Delhivery Q2 Results Highlights: Firm posts loss of ₹50 cr vs profit on Ecom Express integration; revenue jumps 17%

As discussed previously, we expect Rapid Commerce to contribute revenues of ₹80–100 crore in the near to mid-term, the company said.

The business is currently operating at an annual revenue run-rate of around ₹12 crore, with 20 dark stores across three cities. Operations in NCR are scheduled to commence in Q3 FY26. Based on client demand, the company also plans to expand services to B2B clients in Q3 and Q4 FY26.

The Delhivery Direct on-demand intra-city service is active in three cities and has reached an annual revenue run-rate of approximately ₹28 crore in Q2 FY26, with an improved contribution margin. The Delhivery Direct app, which enables both inter-city and intra-city on-demand shipping, is now available on over four million devices via the Play Store and App Store. As mentioned in the previous shareholder letter, the company expects to launch across key metros by the end of FY26.

Consolidated reported PAT of ₹(50) crore was impacted by the Ecom Express integration costs incurred during the quarter. Adjusted for these costs (based on management estimates), PAT was lower QoQ by ₹32 crore, primarily due to finance income declining by ₹48 crore QoQ on account of a lower cash balance during the quarter, as Ecom Express acquisition proceeds of ₹1,369 crore were paid out in July. Additionally, during Q1 FY26, there were mark-to-market gains of ₹68 crore in our debt mutual fund portfolio, driven by interest rate movements following the RBI’s repo rate cut in June 2025, which had increased other income in that quarter.

– Company's management

Delhivery’s Rapid service now has 20 active stores across three cities, with the first B2B client going live in NCR in October 2025. The company plans to expand the store count to 25 within FY26. The Direct initiative is operational in Ahmedabad, NCR, and Bengaluru, showing promising early traction, with plans to launch in four additional cities in FY26.

In Supply Chain Services, revenue declined to ₹170 crore in Q2 FY26 from ₹197 crore in Q2 FY25. Truckload revenue stood at ₹150 crore versus ₹158 crore a year ago, while Cross Border Services revenue fell to ₹38 crore from ₹59 crore in Q2 FY25.

The PTL business saw tonnage rise 12% YoY to 477K MT in Q2 FY26 from 427K MT in Q2 FY25. Revenue grew 15% YoY to ₹546 crore from ₹474 crore, with a significant improvement in service EBITDA margin to 8.5% from 2.9% in the prior year period.

Delhivery’s Express Parcel business posted shipment volumes of 246 million in Q2 FY26, up 32% YoY from 185 million in Q2 FY25. Growth was driven by the Ecom Express acquisition, which consolidated Delhivery’s share of wallet with key clients, along with organic client growth and strong festive demand.

Momentum is expected to continue into Q3 FY26. Revenue grew 24% YoY to ₹1,611 crore from ₹1,298 crore in Q2 FY25, while the service EBITDA margin improved slightly to 15.3% from 15.1% in the same period last year.

For H1 FY26, Delhivery reported revenue from services of ₹4,840 crore, up 11% year-on-year from ₹4,362 crore in H1 FY25. EBITDA grew 94% YoY to ₹299 crore with a 6.2% margin, compared with ₹154 crore (3.5% margin) in H1 FY25. Profit after tax rose to ₹150 crore (3.0% margin) versus ₹65 crore (1.4% margin) in the same period last year.

*Figs after excluding integration impact

Commenting on Ecom Express integration, the company said it formally completed the acquisition of Ecom Express on July 18th, 2025,

Volume manifestation at Ecom ceased during Q1 FY26, and the exit of non-express businesses is underway, with the revenue transition largely completed in Q2 FY26

Network rationalisation plan at Ecom is completed with a net retention of 7 facilities for long-term Delhivery usage while a few facilities remain unabsorbed for eventual exit.

The integration cost incurred in Q2 FY26 was ₹90 crore, and is overall expected to be within the ₹300 crore guidance provided earlier.

EBITDA (excluding Ecom Express integration costs) of Rs. 150 crore (5.9% margin) in Q2 FY26, a growth of 162% YoY from Rs. 57 Cr (2.6% margin) in Q2 FY25, the company said.

The company's consolidated revenue from operations came in at ₹2559 crore, a growth of 16.9% YoY as against ₹2189.7 crore in the corresponding period a year ago.

Revenue from services (excluding Ecom Express) of ₹2,546 crore in Q2 FY26, growth of 16% YoY, the company said.

Delhivery posted a loss of ₹50.37 crore for the second quarter of the fiscal 2025-26 as against a profit of ₹10.2 crore. The profit was impacted due to Ecom Express integration costs.

Barring the exclusion of Ecom Express integration costs, PAT stood at ₹59 crore in Q2 FY26, the company said in a filing.

Delhivery stands to benefit from capacity additions through both organic and inorganic routes, its market leadership position, an increasing share of the high-margin part-truck-load (PTL) business, and cost efficiencies driven by a larger scale of operations.

Kotak Institutional Equities expects Delhivery to report an adjusted EBITDA margin of 2.9%, reflecting a longer-than-usual period of upfront investment in additional resources for the festive season and the consolidation of underutilised facilities of Ecom Express. We believe the margin weakness is temporary and driven by these timing effects, and therefore expect a strong rebound in margins in 3QFY26, it added.

Delhivery today announced the launch of Freight Index One, a new service that provides historical, current, and forward Full Truckload (FTL) pricing estimates for transporters, fleet owners, shippers, and 3PL logistics players. Pricing data is available for major trucking lanes and for both open and closed container vehicle types.

Industry participants can sign up to access the Freight Index One at: https://one.freightindex.in/

Kotak Institutional Equities expects Express Parcel volumes to grow 32% year-on-year, driven by a strong 17% quarter-on-quarter increase. This includes around 15% growth from the Ecom Express acquisition and an additional 4–5% boost from festive-season demand, it said. It also projected PTL volumes to rise 16% year-on-year.

We expect 21% YoY revenue growth, with the PTL and B2C express segments growing 20% and 32% YoY, respectively to ₹2650 crore, said Emkay Global.. B2C express growth will be led by early season sale demand (only for a week) and consolidation of Ecom’s operations limiting the impact of Meesho’s insourcing, the brokerage added.

According to the estimates of brokerages, Delhivery's bottom line could surge multi-fold during the quarter under review. According to estimates by brokerages, profit could surge between 600-1100%.