Delhivery Limited reported a strong FY26 performance with revenue growing 17.4% to Rs 10,486 crore and EBITDA jumping 103% to Rs 764 crore. At the company's 15th AGM, management highlighted the successful integration of Ecom Express and significant growth in parcel volumes. The logistics firm is now shifting focus toward operational efficiency and network automation for FY27.
Delhivery Reports Strong FY26 Financials With 103% EBITDA Growth
Revenue at Rs 10,486 Cr; PAT at Rs 347 Cr.
Reader Takeaway: Strong operational leverage and volume growth drive profitability, though capital intensity management remains the key watch point for FY27.
What just happened
Delhivery Limited concluded its 15th Annual General Meeting on September 22, 2026, officially adopting its FY26 financial statements. The company reported a significant financial turnaround, with total income rising to Rs 10,867 crore and profit after tax (pre-exceptional) reaching Rs 347 crore. Shareholders approved the re-appointment and remuneration for directors Sahil Barua and Kapil Bharati.
Why this matters
The company successfully scaled its operations, crossing 1 billion shipments in the express parcel segment, a 40% year-on-year increase. The successful integration of Ecom Express has solidified its 3PL market position. Operating leverage is clearly visible, with EBITDA margins expanding to 7.3% in FY26 from 4.2% in FY25.
Strategic Developments
Delhivery has diversified its service portfolio with the launch of 'Delhivery Direct' for intra-city deliveries and 'Delhivery International' for SMEs. Infrastructure expansion continued with the addition of automated sort centers and gateway expansion. The company is now operating in 6 cities with its on-demand intra-city service.
Risks to watch
Investors should closely track the company's capital allocation strategy. While inorganic growth and new services offer scaling potential, management's ability to maintain discipline in capital expenditure and working capital as they integrate new assets will define future margin sustainability.
What to track next
For FY27, management has outlined four pillars: scaling core express and PTL businesses, driving further profitability through pricing discipline, broadening the Total Addressable Market (TAM) through new initiatives, and enhancing network intelligence via AI, automation, and fleet upgrades including electric and LNG vehicles.