cr (YoY: 27.8% / QoQ: 2.9%)
Other income: ₹114 Cr
Total income: ₹3,045 Cr (YoY: 25.6% / QoQ: 5.1%)
EBITDA: ₹156 Cr
EBITDA margin: 5.3% (Q1FY26: ₹149 Cr / 6.5%; Q4FY26: ₹231 Cr / 8.1%)
PAT: ₹62 Cr
PAT margin: 2.0% (Q1FY26: ₹91 Cr / 3.8%; Q4FY26: ₹87 Cr / 3.0%)
Expense Breakdown
- Total freight, handling and servicing costs: ₹2,152 Cr
- Employee benefit expense: ₹429 Cr (excluding share based payments: ₹403 Cr; share based payments: ₹26 Cr)
- Other expenses: ₹207 Cr
- Finance costs: ₹34 Cr
- Depreciation and amortisation expense: ₹189 Cr
Adjusted EBITDA Reconciliation
- Reported EBITDA: ₹142 Cr
- Add: Share based payment expenses: ₹26 Cr
- Less: Actual lease rent paid: ₹110 Cr
- Add: Ecom Express Integration Costs: ₹17 Cr
- Adjusted EBITDA: ₹76 Cr
Balance Sheet Snapshot
Not Specified
Capex & Cash Flow Health
Not Specified
Strategic & R&D Initiatives
Employee Stock Options
- ESOPs granted: 61,07,155 (0.8% fully diluted)
- Vested (unexercised): 1,58,33,027 (2.0% fully diluted)
- Time-based ESOPs: 1,71,67,822 (2.1% fully diluted)
- Performance-based ESOPs: 1,59,00,000 (2.0% fully diluted)
- ESOP cost recognition: FY27: ₹139 Cr, FY28: ₹94 Cr, FY30: ₹7 Cr, Total: ₹283 Cr
- Performance-based ESOPs unlock upon achieving share prices of ₹800, ₹1,000 and ₹1,200
Industry Trends & Business Environment
Not Specified
Management Commentary & Growth Outlook
Not Specified
Key Risks
- Forward-looking statements involve risks including changes in industry structure, political and economic environment in India and overseas, tax laws, labour laws, import duties, litigation and labour relations
- One-time impact of provisions on account of contractual matters in Supply Chain Services
- Integration costs related to Ecom Express acquisition: ₹17 Cr for Q1FY27, ₹148 Cr for FY26
#CompanyTag: #Delhivery
#EventTags: #FinancialResults #EarningsUpdate #InvestorPresentation #Logistics
#SentimentTag: #Neutral