Delhivery Reports Robust Q2 FY26 Growth with 32% Express Volume Surge and Successful EcomExpress Integration

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.42%	-5.56%	-12.98%	+13.53%	+19.70%	-23.26%

Delhivery Limited , a prominent player in the Indian logistics sector, has taken a significant step to enhance employee ownership and engagement. The company's Stakeholders Relationship Committee has approved the allotment of 1,22,840 equity shares under its Employee Stock Option Plans (ESOPs), demonstrating its commitment to aligning employee interests with company growth.

Key Highlights of the Allotment

Particulars	Details
Total Shares Allotted	1,22,840
Face Value	Re. 1 each
ESOP 2012 Allotment	79,340 shares
ESOP III 2020 Allotment	43,500 shares
Total Funds Raised	Rs. 7,78,975
New Paid-up Share Capital	Rs. 74,77,76,798
Previous Paid-up Share Capital	Rs. 74,76,53,958
Diluted Earnings Per Share (Q2 FY26)	Rs. 2.31

Breakdown of Option Exercise Prices

ESOP Plan	Number of Options	Exercise Price
ESOP 2012	55,240	Rs. 1.00
ESOP 2012	24,100	Rs. 29.85
ESOP III 2020	43,500	Rs. 0.10

Impact on Share Capital and Equity Structure

The allotment has resulted in a marginal increase in the company's paid-up share capital, rising from Rs. 74,76,53,958 to Rs. 74,77,76,798. This represents a small but meaningful step in broadening employee ownership within the company.

Equity Status and Rights

The newly allotted shares will rank pari-passu with the existing equity shares of Delhivery Limited. This means that the new shares will carry the same rights and privileges as the current outstanding shares, including voting rights and dividend entitlements.

Regulatory Compliance and Transparency

Delhivery has ensured full compliance with regulatory requirements, making the necessary disclosures under Regulation 30 of the SEBI Listing Regulations. This transparency helps maintain investor confidence and adheres to good corporate governance practices.

Conclusion

This move by Delhivery underscores the company's focus on employee retention and motivation through equity participation. By expanding its employee stock ownership, Delhivery aims to foster a sense of ownership among its workforce, potentially leading to increased productivity and alignment with the company's long-term goals. As the logistics sector continues to evolve, such initiatives may play a crucial role in attracting and retaining top talent in a competitive market.