Delhivery Ltd.
DELHIVERYServices filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
18 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (3 of 18 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220603 | 2022-03-31 | yes | |
| TRANSCRIPT | 20220816 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221121 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230216 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230526 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230811 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231110 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240208 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240524 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240808 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241122 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250213 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250522 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250807 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251111 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260205 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260522 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260813 | 2026-06-30 | yes |
DELHIVERY
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 426.30 |
| 52-week range | 378.5 – 520.3 |
| Return 1M | -4.83% |
| Return 3M | -8.28% |
| Return 1Y | -6.51% |
| Return 3Y | 1.23% |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 2,931.00 |
| Other income | 114.00 |
| Total income | 3,045.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 429.00 |
| Finance costs | 34.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | not disclosed | — |
| institutions foreign | 0.42 | -0.06 |
| institutions domestic | 0.43 | 0.07 |
| mutual funds | 0.39 | 0.06 |
| public | 1.00 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 18 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,796.00 | 1,824.00 | 1,860.00 | 1,930.00 | 1,942.00 | 2,194.00 | 2,076.00 | 2,172.00 | 2,190.00 | 2,378.00 | 2,192.00 | 2,294.00 | 2,559.00 | 2,805.00 | 2,850.00 | 2,931.00 |
| Other income | 87.00 | 94.00 | 75.00 | 101.00 | 101.00 | 131.00 | 119.00 | 110.00 | 120.00 | 99.00 | 112.00 | 130.00 | 92.00 | 77.00 | 59.00 | 114.00 |
| Total income | 1,883.00 | 1,918.00 | 1,934.00 | 2,031.00 | 2,043.00 | 2,325.00 | 2,195.00 | 2,282.00 | 2,309.00 | 2,477.00 | 2,303.00 | 2,424.00 | 2,652.00 | 2,882.00 | 2,909.00 | 3,045.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 353.00 | 340.00 | 357.00 | 353.00 | 367.00 | 360.00 | 357.00 | 333.00 | 349.00 | 356.00 | 338.00 | 353.00 | 426.00 | 410.00 | 417.00 | 429.00 |
| Finance costs | 24.00 | 21.00 | 19.00 | 20.00 | 20.00 | 22.00 | 27.00 | 28.00 | 31.00 | 33.00 | 34.00 | 34.00 | 39.00 | 37.00 | 34.00 | 34.00 |
| Depreciation and amortisation | 200.00 | 207.00 | 242.00 | 167.00 | 171.00 | 183.00 | 200.00 | 119.00 | 131.00 | 142.00 | 142.00 | 147.00 | 178.00 | 187.00 | 183.00 | 189.00 |
| Other expenses | 1,581.00 | 1,556.00 | 1,489.00 | 1,590.00 | 1,591.00 | 1,725.00 | 1,672.00 | 1,742.00 | 1,783.00 | 1,920.00 | 1,735.00 | 1,793.00 | 2,066.00 | 2,187.00 | 2,219.00 | 2,360.00 |
| Total expenses | 2,158.00 | 2,126.00 | 2,108.00 | 2,130.00 | 2,148.00 | 2,290.00 | 2,257.00 | 2,223.00 | 2,294.00 | 2,451.00 | 2,249.00 | 2,327.00 | 2,708.00 | 2,820.00 | 2,853.00 | 3,012.00 |
| Profit before exceptional items and tax | -274.00 | -208.00 | -173.00 | -99.00 | -105.00 | 35.00 | -62.00 | 59.00 | 15.00 | 26.00 | 55.00 | 97.00 | -57.00 | 62.00 | 56.00 | 33.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -8.00 | -15.00 | -5.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -27.00 | 2.00 | 0.00 |
| Profit before tax | -274.00 | -208.00 | -173.00 | -99.00 | -105.00 | 28.00 | -77.00 | 54.00 | 15.00 | 26.00 | 55.00 | 97.00 | -57.00 | 35.00 | 58.00 | 33.00 |
| Current tax | 0.00 | 0.00 | 9.00 | 0.00 | 0.00 | 0.00 | -0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Deferred tax | -12.00 | -14.00 | -23.00 | -3.00 | -2.00 | 12.00 | -2.00 | -1.00 | -2.00 | -1.00 | -1.00 | -1.00 | -3.00 | -3.00 | -5.00 | -2.00 |
| Tax expense | -12.00 | -13.00 | -14.00 | -3.00 | -2.00 | 12.00 | -2.00 | -1.00 | -2.00 | -1.00 | -1.00 | -1.00 | -3.00 | -3.00 | -5.00 | -2.00 |
| Profit for the period | -254.00 | -196.00 | -159.00 | -89.00 | -103.00 | 12.00 | -68.00 | 54.00 | 10.00 | 25.00 | 73.00 | 91.00 | -50.00 | 40.00 | 72.00 | 32.00 |
| Profit attributable to owners | -254.00 | -196.00 | -159.00 | 0.00 | -103.00 | 12.00 | 0.00 | — | 0.00 | 0.00 | 73.00 | — | -50.00 | 40.00 | 72.00 | 32.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | — | -0.00 | -0.00 | 0.00 | 0.00 |
| Other comprehensive income | 1.00 | 2.00 | 1.00 | -0.00 | 1.00 | 2.00 | 1.00 | -1.00 | 1.00 | 4.00 | 1.00 | 0.00 | 6.00 | 1.00 | 11.00 | 0.00 |
| Total comprehensive income | -253.00 | -194.00 | -158.00 | -90.00 | -102.00 | 13.00 | -67.00 | 54.00 | 11.00 | 29.00 | 73.00 | 91.00 | -44.00 | 41.00 | 83.00 | 32.00 |
| Earnings per share, basic | -3.43 | -2.65 | -2.14 | -1.23 | -1.41 | 0.16 | -0.93 | 0.74 | 0.14 | 0.34 | 0.97 | 1.22 | -0.68 | 0.53 | 0.97 | 0.43 |
| Earnings per share, diluted | -3.43 | -2.65 | -2.14 | -1.23 | -1.41 | 0.15 | -0.93 | 0.72 | 0.13 | 0.33 | 0.96 | 1.20 | -0.68 | 0.52 | 0.95 | 0.42 |
Annual results, as filed
| Line | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|
| Revenue from operations | 6,882.00 | 7,225.00 | 8,142.00 | 8,932.00 | 10,508.00 |
| Other income | 156.00 | 305.00 | 453.00 | 440.00 | 359.00 |
| Total income | 7,038.00 | 7,530.00 | 8,594.00 | 9,372.00 | 10,867.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 2.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 1,313.00 | 1,400.00 | 1,437.00 | 1,376.00 | 1,605.00 |
| Finance costs | 100.00 | 89.00 | 89.00 | 126.00 | 144.00 |
| Depreciation and amortisation | 611.00 | 831.00 | 722.00 | 535.00 | 695.00 |
| Other expenses | 6,041.00 | 6,275.00 | 6,578.00 | 7,180.00 | 8,264.00 |
| Total expenses | 8,065.00 | 8,597.00 | 8,825.00 | 9,217.00 | 10,708.00 |
| Profit before exceptional items and tax | -1,026.00 | -1,067.00 | -231.00 | 155.00 | 159.00 |
| Exceptional items | 0.00 | 0.00 | -22.00 | -5.00 | -26.00 |
| Profit before tax | -1,026.00 | -1,067.00 | -253.00 | 150.00 | 133.00 |
| Current tax | 10.00 | 11.00 | -0.00 | 1.00 | 0.00 |
| Deferred tax | -28.00 | -56.00 | 5.00 | -6.00 | -12.00 |
| Tax expense | -18.00 | -45.00 | 5.00 | -5.00 | -12.00 |
| Profit for the period | -1,011.00 | -1,008.00 | -249.00 | 162.00 | 153.00 |
| Profit attributable to owners | -1,011.00 | -1,008.00 | 0.00 | 162.00 | 153.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | -0.00 |
| Other comprehensive income | 1.00 | 1.00 | 4.00 | 5.00 | 18.00 |
| Total comprehensive income | -1,010.00 | -1,007.00 | -245.00 | 167.00 | 171.00 |
| Earnings per share, basic | -16.98 | -14.09 | -3.40 | 2.19 | 2.04 |
| Earnings per share, diluted | -16.98 | -14.09 | -3.40 | 2.14 | 2.00 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 11,647.00 | 11,189.00 | 11,195.00 | 11,453.00 | 11,875.00 | 12,063.00 | 12,699.00 | 12,777.00 |
| Non-current assets | 4,293.00 | 4,250.00 | 4,934.00 | 5,503.00 | 5,981.00 | 6,111.00 | 7,735.00 | 7,800.00 |
| Current assets | 7,354.00 | 6,939.00 | 6,193.00 | 5,950.00 | 5,894.00 | 5,952.00 | 4,964.00 | 4,977.00 |
| Property, plant and equipment | 771.00 | 795.00 | 820.00 | 932.00 | 1,111.00 | 2,484.00 | 3,019.00 | 2,914.00 |
| Capital work-in-progress | 111.00 | 22.00 | 152.00 | 29.00 | 19.00 | 33.00 | 25.00 | 1.00 |
| Goodwill | 1,367.00 | 1,362.00 | 1,352.00 | 1,344.00 | 1,344.00 | 1,344.00 | 2,313.00 | 2,386.00 |
| Other intangible assets | 270.00 | 171.00 | 132.00 | 1,077.00 | 1,287.00 | 59.00 | 159.00 | 132.00 |
| Inventories | 28.00 | 19.00 | 20.00 | 16.00 | 23.00 | 16.00 | 30.00 | 24.00 |
| Trade receivables | 891.00 | 944.00 | 1,327.00 | 1,430.00 | 1,400.00 | 1,412.00 | 1,496.00 | 1,371.00 |
| Cash and cash equivalents | 463.00 | 295.00 | 381.00 | 303.00 | 254.00 | 336.00 | 355.00 | 242.00 |
| Total equity and liabilities | 11,647.00 | 11,189.00 | 11,195.00 | 11,453.00 | 11,875.00 | 12,063.00 | 12,699.00 | 12,777.00 |
| Equity | 9,386.00 | 9,177.00 | 9,111.00 | 9,145.00 | 9,266.00 | 9,432.00 | 9,529.00 | 9,687.00 |
| Equity share capital | 73.00 | 73.00 | 73.00 | 74.00 | 74.00 | 75.00 | 75.00 | 75.00 |
| Other equity | 9,314.00 | 9,104.00 | 9,038.00 | 9,071.00 | 9,192.00 | 9,358.00 | 9,454.00 | 9,612.00 |
| Total liabilities | 2,261.00 | 2,012.00 | 2,084.00 | 2,308.00 | 2,609.00 | 2,631.00 | 3,170.00 | 3,090.00 |
| Non-current liabilities | 852.00 | 731.00 | 699.00 | 962.00 | 1,151.00 | 1,223.00 | 1,431.00 | 1,167.00 |
| Current liabilities | 1,409.00 | 1,281.00 | 1,385.00 | 1,347.00 | 1,458.00 | 1,408.00 | 1,739.00 | 1,923.00 |
| Borrowings, non-current | 118.00 | 114.00 | 80.00 | 40.00 | 13.00 | 2.00 | 1,316.00 | 0.00 |
| Borrowings, current | 132.00 | 84.00 | 91.00 | 85.00 | 67.00 | 37.00 | 326.00 | 3.00 |
| Trade payables | 850.00 | 787.00 | 795.00 | 797.00 | 891.00 | 855.00 | 1,113.00 | 1,132.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | -119.00 | -27.00 | 305.00 | 472.00 | 276.00 | 567.00 | 215.00 | 911.00 |
| Net cash from investing activities | -3,335.00 | -3,411.00 | -56.00 | -99.00 | -116.00 | -104.00 | 57.00 | -479.00 |
| Net cash from financing activities | 3,718.00 | 3,538.00 | -164.00 | -366.00 | -210.00 | -432.00 | -255.00 | -532.00 |
| Purchase of property, plant and equipment | 362.00 | 601.00 | 318.00 | 565.00 | 247.00 | 483.00 | 220.00 | 422.00 |
| Net increase in cash | 263.00 | 100.00 | 85.00 | 8.00 | -49.00 | 33.00 | 19.00 | -94.00 |
| con:CFO.BEFORE_TAX | -2.00 | 185.00 | 297.00 | 510.00 | 268.00 | 586.00 | 269.00 | 931.00 |
| con:INTEREST_RECEIVED.OPERATING | -92.00 | -229.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | -13.00 | -88.00 | 0.00 | 0.00 | 0.00 | -7.00 | -4.00 | -4.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 38.00 | 72.00 | -8.00 | 37.00 | -8.00 | 25.00 | 58.00 | 23.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 520.00 | 625.00 | 2,555.00 | 3,317.00 | 6,051.00 | 5,372.00 | 8,424.00 |
| con:INVESTMENTS_SOLD | 397.00 | 592.00 | 514.00 | 1,999.00 | 2,712.00 | 5,435.00 | 6,408.00 | 9,155.00 |
| con:PPE_DISPOSALS | 3.00 | 7.00 | 5.00 | 97.00 | 6.00 | 7.00 | 8.00 | 17.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 35.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,308.00 | 1,308.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — |
| Domestic institutions | 13.03 | 14.58 | 14.68 | 17.02 | 19.63 | 22.03 | 28.56 | 29.00 | 30.03 | 29.59 | 0.32 | 0.35 | 0.36 | 0.43 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 27.06 | 0.30 | 0.33 | 0.33 | 0.39 |
| Insurance companies | 0.00 | 0.06 | 0.07 | 0.07 | 1.07 | 2.22 | 2.94 | 2.80 | 2.85 | 1.50 | 0.01 | 0.02 | 0.02 | 0.03 |
| Foreign institutions | 67.62 | 65.57 | 65.50 | 62.71 | 63.63 | 61.16 | 55.03 | 53.74 | 51.99 | 52.95 | 0.52 | 0.49 | 0.48 | 0.42 |
| Government | — | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Non-institutional | 19.35 | 19.84 | 19.82 | 20.27 | 16.75 | 16.81 | 16.41 | 17.26 | 17.97 | 17.46 | 0.16 | 0.16 | 0.16 | 0.15 |
| Shares outstanding | 728715149 | 731201197 | 733837026 | 735042565 | 736785255 | 738550000 | 740038301 | 742808414 | 745581479 | 746283448 | 747415222 | 748095781 | 748608108 | 748848124 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Spoton Logistics Private Limited | Subsidiary of Delhivery Limited | Any other transaction, Interest received, Investment | 1,484,730,000.00 | 9 |
| Delhivery Freight Services Private Limited | Subsidiary of Delhivery Limited | Any other transaction, Interest received, Investment | 895,330,000.00 | 7 |
| Delhivery USA LLC | Subsidiary of Delhivery Limited | Any other transaction, Interest received, Loan, Purc | 634,630,000.00 | 8 |
| FALCON AUTOTECH Private Limited | Associate of Delhivery Limited | Any other transaction, Purchase of fixed assets | 616,280,000.00 | 3 |
| SCOOTSY LOGISTICS PRIVATE LIMITED | Directors interested | Any other transaction, Sale of fixed assets | 531,340,000.00 | 2 |
| Sahil Barua | Managing Director and Chief Execut | Remuneration | 255,650,000.00 | 1 |
| Delhivery Singapore Pte. Ltd. | Subsidiary of Delhivery Limited | Any other transaction, Investment | 180,080,000.00 | 6 |
| Kapil Bharati | Chief Technology Officer | Remuneration | 119,110,000.00 | 1 |
| Orion Supply Chain Private Limited | Subsidiary of Delhivery Limited | Any other transaction, Interest received, Investment | 40,170,000.00 | 5 |
| Amit Agarwal | Chief Financial Officer | Remuneration | 39,150,000.00 | 1 |
| Spoton Supply Chain Solutions Private Limited | Step down subsidiary of Delhivery | Any other transaction, Interest received | 33,860,000.00 | 7 |
| Ajith Pai Mangalore | Chief Operating Officer | Remuneration | 28,550,000.00 | 1 |
| Suraj Saharan | Head - New Ventures | Remuneration | 20,370,000.00 | 1 |
| Delhivery Robotics India Private Limited | Subsidiary of Delhivery Limited | Investment | 20,000,000.00 | 1 |
| Delhivery HK Pte Ltd. | Subsidiary of Delhivery Limited | Any other transaction | 13,160,000.00 | 3 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-13 | Q1FY27 | Read the call | |
| 2026-05-22 | Q4FY26 | DHRUV JAIN, AMBIT CAPITAL | Read the call |
| 2026-02-05 | Q3FY26 | YASH JAIN, AMBIT CAPITAL | Read the call |
| 2025-11-11 | Q2FY26 | Read the call | |
| 2025-08-07 | Q1FY26 | Read the call | |
| 2025-05-22 | Q4FY25 | Read the call | |
| 2025-02-13 | Q3FY25 | Read the call | |
| 2024-11-22 | Q2FY25 | Read the call | |
| 2024-08-08 | Q1FY25 | Read the call | |
| 2024-05-24 | Q4FY24 | Read the call | |
| 2024-02-08 | Q3FY24 | Read the call | |
| 2023-11-10 | Q2FY24 | Read the call | |
| 2023-08-11 | Q1FY24 | Read the call | |
| 2023-05-26 | Q4FY23 | Read the call | |
| 2023-02-16 | Q3FY23 | Read the call | |
| 2022-11-21 | Q2FY23 | Read the call | |
| 2022-08-16 | Q1FY23 | Read the call | |
| 2022-06-03 | Q4FY22 | Read the call |
What they said about it, quarter by quarter
| Topic | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY22 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | We do not expect significantly higher capex versus what we have guided to. | I think this year we will end up with CapEx as a percentage of revenue being 5.6% Delhivery Ltd Q3 FY25 Earnings Call- Hosted by Macquarie Feb 7, 2025… | So my question is, is a comment on Capex also towards mid-mile infrastructure, specifically in e- commerce? | However, taking out the impact of April and May, which was a total lockdown in India, only 3% of the overall capital used in fiscal '21 was used towar… | My second question is regarding your capex spend. | And last question, just a data point on what was the Capex number for this year? | As you can see, and as we've discussed in prior analyst calls, Capex intensity across the business continues to decline sharply. | If you look at the page to the right, again, from a CapEx intensity point of view, CapEx as a percentage of revenue has been brought down diligently. |
| Capital allocation | And our client acquisition momentum continues both in the auto sector as well as, interestingly, in the direct-to-consumer e-commerce sector, where we… | I think more investments in marketing, more investments in consumer acquisition driving more category growth. | Typically, in the peak period, prior to the Ecom Express acquisition, we would haul a larger proportion of heavy weights through the network during th… | I think what we are seeing, and especially what we've seen in the first two quarters of this year is that individual players, based on sort of their p… | I think so going forward, were we to be acquisitive again in the future, I think we’re going to be more careful in terms of the acquisition period and… | — | That’s a quick summary of the financial performance of the company and the operational performance for Q4. As you're aware, we've also announced the p… | Of course, the headline was our completion of the acquisition of Ecom Express earlier in this financial year. |
| Costs | — | I think there are also cost pressures that, as I mentioned, first party logistics companies face. | And so we are not just likely to be the largest beneficiary whenever there is a sort of cost pressure. | Input cost and fuel inflation does continue to affect consumer sentiment. | So is it because the raw material or the ingredient costs have not reduced for the industry, per se? | That said, I think I've mentioned this before, we are an input cost to our customers, and ultimately, online consumption in India can only grow if the… | Fundamentally, in e-commerce, the reality is that logistics is a large input cost. | So, again, the cost pressures being what they are and with increasing fuel costs, the reality is that we should see a more benign structure for third-… |
| Debt and cash | The base working capital days for Express Parcel business as a whole in industry is about 30 days. | — | We've been disciplined in investments in new businesses and comfortable on working capital and cash reserves. | 1,900 Crores and the rest was invested in working capital. | — | And in terms of net cash position, we've seen a sharp reduction in net working capital days from 38 to 31 days. | Going forward, do you think that we have achieved the level of working capital days that we've intended to in the past or is there a further room for … | PTL margins expanded again successively and have reached… [inaudible] …on the back of a reduction in capital intensity to less than 5% of revenue and … |
| Demand | We can slow it down and offer five-day delivery if there's demand for it. | And Delhivery Ltd Q3 FY25 Earnings Call- Hosted by Macquarie Feb 7, 2025 so, the overall demand for vehicles of a specific kind, intra-city fleet in t… | Delhivery Direct, we've extended our on-demand intra-city service to two new cities, Mumbai and Hyderabad. | Government reforms like Make In India, and PLI schemes are ultimately driving non-discretionary demand for logistics services. | And finally, we opened up our internal and our third-party demand to brokers and fleet owners through our Full Truckload Exchange called Orion. | The pipeline continues to remain strong. | So in FY'25, the 3PL market was obviously facing challenges with respect to insourcing and weaker demand. | We also have a healthy pipeline here and we feel pretty ready to scale, given that we've established a viable, profitable model here. |
| Guidance | As we discussed during the earlier earnings calls this financial year, we expected a turnaround in EBITDA profitability in this quarter and I'm please… | And we expect that this trend will continue. | And I understand the total transport margin guidance of 16% to 18%. | This is when we began our operations as an express parcel delivery company, launched early versions of our warehousing software and our warehousing op… | We expect this to continue into quarter 1 and to quarter 2 as well. | 9 crores of service EBITDA in this business in Q4. We expect long-term margins in the Part Truckload service to mirror the Express Parcel business ove… | This quarter and the first quarter of the financial year are typically when contracts are renegotiated, and we anticipate that this will continue. | Her long career in technology and technology services, of course, is unparalleled and we expect that under her leadership, Delhivery will go from stre… |
| Margin | 92 crores in adjusted EBITDA, which is a 4.2% adjusted EBITDA margin for the quarter, along with for the first time, a Rs. | Overall EBITDA for the company stood at Rs. | Quarter 3 profits, which Vani will talk about in more detail, came in at nearly as much as we did in the entire FY25. And I'm very pleased to note tha… | And finally, the larger logistics companies in India will continue to drive relative efficiency gains versus the unorganized space through the develop… | So the overall summary for this quarter is that the positive momentum in market share volumes and profitability that we had begun to build up in quart… | So, moving on, the broad highlight for the financial year is that we've announced EBITDA profitability for fiscal '24 at an aggregate level as compare… | 2,192 crores, up about 6% year-on-year and a sequential decline of 8% compared to the peak quarter, which was Q3. EBITDA came in at Rs. | And together, the two businesses expanded our service EBITDA by about 220 basis points to take us to 15.6% and this with an ROIC of 16%. |
| People | In fiscal '24, we began at a broadly breakeven level in Q1, breakeven as well in Q2 and as you can see, we've achieved highest ever profitability in Q… | So, in that sense, I think you'll see capacity utilizations also going up in the next financial year. | So a lot of this has just come from as volumes have gone up, you know, sort of higher utilization of the network. | New axle load norms, which enable higher gross vehicle weights have allowed us to increase utilization of trucks in the last two years. | The improvement in margins has been driven by increased utilization across the network with increased volumes and a number of cost optimization measur… | How many circles, I mean, asset turns or utilization; however, you look at it. | The regular attrition in Delhivery's network itself will provide us sufficient room to absorb all of the qualified staff from Ecom Express across our … | So, we'll continue to find other areas to improve productivity, and continue to improve utilization of the network. |
| Pricing | We've also successfully retained one of our largest key consumer durables accounts with improved pricing which sets us up well for the next three year… | As I've mentioned, obviously assumes that there will continue to be pricing efficiencies that are passed on by Delhivery, but the reality is I think w… | The second question is on the pricing power in the Express industry. | So just wanted to understand between the pricing and volume mix, how should we look at the growth going ahead? | We continue, especially in the PTL business, to evaluate customer contracts at a contract-by-contract level and revise pricing with specific customers… | We haven't seen any significant sort of pricing movements being necessary in the market so far, and we don't anticipate that there will be significant… | As we've discussed in previous earnings calls, pricing revisions were underway all through FY25, and these have started to play out. | But, Sahil, the question out here is, on the ground, we are picking up in certain areas, in certain pockets, Delhivery has increased pricing by rupees… |
| Revenue growth | This represents an annual growth of 20% in quarterly revenues and a 13% growth over the previous quarter of the financial year. | 2,378 crores of revenue from the services, which represents a growth of 8.6% quarter-on- quarter and a growth of 8.4% from the same quarter last year. | It's been a very good quarter, 24% YoY growth and 14% sequential revenue growth on Express. | More importantly, while revenue growth has been robust and revenue diversification has been robust, the business has also broken even as of financial … | In quarter 4 fiscal ’23, we have achieved revenues of 1,860 crores across our business lines, which represents a growth of 2% over quarter 3. | 8,142 crores of revenue in fiscal '24, which is a growth of 12.7% compared to fiscal '23 with an EBITDA profit of Rs. | We delivered 177 million packages in our Express Parcel business, year-on-year largely flat and about 460,000 tons of freight in our Part Truckload bu… | That's a massive 46% YoY revenue growth and that's a 72-73% volume growth. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2026-02-05 | Q3FY26 | YASH JAIN, AMBIT CAPITAL | And I understand the total transport margin guidance of 16% to 18%. |
| 2026-02-05 | Q3FY26 | YASH JAIN, AMBIT CAPITAL | We have said we expect this to settle in the 6, 6.5%, you know, maybe up to in the sort of more short term, 6-7% kind of range. |
| 2026-02-05 | Q3FY26 | YASH JAIN, AMBIT CAPITAL | Like I mentioned, you know, we expect them to be significantly lower than the 300 crores we'd originally forecast. |