Delhivery Q4FY26 Results: Profit Flat, Revenue +30%

Earnings day spotlight: logistics and telecom in focus

Delhivery’s Q4FY26 numbers landed on a busy results day, with investors tracking margins, volume indicators, and commentary across sectors. The Gurugram-based logistics company reported a broadly flat year-on-year profit for the March quarter, while revenue grew sharply. The same live results cycle also carried an update on Vodafone Idea, which was reported to have swung to profit on a sequential basis, alongside a modest rise in revenue and EBITDA.

For Delhivery, the quarter stood out for the contrast between strong top-line growth and a cost base that expanded almost as quickly. The company also flagged operational momentum in express parcel volumes and the rollout of AI-powered systems, according to the live updates.

Delhivery Q4FY26: headline profit stays flat

Delhivery reported net profit of Rs 73.4 crore in Q4FY26, compared with Rs 72.6 crore in Q4FY25, as per the company’s update dated May 16. In the previous quarter, the company had posted a loss of Rs 39.6 crore, making the sequential improvement notable even as the year-on-year comparison remained tight.

In live highlight bullets, Delhivery’s consolidated profit was also described as about Rs 72.3-72.5 crore, down marginally year-on-year. Across these updates, the key takeaway remained the same: profitability was sustained around the Rs 72-73 crore mark, even as the company scaled revenue.

Revenue rises 30% to Rs 2,850 crore

Revenue from operations rose 30% year-on-year to Rs 2,850 crore in Q4FY26, compared with Rs 2,191.6 crore a year ago. On a quarter-on-quarter basis, revenue increased from Rs 2,805 crore in Q3FY26.

The company’s live updates pointed to significant growth in express parcel volumes, alongside the introduction of AI-powered systems. The detailed earnings snapshot in the text does not quantify volumes for FY26, but it aligns with management’s focus on improving network productivity and operating efficiency.

Expenses climb 27% as scale-up continues

Delhivery’s total expenses increased 27% year-on-year to Rs 2,853.1 crore in Q4FY26, compared with Rs 2,248.7 crore in Q4FY25. Sequentially, expenses were higher than Rs 2,820 crore recorded in Q3FY26.

The expense trajectory matters because it sits close to quarterly revenue, keeping attention on the pace at which operating leverage can expand. While revenue jumped strongly, the quarter’s cost line shows that the company continues to spend heavily to support capacity, service levels, and network execution.

EBITDA signals improving operating profitability

In the live FY26 highlights, Delhivery’s Q4FY26 EBITDA was reported at Rs 214 crore, up from Rs 119 crore, with an EBITDA margin of 7.5% versus 5.4%.

For the full year, Delhivery reported EBITDA of Rs 764 crore in FY26, with margins expanding to 7.3%, nearly double the Rs 380 crore reported for FY25 in the same earnings release summary. The EBITDA expansion, combined with a stable quarterly profit base, positioned margins as a key point of discussion for investors tracking execution.

FY26 scorecard: profit dips, revenue rises

Delhivery’s profit for FY26 was reported at Rs 152.5 crore, down nearly 6% from Rs 162.1 crore in FY25. Separately, the live updates also described FY26 consolidated PAT at Rs 153 crore, consistent with the same range.

Revenue for the full year rose almost 18% to Rs 10,508.3 crore, compared with Rs 8,931.9 crore in the previous fiscal. The annual picture therefore shows stronger growth on the top line, with profitability slightly lower versus the prior year despite higher EBITDA.

Free cash flow turns positive in FY26

A notable operational milestone highlighted in the live feed was that Delhivery turned free cash flow positive in FY26. While the update did not provide the free cash flow number, the statement is significant because logistics businesses typically require sustained investment in network, technology, and service expansion.

The same set of updates also referenced continued initiatives such as AI-powered systems, indicating the company is blending technology investment with efficiency outcomes as it scales.

Stock check: Delhivery closed at Rs 475.70 on May 15

Ahead of the Q4FY26 results update, Delhivery shares on the BSE closed 1.15% higher at Rs 475.70 on May 15. The price move provides a reference point for how investors had positioned going into the earnings print, though the update does not include the post-results trading reaction for May 16.

Vodafone Idea update: swing to profit, revenue steady

The live results feed also carried a Vodafone Idea update for FY26 highlights on a sequential basis. Vodafone Idea was reported to have posted a net profit of Rs 51,970 crore, compared with a loss of Rs 5,286 crore, while revenue rose 0.1% to Rs 11,332 crore from Rs 11,323 crore. EBITDA was reported at Rs 4,889 crore versus Rs 4,817 crore, with an EBITDA margin of 43.1% compared with 42.5%.

These figures were presented as live highlights and were part of a broader earnings-day dashboard that included multiple sectors.

Results calendar context: over 50 companies scheduled

The May 16 earnings slate included companies such as Delhivery, Vodafone Idea, KEC International, Latent View Analytics, Genus Power Infrastructures, UNO Minda, Neogen Chemicals, Tatva Chintan Pharma Chem, Rolex Rings, Maithan Alloys, and Dodla Dairy, among others. With a large number of reports landing the same day, markets typically compare margin direction, cost trends, and full-year commentary across sectors.

Key numbers at a glance

What investors typically track next

With revenue up sharply and expenses also higher, the near-term focus stays on how efficiently the company converts growth into operating profit and cash generation. Investors also track whether the momentum referenced in express parcel volumes sustains, and how technology initiatives translate into measurable cost and service outcomes.

For FY26, the combination of higher revenue, higher EBITDA, free cash flow positivity, and slightly lower PAT versus FY25 sets up a results narrative that is less about a single quarter and more about execution consistency across the cycle.

Conclusion

Delhivery’s Q4FY26 showed 30% revenue growth to Rs 2,850 crore while profit stayed broadly flat at around Rs 73 crore, alongside a higher expense base. The company also indicated free cash flow turned positive in FY26, keeping attention on operating discipline as it scales. With multiple companies reporting on May 16, investors will continue comparing margin trends and annual performance metrics as the earnings season updates roll in.