**Delhivery Q1 FY26 Results: Profits Surge 67% as Margins Expand Sharply**

Delhivery Ltd. has delivered a solid Q1 FY26 performance, reporting a 67% year-on-year jump in profit after tax to ₹91 crore, backed by a steady rise in revenue and margin expansion. Revenue from services grew 6% YoY to ₹2,294 crore, while EBITDA rose 53% to ₹149 crore, lifting the margin from 4.5% to 6.5%. The estimated earnings per share (EPS) for the quarter stands at ₹1.24. The Express Parcel business remained the core growth driver, with shipment volumes touching 208 million, up 14% YoY. Part-Truck Load (PTL) services saw robust traction as revenue jumped 17%, and margins improved dramatically to 10.7%, from 3.2% a year ago. However, legacy verticals like Truckload, Cross-Border, and Supply Chain Services witnessed revenue declines ranging from 5% to 44%, raising concerns over diversification. New initiatives such as ‘Rapid’ and ‘Direct’ are gaining early momentum, with the former generating a ₹1.2 crore monthly run-rate across 20 stores. CEO Sahil Barua expressed optimism heading into the festive season, citing operating leverage and efficiency gains.