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— Copy of Delhivery Q4 FY26 earnings presentation
“There are now three listed players in the Express logistics space—Delhivery, Blue Dart and Shadowfax. Each plays a slightly different role in the industry. I don’t think XpressBees has any structural advantages compared to the three listed companies, and I don’t see a reason for them to exist,” Sahil Barua, co-founder and CEO of Delhivery, told analysts during Q4 FY26 earnings call.
XpressBees is one of the few remaining players in India’s express business-to-consumer (B2C) logistics market and directly competes with Delhivery. It reported a net loss of Rs 370 crore in FY25 with operating revenue of Rs 2,874 crore.
Barua’s statement came in response to an analyst’s question about whether the logistics industry will see any further consolidation after Delhivery acquired Ecom Express, one of its biggest competitors, last year. However, he did not reveal whether the company also plans to acquire XpressBees.
“I think they (XpressBees and Ecom Express) voluntarily set their balance sheets on fire. I don’t think anybody is going to get into an operating burn environment again,” Barua said.
Delhivery’s fintech ambitions: According to a separate regulatory filing, Delhivery’s board has approved the company’s proposal to set up a new financial distribution and allied services arm.
Delhivery Fintech Distribution Private Limited, the proposed entity, will house the Insurance Corporate Agent business, the distribution of payment solutions such as FASTags and Fuel Cards, the distribution of Telematics devices for truckers, and sector-specific products tailored for vendors, truckers, last-mile delivery agents, and MSMEs.
The company forayed into the fintech sector last year by setting up Delhivery Financial Services, a wholly owned subsidiary.
“Delhivery Financial Services (DFS) is in the process of developing a suite of financial services including insurance and lending to fleet owners and MSME shippers, who remain largely underserved by traditional financial institutions. This will enable bringing them into the larger Delhivery network as direct service providers to us or to our clients,” the company said in its Q4 FY26 shareholder letter.
How is AI impacting Delhivery’s logistics business? According to Delhivery’s management, the company is increasingly deploying AI-based prediction systems across its operations.
Barua mentioned two specific areas where AI has generated tangible cost savings. The first is consignment documentation, a paperwork-heavy process, especially in the Part Truck Load (PTL) segment. Delhivery said most manual documentation work in this segment has been automated.
The second is claims handling. The company no longer requires every claim to be reviewed manually. AI has improved both accuracy and productivity, and the teams that previously handled…
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