Delhivery Q2 results: Logistics major slips into red with Rs 51 crore loss, revenue up 17%

Delhivery Q2 results: Logistics major slips into red with Rs 51 crore loss, revenue up 17%

Logistics major Delhivery on November 5 slipped into the red, posting a loss of Rs 50.5 crore in the second quarter (Q2) of financial year 2025-26 (FY26), compared to a profit of Rs 10.2 crore in the same period a year ago. The Gurugram-based firm had reported a profit of Rs 91 crore in the previous quarter.

Profitability was impacted due to integration costs incurred due to Delhivery’s Ecom Express acquisition, which was completed at the start of the September quarter. These costs stood at Rs 90 crore and is overall expected to be within the Rs. 300 Cr guidance provided earlier, the company said.

Delhivery’s revenue from operations rose almost 17 percent YoY to Rs 2,559.3 crore in Q2, up from Rs 2,189.7 crore a year ago. On a sequential basis, revenue grew from Rs 2,294 crore in Q1 FY26.

It reported an earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 150 crore at a 5.9 percent margin in Q2 FY26, representing a growth of 162 percent YoY from Rs 57 crore at a 2.6 percent margin in the year ago period.

The firm’s total expenses increased 18 percent to Rs 2,708.1 crore in the quarter ended September, up from Rs 2,294.3 crore a year ago and Rs 2,326.6 crore a quarter ago.

Express parcel fires up festive momentum

The express parcel segment—Delhivery’s largest revenue driver—clocked 246 million shipments in Q2 FY26, up 32 percent year-on-year from 185 million in the same period last year.

This was driven by the integration of Ecom Express, which helped consolidate Delhivery’s share of wallet with key e-commerce clients, alongside organic growth and early festive demand. The company said momentum has continued into the current quarter (Q3 FY26).

Revenue from the express parcel business rose 24 percent YoY to Rs 1,611 crore, compared to Rs 1,298 crore a year ago.

Service-level EBITDA margin stood at 15.3 percent, largely stable versus 15.1 percent last year, underscoring operational efficiency despite the scale-up.

PTL sees sharp margin lift

Delhivery’s part-truck-load (PTL) vertical continued its steady expansion, aided by network optimisation and improved client mix.

Tonnage grew 12 percent YoY to 477,000 metric tonnes, while revenue rose 15 percent YoY to Rs 546 crore from Rs 474 crore a year earlier.

Muted quarter for other verticals

Among its smaller businesses, Supply Chain Services reported revenue of Rs 170 crore, down from Rs 197 crore in Q2 FY25, while the Truckload business saw a slight decline to Rs 150 crore from Rs 158 crore.

The Cross-Border Services segment, impacted by weaker global trade and cross-border e-commerce softness, reported Rs 38 crore in revenue versus Rs 59 crore a year ago.

Early traction in new initiatives

Delhivery’s new initiatives continued to expand in line with its diversification plans.

Its Rapid service—focused on intra-city quick fulfilment—had 20 active stores across three cities as of Q2, and signed its first B2B client, with operations going live in NCR in October 2025. The company plans to expand the store network to 25 by the end of FY26.

Meanwhile, Delhivery Direct, its consumer shipping platform, is live in Ahmedabad, NCR and Bengaluru, and is seeing “promising early traction.” The company plans to launch the service in four more cities during FY26.

On November 5, Delhivery's shares on BSE closed 2.73 percent higher at Rs 484.95 apiece.