Highlights

• Delhivery’s Q2 FY26 revenue (excluding Ecom Express) reached ₹2,546 Cr, up 16% YoY.
• EBITDA for Q2 FY26 surged 162% YoY to ₹150 Cr, while PAT rose to ₹59 Cr from ₹10 Cr a year ago.
• Express parcel shipments increased 32% YoY to 246 million in Q2 FY26, reflecting continued festive and client-driven demand.

Delhivery Limited’s (NSE:DELHIVERY) (BSE:543529) shares were trading 6.07% lower at ₹455.40 per share during morning trade on 6 November 2025 following the second quarter results for the financial year 2026 (Q2 GY26).

For Q2 FY26, revenue from services excluding Ecom Express was ₹2,546 Cr, showing a 16% increase from ₹2,190 Cr in Q2 FY25. EBITDA (excluding integration costs) grew significantly to ₹150 Cr, representing a 5.9% margin, compared to ₹57 Cr and 2.6% margin in the previous year. Profit after tax (PAT) stood at ₹59 Cr (2.2% margin) against ₹10 Cr (0.4% margin) in Q2 FY25.

During H1 FY26, Delhivery recorded revenue of ₹4,840 Cr (11% YoY growth) and EBITDA of ₹299 Cr (6.2% margin), up from ₹154 Cr in H1 FY25. PAT for the half-year period rose to ₹150 Cr, compared with ₹65 Cr in H1 FY25.

Business Segment Performance

Express Parcel: Shipment volumes reached 246 million in Q2 FY26, up 32% from 185 million in the same period last year. Revenue grew 24% YoY to ₹1,611 Cr, with a service EBITDA margin of 15.3%, slightly higher than 15.1% in Q2 FY25. Growth was supported by the Ecom Express acquisition and continued client demand during the festive season.

Part Truck Load (PTL): Tonnage increased 12% YoY to 477K MT, and revenue rose 15% YoY to ₹546 Cr. The PTL segment achieved a service EBITDA margin of 8.5%, up from 2.9% in Q2 FY25.

Other Businesses: Supply Chain Services generated ₹170 Cr, Truckload ₹150 Cr, and Cross Border Services ₹38 Cr in Q2 FY26. All three segments recorded a decline in revenue compared to Q2 FY25.

New Initiatives and Ecom Express Integration

Delhivery continues to expand its Rapid and Direct services, with 20 active Rapid stores in three cities and early traction for Direct services in Ahmedabad, NCR, and Bengaluru.

The acquisition of Ecom Express, completed in July 2025, is undergoing network rationalization. Integration costs for Q2 FY26 were ₹90 Cr, within the earlier guidance of ₹300 Cr. Non-express businesses are being exited, and seven facilities have been retained for long-term operations.

About Delhivery

Delhivery is India’s largest fully-integrated logistics services provider, covering over 18,850 pin codes. The company offers express parcel, PTL, TL, cross-border, supply chain, and technology services. Since inception, Delhivery has delivered over 4 billion shipments and serves more than 48,000 customers, including SMEs, e-commerce participants, and other enterprises.

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