Delhivery posts 17% revenue growth in Q2 FY26 but slips into Rs 50 crore loss amid Ecom Express integration

Gurugram-based logistics major Delhivery Ltd. reported a 17% year-on-year increase in revenue for the quarter ended September 2025, even as one-time integration expenses from its Ecom Express acquisition dragged the company into losses.

Revenue from operations rose to Rs 2,559 crore in Q2 FY26 from Rs 2,190 crore a year earlier. Excluding Ecom Express integration costs, revenue from services stood at Rs 2,546 crore, up 16% YoY.

EBITDA grew 162% YoY to Rs 150 crore, translating to a margin of 5.9%, while profit after tax (excluding integration costs) stood at Rs 59 crore, compared with Rs 10 crore in Q2 FY25.

Including the Ecom Express costs of Rs 90 crore incurred during the quarter, Delhivery reported a net loss of Rs 50 crore, reversing a profit of Rs 10 crore in the same period last year. Total expenditure climbed 18% YoY to Rs 2,708 crore, outpacing revenue growth. Freight handling and servicing costs accounted for 68% of expenses, rising to Rs 1,843 crore, while employee benefit expense rose to Rs 426 crore.

For the half year ended September 2025, revenue rose 11% YoY to Rs 4,840 crore, while EBITDA (excluding integration costs) nearly doubled to Rs 299 crore. Profit after tax for the same period dropped 37% YoY to Rs 40 crore.

Business performance

Express Parcel: Shipment volumes surged 32% YoY to 246 million in Q2 FY26, driven by consolidation of Ecom Express volumes, organic client growth, and festive demand. Revenue rose 24% to Rs 1,611 crore, while service EBITDA margins improved slightly to 15.3%.

Part Truck Load (PTL): Tonnage increased 12% YoY to 477,000 MT, with revenue up 15% to Rs 546 crore. Segment EBITDA margins expanded sharply to 8.5%, compared with 2.9% last year.

Other businesses: Supply Chain Services revenue declined 14% YoY to Rs 170 crore, Truckload fell 5% to Rs 150 crore, and Cross Border Services revenue dropped 36% to Rs 38 crore.

Delhivery completed its acquisition of Ecom Express on July 18, 2025, and has since wound down non-express operations, with the revenue transition largely completed in Q2. The company has rationalised Ecom’s network, retaining seven facilities for long-term use. Integration costs are expected to remain within the earlier Rs 300 crore guidance.

Among new initiatives, the company said its Rapid quick-delivery vertical now operates 20 stores across three cities and plans to reach 25 by the end of FY26. The Direct business, active in Ahmedabad, NCR, and Bengaluru, plans to expand into four more cities this fiscal year.