Delhivery Ltd
Delhivery Q3 FY25 earnings call: Revenue & Margins
Q3 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Delhivery expects volume growth to be influenced by e-commerce headwinds; volume growth for FY26 is uncertain and depends on market growth and customer marketing investments. Delhivery expects its Part Truckload (PTL) business to grow at an ambitious 25-30% in the next financial year, outpacing the broader market. - Express Parcel service EBITDA margins are targeted to stabilize within the 17%-20% range, with potential for modest improvement due to pricing efficiencies and an evolving industry structure. - Overall volume growth guidance for FY26 is uncertain due to e-commerce headwinds but growth is expected to be sustained in non-marketplace segments like D2C and SMEs. - Margins in PTL are expected to improve faster than Express due to better yields, heavier loads, and expanding reseller programs targeting high-margin routes. - Operating leverage has been muted due to investments and fleet costs but is expected to improve as volumes grow. - PAT showed continued improvement, reaching Rs.
From Delhivery Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Delhivery expects volume growth to be influenced by e-commerce headwinds; volume growth for FY26 is uncertain and depends on market growth and customer marketing investments.
- The company sees potential for maintaining growth in line with market growth, but overall e-commerce volumes have been muted recently.
- Non-marketplace volumes like D2C and SME segments are growing faster (D2C ~30%, SME >50%) and are meaningful parts of the business.
- PTL (Part Truckload) business aims for 25%-30% growth in FY26, much higher than the general industry growth.
- As some 3PL competitors scale back price actions, Delhivery may see revenue upside opportunities.
2 more points from Delhivery Ltd's call on revenue
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Profitability & Margins
See what Delhivery Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- CapEx as a percentage of revenue for the current year is about 5.6%, ahead of previous guidance.
- Expected long-term CapEx will settle between 3.5% and 4% of revenue, mostly for maintenance and upgrades.
- No significant major CapEx planned for next year beyond routine hub upgrades.
- Sufficient capacity already exists in the network, allowing slower capacity building aligned with revenue growth.
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Top-ranked in Transport Services
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Delhivery Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
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Delhivery Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹2.9K Cr, net profit ₹72 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Delhivery Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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Frequently Asked Questions
What were Delhivery Ltd Q3 FY25 results?
Delhivery expects volume growth to be influenced by e-commerce headwinds; volume growth for FY26 is uncertain and depends on market growth and customer marketing investments. Delhivery expects its Part Truckload (PTL) business to grow at an ambitious 25-30% in the next financial year, outpacing the broader market. - Express Parcel service EBITDA margins are targeted to stabilize within the 17%-20% range, with potential for modest improvement due to pricing efficiencies and an evolving industry structure. - Overall volume growth guidance for FY26 is uncertain due to e-commerce headwinds but growth is expected to be sustained in non-marketplace segments like D2C and SMEs. - Margins in PTL are expected to improve faster than Express due to better yields, heavier loads, and expanding reseller programs targeting high-margin routes. - Operating leverage has been muted due to investments and fleet costs but is expected to improve as volumes grow. - PAT showed continued improvement, reaching Rs.
What is Delhivery Ltd share price analysis?
Delhivery Ltd currently shows a neutral. The stock trades at a P/E of 197.3 with a market cap of ₹35,224 Cr. Investors should review the full earnings analysis for detailed insights.
Is Delhivery Ltd planning capital expenditure?
CapEx as a percentage of revenue for the current year is about 5.6%, ahead of previous guidance.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.