Service EBITDA margin of PTL business zooms to 10.8% (2.2% in 4QFY24). our service EBITDA margin assumptions for PTL division amid stellar performance in 4QFY25. DELHIVER reported strong set of results with operating margin of 5.4% (PLe 3.7%; CE 3.4%) as service EBITDA margin of PTL business skyrocketed to 10.8% led by improvement in yield, fleet utilization and volumes. While growth challenges in B2C parcel division continue (flat volumes with 170bps reduction in service EBITDA margin), we believe acquisition of Ecom express will not only drive yields but also improve margins as operating leverage benefits would come into play with a wider network coverage. We...