Delhivery board rejig: Chairman Deepak Kapoor, Director Saugata Gupta to step down from April

The Gurugram-based company delivered its strongest operating performance yet, with EBITDA surging 227 percent year-on-year to ₹147 crore.

• Delhivery's Chairman and Director to resign in April 2026 amid board changes
• Q3 FY26 profit at Rs 39.6 crore; EBITDA margin hits record 5.3 percent
• Express parcel shipments rose 43 percent year-on-year to 295 million parcels

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Logistics major Delhivery Limited on Saturday announced the resignation of its Chairman and Non-Executive Independent Director Deepak Kapoor, along with Non-Executive Independent Director Saugata Gupta, from the company’s Board. Both resignations will take effect from April 1, 2026.

The company said in a statement said," The exits are part of Delhivery’s previously announced board rejuvenation exercise, aimed at aligning the company’s governance structure with its next phase of growth." "

As part of this transition, Delhivery had inducted new independent directors in 2025, including Namita Thapar, Whole-time Director at Emcure Pharmaceuticals; Sameer Mehta, Co-founder and Executive Director of boAt Lifestyle; Yashish Dahiya, Chairman, Executive Director and CEO of PB Fintech; and Dr Padmini Srinivasan, faculty member at IIM Bangalore," the statement further added.

Deepak Kapoor joined Delhivery’s board in 2017, while Saugata Gupta came on board in 2021. Both played a key role in steering the company through its initial public offering in 2022 and its evolution as a listed entity thereafter.

Sahil Barua, MD & CEO of Delhivery, said, “Deepak served as Chairman of our Board for over 8 years and was instrumental in helping us set up high quality governance, board processes, appropriate financial systems and controls and internal audit processes. Saugata played a large role as Chairperson of our NRC, helping us benchmark and institutionalise HR processes and metrics and hone our recruitment and retention strategy for high quality talent.”

Barua added, “More importantly, Deepak and Saugata have been instrumental in our process of recognising the need for and enabling the reconstitution of the Board of Directors in line with our ambitious next phase of growth. On behalf of the entire Delhivery team, we are deeply thankful to both for their counsel and support.”

The company said the planned board changes underscore its focus on strengthening governance while preparing for long-term, scalable growth as a public company.

Meanwhile, Delhivery swung back into the black in the third quarter of FY26, reporting a profit of Rs 39.6 crore, marking a steady improvement from a profit of Rs 25 crore in the same period last year and a sharp turnaround from the Rs 50.5 crore loss posted in the previous quarter.

The Gurugram-based company delivered its strongest operating performance yet, with EBITDA surging 227 percent year-on-year to Rs 147 crore. The EBITDA margin expanded to 5.3 percent, the highest in Delhivery’s history and already matching the EBITDA generated in the entire FY25.

Revenue from operations climbed nearly 18 percent year-on-year to Rs 2,805 crore in the December quarter, compared with Rs 2,378 crore a year earlier. On a sequential basis, revenue also improved from Rs 2,559.3 crore in Q2 FY26, reflecting sustained momentum across core businesses.

Total expenses rose 15 percent year-on-year to Rs 2,820 crore, driven by higher volumes and network activity, compared with Rs 2,450.9 crore in the year-ago quarter and Rs 2,708.1 crore in the preceding quarter.

Delhivery’s express parcel business delivered a standout performance during the festive season, with shipments jumping 43 percent year-on-year to a record 295 million parcels. The company said this was one of its strongest peak seasons to date, aided by market share gains, higher wallet share from large clients, and improved utilisation across its logistics network.

The part truckload (PTL) segment also crossed a major milestone, with throughput exceeding 500,000 metric tonnes for the first time. PTL volumes grew 23 percent year-on-year, even as service quality and delivery precision remained stable despite heavier network loads—an area that has traditionally weighed on margins in the logistics sector.

These operating gains translated into a sharp improvement in profitability. Delhivery crossed Rs 1,000 crore in service EBITDA at a full-year level for the first time. Service EBITDA margins in its transport businesses—express and PTL—rose to 16.4 percent in Q3 FY26, up from 12.8 percent a year ago and 13.5 percent in the September quarter.

Alongside its financial turnaround, Delhivery expanded its growth initiatives. The company extended its on-demand logistics platform, Delhivery Direct, to Mumbai and Hyderabad, adding to its presence in NCR, Bengaluru and Ahmedabad. It also launched Delhivery International, an economy air-parcel service aimed at making exports more affordable for Indian small and medium enterprises.

Shares of Delhivery closed 2.61 percent higher at ₹422.50 on the BSE on January 30, reflecting positive investor sentiment following the strong quarterly performance.