Delhivery shares climb 2% as CCI clears ₹1,407-crore acquisition of Ecom Express

Shares of logistics company Delhivery rose over 2 percent in intra-day trading on Wednesday after the Competition Commission of India (CCI) approved its proposed acquisition of a majority stake in rival Ecom Express Ltd. The move marks a significant consolidation in India’s e-commerce logistics space and aims to strengthen Delhivery’s last-mile delivery and fulfilment capabilities.

In a statement issued on Tuesday, the CCI confirmed its approval for Delhivery Ltd to acquire at least 99.44 percent of the equity and preference shares of Ecom Express on a fully diluted basis. This acquisition, valued at up to ₹1,407 crore, is seen as a strategic effort to expand Delhivery’s operational scale and competitive edge.

Delhivery had first announced the deal in April 2025, noting that the entire transaction would be executed in cash. Ecom Express, a Gurugram-based logistics company focused on e-commerce deliveries, reported a turnover of ₹2,607.3 crore in FY24—an uptick from ₹2,548.1 crore in FY23.

The acquisition is expected to help Delhivery bolster its dominance in the e-commerce delivery market by expanding its warehousing, fulfilment, and last-mile infrastructure. With the Indian e-commerce sector expected to see strong double-digit growth, this deal is poised to enhance Delhivery’s value proposition to online retailers and deepen its market presence.

Delhivery stated that the consolidation aligns with its broader strategy of becoming India’s most comprehensive logistics platform. With Ecom Express’ expertise in secure and high-volume deliveries, especially in tier-2 and tier-3 markets, the acquisition will likely improve service reach and operational efficiency.

Financial turnaround in Q4

Delhivery recently reported its first-ever full-year net profit in FY25. The company posted a net profit of ₹162 crore, reversing a loss of ₹249 crore in FY24. For the March quarter, Delhivery recorded a net profit of ₹72.6 crore compared to a loss of ₹68.5 crore in the same period last year.

Revenue for Q4FY25 rose 5.6 percent year-on-year to ₹2,191.6 crore. The company’s EBITDA nearly tripled to ₹119 crore from ₹45.7 crore in Q4FY24, while operating margins improved to 5.45 percent from 2.2 percent a year ago.

Stock performance

Following the announcement, Delhivery’s stock rose 2.1 percent to an intra-day high of ₹366.50. The scrip remains nearly 18 percent below its 52-week high of ₹447.75 hit in September 2024, but well above its 52-week low of ₹236.80 recorded in March 2025.

Despite a 12 percent decline over the past year, Delhivery has staged a notable comeback in recent months. The stock has gained 2 percent so far in June, extending its winning streak to four months. It rose 17 percent in May, 20 percent in April, and 2 percent in March, recovering from steep losses of 22 percent in February and 7.2 percent in January.

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