Delhivery turns cash-flow positive a year early after crossing ₹10k cr revenue
FY26 was a milestone year for the logistics firm. It crossed ₹10,000 crore in revenue, turned free cash flow positive ahead of schedule, and plans to spend ₹130-160 crore on new lines.
— 2 earlier stories on Delhivery Ltd. →What's new
- Revenue surpassed ₹10,000 crore for the first time in FY26.
- The company turned free cash flow positive a year ahead of its internal plan.
- Management plans to invest ₹130-160 crore in new business lines for FY27.
Why this matters
Turning free cash flow positive a year early is a key de-risking event for a growth-stage company that has burned cash to build scale. The ₹10,000 crore revenue mark also moves Delhivery into a different league for the sector. The planned ₹130-160 crore investment shows management is doubling down on growth even as it reaches profitability.
What we're watching
- Whether the ₹130-160 crore capex translates into new revenue lines in FY27.
- Sustained free cash flow generation beyond the first year.
- ROIC improvement from 16% towards the stated 25% target.
The full read
Delhivery's FY26 was a year of hitting marks. Revenue crossed ₹10,000 crore for the first time. More importantly, the business turned free cash flow positive a year ahead of schedule, a milestone for a company that has spent heavily to build scale. Operational volumes were strong, with over one billion parcels processed and 2 million metric tons moved in part-truckload. Looking ahead, the company plans to spend ₹130-160 crore in FY27 on new initiatives like intra-city logistics while guiding for continued profit improvement. The ROIC stood at 16%, with management targeting a move above 25%. The early cash flow positivity gives the company a more solid base to fund these growth bets.
Questions answered
- What was the key financial milestone Delhivery achieved in FY26?
- The company reported revenue exceeding ₹10,000 crore for the first time. It also turned free cash flow positive a year ahead of its internal target.
- How much is Delhivery planning to invest in new businesses next year?
- Management guided for ₹130-160 crore in FY27 to scale new lines like intra-city on-demand logistics.
- What operational volumes did the company handle?
- Delhivery processed over one billion parcels during the year and handled 2 million metric tons in its part-truckload division.
- What is the target for return on invested capital?
- The company is targeting an ROIC above 25%. This comes off a current level of 16%, which showed improvement.
Delhivery Ltd.
Latest quarter · Mar 2026
Strength & growth
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All notes on DELHIVERY →- 22 May 2026 · 12:59 PM IST Delhivery turns cash-flow positive a year early after crossing ₹10k cr revenue
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