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New-age logistics company Delhivery reported an 18% year-on-year increase in operating revenue to Rs 2,805 crore, while its net profit surged 56% to Rs 39 crore in the October–December quarter. The Gurugram-based firm returned to profit after posting a loss of Rs 50 crore in the preceding quarter, when costs linked to its acquisition of rival Ecom Express weighed on its bottomline.
The impact of the acquisition, which closed in July 2025, continued in the December quarter, with Delhivery reporting a profit of Rs 110 crore excluding integration costs and exceptional items.
The company incurred Rs 35 crore in Ecom Express integration expenses during the quarter, including costs related to infrastructure, personnel, overheads and discontinued businesses. This compares with Rs 90 crore in integration costs in the July–September period.
Delhivery expects to incur another Rs 20–30 crore in integration costs in the January–March quarter, after which it does not anticipate any major expenses on this account.
The results point to improving operating leverage, aided by festive season demand and the spillover impact of rationalisation in goods and services tax (GST) rates. The company’s Ebitda more than doubled to Rs 209 crore in the December quarter.
Its largest segment, express parcel or ecommerce shipments, posted a 24% year-on-year rise in revenue to Rs 1,839 crore. Shipment volumes jumped 43% to 295 million during the quarter.
“While growth in October was driven mainly by higher online consumption during the festive peak period, we continued to see high volumes throughout November and December,” Delhivery said in a letter to shareholders. “This reflects underlying growth in ecommerce and an increase in our market share driven by service quality and new client acquisition.”
The company said it expects ecommerce volumes to grow 15–20% annually in the medium term.
New initiatives
Over the past year, Delhivery has expanded into adjacent logistics businesses.
It has entered rapid commerce by operating dark stores for direct-to-consumer brands, enabling deliveries within two hours. The business has reached an annual revenue run rate of Rs 15 crore, with 23 dark stores across four cities.
The company has also launched intra-city on-demand service Delhivery Direct, now active in five cities, with an annual revenue run rate of Rs 40 crore.
“More than 200,000 shippers have used the Direct service since its launch via the Delhivery app, which has been installed on around five million phones,” the company said. It plans to expand to one to two new cities each quarter over the next eight quarters.
In December, Delhivery also rolled out economy air parcel service Delhivery International to support global exports for enterprise customers.
“With multiple trade deals being formalised, including the recently announced India–EU FTA, and as sellers diversify beyond the US market, we expect the UK and EU to become key markets,” the company said. It added that the UK is expected to be its next launch market in the fourth quarter of FY26, followed by the EU, GCC, Canada and Australia in FY27.
The impact of the acquisition, which closed in July 2025, continued in the December quarter, with Delhivery reporting a profit of Rs 110 crore excluding integration costs and exceptional items.
The company incurred Rs 35 crore in Ecom Express integration expenses during the quarter, including costs related to infrastructure, personnel, overheads and discontinued businesses. This compares with Rs 90 crore in integration costs in the July–September period.
Delhivery expects to incur another Rs 20–30 crore in integration costs in the January–March quarter, after which it does not anticipate any major expenses on this account.
The results point to improving operating leverage, aided by festive season demand and the spillover impact of rationalisation in goods and services tax (GST) rates. The company’s Ebitda more than doubled to Rs 209 crore in the December quarter.
Its largest segment, express parcel or ecommerce shipments, posted a 24% year-on-year rise in revenue to Rs 1,839 crore. Shipment volumes jumped 43% to 295 million during the quarter.
“While growth in October was driven mainly by higher online consumption during the festive peak period, we continued to see high volumes throughout November and December,” Delhivery said in a letter to shareholders. “This reflects underlying growth in ecommerce and an increase in our market share driven by service quality and new client acquisition.”
The company said it expects ecommerce volumes to grow 15–20% annually in the medium term.
New initiatives
Over the past year, Delhivery has expanded into adjacent logistics businesses.
It has entered rapid commerce by operating dark stores for direct-to-consumer brands, enabling deliveries within two hours. The business has reached an annual revenue run rate of Rs 15 crore, with 23 dark stores across four cities.
The company has also launched intra-city on-demand service Delhivery Direct, now active in five cities, with an annual revenue run rate of Rs 40 crore.
“More than 200,000 shippers have used the Direct service since its launch via the Delhivery app, which has been installed on around five million phones,” the company said. It plans to expand to one to two new cities each quarter over the next eight quarters.
In December, Delhivery also rolled out economy air parcel service Delhivery International to support global exports for enterprise customers.
“With multiple trade deals being formalised, including the recently announced India–EU FTA, and as sellers diversify beyond the US market, we expect the UK and EU to become key markets,” the company said. It added that the UK is expected to be its next launch market in the fourth quarter of FY26, followed by the EU, GCC, Canada and Australia in FY27.