Delhivery concluded the 2026 financial year with a record revenue exceeding ₹10,400 crore, successfully achieving free cash flow positivity one year ahead of schedule. The company delivered over one billion shipments during the year and expanded its service EBITDA margin to 7.3%. With a strong balance sheet holding over ₹4,500 crore in cash, Delhivery remains focused on scaling its core transport and supply chain businesses through advanced technology and automation.
Financial Milestones for FY26
Delhivery reported a milestone year for fiscal 2026, crossing the ₹10,400 crore revenue threshold. The company’s profitable growth was marked by an adjusted EBITDA of ₹764 crore, representing a 7.3% margin. Notably, the company turned free cash flow positive at ₹89 crore, achieving this significant objective one year earlier than projected. Profit after tax (PAT) reached ₹347 crore, reflecting a margin of 3.2%.
Transportation and Supply Chain Performance
The core transportation business was a major driver, yielding a 16% return on invested capital (ROIC). Express parcel services saw a 46% year-over-year revenue growth, with total volumes reaching 306 million for the fourth quarter. The Part Truck Load (PTL) business continued its robust performance, recording 20% growth in both revenue and volume. Furthermore, the Supply Chain Services (SCS) segment successfully pivoted to profitability, scaling its service EBITDA to 10.9%.
Strategic Focus on Efficiency and Technology
Delhivery has maintained a strong emphasis on capital efficiency, successfully reducing its CapEx intensity to 4.7% of revenue. The company’s net working capital has seen a drastic reduction, with receivables dropping to 11 days. This efficiency is underpinned by the deep integration of AI and machine learning across operations, including automated claims handling and enhanced billing accuracy. The company is now scaling Automated Guided Vehicles (AGVs) within its mega gateways to address labor constraints and ensure long-term service reliability.
Future Outlook
Management confirmed that the company remains well-capitalized with over ₹4,500 crore in cash and cash equivalents. Looking ahead, Delhivery plans to continue investing in new growth pillars, including Delhivery Direct and cross-border services. While monitoring fuel price volatility, the company remains confident in its structural cost advantages and its ability to maintain leadership in the express and PTL segments through disciplined execution and technological innovation.
Source: BSE
