Delhivery Q4FY26: Revenue +30%, PAT Flat at Rs 73cr

The headline numbers from Q4FY26

Delhivery reported its March-quarter (Q4FY26) results on May 16, showing a sharp rise in revenue but largely steady profitability. Net profit was reported at Rs 73.4 crore, compared with Rs 72.6 crore in the year-ago quarter. Separately, an earlier summary of the same update cited net profit at Rs 72.4 crore, indicating a small variance in reported figures across reports.

The key positive in the quarter was topline momentum. Revenue from operations rose 30% year-on-year to Rs 2,850 crore, from Rs 2,191.6 crore in Q4FY25. The company also highlighted growth in express parcel volumes during the quarter and said it introduced AI-powered systems.

Profit stays steady after a loss in the previous quarter

While year-on-year profit stayed broadly flat, sequential performance improved sharply. Delhivery had reported a loss of Rs 39.6 crore in Q3FY26, and returned to profit in Q4FY26.

This swing matters because it frames Q4FY26 as a quarter of recovery after a weak December quarter. It also keeps the focus on how stable the company’s operating profitability is as volumes and network utilisation change quarter to quarter.

Revenue growth was strong, but expenses also rose

Alongside the 30% revenue growth in Q4FY26, Delhivery reported a material rise in costs. Total expenses increased 27% year-on-year to Rs 2,853.1 crore in the quarter ended March, versus Rs 2,248.7 crore a year ago. Expenses were also higher sequentially compared to Rs 2,820 crore in Q3FY26.

The cost build-up helps explain why profit did not expand in line with revenue growth during the quarter. For investors tracking logistics companies, the interplay between shipment growth, pricing, and fixed-cost absorption remains central to earnings stability.

Sequential trends: revenue grew, costs rose too

On a quarter-on-quarter basis, Delhivery’s revenue ticked up. Q4FY26 revenue was Rs 2,850 crore, compared with Rs 2,805 crore in Q3FY26.

But costs also increased in the same period, with Q4FY26 total expenses at Rs 2,853.1 crore versus Rs 2,820 crore in Q3FY26. With both revenue and expense lines rising sequentially, the quarter’s net profit outcome signals that cost control and operating leverage remain key variables.

FY26: PAT fell versus FY25, but cash flow turned positive

For the full year, Delhivery reported profit of Rs 152.5 crore in FY26, down almost 6% from Rs 162.1 crore in FY25. In another summary, FY26 consolidated PAT was described as Rs 153 crore, broadly in line with the FY26 figure above.

At the same time, the company reported an important milestone for the year: it turned free cash flow positive in FY26. The update did not provide a rupee amount for free cash flow, but the direction is notable because cash generation is a key focus for new-age logistics businesses scaling networks.

FY26 operating performance: EBITDA and margin improved

Delhivery reported EBITDA of Rs 764 crore in FY26, with margins expanding to 7.3%. This compares with EBITDA of Rs 380 crore in FY25, as per the company’s earnings release.

The margin expansion suggests operating profitability improved year-on-year at the EBITDA level even though FY26 PAT was lower than FY25. This also highlights the impact of non-EBITDA items such as depreciation, finance costs, and tax, which can influence net profit even when operating performance strengthens.

A quick data table: Q4FY26 and the FY25 base

Express parcel volumes and AI systems: what the company highlighted

Delhivery said it saw significant growth in express parcel volumes in Q4FY26, though no volume number was provided in the FY26 update shared here. The company also introduced AI-powered systems, indicating continued investment in automation and decision-support tools across sorting, routing, and network planning.

AI-led process improvements can be relevant in logistics because small changes in delivery density, line-haul planning, and exception handling can have an outsized impact on cost per shipment. However, the disclosures in this update were qualitative, with no quantified benefit shared.

Context: FY25 was the first full year of profitability

FY25 was described as Delhivery’s first full year reporting profit after tax, with FY25 net profit of Rs 162.11 crore versus a net loss of Rs 249.19 crore in FY24. FY25 revenue from operations was Rs 8,931.9 crore.

In Q4FY25, Delhivery reported revenue of Rs 2,191.57 crore, EBITDA of Rs 119 crore (margin 5.4%), and PAT of Rs 72.56 crore, reversing a loss in the year-ago quarter. Q4FY25 parcel shipment volumes were cited at 177 million, up from 176 million in Q4FY24.

Market impact and what to watch next

The Q4FY26 print shows a clear divergence between topline growth and bottomline expansion, with expenses rising almost as quickly as revenue. For the full year, EBITDA and margins improved materially, while PAT dipped versus FY25, and free cash flow turned positive.

The next set of disclosures to watch will be more detail on what drove the 30% revenue jump in Q4FY26, how express parcel volumes translated into yield, and whether AI-led initiatives are helping reduce per-shipment costs. With FY26 revenue reported at Rs 10,508.3 crore versus Rs 8,931.9 crore in FY25, investors will also track whether the company can sustain growth while keeping quarterly profitability consistent.