Delhivery

“Our original expectation was that CM breakeven would happen earliest, maybe early to middle part of next financial year. But as things stand, it's looking more like CM breakeven could happen as early as Q4 of this financial year.”

“PTL has been improving, YoY we will continue that journey. And Express, it should be at least equal to FY26 levels, let me put it that way.”

“The other important thing, like I mentioned, is that PTL margins should expand between FY26 and FY27. And PTL volumes will also grow FY26 versus FY27.”

“But for the moment, the guidance that we have given to everybody publicly has always been that just assume that it will broadly be in the same range in FY28 versus FY27.”

“So this financial year, first of all, I think we will end up closer or probably, unless something fundamentally changes to the lower end of what we had guided.”

“So my sense is that the paybacks will easily match the payback periods that we've seen in the past for TTs and for sorter systems.”

“So, there's no fundamental increase in infrastructure or fundamental increase in fixed cost that comes out of expanding the SDD, NDD network.”

“But we've also begun to pilot and experiment with other interesting robotic systems across our mid-mile operations.”

“But, let me just say, were we to split it out, this business would probably look like a Rs. 300, 400, 500 Cr business, all things put together.”

“We will continue to invest in building out more of these fulfilment centres. We have several across all of maybe the top 15 major cities.”

“Delhivery Direct for consumers today, for example, is probably running at close to nearly Rs. 100 Cr, in maybe about 15 months of focused effort on the business.”

“The Saver business that we had launched, are today hitting probably close to Rs. 140 Cr ARR in this business. It's actually grown 55% QoQ between Q1FY27 and Q2FY27 and has also broken even at a service EBITDA level.”

“So I think we’ll gain share irrespective of what happens to the market next year.”

“As things stand, the month of October has also been a pretty good month for us. And we're ahead of where we actually expected to be as of this month.”

“But at the moment, let me put it this way, I don't see any particular reason for our guidance on e-commerce in general growing volume terms somewhere between 15-20% being, very, very off.”

“So I don't see any structural damage to e-commerce growth. I think 16-20% sounds perfectly reasonable.”

“What I can tell you from our volumes is that we haven't seen it. We haven't seen supply side issues.”

“India has 128,000 enterprises who have revenues which are north of Rs. 5 Cr.”

“The other one, has been Delhivery Maps , which over the last two quarters, the sophistication it has reached is already saving us a million dollars a year, compared to using Google APIs.”

“See, I think the absolute margins across the transportation network will broadly remain constant. At least that's our outlook for the moment compared to where we were last year.”

“Yeah, so Q3, obviously, is a quarter in which the margins expand quite a lot. And that will continue.”

“In terms of yields, see, yields have already expanded Q1 to Q2, which also, is interesting because it's a historical anomaly a little bit.”

“Part of this obviously is the fact that we've had price revisions which have come into force as costs have inflated. Part is obviously to do with the mix.”

“The company also continues to be extremely well capitalised with Rs. 4,676 Cr of cash on the balance sheet.”

“Automation will certainly help in further improving our collection cycle because faster billing, more accurate billing and faster claim resolution, AI driven automation will help in all of these things and hence our receivables can further improve.”

“And as we do this, we have a differentiated ability to invest, not just because we have cash on the balance sheet, and are now adding cash to the balance sheet every quarter.”

“Monetization has begun, but at this stage, it's at a very, very, very early stage. So, we will be in a better position to comment at the end of this financial year.”

“If you exclude MTM, there's absolutely no change in our other income. It's broadly flat. It's purely mark to market related.”

“But again, frankly, US midterm elections are on Tuesday. So, let's see how things go.”

“Our view on automation fundamentally now is that it is an existential question, because the reality is the labour environment in India has been steadily becoming more volatile and more challenging.”

“And overall, I think sales cycles have gotten pushed out a little bit, largely because when costs were inflating so unpredictably, it was getting pretty difficult to establish a clear handle on exactly what our solutions design would be.”

“We are not that weakest player. Far from it. So we actually anticipate that there shouldn't be any very fundamental change to our volumes.”

“I think we don't believe that we have a material concentration risk with any large marketplace customer for two reasons.”

“Our express business delivered 325 million shipments in Q2FY27. So, we are up about 32% YoY.”

“The PTL business delivered 545K metric tonnes of freight, up about 14.2% YoY.”

“Overall revenue from services for the company crossed Rs. 3,000 Cr for the first time at Rs. 3,066 Cr for Q2FY27, which is up 20% YoY.”

“Adjusted EBITDA came in at Rs. 123 Cr or 4% of revenue with PAT of Rs. 41 Cr.”

“And, as people who've invested in this space for a very long period of time, we are also 40% shareholders in Falcon Autotech, we understand how the cost curve for automation works.”