Delhivery Ltd, one of India’s leading logistics and supply-chain service providers, reported a consolidated net loss of ₹50.5 crore for the second quarter of FY26 on 5th November, 2025, compared with a profit of ₹10.2 crore in the same period last year. The company’s total income, however, rose nearly 17% year-on-year to ₹2,651 crore, reflecting strong underlying business momentum despite integration-related costs.
Steady Revenue Growth and Operational Highlights
Revenue from operations during Q2 FY26 stood at ₹2,559.3 crore, up from ₹2,189.7 crore a year ago. The quarter marked the formal completion of Ecom Express’s acquisition, which was finalised in July 2025.
The company recorded its highest-ever festive volumes, even amid challenges such as heavy rains, holidays and GST rate adjustments. Express Parcel shipments — the firm’s largest segment — rose 32% year-on-year to 246 million orders, while Part-Truck-Load (PTL) tonnage expanded 12% YoY to 4.77 lakh metric tonnes.
Revenue from the express parcel business surged 24% YoY to ₹1,611 crore, underpinned by the Ecom Express integration and strong e-commerce demand. The service-level EBITDA margin for this segment stood at 15.3%, highlighting consistent operational efficiency.
The PTL vertical maintained its growth trajectory, with revenue rising 15% YoY to ₹546 crore, supported by improved yields and network optimisation.
Financial Performance and Integration Costs
Delhivery posted an EBITDA of ₹150 crore at a 5.9% margin for the quarter, a 162% increase YoY from ₹57 crore a year earlier. Excluding the Ecom Express acquisition impact, profit after tax (PAT) stood at ₹59 crore.
Integration expenses associated with Ecom Express were ₹90 crore in Q2, and the company reiterated that overall costs are expected to remain within its ₹300 crore guidance. The firm’s total expenses rose 18% to ₹2,708 crore, in line with scale-up and consolidation activities.
Muted Performance in Other Segments
While the core logistics business continued to expand, some smaller verticals witnessed subdued performance.
- Supply Chain Services revenue fell to ₹170 crore from ₹197 crore in Q2 FY25.
- Truckload business reported ₹150 crore in revenue, marginally down from ₹158 crore.
- Cross-Border Services dropped to ₹38 crore amid global trade softness.
Despite these headwinds, Delhivery emphasised that momentum has continued into Q3 FY26, supported by sustained e-commerce activity and festive demand.
Expansion of Rapid and Direct Initiatives
Delhivery’s newer ventures also gained traction. Its Rapid service, focused on intra-city quick fulfilment, had 20 active stores across three cities as of Q2 FY26 and onboarded its first B2B client with operations in the NCR region. The company aims to expand to 25 stores by March 2026.
Meanwhile, Delhivery Direct, the company’s consumer-facing shipping platform, is currently active in Ahmedabad, NCR and Bengaluru and has shown “promising early traction.” Expansion to four additional cities is planned during FY26.
Leadership Transition
The quarter also brought a leadership update. Vivek Pabari, currently leading Corporate Finance, Treasury and Investor Relations, will take over as Chief Financial Officer (CFO) from Amit Agarwal effective 1 January 2026. Agarwal, who has been with Delhivery since 2012 and served as CFO since 2018, will remain with the company until 31 December 2025 to ensure a smooth transition.
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Conclusion
Delhivery’s Q2 FY26 results reflect a quarter of strong operational execution and strategic consolidation. Despite a temporary setback due to acquisition-related expenses, the company’s 17% revenue growth, record shipment volumes, and continued network expansion signal robust underlying fundamentals. As Delhivery deepens its integration of Ecom Express and scales its new-age logistics initiatives, it remains well-positioned to strengthen its leadership in India’s fast-growing logistics sector.
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