Delhivery (543529) Nov 2025 Filing Analysis

PTL tonnage was up 16.5% year on year for 9MFY26 and 22.9% year on year in Q3FY26. The Q3 pace is consistent with stronger H2 momentum, but the FY26 commitment is not yet complete and the document does not provide a full-year outcome. (2 in progress, 1 exceeded, 2 met across 5 tracked commitments)

Cumulative Ecom Express integration costs were ₹126 crore in 9MFY26, including ₹90 crore in Q2FY26 and ₹35 crore in Q3FY26. The cumulative amount is below the original ₹300 crore estimate, but exceeds the earlier ₹100–110 crore expectation for the next two quarters. Costs are still reported in FY26, so the full-year and total-cost commitments remain in progress. (3 in progress, 1 revised, 1 exceeded across 5 tracked commitments)

The presentation reports ₹20 crore of Q3FY26 investment in new services, a category that includes Delhivery Direct, Rapid and Financial Services, but does not disclose Rapid Commerce city count, business opportunity achieved, delivery-cost testing, or an economics reassessment. The specific commitment cannot be assessed from this evidence. (1 not yet due, 1 revised across 2 tracked commitments)

The two initiatives were described as new and early-stage in Q2 FY26, with Rs. 15 crore invested during the quarter. Rapid Commerce operated in three cities with about 20 dark stores, while Delhivery Direct operated in Ahmedabad, Delhi NCR, and Bengaluru at an annual revenue run rate of Rs. 25–30 crore. The later Q1 FY27 baseline reports Rs. 32 crore of revenue for the broader New Initiatives group, about 1.1% of service revenue, up from Rs. 4 crore in Q1 FY26. The category is expanding, though the figures do not isolate these two services. (1 expanding)

The quarterly series shows shipments rising from 185 million in Q2 FY25 to 208 million in Q1 FY26 and 246 million in Q2 FY26. Latest growth accelerated to 32% year on year and 18% quarter on quarter. The presentation does not provide an additional forward volume target. (2 accelerating, 2 new trend, 1 steady across 5 signals)

Express shipments grew 32.5% year on year in Q2 FY26, while express revenue grew 24%, meaning shipment growth outpaced revenue growth and may indicate weaker revenue per shipment or a shift in mix. Ecom Express volume manifestation had ceased by Q1 FY26, and its Q2 revenue was ₹13 crore after transition, so the reported operating growth largely excludes its ongoing volume contribution. The later baseline reports 55% express-volume growth in Q1 FY27, partly affected by the acquired network and small-parcel mix. This supports an ongoing mix and revenue-quality concern, but the presentation lacks comparable revenue-per-shipment data to assess the change in severity. (1 insufficient_data)