Delhivery concluded FY26 on a robust note, achieving Rs. 10,486 crore in revenue and reaching a milestone of being free cashflow positive. The logistics leader delivered over 1 billion e-commerce parcels during the year, while its transport segment saw significant margin expansion. With a focus on technology, robotics, and industrial automation, the company is scaling new business initiatives and remains confident in its long-term growth trajectory amidst a dynamic global environment.
Financial Highlights and Operational Milestones
For the quarter ended March 31, 2026 (Q4FY26), Delhivery reported a 30% year-on-year revenue growth from services, reaching Rs. 2,848 crore. The company achieved an Adjusted EBITDA of Rs. 151 crore (5.3% margin) for the quarter. A key highlight of the year was reaching the free cashflow positive milestone earlier than forecast, supported by disciplined cost management and increased operating scale.
Overall for FY26, service revenue stood at Rs. 10,486 crore, marking a 17% year-on-year increase. The company’s focus on structural efficiency is evident in its transport business, where Express Service EBITDA margins improved to 18.8% and PTL Service EBITDA margins rose to 13.4%.
Strategic Focus and Segment Growth
Delhivery continues to lead the industry in PTL (Part Truck Load) growth, delivering a record 549K metric tons of freight in Q4FY26. The supply chain services (SCS) segment is also showing promising potential, with a robust pipeline of over Rs. 1,800 crore across various sectors, including consumer durables and engineering goods.
Investments in new ventures like Delhivery Local and Delhivery International are progressing well. The company invested Rs. 76 crore in these initiatives during FY26 and plans an additional outlay of Rs. 130-160 crore for FY27 to further capture market share.
Technological Innovation
Technology remains a cornerstone of Delhivery’s strategy. The company has integrated large language models and multimodal AI across its operations. By deploying proprietary pipelines like SOP2Code and Spec2Code, the company has dramatically compressed software development cycles, allowing for rapid deployment of new logistics features. The primary thrust remains the embedding of AI into all product development processes to drive operational efficiency and support the transition toward autonomous physical AI systems.
Future Outlook
Despite macroeconomic uncertainties, Delhivery maintains a confident outlook for the medium term. The company is targeting a 15-20% annual growth trajectory for e-commerce volumes. Furthermore, with significant capital expenditure reduction and improved net working capital cycles, the company expects its strong free cash-flow position to sustain, enabling continued investment in infrastructure and next-generation logistics technology.
Source: BSE
