Delhivery Q4FY26 Results: Revenue up 30%, PAT flat

Key takeaways from Delhivery’s Q4FY26 print

Delhivery reported a largely flat net profit for Q4FY26 even as revenue accelerated sharply year-on-year. The logistics company said profit was about ₹73 crore for the March quarter, while revenue from operations rose 30% to ₹2,850 crore. The update also highlighted operational progress, including growth in express parcel volumes and the roll-out of AI-powered systems.

The quarter’s numbers mattered because Delhivery has been balancing growth with profitability after a period of losses, and the March quarter is closely tracked for how demand holds up into the new fiscal. The company also flagged that FY26 ended with free cash flow turning positive, alongside a full-year consolidated PAT of about ₹153 crore.

Q4FY26: Profit stable, revenue growth accelerates

For Q4FY26, Delhivery reported net profit as “flat” year-on-year at ₹73.4 crore, compared with ₹72.6 crore in the same quarter a year ago, as disclosed on May 16. Separately, the provided data also mentions a marginal 0.2% year-on-year decline to ₹72.4 crore for the quarter.

Revenue from operations jumped to ₹2,850 crore in Q4FY26, up from ₹2,191.6 crore in Q4FY25. Sequentially, revenue edged up from ₹2,805 crore in Q3 FY26. The company also noted significant growth in express parcel volumes during the quarter and said it introduced AI-powered systems, positioning them as productivity and service improvements.

Sequential context: from Q3 loss to Q4 profit

A notable change in the quarter-on-quarter trajectory was the swing from a reported loss in the preceding quarter. Delhivery had posted a loss of ₹39.6 crore in the previous quarter, before returning to a profit of about ₹73 crore in Q4FY26.

The combination of rising revenue and a return to profit quarter-on-quarter is one of the central points investors watch in new-age logistics businesses, where network costs and mix shifts can quickly move margins.

FY26 performance: PAT down, but free cash flow turns positive

On a full-year basis, Delhivery reported profit for FY26 at ₹152.5 crore, down nearly 6% from ₹162.1 crore in the previous year. At the same time, the company said it turned free cash flow positive in FY26, a milestone often used to gauge whether operating improvements are translating into cash generation.

For FY26, revenue rose almost 18% to ₹10,508.3 crore, compared with ₹8,931.9 crore in the previous fiscal. The combination of higher annual revenue and lower annual PAT indicates that costs, mix, or investment levels remained meaningful even as the topline expanded.

Express parcel and AI: what the company highlighted

Delhivery pointed to significant growth in express parcel volumes in the quarter and said it introduced AI-powered systems. While the disclosure does not quantify the AI impact, it signals continued focus on automation and technology-led network management.

Investors typically track express parcel performance closely because it is linked to e-commerce activity and tends to influence network utilisation. The provided context also includes earlier commentary about consumption headwinds and industry volume trends in prior periods, underlining why volume resilience remains a key operational marker.

FY25 reference points: segment and volume data from the prior year

The provided material also includes detailed operational and segment data for Q4FY25, which serves as a reference base for Q4FY26’s year-on-year comparisons. In Q4FY25, shipment volumes were reported at 177 million parcels (up from 176 million in Q4FY24). For the full year FY25, total volumes were cited at 752 million, up 2% from 740 million in FY24.

For Q4FY25, express parcel business revenue was reported at ₹1,256 crore, up 3% year-on-year from ₹1,217 crore, while shipment volumes grew 1% year-on-year. Part Truck Load (PTL) revenue was cited at ₹517 crore, up 24% year-on-year, with volumes of 4,58,000 MT versus 3,84,000 MT in Q4FY24. Other Q4FY25 line items mentioned include supply chain services revenue of ₹229 crore (down 2.14% YoY), truckload revenue of ₹151 crore (down 13.22% YoY), and cross border services revenue of ₹34 crore (up 9.68% YoY).

Market impact: what the numbers imply for tracking Delhivery

The Q4FY26 print shows a clear divergence between growth and earnings: revenue rose 30% year-on-year to ₹2,850 crore, while profit stayed around ₹73 crore. That pattern tends to push the focus toward operating leverage, cost controls, and whether growth is coming with better contribution margins.

The full-year picture is mixed on the surface: revenue rose to ₹10,508.3 crore in FY26 from ₹8,931.9 crore in FY25, but PAT declined to ₹152.5 crore from ₹162.1 crore. However, management’s claim of turning free cash flow positive in FY26 adds a separate lens beyond accounting profits.

Separately, the provided context includes an older market datapoint: the stock ended down 0.86% at ₹321 on Friday, 16 May 2025, reflecting how quarterly updates can influence near-term trading.

Key numbers table

Why this quarter matters

Delhivery’s Q4FY26 results keep the company in a “growth with stable earnings” phase: the topline moved sharply higher, while profit did not expand at the same pace. Over FY26, revenue growth and free cash flow positivity were the standout themes, even as annual PAT moderated versus FY25.

The next key checkpoints for investors will be subsequent quarterly updates on revenue momentum, any further disclosure on express parcel volume trends, and whether the AI-led systems translate into measurable improvements in cost, service levels, or network productivity.