What was filed
Delhivery released its letter to shareholders on financial results for the quarter ended June 30, 2026 (Q1 FY27), under Regulation 30 of SEBI's Listing Regulations. The letter pairs headline financials with a set of management FAQs covering volume growth, margins, fuel pass-through, the Ecom Express integration and new business lines.
Management described continued momentum in both its express parcel and part-truckload (PTL) freight networks, driven by market-share gains with existing customers and new client additions across D2C, SME and consumer segments.
Growth against a challenging quarter
Express and PTL volumes both grew year-on-year, with revenue from services rising in step. Per the filing, this came despite what management called a particularly challenging external environment — volatile labour availability tied to elections and climate disruptions, geopolitical uncertainty, higher fuel costs following a rise in global crude prices, and revisions to statutory minimum wages across Haryana, Karnataka, Uttar Pradesh and Punjab.
Management said it prioritised buffer staff and network capacity to sustain service quality, and expects these cost increases to be absorbed with revenue growth through the rest of FY27. Customer contracts carry fuel pass-through mechanisms with a lag of up to one month, so the full revenue benefit is expected to reflect in Q2FY27. The company guided to express volume growth of 20–30% and PTL volume growth of 18–22% for FY27.
Integration, new businesses and technology
The filing states the Ecom Express acquisition, completed in July 2025, incurred integration costs well below original guidance, and that these costs have largely run off — going forward, Ecom-related integration costs will no longer be called out separately in earnings reports.
Delhivery also described progress in newer ventures. Delhivery Local, its intra-city service, is operational in 6 cities with plans to reach 10; and its wholly owned subsidiary Delhivery Financial Services received an NBFC licence in July 2026 to build an asset-light insurance and lending business for fleet owners. On technology, the company said it launched SmartNDR (an AI service to reduce returns), commissioned its first Automated Storage and Retrieval System, and launched Delhivery Maps as a standalone location-intelligence platform. It also described new frontline-workforce welfare initiatives, Vishram and Abhayam.