Delhivery reported a significant improvement in profitability for the fiscal year ended March 31, 2026, with EBITDA rising 103% to ₹764 crore. The logistics company’s revenue from services grew 17.4% to ₹10,486 crore, driving an expansion in EBITDA margins to 7.3% from 4.2% in the previous year.

The company’s profit after tax (pre-exceptional items) more than doubled to ₹347 crore, compared to ₹167 crore in FY25. This performance was supported by strong volume growth in its core express parcel business, which saw shipments increase 40.2% to 1,054 million units. Part Load Trucking (PTL) also contributed to the upside, with revenue growing 19.3% to ₹2,254 crore and service EBITDA reaching ₹248 crore.

Financial Performance Overview

The following table summarizes key financial metrics for FY26 against the previous two fiscal years:

Operational Highlights and Capital Efficiency

Delhivery expanded its infrastructure footprint, increasing automated sort centres to 47 and gateways to 129. The company also strengthened its position in the third-party logistics sector through the acquisition of Ecom Express during FY26. Despite this expansion, capital intensity decreased, with free cash flow turning positive at ₹89 crore after being negative in the prior two years.

Working capital efficiency improved markedly, with receivable days dropping to 44 days in March 2026 from 57 days in March 2025. This reduction, alongside stable payable days at 33, indicates stronger collection cycles and better liquidity management. The company maintained a robust cash balance of ₹4,555 crore as of March 2026.

What the Numbers Show

A critical divergence exists between top-line growth and bottom-line acceleration. While revenue grew 17.4%, EBITDA surged 103%. This disproportionate jump suggests that operating leverage is kicking in significantly; fixed costs are being spread over a larger volume base, particularly as express parcel volumes rose 40.2%. Furthermore, the shift from negative free cash flow in FY25 (-₹252 crore) to positive FCF in FY26 (₹89 crore) signals that the heavy infrastructure investment cycle is maturing into cash generation, even as the company pursues inorganic growth via acquisitions.

Governance and AGM Proceedings

The 15th Annual General Meeting was held on September 22, 2026, via video conferencing. Shareholders approved the re-appointment of Sahil Barua as Managing Director and CEO, along with Kapil Bharati as Whole-time Director and CTO. Resolutions regarding remuneration and stock options for these executives were also passed. The meeting concluded with the appointment of VAPN & Associates as scrutinizers for the e-voting process.

Delhivery will participate in the Elara Ashwamedha Conference in Mumbai on September 2, 2026. The company confirmed the schedule via a regulatory filing on August 27, 2026.

Meeting details

The investor engagement is scheduled as a physical event for the Investor Group. Management will discuss the general business outlook and information already available in the public domain. No unpublished price-sensitive information will be disclosed during the session.

Such meetings serve as a platform for the company's management to engage directly with the investment community, providing an avenue for stakeholders to seek clarity on business developments and performance.