Delhivery Q4 FY26 Results: Revenue Crosses ₹10,000 Crore for the First Time — Full Analysis

By Kaushik Brahmakshatriya

Published On 16 May 2026.

India’s largest integrated logistics company, Delhivery Limited (NSE: DELHIVERY), delivered a landmark performance in Q4 FY26, declaring its audited financial results on May 16, 2026, for the quarter and full year ended March 31, 2026. The company hit multiple historic milestones — crossing ₹10,000 crore in annual revenue, turning free cash flow positive for the very first time, and delivering 1 billion e-commerce parcels in a single fiscal year.

Here is everything you need to know about Delhivery’s Q4 FY26 and full-year FY26 performance.

Q4 FY26: Quarterly Snapshot

Delhivery’s fourth quarter showed strong operating momentum. Revenue from services came in at ₹2,848 crore, marking a 30% year-on-year (YoY) jump from ₹2,191.6 crore in Q4 FY25. On a sequential (QoQ) basis, revenue grew 1.6% from ₹2,805 crore in Q3 FY26 — indicating consistent scale-up.

EBITDA for the quarter stood at ₹231 crore, with an 8.1% EBITDA margin — a significant improvement over 5.4% in Q4 FY25. Net Profit (PAT) was ₹72.4 crore, nearly flat YoY but rising 83.3% sequentially from ₹39.6 crore in Q3 FY26.

Delhivery Q4 FY26 — Financial Performance at a Glance

Metric	Q4 FY26	Q4 FY25	YoY Change
Revenue from Services	₹2,848 Cr	₹2,191.6 Cr	+30%
EBITDA	₹231 Cr	₹119 Cr	+94%
EBITDA Margin	8.1%	5.4%	+270 bps
Net Profit (PAT)	₹72.4 Cr	₹72.5 Cr	Flat YoY
PAT (QoQ Growth)	₹72.4 Cr	₹39.6 Cr (Q3)	+83.3%
Express Parcel Volume	306 million units	~178 million	+72% YoY

Full Year: Historic Milestones Achieved

The full fiscal year 2025–26 marks a watershed moment in Delhivery’s journey. The company reported annual revenue of ₹10,486 crore, up 17% from ₹8,932 crore in FY25 — crossing the ₹10,000 crore threshold for the first time since its founding in 2011.

EBITDA for FY26 more than doubled to ₹764 crore (7.3% margin), compared to ₹376 crore in FY25. The company also turned free cash flow positive at ₹89 crore, a major milestone reflecting improved capital efficiency. Its core transport business — comprising Express Parcel and PTL — delivered a Return on Invested Capital (ROIC) of 16%, demonstrating strong unit economics.

Delhivery’s balance sheet remains rock-solid, with ₹4,555 crore in cash and cash equivalents as of March 31, 2026.

FY26 vs FY25 Full-Year Comparison

Financial Metric	FY26	FY25	Change
Revenue from Services	₹10,486 Cr	₹8,932 Cr	+17% YoY
EBITDA	₹764 Cr	₹376 Cr	+103% YoY
EBITDA Margin	7.3%	4.2%	+310 bps
PAT (Net Profit)	₹153 Cr	₹162 Cr	Marginal decline
Free Cash Flow	₹89 Cr	Negative	First-ever positive
Cash & Equivalents	₹4,555 Cr	—	Strong liquiditya
Express Parcel (FY volume)	1 Billion+ shipments	—	Historic milestone
PTL Freight Volume	~2 million MT	~1.71 million MT	+17.4% YoY
Transport ROIC	16.0%	—	Industry-leading

Segment Highlights: What Drove Growth?

Express Parcel: Delhivery processed 306 million shipments in Q4 alone — a 72% YoY surge — powered by the full integration of Ecom Express, which was acquired for ₹1,400 crore (99.87% stake) in July 2025. For the full year, Express Parcel volumes crossed 1 billion shipments, a first in Indian logistics history for a single company in one fiscal year.

* Part Truckload (PTL): The PTL segment grew freight volumes by 17.4% YoY to 2 million *metric tonnes — crossing the 500K MT quarterly milestone for the first time in Q3 FY26. This segment continues to deliver solid, margin-accretive revenue.

* Supply Chain Services (SCS): This business hit a critical inflection point — generating Service EBITDA of ₹79 crore in FY26, 4x the FY25 figure, with a promising ₹1,800 crore active business pipeline signaling robust future growth.

Business Segment Performance — FY26 Overview

Segment	Key Metric	FY26 Result	+40.2% YoY
Express Parcel	Annual Shipment Volume	1 Billion+	+40.2% YoY
Express Parcel	Q4 Shipments	306 million	+72% YoY
PTL Freight	Annual Volume	~2 million MT	+17.4% YoY
Supply Chain Services	Service EBITDA	₹79 Cr	4x of FY25
SCS Business Pipeline	Active Opportunity	₹1,800 Cr	High visibility
Transport (Exp+PTL)	ROIC	16.0%	Strong efficiency

Technology & Future Strategy

Delhivery is aggressively deploying AI across its entire logistics network — from pre-sales forecasting to real-time claims management. Key highlights include:

* NVIDIA Partnership: Building an AI-native digital mapping platform tailored for India’s geography and last-mile complexity.

* Delhivery One SmartAssist: An AI-powered automated customer support system launched to reduce manual queries.

* Robotics & Drones: Autonomous vehicle and drone delivery R&D continues, with live pilot tests underway.

* Delhivery Local: Expanded intra-city delivery service now live in 6 cities, targeting quick commerce demand.

* Infrastructure: Total network infrastructure reached 22.9 million sq ft, supporting future volume scale.

Delhivery Share Price Outlook

Following the Q4 FY26 results announcement, Delhivery’s stock climbed nearly 10% in intraday trading, reflecting investor confidence in the company’s turnaround trajectory. Analyst consensus 12-month price target stands at ₹350–₹430, with a bull-case target of ₹580 based on full execution of its AI-logistics strategy and market share consolidation post Ecom Express acquisition.

Delhivery Q4 FY26 Results — People Also Ask

Q1. What was Delhivery’s Q4 FY26 revenue?

Delhivery reported revenue from services of ₹2,848 crore in Q4 FY26, a 30% year-on-year increase from ₹2,191.6 crore in Q4 FY25.

Q2. What is Delhivery’s annual revenue for FY26?

Delhivery’s FY26 annual revenue was ₹10,486 crore — up 17% from ₹8,932 crore in FY25. This is the company’s first time crossing the ₹10,000 crore milestone.

Q3. Did Delhivery make a profit in FY26?

Yes. Delhivery reported a full-year PAT of ₹153 crore and a quarterly PAT of ₹72.4 crore in Q4. More importantly, the company turned free cash flow positive (₹89 crore) for the first time in its history.

Q4. Why did Delhivery’s express parcel volumes jump 72% in Q4?

The surge was primarily driven by the acquisition and integration of Ecom Express (99.87% stake acquired in July 2025), which significantly boosted Delhivery’s volume, network capacity, and e-commerce client base.

Q5. What is Delhivery’s EBITDA for Q4 FY26?

Q4 FY26 EBITDA was ₹231 crore, with an 8.1% EBITDA margin — nearly double the ₹119 crore reported in Q4 FY25.

Q6. How many parcels did Delhivery deliver in FY26?

Delhivery crossed the 1 billion e-commerce parcel milestone in FY26 — matching volumes it had achieved cumulatively across its entire first decade of operations.

Q7. What is Delhivery’s cash position as of March 2026?

Delhivery holds a robust ₹4,555 crore in cash and cash equivalents, giving it strong financial flexibility for future expansion and technology investments.

Q8. What is the analyst target for Delhivery share price?

Analyst consensus places the 12-month price target at ₹350–₹430, while the bull-case target is ₹580, achievable if growth catalysts like PTL expansion, SCS scale-up, and AI-driven efficiency gains materialize fully.

Conclusion

Delhivery’s Q4 FY26 results are a clear statement of intent. With revenue crossing ₹10,000 crore, EBITDA doubling, free cash flow turning positive, and 1 billion parcels delivered in a single year, India’s logistics leader has firmly moved from growth-at-any-cost to profitable, sustainable scale.

The Ecom Express integration, NVIDIA AI partnership, PTL volume surge, and SCS inflection collectively paint a compelling picture of a company building durable competitive advantages in India’s fast-growing e-commerce logistics market.

Disclaimer :

This blog does not provide financial, investment, or trading advice. All content is for educational and informational purposes only. Please consult a certified financial advisor before making any investment decisions. The author will not be responsible for any financial losses incurred