Delhivery Limited, one of India’s leading logistics and supply chain services providers, has reported a robust financial performance for the first quarter of FY2025-26. The company posted a 67% year-on-year increase in consolidated net profit, reaching ₹54.4 crore in Q1 FY26, compared to ₹32.5 crore in the corresponding quarter last year. Revenue from operations also saw a steady growth of 6%, coming in at ₹2,294 crore as against ₹2,164 crore in Q1 FY25.
This growth signals a continuation of Delhivery’s strong performance and reflects its operational efficiency, technology-driven logistics solutions, and robust demand recovery across key business verticals.
Financial Snapshot: Q1 FY26 vs Q1 FY25
| Financial Metric | Q1 FY26 | Q1 FY25 | YoY Growth (%) |
|---|---|---|---|
| Revenue from Operations | ₹2,294 crore | ₹2,164 crore | 6% |
| Net Profit | ₹54.4 crore | ₹32.5 crore | 67% |
| EBITDA | ₹146 crore | ₹97 crore | 50.5% |
| EBITDA Margin | 6.4% | 4.5% | +190 bps |
| Total Expenses | ₹2,326 crore | ₹2,243 crore | 3.7% |
Segment-wise Performance
Delhivery’s positive financials have been driven largely by robust performance in its two main verticals — Express Parcel and Part-Truckload (PTL). Here is a breakdown of how each segment performed:
Express Parcel
- Total Shipments: 208 million parcels handled in Q1 FY26, up 14% YoY.
- Segment Revenue: ₹1,403 crore, a 10% increase from ₹1,275 crore YoY.
- Contribution Margin: Marginal expansion driven by improved volume density and cost optimization.
PTL (Part-Truckload)
- Tonnage Handled: 4.6 lakh metric tonnes, up 15% YoY.
- Segment Revenue: ₹508 crore in Q1 FY26, up 17% from ₹434 crore in Q1 FY25.
- EBITDA Margin: Jumped to 10.7% in Q1 FY26 from 3.2% last year, indicating a significant operational turnaround.
New Initiatives and Future Pipeline
Delhivery continues to expand its footprint in the logistics ecosystem by investing in emerging verticals:
- Delhivery Rapid (Quick Commerce Fulfilment): Now operational in three cities with over 20 stores, generating ₹1.2 crore in monthly revenue. The company plans to expand to 50 stores by the end of FY26.
- Delhivery Direct (Intra-city Delivery Service): Pilots underway in Ahmedabad, NCR, and Bengaluru. The service caters to both individual customers and small businesses.
These initiatives align with Delhivery’s broader goal of becoming a full-stack logistics platform for India’s evolving e-commerce and supply chain ecosystem.
Margin Expansion and Efficiency Gains
A key takeaway from Q1 results is sustained margin improvement, backed by disciplined cost control and higher shipment volume.
- Total expenses rose 3.7% YoY, compared to 6% revenue growth — this positive spread enabled operating leverage.
- The company noted gains from improved warehousing efficiency, automation, and optimal routing algorithms that cut fuel and manpower costs.
Additionally, the integration of tech-driven tools and machine learning into delivery systems has played a major role in real-time tracking, route optimization, and warehouse management — directly translating into higher service-level agreements (SLAs) and customer satisfaction.
Ecom Express Acquisition: Strategic Synergies
In Q1, Delhivery finalized the acquisition of a significant stake in Ecom Express, a move aimed at deepening its presence in Tier 2 and Tier 3 cities and expanding its last-mile capabilities.
This strategic acquisition is expected to:
- Broaden Delhivery’s customer base by integrating Ecom Express’ rural delivery infrastructure.
- Drive cost synergies and shipment consolidation across networks.
- Improve delivery times and coverage in underpenetrated areas.
Initial results post-integration indicate enhanced shipment density and improved delivery TAT (Turnaround Time), reinforcing Delhivery’s scalability model.
Management Commentary
Sahil Barua, CEO and Co-founder of Delhivery, remarked:
“Our Q1 performance reflects the strength of our operating model and the focused execution of our strategic priorities. As we head into the festive season, we expect volume momentum to build, supported by our investments in capacity and technology.”
He added that while Express Parcel and PTL remain the cornerstone of growth, new verticals and acquisitions will play a pivotal role in achieving the company’s long-term vision of becoming a one-stop logistics platform.
Industry Outlook
India’s logistics industry is poised for exponential growth, driven by:
- Rapid digitization in supply chain operations.
- Surge in e-commerce penetration, especially in non-metro cities.
- Government push for infrastructure development under Gati Shakti and Bharatmala initiatives.
- Rising demand for tech-driven logistics and express delivery services.
Delhivery, being one of the few end-to-end logistics players with technology at its core, is well-positioned to ride the logistics transformation wave in India.
Risks & Challenges
While Delhivery’s performance is commendable, several challenges remain:
- Rising competition from both organized players and tech startups in the logistics space.
- Fuel cost volatility and global macroeconomic headwinds.
- Dependence on e-commerce volumes, which are often seasonal and cyclical.
However, Delhivery’s proactive diversification into B2B logistics, warehousing, and intra-city deliveries helps hedge these risks.
Stock Market Impact
Post results, Delhivery’s stock witnessed moderate upward movement, as investor sentiment remained optimistic on margin improvement and growth clarity.
| Stock Performance | Before Q1 Results | Post Q1 Results | Change |
|---|---|---|---|
| Share Price (₹) | ₹411.80 | ₹429.60 | +4.3% |
| Market Cap (approx.) | ₹31,300 crore | ₹32,700 crore | +4.5% |
| Trading Volume (NSE) | 32 lakh shares | 38 lakh shares | ↑18% |
Conclusion
Delhivery’s Q1 FY26 performance underlines its ability to drive profitable growth in a competitive logistics landscape. With strong fundamentals, diversified services, and a tech-first approach, the company looks set to capitalize on upcoming festive demand while also delivering long-term shareholder value.
As new business units gain momentum and strategic acquisitions begin to bear fruit, Delhivery remains a top contender in India’s next-gen logistics ecosystem.
Disclaimer: This content is for informational purposes only. It is not intended as investment advice. Readers are advised to consult with a certified financial advisor before making any investment decisions.
