Delhivery Limited (NSE: DELHIVERY, BSE: 543529), India's largest fully-integrated logistics services provider, has announced its financial results for the first quarter, showcasing significant growth and improved profitability.

Financial Highlights

• Revenue from services increased by 5.6% year-over-year to ₹2,294.00 crore, up from ₹2,172.00 crore in the same quarter last year.
• EBITDA surged by 53.3% to ₹149.00 crore, with the EBITDA margin expanding to 6.5% from 4.5% in the same quarter last year.
• Profit after tax (PAT) witnessed a remarkable 67.5% year-over-year growth, reaching ₹91.00 crore, compared to ₹54.00 crore in the same period last year.

Operational Performance

Delhivery's core businesses demonstrated strong growth:

Express Parcel

• Shipment volumes grew by 13.6% year-over-year to 208 million orders.
• Revenue increased by 10% to ₹1,403.00 crore.

Part Truck Load (PTL)

• Freight tonnage rose by 14.7% year-over-year to 458,000 tons.
• Revenue grew by 17% to ₹508.00 crore.
• Service EBITDA margin expanded significantly to 10.7%, up from 3.2% in the same quarter last year.

Other Services

• Supply Chain Services: Revenue stood at ₹205.00 crore for the quarter.
• Truckload: Revenue was ₹148.00 crore.
• Cross Border Services: Generated revenue of ₹24.00 crore.

New Initiatives

Delhivery is making progress with its new services:

• Rapid: Operating 20 active stores across 3 cities with a monthly revenue run-rate of approximately ₹1.20 crore. The company plans to expand to 40 active stores.
• Delhivery Direct: The on-demand inter-city and intra-city pickup and delivery service is now active in Ahmedabad, Delhi NCR, and Bengaluru, showing promising early traction.

Strategic Developments

1. Ecom Express Acquisition: Delhivery completed the acquisition of 99.87% of Ecom Express Limited's issued and paid-up share capital for approximately ₹1,369.40 crore. This strategic move is expected to enhance Delhivery's market position and capabilities.

2. Board Rejuvenation: The company appointed Mr. Yashish Dahiya and Dr. Padmini Srinivasan as Non-Executive Independent Directors, bringing valuable expertise in digital business and corporate governance, respectively.

3. Network Expansion: Delhivery's infrastructure now covers 18,857 pin codes, with 119 gateways, 45 automated sort centers, and a team size of 65,849 employees.

Management Commentary

Sahil Barua, MD & Chief Executive Officer of Delhivery, stated, "We're pleased with the strong start to the financial year. The improved profitability as a result of operating at a higher scale reaffirms the inherent operating leverage linked efficiencies in our business. We look forward to the upcoming festive sale season with optimism."

Outlook

With its robust Q1 performance, strategic acquisitions, and expansion of new services, Delhivery appears well-positioned for continued growth. The company's focus on operational efficiency and market expansion, coupled with the integration of Ecom Express, is expected to drive further improvements in profitability and market share in the coming quarters.

Investors and analysts will be keenly watching how Delhivery capitalizes on the upcoming festive season and leverages its expanded network to drive growth across its various business segments.

Note: All figures are in Indian Rupees (₹) unless otherwise stated.

Invesco Ltd., a global investment management firm, has strategically increased its stake in Delhivery Ltd. , a prominent logistics and supply chain services company in India. The move, which took place on July 24, 2025, saw Invesco acquire an additional 181,451 equity shares of Delhivery through open market purchases.

Shareholding Details

Following this transaction, Invesco's total shareholding in Delhivery has risen from 37,151,600 shares (4.98%) to 37,333,051 shares (5.00%) of the total voting capital. This acquisition is significant as it pushes Invesco's stake above the 5% threshold, triggering disclosure requirements under Indian securities regulations.

Transaction Breakdown

The acquisition involved 24 different Invesco-managed funds, with the most substantial purchases made by:

1. Invesco EQV Emerging Markets All Cap Fund: 64,005 shares
2. Invesco Developing Markets Fund: 47,583 shares

Other notable acquisitions include:

• AIA Investment Funds - AIA Asia (EX Japan) Equity Fund: 64,805 shares
• Invesco EQV Asia Pacific Equity Fund: 2,965 shares
• Invesco Emerging Markets Equity Trust: 1,690 shares

Delhivery's Capital Structure

As per the latest available information, Delhivery's capital structure stands as follows:

Regulatory Compliance

In compliance with Regulation 29(1) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Invesco Ltd. has duly disclosed the acquisition to the National Stock Exchange of India Ltd. and BSE Limited.

Laurent Sohet, Global Head of Core Compliance Ethics, Reporting & Operations at Invesco Ltd., signed the disclosure on behalf of the company.

Market Implications

This increased investment by Invesco, a respected global asset management firm, may be seen as a vote of confidence in Delhivery's business model and future prospects. As Delhivery continues to play a crucial role in India's rapidly growing e-commerce and logistics sector, such investments from institutional investors could potentially influence market sentiment towards the company.

Investors and market analysts will likely be watching closely to see if this increased stake leads to any changes in Delhivery's strategic direction or operational focus in the coming months.