Delhivery has provided comprehensive guidance on its growth trajectory and margin expansion plans, highlighting strong volume projections and significant improvements in its Part Truck Load (PTL) segment profitability.

Volume Growth Projections

The company has outlined robust long-term volume growth expectations despite acknowledging potential quarterly variations. Delhivery projects long-term volume growth around 20%, demonstrating confidence in sustained market demand and operational capabilities.

The company's volume growth strategy encompasses both its express parcel segment, which maintains projections of 15%-20% growth, and broader logistics operations that support the overall 20% long-term target.

PTL Margin Expansion Strategy

Delhivery has outlined significant margin improvement plans for its PTL business segment. The company expects PTL margins to rise beyond the current 11% level, targeting over 16% through strategic operational enhancements.

The margin expansion is expected to be driven by two primary factors: improved network utilization efficiency and strategic price revisions across the PTL segment.

Capital Expenditure Framework

Maintaining its disciplined approach to capital allocation, Delhivery continues to project a gradual decline in CAPEX intensity. The company expects capital expenditure to decrease to a range of 4%-4.4% over the next 7-10 quarters.

Strategic Outlook

The updated projections reflect Delhivery's comprehensive growth strategy, combining volume expansion with margin enhancement. The company's focus on network optimization and pricing discipline in the PTL segment, alongside sustained volume growth expectations, positions it for improved profitability while maintaining competitive market positioning.

Delhivery Limited has announced significant changes to its Board composition with the resignation of two Independent Directors as part of a planned Board transformation strategy. The logistics company informed stock exchanges on January 31, 2026, about the upcoming departures of key Board members.

Director Resignations and Effective Dates

The company disclosed the resignation of two prominent Independent Directors with specific transition timelines:

Strategic Board Rejuvenation Process

Both directors emphasized that their resignations are part of a deliberate, long-term strategic plan to transform the Board structure. Mr. Deepak Kapoor, who joined the Delhivery Board in 2017, highlighted his journey with the company from its startup phase to becoming the country's largest integrated logistics company, including its successful public listing.

In his resignation letter, Kapoor stated that stepping down now would provide the Board with ample time to facilitate a smooth handover to new Board members and his successor as Chairperson before the next fiscal cycle begins. Similarly, Mr. Saugata Gupta described the move as part of a planned Board rejuvenation process for the next five years.

Committee Impact and Transitions

The resignations will significantly impact the company's committee structure:

Mr. Deepak Kapoor's Committee Roles:

• Member of Audit Committee
• Member of Nomination and Remuneration Committee

Mr. Saugata Gupta's Committee Roles:

• Chairman of Nomination & Remuneration Committee
• Chairman of Stakeholders Relationship Committee
• Member of Merger & Acquisition Committee

External Directorships

Both directors maintain significant positions in other listed companies. Mr. Deepak Kapoor serves as Independent Director at Tata Steel Limited and HCL Technologies Limited, holding various committee positions including Chairman roles in Corporate Social Responsibility, Audit, and Risk Management Committees.

Mr. Saugata Gupta serves as Independent Director at Ashok Leyland Limited and Managing Director at Marico Limited, with committee memberships spanning Audit, Nomination Remuneration, Stakeholders Relationship, Risk Management, and Corporate Social Responsibility Committees.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 of the SEBI Listing Regulations, with both directors confirming that there are no material reasons for their resignation other than those mentioned in their respective resignation letters. The disclosure has been hosted on the company's website at www.delhivery.com as per regulatory requirements.