Delhivery Limited Grants 83,900 Stock Options Under ESOP Plans

Delhivery Limited Announces Latest Stock Option Grant

Delhivery Limited , a prominent logistics and supply chain services company, has announced the grant of 83,900 stock options to eligible employees under its Employee Stock Option Plans. The Nomination and Remuneration Committee of the Board of Directors approved this grant, demonstrating the company's continued commitment to aligning employee interests with shareholder value.

Grant Details and Distribution

The stock options were granted across two employee stock option plans with the following distribution:

Plan:	Options Granted	Effective Date
ESOP 2012:	58,900 options	January 01, 2026
ESOP 2021:	25,000 options	January 01, 2026
Total:	83,900 options	January 01, 2026

Key Terms and Conditions

The granted stock options come with standardized terms across both plans:

Parameter:	Details
Exercise Price:	₹1.00 per equity share
Face Value:	₹1.00 per share
Conversion Ratio:	1:1 (each option converts to one equity share)
Vesting Period:	4 years from grant date

Vesting Schedule Structure

Both ESOP 2012 and ESOP 2021 options follow an identical vesting pattern designed to encourage long-term employee retention:

Year 1: 10% of granted options vest after 12 months
Year 2: 30% of granted options vest after 24 months
Years 3-4: Remaining 60% vest at 15% every 6 months

Employees can exercise their vested options at any time while they remain employed with the company, providing flexibility in timing their equity participation.

Strategic Impact and Compliance

This stock option grant aligns with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, ensuring full regulatory compliance. The equity shares resulting from option exercises will rank pari passu with existing equity shares and will not be subject to lock-in restrictions.

The grant represents Delhivery's strategic approach to talent retention and performance motivation in the competitive logistics sector. By offering equity ownership at a nominal exercise price, the company strengthens its ability to attract and retain key personnel while fostering a culture of shared success.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.23%	-3.02%	-2.56%	-2.31%	+25.10%	-25.10%

Delhivery Limited , a leading logistics and supply chain services provider, has reported strong financial results for the quarter ended September 30, 2025, showcasing significant growth across key metrics and successful integration of its recent acquisition.

Financial Highlights

Revenue from services reached Rs. 2,546.00 crores, marking a 16% year-over-year (YoY) growth and 11% quarter-over-quarter (QoQ) growth.
EBITDA stood at Rs. 150.00 crores with a 5.9% margin, a substantial increase from Rs. 57.00 crores in the same quarter last year.
Express parcel shipments grew by 32.5% YoY to 246 million shipments.
Part Truckload (PTL) freight maintained steady growth at 477K tons.
Adjusted EBITDA improved to Rs. 83.00 crores (3.3% margin) compared to Rs. 10.00 crores (0.5% margin) in Q2 FY25.
Profit After Tax (PAT) reached Rs. 59.00 crores, a significant jump from Rs. 10.00 crores in the same quarter last year.

Operational Performance

Delhivery demonstrated strong operational performance during the quarter:

Achieved a record peak dispatch of 7.2 million orders in a single day during the festive season.
Crossed 100 million transportation orders in September.
Express parcel margins stood at 15.3%, while PTL margins were at 8.5%.
Supply chain services margins improved significantly to 12.8% from 7.2% in the previous quarter.

EcomExpress Acquisition and Integration

The company completed the acquisition of EcomExpress in July 2025 for Rs. 1,369.00 crores:

Integration costs for the quarter were Rs. 90.00 crores, well within the original Rs. 300.00 crore estimate.
The company expects total integration costs to be materially lower than the initially forecasted Rs. 300.00 crores.
Network rationalization plan has been completed, with seven facilities retained, totaling 1.3 million square feet of area.

Market Position and Future Outlook

Sahil Barua, MD & CEO of Delhivery, commented on the company's market position:

"Post the EcomExpress acquisition, we're probably closer to somewhere between 27% and 30% market share. Excluding Amazon self-logistics and Flipkart self-logistics, our market share will be well over half of the market."

The company maintains a positive outlook:

Service EBITDA margins are expected to be in the 16-18% range by the end of 2026.
The PTL business is anticipated to reach 16-18% service EBITDA margins in the next 24 months.
Delhivery is exploring new business opportunities, including rapid commerce and on-demand intracity services.

Financial Services Subsidiary

Delhivery has incorporated a new subsidiary, Delhivery Financial Services Private Limited, aimed at providing financial services to its network of truckers and partners. The company plans to offer services such as:

Fastag and fuel services for truckers
Commercial vehicle lending for partners to expand their fleets
Assurance or protection against loss, damage, and delays within the Delhivery network

Conclusion

Delhivery's Q2 FY26 results demonstrate the company's strong growth trajectory and successful integration of EcomExpress. With improved margins across segments and strategic expansion into new services, Delhivery appears well-positioned to capitalize on the growing logistics market in India.

Investors should note that while the company has shown impressive growth, future performance may be influenced by factors such as market dynamics, competition, and overall economic conditions.