Delhivery posts flat Q4 PAT Rs72 crore

Delhivery reported a largely unchanged fourth-quarter consolidated profit even as revenue and parcel volumes rose sharply, leaving investors to weigh how much of the operating improvement is flowing through to the bottom line. The Gurugram-based logistics company said on May 16 that consolidated profit after tax for the quarter ended March 31 stood at Rs 72 crore after Ecom Express-related integration costs. Revenue from services rose 30% year-on-year to Rs 2,848 crore, while reported EBITDA increased to Rs 231 crore. Delhivery shares fell more than 5% on Monday, May 18, in market trading after the results. ### How flat was profit in the March quarter? Delhivery said consolidated PAT for Q4 FY26 was Rs 72 crore, compared with about Rs 72.5 crore a year earlier. The company also said PAT before exceptional items and Ecom integration costs was Rs 87 crore in the quarter. Business Standard, citing the company’s quarterly disclosure, reported total income for the March quarter at Rs 2,909 crore, up 26.31% from Rs 2,303 crore a year earlier. Marketscreener, summarizing the filing, said quarterly net income was 723.97 million rupees against 725.57 million rupees a year earlier. (delhivery.com) ### Where did the growth show up if profit barely moved? The strongest growth came from transport volumes. Delhivery said express parcel volume reached 306 million shipments in Q4 FY26, up 72% year-on-year, while part-truckload freight handled in the quarter rose 20% to 549,000 metric tonnes. Revenue from services rose to Rs 2,848 crore in the quarter from the year-earlier period, and reported EBITDA reached Rs 231 crore, equivalent to an 8.1% margin, according to the company’s press release. (business-standard.com) In its shareholder letter, Delhivery said adjusted EBITDA was Rs 151 crore, or a 5.3% margin. The company linked its full-year performance to operating leverage, cost control and lower capital intensity. (bseindia.com) In the shareholder letter, Delhivery said FY26 free cash flow turned positive at Rs 89 crore and revenue from services for the full year reached Rs 10,486 crore. ### Why did the company point to integration costs? The quarter included costs tied to Ecom Express integration. (bseindia.com) Delhivery said Q4 PAT before exceptional items and integration costs was Rs 87 crore, while consolidated PAT after those costs was Rs 72 crore. The same presentation showed a wider gap for the full year. Delhivery reported FY26 PAT of Rs 347 crore before accounting for Ecom integration costs and exceptional items, and consolidated PAT of Rs 153 crore after those items. (delhivery.com) ### What did investors do with the results? Delhivery shares fell in Monday trading after the earnings release. Business Standard reported the stock slipped nearly 6% on the BSE on May 18, while CNBC-TV18 said the shares were trading about 5% lower at Rs 451.8 in morning trade. (delhivery.com) Mint’s market page showed the stock at Rs 455.35 on the NSE and Rs 454.40 on the BSE in afternoon trading on May 18. The company did not say in its results statement that the share move reflected any single factor. Hindu BusinessLine reported investors reacted to lower profitability and integration costs despite strong revenue growth, while brokerages largely maintained positive views on operational momentum. (business-standard.com) ### What else did Delhivery highlight in the quarter? Delhivery said it introduced an AI agent-powered autonomous transport management system during the quarter to automate freight procurement, shipment planning, execution and invoice reconciliation. The company also said it launched Delhivery One SmartAssist, an AI-driven customer-support tool integrated into its Delhivery One platform. (thehindubusinessline.com) International expansion was another item in the quarter’s update. The company said it extended its economy air-parcel service to the U.K., Canada and Australia during the period. ### What comes next for investors tracking the company? May 16 was the date Delhivery filed both its shareholder letter and its press release with the BSE and National Stock Exchange, and the company circulated an investor presentation for an earnings conference call scheduled the same day. (bseindia.com) The next detailed management commentary for investors is expected through that earnings-call material and subsequent exchange disclosures. (delhivery.com)