Delhivery Limited — Investor Meet, 22-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Q4 revenues rose 6% YoY to Rs. 2,192 Cr but slipped 8% QoQ; EBITDA climbed 320 bps YoY to Rs. 119 Cr (5.4% margin), with PAT turning positive at Rs. 73 Cr (3.1%). FY25 saw 10% revenue growth to Rs. 8,932 Cr, EBITDA up Rs. 250 Cr at Rs. 376 Cr (4.2% margin), and PAT at Rs. 162 Cr. Express Parcel leads with 60% revenues; PTL grew 25% YoY, reaching 21% of revenues and 10.8% EBITDA margin. Integration of Ecom Express targets 30% volume retention with Rs. 300 Cr integration cost; consolidation expected to ease pricing pressure. Capex intensity fell to 5.2%, trending lower with automation. Rapid commerce and local delivery services are early stage but scaling. Customer base expanded to 44,000, driven by SME growth and new services. Management expects margin expansion and profit growth through operating leverage and consolidation.