Logistics firm turns free-cash-flow positive in FY26 as express parcel and freight volumes register strong double-digit growth
Delhivery reported a marginal decline in consolidated net profit for the quarter ended March 2026, even as revenue and operating performance improved sharply on the back of higher shipment volumes.
The company’s consolidated profit after tax (Pat) slipped 0.2 per cent year-on-year to Rs 72.4 crore in Q4FY26, compared with Rs 72.6 crore in the corresponding quarter last year. PAT before Ecom integration costs and exceptional items stood at Rs 87 crore.
Revenue from operations rose 30 per cent year-on-year to Rs 2,850 crore during the quarter, up from Rs 2,191.6 crore in Q4FY25.
Operating Performance
Earnings before interest, taxes, depreciation and amortisation (Ebitda) climbed 80 per cent to Rs 214.2 crore in the March quarter from Rs 119.1 crore a year ago. Ebitda margin expanded to 7.5 per cent from 5.4 per cent in the year-ago period.
The company said FY26 marked a turnaround in cash generation, with consolidated operations becoming free-cash-flow positive at Rs 89 crore. Revenue from services crossed Rs 10,486 crore during the financial year.
Express parcel volumes touched 1 billion shipments in FY26, while part-truckload (PTL) freight volumes stood at nearly 2 million metric tonne, registering 17 per cent year-on-year growth.
For the full financial year, Ebitda stood at Rs 764 crore with a margin of 7.3 per cent, nearly double the FY25 level. Pat, before Ecom integration costs and exceptional items came in at Rs 347 crore, while consolidated Pat stood at Rs 153 crore.
The company added that its transport business, comprising Express and PTL segments, delivered a 16 per cent return on invested capital (ROIC) in FY26. Cash and cash equivalents stood at Rs 4,555 crore as of March 2026.
Volumes And Expansion
In Q4FY26, express parcel volumes surged 72 per cent year-on-year to 306 million shipments, while PTL freight volumes increased 20 per cent to 549,000 metric tonnes.
During the quarter, Delhivery introduced an artificial intelligence (AI)-agent-powered autonomous transport management system for freight procurement, shipment planning, execution and invoice reconciliation.
The company also expanded Delhivery International’s economy air-parcel services to the UK, Canada and Australia. In addition, it launched Delhivery One SmartAssist, an AI-driven customer-support solution integrated into its platform.
Delhivery further expanded its intra-city logistics service, Delhivery Local, to Jaipur, taking its presence to six cities. The company also partnered with Nvidia to develop an India-focused AI-native digital mapping platform.
Shares of Delhivery settled at Rs 475.70 on the BSE on Friday, up Rs 5.40 or 1.15 per cent from the previous close.
