Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 revenue crossed Rs. 3,000 Cr (+20% YoY); adjusted EBITDA Rs. 123 Cr (4% margin), PAT Rs. 41 Cr - Express volumes grew 32% YoY to 325 million shipments; PTL freight up 14.2% YoY at 545K MT - FY27 express volume growth expected at upper end of 20-30% guidance; PTL volumes to return to 20%+ growth - Express EBITDA margin expected around 17% for FY27; PTL margins to improve YoY - New businesses: Delhivery Local run rate >Rs. 200 Cr, breakeven expected by Q4FY27; Delhivery International Rs. 140-150 Cr run rate, service EBITDA profitable - AI and automation investments driving cost savings and productivity; corporate overheads expected to reduce to ~7% of revenue in 24 months - Market share stable or growing in D2C and 3PL segments; non-ecommerce express market offers significant growth opportunity - PTL market TAM estimated at Rs. 90,000-100,000 Cr with strong tailwinds from unorganised market migration and FTL to PTL shift - Rapid commerce integrated into larger fulfillment centers; no change in strategy - Price hikes ongoing with contracts covering inflation; lag in pass-through reduced - Working capital improvements aided by AI; unbilled receivables are accounting constructs - Overall transportation margins expected to expand 130-150 bps YoY