Delhivery Ltd Q2 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sachin Salgaonkar - - Analyst : Hi. Thank you for the opportunity. I have three questions. First question, Sahil, is on Express margins even when we look from Q2 to Q2 margins have gone down from 18% to 15%. Can you help us understand what has happened and how should 1 look at the steady state margin going ahead?

Question: Sachin Salgaonkar - - Analyst : Yes, sure. My second question is we are hearing mixed feedback on festive season in terms of how it is picking up. So I would love to understand how you guys are seeing an impact on the festive season. And lastly is on the Express growth. I mean it may not be easy for you guys, but it would be great if you could take a stab at this. How much of the weakness is perhaps on the back of consumption slowdown and how much because of an in-sourcing by operator? And I'm asking that question because I want to get a sense in terms of what could be a growth for a [3PL] industry going ahead when things normalize?

Question: Sachin Salgaonkar - - Analyst : Got it. So whenever consumption recovery when consumption recovers, we should see growth normalizing to 13% to 15% for industry, right?

Question: Sachin Salgaonkar - - Analyst : Thanks. Very clear. Thank you. Unidentified Participant Aditya Bhartia.