Delhivery Ltd. reported a steady growth in revenue for the quarter ended September 2025 even as integration costs related to the Ecom Express acquisition impacted earnings. The Gurugram-based logistics company posted a 17 per cent year-on-year increase in operating revenue to ₹2,559 crore in Q2 FY26, compared with ₹2,190 crore in the same period last year.

Excluding expenses linked to integrating the acquired operations, revenue from services stood at ₹2,546 crore, reflecting a 16 per cent YoY increase. The company stated that performance across key parcel businesses supported the overall revenue momentum during the quarter.

Total expenditure, however, grew faster than revenue, rising 18 per cent YoY to ₹2,708 crore. This was driven mainly by higher freight handling, servicing costs, and personnel expenses, which continued to weigh on margins during the consolidation phase.

Delhivery Profit

EBITDA increased sharply by 162 per cent YoY to ₹150 crore, marking a 5.9 per cent margin and indicating operational efficiencies in core business segments. Profit after tax, excluding the impact of exceptional integration-related spending, rose to ₹59 crore compared with ₹10 crore in Q2 FY25.

When including the ₹90 crore of integration expenses for Ecom Express, the company fell into a net loss of ₹50 crore for the quarter. This reversed the ₹10 crore profit seen in the same period last financial year. The company confirmed that integration costs will remain within the previously guided ₹300 crore range.

For the half year ended September 2025, revenue increased 11 per cent YoY to ₹4,840 crore. However, consolidated profit after tax dropped 37 per cent YoY to ₹40 crore, reflecting the one-time costs tied to business restructuring.

Segment Performance Varies

Delhivery’s Express Parcel business delivered strong growth during the September quarter. Shipment volumes surged 32 per cent YoY to 246 million, supported by festive demand, organic business additions, and the consolidation of Ecom Express. Revenue from the vertical climbed 24 per cent to ₹1,611 crore, while service EBITDA margins improved to 15.3 per cent.

The Part Truck Load segment also recorded steady gains, with tonnage up 12 per cent YoY to 4.77 lakh metric tonnes. Revenue rose 15 per cent to ₹546 crore, and margins expanded significantly to 8.5 per cent from 2.9 per cent a year earlier, signalling improved cost discipline.

Other business areas showed a mixed trend. Supply Chain Services revenue fell 14 per cent YoY to ₹170 crore, Truckload declined 5 per cent to ₹150 crore, and Cross Border Services slid 36 per cent to ₹38 crore.

Network Restructuring Moves Ahead

Delhivery completed the acquisition of Ecom Express on 18 July 2025. Since then, non-express operations have been phased out and the network has been reorganised to increase efficiency. The company said seven Ecom facilities would continue to operate as part of its long-term network.

Among newer initiatives, the Rapid quick-delivery segment now operates 20 stores across three major cities, and the Direct business, present in Ahmedabad, NCR, and Bengaluru, is expected to expand into four additional cities during FY26.

Delhivery Business Model

Delhivery operates an integrated logistics system structured around technology-driven supply chains for express parcel, partial truckload, and warehousing processes.

The company increasingly focuses on optimising load factors, expanding its network density, and enhancing automation to manage costs. Its asset-light approach allows the firm to scale capacity based on demand cycles, while expansion into direct-to-consumer delivery and quick commerce supports a broader e-commerce ecosystem. The model remains geared toward capturing digital retail growth across India.