Delhivery Q3 FY26 – Turnaround Quarter with Sharp Margin Improvement

Delhivery delivered a strong turnaround in the December 2025 quarter, with steady revenue growth and a sharp improvement in operating performance, resulting in a return to profitability. • Sales: ↑ 18% YoY to ₹2,805 crore (vs ₹2,378 crore in Dec 2024) • EBIDT: ↑ 108% YoY to ₹209 crore (vs ₹100 crore) • Net Profit: ↑ 168% YoY to ₹39.6 crore (vs ₹25.0 crore) • EPS: ↑ 56% YoY to ₹0.53 (vs ₹0.34) At a price of ₹423, market cap ₹31,649 crore, and PE 175.8, Delhivery trades at a premium reflecting long-term growth expectations. The return to profitability and sharp EBIDT expansion highlight improving operating leverage and cost discipline, strengthening confidence in the company’s path toward sustainable earnings.