Delhivery Limited · NSE:DELHIVERY
Delhivery — Q4 FY26 Earnings Presentation
25 slides from Delhivery's earnings presentation, May 16, 2026
Slide 1: Exchange filing cover letter for earnings call presentation
Date: May 16, 2026 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers, Limited Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 India Bandra (E), Mumbai – 400 051 India Scrip Code: 543529 Symbol: DELHIVERY Sub: Investor Presentation for the ‘Earn
Slide 2: Earnings Presentation Q4 & FY26
Earnings Presentation Q4 & FY26
Slide 3: Safe harbour and disclaimer
Safe harbour and disclaimer This Presentation is prepared by Delhivery Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any particular person and nothing in it shall be construed as an invitation, offer, solicitation, r
Slide 4: Reinforcing leadership position in Indian logistics
Reinforcing leadership position in Indian logistics Transport: Proven market leadership and SCS at inflection New verticals being Tech & Engineering improving profitability point scaled innovations • Express Parcel: 1B+ • 16.0% ROIC(1) in • ₹79 Cr Service • Cashflow generated • AI based prediction s
Slide 5: Financial highlights
Financial highlights ₹ Cr FY24 FY25 FY26 Q4FY24 Q4FY25 Q4FY26 Revenue from services 8,142 8,932 10,486 2,076 2,192 2,848 EBITDA 127 376 764 46 119 231 EBITDA Margin % 1.6% 4.2% 7.3% 2.2% 5.4% 8.1% EBIT (595) (159) 119 (155) (23) 57 EBIT Margin % (7.3%) (1.8%) 1.1% (7.4%) (1.1%) 2.0% PAT (pre - excep
Slide 6: Transport highlights (Q4FY26)
Transport highlights (Q4FY26) Service quality, structural cost advantages and operating leverage driving performance Transport (Express+ PTL) Express parcel shipments Express parcel revenue revenue (₹ Cr) (Mn) (₹ Cr) YoY: 38.4% YoY: 72.5% YoY: 45.9% 1,832 2,453 306 1,256 1,773 177 Q4FY25 Q4FY26 Q4FY
Slide 7: Transport highlights (FY26)
Transport highlights (FY26) Service quality, structural cost advantages and operating leverage driving performance Transport (Express+ PTL) Express parcel shipments Express parcel revenue revenue (₹ Cr) (Mn) (₹ Cr) YoY: 24.0% YoY: 40.2% YoY: 25.7% 8,939 1,054 6,685 7,207 5,318 752 FY25 FY26 FY25 FY2
Slide 8: Supply Chain Services highlights
Supply Chain Services highlights Differentiated offering vs industry - close integration with owned transportation Q4FY26 FY26 Revenue by client industry Service EBITDA Revenue by client industry Service EBITDA (% share, ₹ Cr) (₹ Cr, %) (% share, ₹ Cr) (₹ Cr, %) 5.4% 11.1% 2.2% 10.9% 907 9% 79 12% 7
Slide 9: Steady profitability improvement
Steady profitability improvement ₹ Cr Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 Transport (Express + PTL) Revenue 1,773 1,912 2,157 2,417 2,453 7,207 8,939 Adjusted EBITDA 79 102 87 177 194 264 561 % margin 4.5% 5.3% 4.1% 7.3% 7.9% 3.7% 6.3% Supply Chain Services Revenue 229 205 170 171 185 907 7
Slide 10: Consistent reduction in capital intensity
Consistent reduction in capital intensity Net Working Capital Days Capex (3) as % of revenue 38 28 22 11 7.8% 7.4% 5.2% 4.7% 77 62 0.5% 57 0.4% 44 3.7% 3.3% 39 0.4% 34 35 33 0.9% 2.1% 1.7% 1.6% 1.7% 0.8% 0.3% 1.8% 2.1% 1.9% 1.9% Mar'23 Mar'24 Mar'25 Mar'26 FY23 FY24 FY25 FY26 (1) (2) Receivable Days
Slide 11: Profitability expansion and enhanced capital efficiency driving ROIC improvement
Profitability expansion and enhanced capital efficiency driving ROIC improvement Strong operating leverage at play, with Transport services delivering 16% ROIC Transport Tangible invested capital excludes : ₹ Cr (Express + PTL) ● ROU assets : Recognized under Ind AS 116 as the present value of futur
Slide 12: Business has turned Free Cashflow positive
Business has turned Free Cashflow positive Consistent profitability expansion & capital efficiency driving FCF, despite significant investments in new businesses ₹ Cr FY24 FY25 FY26 Net cash from / (used in) operating activities A 472 567 911 Cash generated from operations 510 593 935 Cash operating
Slide 13: Integrated tech and AI layer across network
Integrated tech and AI layer across network Philosophy : Embedding AI across development process to compound our technology advantage Order Post Mid mile Last mile manifestation delivery ● Real time invoice data ● Agents to track the entire ● Delhivery Maps provide real - ● Proactive agentic monitor
Slide 14: Cutting-edge network infrastructure & engineering
Cutting - edge network infrastructure & engineering Philosophy: Continously engineer enhanced network speed, precision and cost structure Autonomous Mobile 3D Sort System Delhivery Labs Robots (AMRs) ● Automation of in - facility movement to ● Multi - tier automated sorting ● Dedicated research team
Slide 15: Investing in employee benefits & safety
Investing in employee benefits & safety Philosophy: We do well when our people do well Employee Fleet and rider Under the benefits safety roof safety (1) ● Comprehensive accidental and ● Fully GPS - enabled fleet ensuring ● TAPA certification in 100+ medical insurance coverage real - time visibility
Slide 16: Summary
Summary 01 02 03 04 Reinforced market New service build - Service excellence Solidifying our proprietary leadership in core out for deeper through targeted tech and engineering moat for Transport - Express differentiation network investments cost & service leadership and PTL 05 06 07 Diligent cashfl
Slide 17: Appendix
Appendix
Slide 18: Service line-wise profitability
Service line - wise profitability ₹ Cr Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY24 FY25 FY26 Revenue from services (1) 2,076 2,172 2,190 2,378 2,191 2,290 2,536 2,785 2,828 8,142 8,931 10,439 Total Service EBITDA 238 258 203 256 271 298 334 421 448 941 988 1,501 % margin 11.5
Slide 19: Key operational metrics
Key operational metrics At the end of / for the period Q4FY25 Q3FY26 Q4FY26 Pin - code (1) 18,833 18,838 18,830 Countries and territories served (2) 220+ 220+ 220+ No. of active customers (3) 44,290 51,547 52,226 Infrastructure (in million sqft) 20.1 21.9 22.9 Gateways 111 123 129 Automated sort cen
Slide 20: Quarterly Income Statement
Quarterly Income Statement Q3FY26 Q4FY26 ₹ Cr Q4FY25 Q3FY26 Q4FY26 (mgmt. (mgmt. QoQ% (2) YoY% (2) estimates) (1) estimates) (1) Income Revenue from services 2,192 2,805 2,850 2,798 2,848 1.8% 30.0% Other income 112 77 59 74 48 (34.2%) (56.7%) Total income 2,303 2,882 2,909 2,871 2,897 0.9% 25.8% Ex
Slide 21: Annual Income Statement
Annual Income Statement FY26 ₹ Cr FY24 FY25 FY26 (mgmt. YoY% (2) (1) estimates) Income Revenue from services 8,142 8,932 10,508 10,486 17.4% Other income 453 440 359 344 (21.8%) Total income 8,594 9,372 10,867 10,830 15.6% Expense Total freight, handling and servicing cost 5,971 6,535 7,466 7,423 13
Slide 22: Adjusted EBITDA bridge
Adjusted EBITDA bridge ₹ Cr Q4FY25 Q3FY26 Q4FY26 FY24 FY25 FY26 Remarks Total revenue from services 2,192 2,805 2,850 8,142 8,932 10,508 Less: Freight, handling and 1,566 1,980 2,006 5,971 6,535 7,466 servicing costs Less: Employee benefit expenses 338 410 417 1,437 1,376 1,605 Less: Other expenses
Slide 23: Balance sheet
Balance sheet Assets (₹ Cr) Mar ’24 Mar ’25 Mar ’26 Equity and Liabilities (₹ Cr) Mar ’24 Mar ‘25 Mar ’26 Property, plant & equipment (incl. CWIP) (A) 961 1,218 1,597 Total equity 9,145 9,432 9,687 Right of use assets 988 1,299 1,318 Lease liabilities 1,044 1,382 1,460 Intangible assets (inc. goodwi
Slide 24: Employee stock options
Employee stock options ESOP split (as of March 31, 2026) Estimated P&L charge (non - cash) for ESOPs already granted (3) % of shares Total outstanding on a ₹ Cr fully diluted basis ESOPs granted, of which FY27 75 Vested (unexercised) 44,50,967 0.6% FY28 35 Unvested 1,39,42,598 1.7% FY29 10 ESOPs ung
Slide 25: Thank You
Thank You For any queries, please write to us at ir@delhivery.com