Delhivery (543529) Feb 2026 Filing Analysis

Express parcel shipments grew 42.9% year on year in Q3 FY26, while express parcel revenue grew 24% year on year. This indicates shipment growth outpaced revenue growth in the quarter, a possible sign of weaker revenue per shipment or a different shipment mix. The later baseline reports Q1 FY27 volumes up 55% year on year but notes that growth is partly affected by the Ecom Express acquisition and its small-parcel mix; it also gives no comparable realization figure. The demand and mix risk is therefore at least as material and cannot be shown to have eased; severity rises from LOW to MEDIUM. (1 intensifying, 1 easing, 2 stable, 1 insufficient_data)