Delhivery returns to profit in Q3 FY26, net profit jumps 58% to Rs 39.6 crore

Gurugram-based logistics major Delhivery reported a strong improvement in profitability in the December quarter (Q3 FY26), returning to profit after a loss in the previous quarter.

The improvement was supported by higher shipment volumes, better network utilisation, and operating leverage.

For the third quarter of FY26, Delhivery reported a net profit of Rs 39.6 crore, compared with Rs 25 crore in the same quarter last year, representing a 58.4% year-on-year increase. In the September quarter (Q2) of FY26, the company had reported a net loss of Rs 50.5 crore.

Revenue from operations increased to Rs 2,805 crore in Q3 FY26, up nearly 18% year-on-year from Rs 2,378 crore in Q3 FY25. Revenue also rose sequentially from Rs 2,559.3 crore in Q2 FY26.

Operating performance improved during the quarter. Delhivery reported adjusted EBITDA of Rs 147 crore, with an adjusted EBITDA margin of 5.3%. This represented a significant year-on-year improvement and was the company’s highest adjusted EBITDA recorded in a single quarter, broadly in line with its full-year FY25 adjusted EBITDA.

On a reported basis, the company posted EBITDA of Rs 234 crore in Q3 FY26, with an EBITDA margin of 8.4%, compared with EBITDA of Rs 102 crore and a margin of 4.3% in Q3 FY25. The improvement was supported by scale benefits, higher volumes, and cost discipline.

Total expenses for the quarter stood at Rs 2,820 crore, compared with Rs 2,451 crore in the year-ago period and Rs 2,708 crore in the September quarter.

The express parcel business saw a strong peak season performance. Shipment volumes rose 43% year-on-year to 295 million parcels during the quarter. The company attributed this growth to market share gains, improved network utilisation, and strong festive season demand, making it one of its best festive quarters to date.

The part truckload business crossed an important operational milestone in Q3 FY26. PTL freight throughput exceeded 500,000 metric tonnes for the first time, reaching 507,000 metric tonnes during the quarter. PTL volumes grew 23% year-on-year, supported by consistent sales execution and stable service quality, even as network loads increased sharply.

These improvements also translated into better profitability. Service EBITDA margins in the transportation business, which includes express and PTL, improved to 16.4% in Q3 FY26, compared with 12.8% a year earlier and 13.5% in the previous quarter.

On a year-to-date basis, Delhivery crossed Rs 1,000 crore in service EBITDA for the first time during the first nine months of FY26.

Alongside its operating update, the company disclosed the impact of the recently notified Labour Codes, which consolidate multiple labour laws into a single framework. Delhivery said these changes resulted in an increase in gratuity and leave-related liabilities of Rs 20.86 crore. This amount has been classified as an exceptional item in its consolidated financial results for both the quarter and the nine months ended December 31, 2025.

The company said it will assess any further impact once the final rules and effective dates are notified. During the quarter, Delhivery expanded its on-demand intracity logistics service, Delhivery Direct, to Mumbai and Hyderabad, adding to its existing presence in NCR, Bengaluru, and Ahmedabad.

The expansion was carried out through the Delhivery Direct mobile application. The company also launched Delhivery International, an economy air parcel service aimed at making exports more affordable for Indian small and medium enterprises as well as enterprise customers.

Separately, Delhivery informed stock exchanges that its Chairman and Independent Director, Deepak Kapoor, will step down from the board effective April 1, 2026. Kapoor joined Delhivery’s board in 2017 and has been associated with the company during a key phase of its growth.