Delhivery sees margin revival in express parcel biz in FY26

After more than a year of pricing pressure and muted shipment growth, Delhivery expects margin recovery in its express parcel business, which is its largest and most profitable vertical. In its Q4 earnings call, CEO Sahil Barua said he expects overall margins to improve in FY26, as volumes increase, particularly after the integration of its smaller rival Ecom Express.

The express parcel business contributed nearly 60% of Delhivery’s total revenues for FY25. In Q4, the express parcel segment recorded nearly flat year-on-year revenue growth of Rs 1,256 crore, with 177 million packages delivered.