Delhivery announced a strong performance, with Q2 FY26 EBITDA growing by over 160% YoY. This growth was primarily fueled by a robust festive season. Revenue increased by 16% YoY, reaching ₹2,546 Cr. The company’s strategic initiatives and effective integration of acquisitions also contributed to the positive results.
Q2 FY26 Financial Highlights
Delhivery reported significant growth in Q2 FY26:
- Revenue from services (excluding Ecom Express) reached ₹2,546 Cr, a 16% YoY increase from ₹2,190 Cr in Q2 FY25.
- EBITDA (excluding Ecom Express integration costs) surged to ₹150 Cr with a 5.9% margin, marking a 162% YoY growth from ₹57 Cr (2.6% margin) in Q2 FY25.
- Profit after tax (excluding Ecom Express integration costs) stood at ₹59 Cr (2.2% margin), compared to ₹10 Cr (0.4% margin) in Q2 FY25.
H1 FY26 Performance Overview
The company also demonstrated strong performance in the first half of the fiscal year:
- Revenue from services (excluding Ecom Express) totaled ₹4,840 Cr, an 11% YoY increase from ₹4,362 Cr in H1 FY25.
- EBITDA (excluding Ecom Express integration costs) rose to ₹299 Cr (6.2% margin), a 94% YoY increase from ₹154 Cr (3.5% margin) in H1 FY25.
- Profit after tax (excluding Ecom Express integration costs) reached ₹150 Cr (3.0% margin), compared to ₹65 Cr (1.4% margin) in H1 FY25.
Segment Performance
Key highlights from different business segments:
Express Parcel
- Shipment volumes increased to 246 million, a significant 32% YoY growth from 185 million.
- Revenue grew by 24% YoY to ₹1,611 Cr from ₹1,298 Cr in the same quarter last year.
- Service EBITDA margin was 15.3% compared to 15.1% in the previous year.
Part Truck Load
- Tonnage grew by 12% YoY to 477K MT from 427K MT.
- Revenue increased by 15% YoY to ₹546 Cr from ₹474 Cr.
- Service EBITDA margin improved to 8.5% from 2.9%.
Other Businesses
- Supply Chain Services: Revenue was ₹170 Cr, compared to ₹197 Cr in the previous year.
- Truckload: Revenue was ₹150 Cr, versus ₹158 Cr in the previous year.
- Cross Border Services: Revenue was ₹38 Cr, compared to ₹59 Cr in the previous year.
Strategic Initiatives
Delhivery is focusing on expanding its reach and service capabilities:
- Rapid: The company has 20 active stores across 3 cities and plans to expand to 25 stores within FY26.
- Direct: Operations are active in Ahmedabad, NCR, and Bengaluru, with plans to launch in 4 more cities in FY26.
Ecom Express Integration
The acquisition of Ecom Express was completed on July 18th, 2025. Volume manifestation at Ecom has ceased, and network rationalization is complete, with 7 facilities retained for long-term Delhivery usage. Integration costs incurred in Q2 FY26 were ₹90 Cr.
Source: BSE
