Transcript of Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter ended June 30, 2026

Date: August 13, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 India India Scrip Code: 543529 Symbol: DELHIVERY Sub: Transcript of Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter ended June 30, 2026 Dear Sir, This is in continuation to our earlier letter dated August 08, 2026, regarding audio recording of the Earnings Conference Call held on August 08, 2026, at 06:00 P.M. (IST) on the performance of the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026. Please find attached herewith the transcript of the above Earnings Conference Call. The above disclosure is also being uploaded on the website of the Company at www.delhivery.com. You are requested to take the same on your record. Thank you. Yours sincerely, For Delhivery Limited Madhulika Rawat Company Secretary & Compliance Officer Membership No: F 8765 Encl: As above Delhivery Limited - Q1FY27 Earnings Conference Call AUG 08, 2026 Management: MR. SAHIL BARUA, MD & CHIEF EXECUTIVE OFFICER MR. VIVEK PABARI, CHIEF FINANCIAL OFFICER MS. VANI VENKATESH, CHIEF BUSINESS OFFICER MR. VARUN BAKSHI, CHIEF SALES OFFICER MR. NAVNEET KUMAR, HEAD - SUPPLY CHAIN SERVICES Moderator: DHRUV JAIN, AMBIT CAPITAL Delhivery Ltd. Q1FY27 Earnings Call August 08, 2026 Sahil Barua : Thank you Dhruv, thank you Ambit team for hosting us and thank you all who have joined today on Saturday evening. We will make a slight change from our usual practice so far, I will just start with a quick summary of the quarter. Our investor presentation and analyst presentation is already uploaded, so instead of going through that after a short summary, we will just jump directly into questions and answers. So, very quickly, looking at Q1, it's been a solid start to the year. Overall revenues for Q1FY27 came in at nearly Rs.3000 Cr, up about 28% year-on-year compared to Q1FY26 and EBITDA came in at Rs.156 Cr, which is about a 5% growth year-on-year. Q1 was an interesting quarter because we faced several new challenges as a business. There have been chronic labor shortages across the industry throughout the period of April, May and June. We also had significant disruptions due to both elections as well as weather in this quarter, some of which - especially weather-related challenges - have continued a little bit into Q2. There was also the overhang of geopolitical uncertainty leading to inflation and input costs and fuel and changes to the statutory labour codes. What I'm particularly proud of is that despite a challenging external environment, we delivered record volumes in Q1. Our express business delivered 322 million packages in Q1, which represents a growth of 55% year-on-year and continues to reflect the sustained trust that tens of thousands of e-commerce shippers and clients across the country continue to place in the Delhivery network. Our PTL network also continued its growth trajectory. We delivered close to about 542,000 tonnes of freight in Q1, which represents a growth of 18% year-on-year. More importantly, yield continued to improve in the PTL business and has risen to close to nearly Rs. 12 for Q1FY27, leading to a revenue growth of over 20% year-on-year. Our supply chain services business came in at nearly Rs.200 Cr of revenue for Q1. Profitability was affected by the start of two new large contracts, which we expect will stabilize over a combination of Q2 and early Q3. The pipeline in this business continues to remain strong with new client starts expected in e-commerce, which is one of our core sectors, but also in automotives and consumer durables. New initiatives also continue to grow rapidly. Delhivery Direct, which we've spoken about before, is growing faster than initially expected. Our original plan was to reach a GMV of close to Rs. 250 Cr in FY27. As things stand, we are currently at a GMV ahead of plan at close to about Rs.150 Cr GMV and expect that we will close the year higher than originally planned. Contribution margins have also expanded compared to where we originally thought we would be and our anticipated investments in this year therefore will be somewhat lower. From a Delhivery Ltd. Q1FY27 Earnings Call August 08, 2026 technology standpoint, we launched Delhivery Maps, which is based on our proprietary GIS information. Obviously, we've been deploying Delhivery Maps across internal operations for a while now but intend to also make this available to external customers going forward. Our investments in automation and engineering have also continued. We continue to bring in new industrial automation systems across both our key transportation facilities in terms of in-facility movement and automated storage and retrieval systems across our fulfilment centers. As the external environment continues to remain challenging, especially from a labor availability standpoint, these automation investments we expect will be key to sustaining market share growth over the next couple of years. Net-net, I think looking back at Q1, it's a very good start to the financial year. Record volumes in Q1 especially are particularly heartening given that Q1 is usually the slowest quarter of the year in logistics and we're well positioned for the year ahead. We anticipate the overall environment to be more benign going forward and see no major changes to either our FY27 or medium or long-term growth and profitability targets. So, it's a short summary. With that, what I'll do is just wait for the queue to form and be happy to take questions as they come up. Dhruv Jain, Ambit Capital: Sure. Thanks, Sahil. We'll wait for the queue to form. Anyone who wishes to ask a question may just use the raise hand button, and we'll let you in then. Sahil Barua: Dhruv, I think we’ve got a couple of people in the queue so we can start whenever you’re good. Dhruv Jain, Ambit Capital: Sure, Okay. The first question is from Sachin Salgaonkar. Sachin, please go ahead with your question. Sachin Salgaonkar: Hi, Dhruv. Hi, management. Three questions. First question, Sahil, is on the express volume growth or guidance of 20-30%. Clearly, it's a wide range. When we look at 20% at the low end to 30% at the high end, can you help us understand how we should think about the contours in terms of what will drive the growth towards a low end and high end? And when we talk about new customers, what kind of new customers? Is it mainly the quick service which is picking up and beyond? And any color in terms of how much volumes are e-commerce, let's say, versus a D2C vertical versus quick service would be helpful. Thanks. Let me pause here and then I’ll ask the other two questions. Sahil Barua: Sachin, why don't you give me all your questions and I'll answer them one by one.. Delhivery Ltd. Q1FY27 Earnings Call August 08, 2026 Sachin Salgaonkar: Got it. The second question, Sahil, is on PTL yield. You did mention about this number going up in a meaningful manner this quarter. Is it something related to seasonality or is it something which is sustainable going ahead? That's question number two. And question number three is these entire contractual revisions in terms of fuel price, which comes with a time lag of one month. And your point of it getting reflected into Q2. One of your listed peers has a similar revision, but that happened after five days versus one month. So just wanted to understand, are we doing an apples to apples comparison or is there something more than a bilateral agreement with 3PL's get with their customers? Thank you. Sahil Barua: Sure. So let me start off on Express. Overall our growth so far in Q1 is 55% YoY, but of course that also has the base effect due to the fact that the Ecom Express acquisition was fully reported from Q2 onwards in the last financial year. Broadly looking at where we are at t [Showing first 8,000 characters — download PDF for full document]