Guidance ledger · Q4 FY26

Delhivery Ltd DELHIVERY

5 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

directional guidance only · held across quarters

Holding view → · latest concall · The pulse

↑ raised New businesses investment - FY27 (Delhivery Direct) Q3 FY26 → Q4 FY26

~~Not previously disclosed~~ → 130-160 crores

“Our anticipation of the investment fo r fiscal 27 is broadly between about 130 and 160 crores that we've guided to in our shareholder letter as well.”

→ narrowed Steady-state ROIC for transport business Q3 FY26 → Q4 FY26

~~25-30% (Q3FY26 range)~~ → 25% plus (tighter floor)

“The steady state ROICs, currently we are at 16%, but in a steady state, this number for our transport business can certainly go to 25% plus.”

↓ lowered Ecom Express integration cost - final estimate Q4 FY25 → Q3 FY26

~~Rs. 300 crores envelope (Q4FY25)~~ → 150-160 crores ending range

“we expect them to be significantly lower than the 300 crores we'd originally forecast.”

↔ widened Capex as % of revenue - steady state Q4 FY25 → Q3 FY26

~~3.5% to 4% long-term (Q4FY25)~~ → 4% to 4.3-4.4% (Q3FY26)

“Capex will decline down to the sort of, you k now, 4% to 4.3%, 4.4% of revenue over the not so medium term.”

↑ raised Ecom Express volume retention Q4 FY25 → Q1 FY26

~~30% retention base case (Q4FY25)~~ → 55-65% retained, rising month on month

“somewhere in the 55% to 65% retained volume already.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.