Delhivery Limited has granted 35,97,432 stock options to eligible employees under its ESOP-2021 scheme, effective June 01, 2026. The grant is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. Each stock option is convertible into one fully paid-up equity share with a face value of Re. 1/- each, covering a total of 35,97,432 equity shares.

The exercise price for the options is fixed at Re. 1/- per share. The vesting of these options is structured into two distinct tranches. Out of the total options granted, 1,04,190 options will vest over a period of four years from the date of grant, while the remaining 34,93,242 options will vest over a period of three years.

The specific vesting milestones for the first tranche of 1,04,190 options include 10% vesting upon completion of 12 months, 30% upon completion of 24 months, and the remaining options vesting at a rate of 15% every six months thereafter. For the larger tranche of 34,93,242 options, 20% will vest after 12 months, 30% after 24 months, and the final 50% upon completion of 36 months from the date of grant.

The terms of the grant include provisions for handling options in cases of death, permanent incapacity, resignation, or retirement. Adjustments to the number of options will be made in the event of corporate actions such as rights issues, bonus issues, share splits, or mergers. Equity shares allotted upon exercise of these options will not be subject to any lock-in period and will rank pari passu with existing shares from the date of allotment.

Key Details of the Grant

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.