Delhivery Limited's Board of Directors approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The company reported consolidated revenue from operations of Rs.10,508 Crore for FY26, representing a growth of 17% year-over-year. In a landmark operational milestone, Delhivery delivered over 1 billion e-commerce parcels and approximately 2 million metric tonnes of freight in FY26 alone. The audio recording of the earnings conference call held on May 16, 2026, is available on the company's website.

Financial Performance

Delhivery's consolidated financial results for FY26 and Q4 FY26 reflect strong top-line growth alongside meaningful margin expansion. The following table summarises key consolidated income statement metrics:

The published newspaper extract of the consolidated financial results provides the following key quarterly and annual figures:

For Q4 FY26, consolidated revenue from operations was Rs.2,850 Crore, a 30% YoY growth. Q4 EBITDA stood at Rs.214 Crore, compared to Rs.119 Crore in Q4 FY25. Consolidated PAT for Q4 FY26 was Rs.72 Crore after accounting for Ecom Express-related integration costs. For the full year, FY26 EBITDA stood at Rs.640 Crore, compared to Rs.376 Crore recorded in FY25. FY26 PAT was Rs.153 Crore, with Mar'26 Net Worth at Rs.9,687 Crore.

Key Highlights

Delhivery highlighted the following operational and financial milestones for FY26:

Delhivery describes itself as India's largest integrated logistics company and the market leader in e-commerce logistics. The company is also positioned as the fastest growing PTL (Part Truck Load) company in India.

Balance Sheet & Cash Flow

The company turned free cashflow positive with Rs.89 Crore of FCF in FY26, achieved 3–4 quarters ahead of original forecasts. This was driven by Adjusted EBITDA improvement to 4.4% in FY26, reduction in capex intensity to 4.7% of revenues, and improvement in net working capital cycle to 11 days. Cash and cash equivalents on a consolidated basis stood at Rs.4,555 Crore as at March 31, 2026.

Operational Highlights

The Part Truck Load (PTL) business delivered approximately 2 million metric tonnes of freight in FY26, recording 17% YoY growth. In Q4 FY26, Express parcel volume reached a record 306 million shipments, growing 72% YoY. Segment EBITDA margins showed strong improvement across all Transport businesses, with the Transport business delivering a 16.0% Return on Invested Capital (ROIC) for FY26.

Analyst Views

Following the Q4 FY26 results, leading brokerages have shared their assessments of Delhivery's outlook. The table below summarises the latest analyst ratings and target prices:

Citi maintained its Buy rating with a target price of ₹565, citing strong express parcel volume growth driven by third-party logistics (3PL) consolidation and higher e-commerce outsourcing, robust gains post the Ecom Express acquisition, improving PTL margins, and expectations of stronger free cash flow and EBITDA margins supported by disciplined capex and network utilization improvements.

UBS maintained its Buy rating with a raised target price of ₹630, citing strong Q4 revenue growth of 30% YoY ahead of expectations, robust momentum in express and PTL segments, a profitability beat from margin expansion and efficiency gains, successful Ecom Express integration, and healthy sequential express volume growth despite a seasonally strong Q3.

Goldman Sachs maintained a Neutral rating with a target price of ₹480, acknowledging strong Q4 revenue growth, a sharp rise in express parcel volumes, stable PTL performance, and earlier-than-guided free cash flow positivity. However, the firm noted weaker growth in other segments, lower realizations, and an EBITDA miss due to higher corporate overheads and integration costs.

Macquarie maintained an Outperform rating with a target price of ₹570, citing continued market share gains in third-party (3P) e-commerce logistics and PTL, strong operating leverage, and margin expansion potential. The brokerage forecasts an 18% revenue CAGR and a 41% EBITDA CAGR over FY26-29E.

Delhivery Limited has announced the incorporation of a wholly owned subsidiary (WOS), Delhivery Fintech Distribution Private Limited, in India. The Board of Directors approved this development at its meeting held on Saturday, May 16, 2026, which commenced at 01:00 P.M. (IST) and concluded at 03:55 P.M. (IST). The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Subsidiary Incorporation

The following table summarises the key parameters of the proposed wholly owned subsidiary as disclosed by the company:

Business Purpose and Scope

The new subsidiary is being established as a distribution-focused financial and allied services arm, intended to function as a financial layer supporting Delhivery's logistics network. It is designed to leverage the company's reach and partner ecosystem to enhance liquidity access, mitigate risk, and improve operational efficiency across the value chain.

The proposed entity's business activities will include:

• Insurance Corporate Agent business
• Distribution of payment solutions such as FASTags and Fuel Cards
• Distribution of Telematics devices for truckers
• Other sector-specific products tailored for vendors, truckers, last mile delivery agents, and MSMEs

Disclosure and Compliance

The disclosure was filed in accordance with Regulation 30 read with events specified in Part A of Schedule III of the SEBI Listing Regulations, as well as Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company noted that a slight delay in filing the disclosure occurred due to internet connectivity issues, including frequent disconnections and intermittent network disruptions. The disclosure has also been uploaded on the company's website at www.delhivery.com . The filing was signed by Madhulika Rawat, Company Secretary & Compliance Officer (Membership No.: F8765).