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

AI summary - Q1FY27 revenue nearly Rs.3000 Cr, +28% y-y; EBITDA Rs.156 Cr, +5% y-y - Express volumes grew 55% y-y to 322 million packages; PTL freight grew 18% y-y with yield near Rs.12 - Supply chain services revenue Rs.200 Cr; margins impacted by two new large contracts scaling up - Delhivery Direct GMV ahead of plan at Rs.150 Cr, expected to exceed Rs.250 Cr target for FY27 - FY27 guidance: Express service EBITDA margin 16-18%, PTL margin to exit near 15-15.5% - Inflation impact: fuel pass-through mostly in Q2; minimum wage increases passed gradually - Market share gains from 3PL consolidation and shift from in-house logistics - New initiatives investments mainly in Delhivery Local, growing faster than expected - Structural pricing stable; no expected pricing pressure despite inflation - Focus on automation, technology, and network optimization to sustain growth and margins