Delhivery Limited shareholders approved the re-appointment of Sahil Barua as Managing Director and Chief Executive Officer during the 15th Annual General Meeting held on September 22, 2026. The resolution passed with 99.97% votes in favour, securing continued leadership stability for the logistics major.

The meeting, conducted via video conferencing, also ratified the adoption of financial statements for FY26. All nine resolutions proposed by the board received the requisite majority, ensuring smooth governance continuity for the company’s executive team.

Key resolutions passed

The AGM addressed critical personnel decisions, including the re-appointment of Kapil Bharati as Whole-time Director (Executive Director and Chief Technology Officer) and Suraj Saharan’s stock option grants. These approvals align with the company’s strategic focus on technology-led logistics expansion.

Voting pattern analysis

While routine resolutions such as financial statement adoption and director re-appointments saw near-unanimous support, special resolutions regarding stock option grants faced higher dissent. The grant of stock options to Sahil Barua received 91.88% in favour, with 8.12% voting against. Similarly, grants to Kapil Bharati and Suraj Saharan recorded dissent rates of 8.03% and 8.86%, respectively.

This divergence suggests that while institutional investors broadly support operational leadership continuity, there is measurable scrutiny on equity-based compensation structures. The dissent percentage on stock options is significantly higher than the negligible opposition seen in remuneration approvals, which hovered around 0.10%.

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.