1. At a Glance – Blink and You’ll Miss the Margin
Delhivery, India’s most famous logistics startup-turned-listed-company-turned-existential-crisis survivor, closed Q3 FY26 with ₹2,805 Cr revenue, ₹209 Cr operating profit, and ₹40 Cr PAT.
Yes, you read that right — actual profits, not “adjusted EBITDA poetry”.
Market cap sits around ₹31,600 Cr, stock trades near ₹423, and the P/E of ~176x screams “future expectations sponsored by optimism”. ROCE is a humble 2.47%, ROE 1.52%, which means capital is employed but not exactly doing yoga yet.
The real flex? Operating margin jumped to 7%, highest in company history.
The real irony? Other income still props up the P&L like a borrowed chair at a wedding.
Is this the long-awaited operating leverage moment — or just a quarter where costs behaved and volumes smiled?
2. Introduction – From Burn Rate to Breathing Rate
Delhivery’s public market journey has been… educational.
From IPO euphoria to loss-making reality checks, the company spent years convincing investors that scale will fix everything.
FY19–FY23 was pure chaos:
- Negative margins
- Cash burn like Diwali crackers
- “Tech company” valuation with trucking company returns
FY24 and FY25 changed the tone.
Losses shrank, operating discipline improved, and suddenly Delhivery started acting like a logistics firm instead of a PowerPoint startup.
Q3 FY26 is important because this is not adjusted, ex-integration, or vision-based.
This is plain consolidated profit, post depreciation, post interest, post reality.
But one quarter doesn’t make a marriage.
So let’s open the
books properly.
3. Business Model – WTF Do They Even Do?
Delhivery runs a full-stack logistics platform, pretending to be asset-light while quietly owning a lot of assets.
What they actually do:
- Pick up parcels
- Move parcels
- Sort parcels
- Lose parcels (sometimes)
- Deliver parcels
- Collect data on parcels like it’s a surveillance agency
Segments:
- Express Parcel (58.7%) – e-commerce backbone, 740 million parcels in FY24
- PTL Freight (20%) – B2B parcels pretending to be cargo
- TL Freight (7.2%) – Orion platform matching trucks and shippers
- Supply Chain Services (11.9%) – Warehousing + analytics
- Cross Border (2%) – Starfleet air cargo dreams
They operate 111 gateways, 29 automated sort centers, with 7.1 million shipments/day capacity.
Asset-light?
They still have 753 owned trucks, mega gateways, and heavy depreciation — so let’s call it “asset-selective”.
4. Financials Overview – The Numbers Finally Behave
Q3 FY26 vs Q3 FY25 vs Q2 FY26
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 2,805 | 2,378 | 2,559 | 17.9% | 9.6% |
| EBITDA (₹ Cr) | 209 | 100 | 68 | 109% | 207% |
| PAT (₹ Cr) | 40 | 25 | -50 | 60% | NA |
| EPS (₹) | 0.53 | 0.34 | -0.67 | 56% | NA |
Annualised EPS (Q3 rule)
2 thoughts on “Delhivery Ltd Q3 FY26 – ₹2,805 Cr Revenue, 7% OPM, ₹40 Cr Profit: Logistics Unicorn Finally Learns to Walk or Just a One-Quarter Gym Photo?”
753 is the number of tractor trailors in network, not the count of owned trucks.
Lease liabilities are essentially Operational costs but recorded as Financial Costs due to Ind AS 116. Can analysis of companies with significant lease liabilities include above aspect to reflect true / adjusted OCF.