Delhivery Limited — Investor Meet, 05-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Delhivery reported a strong Q3FY26, with revenue up 18% YoY to ₹2,798 Cr. Express parcel volumes surged 43% YoY, while PTL grew 23%. Service EBITDA hit ₹421 Cr (15.1% margin), pushing 9M FY26 Service EBITDA over ₹1,000 Cr. Adjusted EBITDA was ₹147 Cr (8.4%), and PAT ₹110 Cr.

Management highlighted record volumes and significant profitability improvements, attributing success to strong service, technology, and cost discipline. Express margins reached 18.1%, with PTL at 11%. Ecom Express integration costs were significantly lower than expected. New businesses like Delhivery International are profitable from launch, while Rapid Commerce is now gross margin positive. The company is confident in its sustainable, asset-light model and ability to gain market share, targeting 25-30% ROIC on tangible assets.