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Delhivery Results: Latest Quarterly Results & Analysis

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Delhivery Ltd. 18 May 2026 12:58 PM

Q4FY26 & FY26 Result Announced for Delhivery Ltd.

Warehousing & Logistics company Delhivery announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from Operations: Stood at Rs 28,499.99 million in Q4FY26, registering a slight growth of 1.60% QoQ compared to Rs 28,049.86 million in Q3FY26, and a robust increase of 30.04% YoY from Rs 21,915.66 million in Q4FY25. For the full year FY26, revenue increased by 17.65% to Rs 1,05,083.07 million from Rs 89,319.01 million in FY25.
  • Total Income: Reported at Rs 29,094.17 million in Q4FY26, marking an increase of 0.95% QoQ from Rs 28,821.08 million in Q3FY26, and a 26.30% growth YoY from Rs 23,034.88 million in Q4FY25. For FY26, total income stood at Rs 1,08,669.55 million compared to Rs 93,720.09 million in FY25.
  • Profit Before Tax (PBT): Came in at Rs 672.85 million in Q4FY26, showcasing a sharp surge of 83.44% QoQ from Rs 366.80 million in Q3FY26, but down 6.19% YoY compared to Rs 717.22 million in Q4FY25.
  • Profit After Tax (PAT): Reached Rs 723.97 million in Q4FY26, demonstrating a significant increase of 82.87% QoQ from Rs 395.89 million in Q3FY26, and a marginal decline of 0.22% YoY from Rs 725.57 million in Q4FY25. For FY26, PAT stood at Rs 1,525.40 million, declining by 5.90% YoY against Rs 1,621.10 million in FY25.

Standalone Financial Highlights:

  • Revenue from Operations: Reached Rs 26,716.69 million in Q4FY26, up 1.46% QoQ from Rs 26,332.82 million in Q3FY26, and an increase of 30.94% YoY from Rs 20,404.21 million in Q4FY25. For FY26, it stood at Rs 98,474.87 million, growing by 18.28% YoY versus Rs 83,252.84 million in FY25.
  • Total Income: Stood at Rs 27,219.69 million in Q4FY26, growing 0.52% QoQ from Rs 27,080.10 million in Q3FY26, and up 26.45% YoY from Rs 21,526.02 million in Q4FY25.
  • Profit Before Tax (PBT): Reported at Rs 762.74 million in Q4FY26, up 4.75% QoQ from Rs 728.14 million in Q3FY26, and marking a successful turnaround from a loss of Rs 216.74 million in Q4FY25.
  • Profit After Tax (PAT): Reported at Rs 797.97 million in Q4FY26, jumping 7.55% QoQ from Rs 741.98 million in Q3FY26, and demonstrating a strong turnaround from a net loss of Rs 203.19 million in Q4FY25. For FY26, standalone PAT was Rs 3,254.27 million, jumping by 233.24% YoY compared to Rs 976.55 million in FY25.

Business & Segment Highlights:

  • Segment Performance: The company evaluates its performance at an overall level as a single business segment, which is 'Logistics Services' (including warehousing, last mile logistics, designing and deploying logistics management systems, etc.). Hence, there are no reportable geographical or separate business segments.
  • Acquisition of Ecom Express Limited: The company completed the acquisition of a 99.87% stake in Ecom Express Limited for a purchase consideration of approximately Rs 13,696.36 million, making it a subsidiary with effect from July 18, 2025. The remaining 0.13% stake was acquired on December 10, 2025, making Ecom a wholly-owned subsidiary.
  • Amalgamation Update: The National Company Law Tribunal (NCLT) approved the Scheme of Amalgamation between Spoton Logistics Private Limited, Spoton Supply Chain Solutions Private Limited, and the Company via an order dated March 20, 2026. The scheme came into effect on May 01, 2026, with an appointed date of April 01, 2025.
  • Exceptional Item (Labour Codes Impact): The company recorded an exceptional item reflecting the financial implications of newly notified Labour Codes. This resulted in an increased gratuity and leave liability of Rs 208.56 million (consolidated) and Rs 203.61 million (standalone) for the year ended March 31, 2026.

Result PDF

Warehousing & Logistics company Delhivery announced Q3FY26 results

  • Revenue from services of Rs 2,798 crore in Q3FY26, growth of 18% YoY and 10% QoQ.
  • Record festive season for Express Parcel with 295 million shipments in Q3FY26 - growth of 43% YoY, driven by strong SOW gains across clients.
  • Part Truck Load (PTL) crossed 500K MT for the first time: growth of 23% YoY, driven by consistent sales efforts and stable service precision and service quality despite large increase in network volumes.
  • croreossed milestone of Rs 1,000 crore of service EBITDA profits in a FY for the first time.
  • Transport (Express PTL) profitability surged on account of operating leverage, Service EBITDA at 16.4% in Q3FY26 (vs 12.8% in Q3FY25 and 13.5% in Q2FY26).
  • Adjusted EBITDA for Q3FY26 at Rs 147 crore (5.3% margin, 227% YoY growth): highest in the company’s history so far, and at par with the whole of FY25.
  • PAT at Rs 110 crore in Q3FY26, before Ecom integration costs and Exceptional items. PAT of Rs 40 crore after Ecom integration costs and Exceptional items.

Result PDF

Warehousing & Logistics company Delhivery announced Q2FY26 results

  • Revenue from services (excluding Ecom Express) of Rs 2,546 crore in Q2FY26, growth of 16% YoY vs Rs 2,190 crore in Q2FY25.
  • EBITDA (excluding Ecom Express integration costs) of Rs 150 crore (5.9% margin) in Q2FY26, a growth of 162% YoY from Rs 57 crore (2.6% margin) in Q2FY25.
  • Profit after tax (excluding Ecom Express integration costs), of Rs 59 crore (2.2% margin) in Q2FY26, versus Rs 10 crore (0.4% margin) in Q2FY25.

Result PDF

Warehousing & Logistics company Delhivery announced Q1FY26 results

  • Revenue from services of Rs 2,294 crore in Q1FY26, growth of 6% YoY vs Rs 2,172 crore in Q1FY25.
  • EBITDA of Rs 149 crore (6.5% margin) in Q1FY26, a growth of 53% YoY from Rs 97 crore (4.5% margin) in Q1FY25.
  • Profit after tax of Rs 91 crore (3.8% margin) in Q1FY26, a growth of 67% YoY from Rs 54 crore (2.4% margin) in Q1FY25.

Sahil Barua, MD & Chief Executive Officer, said: “We’re pleased with the strong start to the financial year. The improved profitability as a result of operating at a higher scale reaffirms the inherent operating leverage linked efficiencies in our business. We look forward to the upcoming festive sale season with optimism."

Result PDF

Warehousing & Logistics company Delhivery announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from services of Rs 2,192 crore in Q4FY25, growth of 6% YoY vs Rs 2,076 crore in Q4FY24
  • EBITDA growth of more than 100% to Rs 119 crore (5.4% margin) in Q4FY25 from Rs 46 crore (2.2% margin) in Q4FY24
  • Profit after tax1 of Rs 73 crore in Q4FY25, an increase of Rs 141 crore YoY from a loss of Rs 69 crore in Q4FY24 making it the fourth consecutive profitable quarter

FY25 Financial Highlights:

  • Revenue from services of Rs 8,932 crore in FY25, growth of 10% YoY from Rs 8,142 crore in FY24
  • EBITDA nearly tripled YoY to Rs 376 (4.2% margin) crore in FY25 from Rs 127 (1.6% margin) crore in FY24
  • Profit after tax1 of Rs 162 crore in FY25, an increase of Rs 411 crore YoY from a loss of Rs 249 crore in FY24, marking FY25 as the first full year of PAT profitability

Sahil Barua, MD & Chief Executive Officer said, “We continue to deliver steady performance in our core transportation businesses. Our ongoing measures to improve profitability are visible in Q4 numbers and we expect continued momentum on this front as growth picks up in FY26.”

Result PDF

Warehousing & Logistics company Delhivery announced Q3FY25 results

  • Revenue from services of Rs 2,378 crore in Q3FY25, a growth of 8% YoY vs Rs 2,194 crore in Q3FY24.
  • EBITDA reduced marginally YoY to Rs 102 crore in Q3FY25 from Rs 109 crore in Q3FY24.
  • Profit after tax grew 114% YoY to Rs 25 crore in Q3FY25 from Rs 12 crore in Q3FY24.

Sahil Barua, MD & Chief Executive Officer, said: “Profitability continued in Q3 despite broader industry headwinds and December has been our highest volume month in PTL thus far post integration of Spoton, which has continued into January as well. On the back of growing revenues, rising profitability and a high quality network, we continue to strengthen our competitive position in the industry.”

Result PDF

Transportation & Logistics company Delhivery announced Q2FY25 results

  • Revenue from services of Rs 2,190 crore in Q2FY25, a growth of 13% YoY v/s Rs 1,942 crore in Q2FY24.
  • EBITDA increased to Rs 57 crore in Q2FY25, an increase of Rs 73 crore YoY v/s an EBITDA loss of Rs 16 crore in Q2FY24.
  • profitability for a second consecutive quarter with a Profit after tax of Rs 10 crore in Q2FY25, an increase of Rs 113 crore YoY v/s a loss of Rs 103 crore in Q2FY24.
  • Express Parcel revenue grew by 7% YoY to Rs 1,298 crore in Q2FY25 from Rs 1,210 crore in Q2FY24 while Express Parcel shipments grew 3% YoY to 185 million in Q2FY25 from 181 million in Q2FY24.
  • Part Truckload revenue grew 27% YoY to Rs 474 crore in Q2FY25 from Rs 373 crore in Q2FY24 and 9% sequentially from Rs 435 crore in Q1FY25.
  • PTL volumes grew 23% YoY to 427K MT in Q2FY25 from 348K MT in Q2FY24 and 7% sequentially from 399K MT in Q1FY25.
  • Supply Chain Serviecs Revenue in Q2FY25 stood at Rs 197 crore, up 21% YoY from Rs 164 crore in Q2FY24 but down 24% sequentially from Rs 259 crore in Q1FY25.
  • Truckload service revenue grew 5% YoY to Rs 158 crore in Q2FY25 from Rs 150 crore in Q2FY24 and 2% sequentially from Rs 156 crore in Q1FY25.
  • Cross Border services grew 43% YoY to Rs 59 crore in Q2FY25 from Rs 41 crore in Q2FY24 and 38% sequentially from Rs 43 crore in Q1FY25.

Sahil Barua, MD & Chief Executive Officer, said: “The stable volume performance during Q2FY25 along with the planned seasonal capacity additions we undertook towards the end of the quarter set us up well for the festive season. We saw a significant increase in the Express volumes in October with daily average volumes being ~25% higher than the pre-festive sale period.”

Result PDF

Transportation & Logistics company Delhivery announced Q1FY25 results:

  • Revenue from Services: Achieved revenue of Rs 2,172 crore in Q1FY25, reflecting a growth of 13% compared to Rs 1,930 crore in Q1FY24.
  • EBITDA Improvement: EBITDA increased to Rs 97 crore in Q1FY25, up Rs 110 crore from an EBITDA loss of Rs 13 crore in Q1FY24.
  • Profit After Tax (PAT): Reported a PAT of Rs 54 crore in Q1FY25, an increase of Rs 144 crore compared to a loss of Rs 89 crore in Q1FY24.
  • Express Parcel Shipments: Grew 4% sequentially to 183 million in Q1FY25, up from 176 million in Q4FY24.
  • Express Parcel Revenue: Revenue increased by 5% sequentially to Rs 1,276 crore in Q1FY25 from Rs 1,217 crore in Q4FY24, and grew 6% year-on-year from Rs 1,202 crore in Q1FY24.
  • Express Parcel EBITDA Profitability: Improved sequentially to 18.2% in Q1FY25.
  • B2B Transportation and Supply Chain Services: Continued strong growth in the larger B2B transportation and supply chain services markets.
  • Part Truckload (PTL) Revenues: Grew 25% year-on-year to Rs 435 crore in Q1FY25, compared to Rs 417 crore in Q4FY24 and Rs 347 crore in Q1FY24.
  • PTL Volumes: Increased 16% year-on-year to 399K MT in Q1FY25 from 384K MT in Q4FY24 and 343K MT in Q1FY24, despite Q1 being seasonally weak for the industry.
  • PTL Service EBITDA Profitability: Expanded to 3.2% in Q1FY25, up from 2.2% in Q4FY24.
  • Supply Chain Services (SCS) Revenue: Stood at Rs 259 crore, growing 11% sequentially from Rs 234 crore in Q4FY24 and 26% year-on-year from Rs 206 crore in Q1FY24, driven by a strong season and new accounts.
  • SCS Pipeline: Remains strong, with active discussions across various sectors, including electricals, FMCG, e-commerce, and automotive.

Result PDF

Transportation-Logistics company Delhivery announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from services in Q4FY24 stood at Rs 2,076 crore, a 12% increase from Q4FY23's Rs 1,860 crore.
  • EBITDA rose by Rs 33 crore YoY to Rs 46 crore in Q4FY24 compared to Rs 13 crore in Q4FY23.
  • Loss after tax reduced to Rs 69 crore in Q4FY24 from Rs 159 crore in Q4FY23.
  • Express Parcel shipment volume in Q4FY24 reached 176 million with revenue at Rs 1,217 crore, growing by 3% from Rs 1,177 crore in Q4FY23.
  • PTL freight volume grew by 21% to 384K tons in Q4FY24 from 318K tons in Q4FY23, resulting in a 27% revenue increase to Rs 417 crore from Rs 328 crore.
  • Supply Chain Services revenue grew by 25% to Rs 234 crore, and Truckload service revenue by 59% to Rs 174 crore in Q4FY24 compared to Q4FY23.

FY24 Financial Highlights:

  • Revenue from services in FY24 reached Rs 8,142 crore, up by 13% from FY23's Rs 7,224 crore.
  • EBITDA improved significantly by Rs 578 crore, achieving Rs 127 crore in FY24 from a loss of Rs 452 crore in FY23.
  • Loss after tax decreased sharply by Rs 759 crore to Rs 249 crore in FY24 from Rs 1,008 crore in FY23.
  • Express Parcel shipments grew by 11% to 740 million in FY24 from 663 million in FY23, with revenue increasing by 12% to Rs 5,077 crore from Rs 4,552 crore.
  • Part Truckload (PTL) freight volume surged by 30% to 1,429K tons in FY24 from 1,101K tons in FY23, leading to a 31% rise in revenue to Rs 1,517 crore from Rs 1,157 crore.
  • Full-year revenue from Supply Chain Services amounted to Rs 776 crore, Truckload service to Rs 609 crore, and croreoss Border Services to Rs 153 crore.

Sahil Barua, MD & Chief Executive Officer, said, “FY24 has been a crucial year for us where we delivered consistent service levels, significantly improved profitability, completed a large portion of our planned long-term capital investments and achieved material working capital improvement"

Result PDF

Transportation-Logistics company Delhivery announced Q3FY24 results:

Financial Performance
- Delhivery reported a significant year-on-year (YoY) improvement in its EBITDA, marking an increase by Rs 183 crore to Rs 109 crore in Q3FY24, compared to an EBITDA loss of Rs 72 crore in Q3FY23.
- The company also saw a turnaround in Profit after Tax (PAT), registering a positive Rs 12 crore for Q3FY24 versus a Loss after Tax of Rs 196 crore in the same quarter the previous year.
- Revenue from services demonstrated a growth of 20% YoY, reaching Rs 2,194 crore in Q3FY24 up from Rs 1,822 crore in Q3FY23.

Business Segments
- Express Parcel shipments saw an 18% YoY growth in volume, with 201 million shipments in Q3FY24 up from 170 million in Q3FY23. Revenue for this segment increased by 21% YoY to Rs 1,448 crore in Q3FY24 from Rs 1,200 crore in Q3FY23.
- Part Truckload (PTL) freight volumes grew by 37% YoY to 354K tons in Q3FY24, up from 258K tons in Q3FY23, with revenue also increasing by 37% YoY to Rs 379 crore from Rs 277 crore.
- The Truckload service reported a substantial 51% YoY revenue increase to Rs 153 crore in Q3FY24 from Rs 102 crore in Q3FY23.

Infrastructure Updates
- Delhivery operationalised its largest gateway in Lonad, Maharashtra, during Q3FY24, featuring 196 docking stations and the capacity for daily transit of over 1,600 vehicles.

Sahil Barua, MD & Chief Executive Officer of Delhivery, commented on the company's performance: "We are satisfied that network quality remained robust even through the peak season. The highest-ever quarterly EBITDA demonstrates the underlying strength and operating leverage of our business model. We have established adequate infrastructure and capacity for continued growth in FY25."

Result PDF

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