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Logistics major Delhivery Ltd slipped into the red in the second quarter of FY26, posting a net loss of Rs 50.4 crore, compared to a profit of Rs 10.2 crore in the same quarter last year. The decline was primarily driven by the one-time integration costs of Rs 90 crore related to the company’s recent acquisition of Ecom Express. Excluding these integration costs, Delhivery said it would have reported a profit after tax of Rs 59 crore, marking a multifold jump from Rs 10 crore in Q2 FY25. Operating revenue grew 17% year-on-year to Rs 2,559 crore, up from Rs 2,190 crore in Q2 FY25, while total income (including other income of Rs 92.2 crore) stood at Rs 2,651 crore. Total expenses rose 18% YoY to Rs 2,708 crore during the quarter. In the first half of FY26, Delhivery reported Rs 4,840 crore in revenue from services, up 11% YoY, and Rs 299 crore in EBITDA, nearly doubling from Rs 154 crore in H1 FY25. The express parcel segment continued to be Delhivery’s main growth driver, supported by the recent Ecom Express acquisition, which consolidated volumes and expanded client relationships. Shipment volumes rose 32% YoY to 246 million in Q2 FY26 from 185 million in Q2 FY25, while revenue grew 24% to Rs 1,611 crore from Rs 1,298 crore. The service EBITDA margin for the segment remained stable at 15.3%, compared with 15.1% in the same period last year. The Part Truck Load (PTL) business also reported healthy growth, with tonnage rising 12% YoY to 477,000 MT, and revenue increasing 15% to Rs 546 crore from Rs 474 crore in Q2 FY25. Margins improved sharply to 8.5%, compared with 2.9% a year earlier. Other business segments, including Supply Chain Services, Truckload, and Cross-Border Services, saw moderate to mixed performance. Supply chain revenue stood at Rs 170 crore versus Rs 197 crore last year, truckload revenue at Rs 150 crore versus Rs 158 crore, and cross-border revenue at Rs 38 crore versus Rs 59 crore. The company completed the Ecom Express acquisition in July 2025 and reported Rs 90 crore in integration costs during the quarter. Total costs are expected to remain within the earlier guidance of Rs 300 crore. Delhivery is also expanding its Rapid hyperlocal delivery business, now active in 20 stores across three cities, with plans to reach 25 by the end of FY26. Its Direct SME logistics vertical has gone live in Ahmedabad, NCR, and Bengaluru, with four more cities in the pipeline. Delhivery, today, also announced the launch of Freight Index One service, a data-driven platform that provides historical, current, and forward Full Truckload (FTL) pricing estimates. The service aims to bring greater transparency to freight pricing for transporters, fleet owners, shippers, and third-party logistics players. It covers major trucking lanes and supports both open and closed container vehicle types, enabling users to benchmark and forecast freight rates effectively. (Edited by Jyoti Narayan)
