Delhivery Reports Record Q3FY26 Performance with 18% Revenue Growth to ₹2,798 Cr
Delhivery Limited reported exceptional Q3FY26 results with revenue from services growing 18% YoY to ₹2,798 crore and achieving record volumes of 295 million Express shipments and 507K MT PTL freight. The company delivered its highest-ever adjusted EBITDA of ₹147 crore with significant margin improvements across Express (18.1%) and PTL (11.0%) services, while successfully completing Ecom Express integration and expanding new service offerings.
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Delhivery Limited has delivered exceptional Q3FY26 results, showcasing strong operational execution during the festive peak season with record-breaking volumes and improved profitability across all business segments.
Financial Performance Highlights
The company reported robust financial metrics for Q3FY26, with revenue from services reaching ₹2,798 crore, representing an 18% year-over-year growth. The logistics major achieved its highest-ever adjusted EBITDA of ₹147 crore with a margin of 5.3%, while reported EBITDA stood at ₹234 crore with an 8.4% margin. Profit after tax reached ₹110 crore, demonstrating significant improvement from previous quarters.
| Financial Metric: | Q3FY26 | Growth (YoY) | Margin |
|---|---|---|---|
| Revenue from Services: | ₹2,798 Cr | +18% | - |
| Adjusted EBITDA: | ₹147 Cr | - | 5.3% |
| Reported EBITDA: | ₹234 Cr | - | 8.4% |
| PAT: | ₹110 Cr | - | 3.8% |
| Consolidated PAT: | ₹40 Cr | - | - |
Operational Excellence and Record Volumes
Delhivery processed a record 295 million Express shipments in Q3FY26, marking a 43% year-over-year increase and 20% quarter-over-quarter growth. The company also handled 507,000 metric tons of PTL freight, representing 23% YoY growth and 6% QoQ improvement. This operational scale was achieved while maintaining industry-leading service quality through advanced capacity management systems and data intelligence capabilities.
| Business Segment: | Q3FY26 Volume | YoY Growth | QoQ Growth |
|---|---|---|---|
| Express Shipments: | 295 Million | +43% | +20% |
| PTL Freight: | 507K MT | +23% | +6% |
Margin Expansion Across Services
The company achieved significant margin improvements across its transportation services. Express Service EBITDA margin expanded to 18.1% compared to 15.6% in Q3FY25 and 15.3% in Q2FY26. PTL Service EBITDA margin improved dramatically to 11.0% from 3.8% in Q3FY25 and 8.5% in Q2FY26. Overall transportation service EBITDA margin reached 16.4%, up from 12.8% in Q3FY25 and 13.5% in Q2FY26.
Business Development and New Initiatives
Delhivery's Supply Chain Services division secured a multi-year, pan-India contract with one of India's largest engineering companies and began operations for a flagship luxury home and lifestyle brand. The company expanded its on-demand logistics service to Mumbai and Hyderabad, launched Delhivery International economy air-parcel service, and completed successful autonomous drone delivery tests in Uttar Pradesh. The data team released Freight Index One, providing transparent FTL pricing information to the market.
Integration Progress and Future Outlook
The Ecom Express integration is largely complete, with total integration costs expected to be materially lower than the initially estimated ₹300 crore. The company incurred ₹35 crore in Q3FY26 integration costs and expects an additional ₹20-30 crore in Q4FY26. Management expressed confidence in maintaining strong operational performance and continued market share gains driven by service excellence and technological capabilities.
Historical Stock Returns for Delhivery
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.20% | +3.59% | +11.88% | -8.55% | +58.70% | -19.25% |
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