India IPO Pipeline SEBI Regulatory Filings — May 16, 2026

Express parcel volumes grew 40.2% YoY and PTL tonnage rose 17.4% YoY, pushing adjusted Transport EBITDA to ₹561 Cr

Delivered first positive FCF of ₹89 Cr in FY26 with Transport ROIC reaching 16.0% versus prior negative free cash flow

Core EBITDA margin expanded to 7.3% on ₹10,486 Cr revenue while capex as % of revenue fell to 3.3% from prior year

PAT turned positive at ₹347 Cr (3.2% margin) in FY26 after prior losses, outperforming logistics peers on profitability inflection

Appointment of ex-Global CFO of Tata Communications as independent director for 5-year term signals strengthened governance

Unmodified audit opinion from Deloitte Haskins & Sells on consolidated results reduces accounting risk versus peers with qualifications

Board meeting compressed to 2h 55m duration on May 16, 2026 indicates efficient decision-making on results and director appointment

Cash & equivalents declined to ₹4,555 Cr at Mar'26 from ₹5,493 Cr at Mar'25 after M&A spend

Adjusted EBITDA loss in new initiatives widened to ₹76 Cr in FY26 versus prior year

Supply Chain Services EBITDA margin remained flat at 0.0% with ₹4 Cr loss, showing no YoY improvement

Medium risk flagged on board meeting with limited disclosure on agenda or outcomes versus Delhivery transparency

Positive FCF inflection and 16.0% Transport ROIC position stock for re-rating if new initiatives losses narrow in FY27

Addition of Mr. Shakir (CFO of the Year 2023-24) through May 2031 adds capital allocation expertise ahead of potential M&A or IPO activity

40.2% YoY express parcel growth and 17.4% PTL tonnage surge provide visibility into FY27 revenue beat potential

Core EBITDA margin at 7.3% with capex intensity down to 3.3% creates operating leverage for further PAT growth

Delhivery reported 40.2% YoY express volume growth and 17.4% PTL tonnage increase, signaling broad sector rebound in FY26 after prior slowdowns

Core transport margins improved to 7.3% EBITDA while adjacent segments (Supply Chain, new initiatives) posted flat-to-negative results, highlighting bifurcation in sector profitability

Delhivery reduced capex/revenue to 3.3% while achieving first positive FCF, contrasting typical sector reinvestment-heavy models

Director appointment of Mr. Kabir Ahmed Shakir subject to shareholder vote post-May 16, 2026 board meeting

Monitor management commentary on new initiatives loss trajectory and cash balance trajectory after ₹938 Cr YoY decline

Track Q1 FY27 volume trends following strong 40.2% express parcel growth in FY26

Follow-up disclosure expected on board meeting outcomes given medium risk rating and limited initial details