Delhivery Limited has announced significant changes to its Board composition with the resignation of two Independent Directors as part of a planned Board transformation strategy. The logistics company informed stock exchanges on January 31, 2026, about the upcoming departures of key Board members.

Director Resignations and Effective Dates

The company disclosed the resignation of two prominent Independent Directors with specific transition timelines:

Strategic Board Rejuvenation Process

Both directors emphasized that their resignations are part of a deliberate, long-term strategic plan to transform the Board structure. Mr. Deepak Kapoor, who joined the Delhivery Board in 2017, highlighted his journey with the company from its startup phase to becoming the country's largest integrated logistics company, including its successful public listing.

In his resignation letter, Kapoor stated that stepping down now would provide the Board with ample time to facilitate a smooth handover to new Board members and his successor as Chairperson before the next fiscal cycle begins. Similarly, Mr. Saugata Gupta described the move as part of a planned Board rejuvenation process for the next five years.

Committee Impact and Transitions

The resignations will significantly impact the company's committee structure:

Mr. Deepak Kapoor's Committee Roles:

• Member of Audit Committee
• Member of Nomination and Remuneration Committee

Mr. Saugata Gupta's Committee Roles:

• Chairman of Nomination & Remuneration Committee
• Chairman of Stakeholders Relationship Committee
• Member of Merger & Acquisition Committee

External Directorships

Both directors maintain significant positions in other listed companies. Mr. Deepak Kapoor serves as Independent Director at Tata Steel Limited and HCL Technologies Limited, holding various committee positions including Chairman roles in Corporate Social Responsibility, Audit, and Risk Management Committees.

Mr. Saugata Gupta serves as Independent Director at Ashok Leyland Limited and Managing Director at Marico Limited, with committee memberships spanning Audit, Nomination Remuneration, Stakeholders Relationship, Risk Management, and Corporate Social Responsibility Committees.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 of the SEBI Listing Regulations, with both directors confirming that there are no material reasons for their resignation other than those mentioned in their respective resignation letters. The disclosure has been hosted on the company's website at www.delhivery.com as per regulatory requirements.

Delhivery Limited has delivered exceptional Q3FY26 results, showcasing strong operational execution during the festive peak season with record-breaking volumes and improved profitability across all business segments.

Financial Performance Highlights

The company reported robust financial metrics for Q3FY26, with revenue from services reaching ₹2,798 crore, representing an 18% year-over-year growth. The logistics major achieved its highest-ever adjusted EBITDA of ₹147 crore with a margin of 5.3%, while reported EBITDA stood at ₹234 crore with an 8.4% margin. Profit after tax reached ₹110 crore, demonstrating significant improvement from previous quarters.

Operational Excellence and Record Volumes

Delhivery processed a record 295 million Express shipments in Q3FY26, marking a 43% year-over-year increase and 20% quarter-over-quarter growth. The company also handled 507,000 metric tons of PTL freight, representing 23% YoY growth and 6% QoQ improvement. This operational scale was achieved while maintaining industry-leading service quality through advanced capacity management systems and data intelligence capabilities.

Margin Expansion Across Services

The company achieved significant margin improvements across its transportation services. Express Service EBITDA margin expanded to 18.1% compared to 15.6% in Q3FY25 and 15.3% in Q2FY26. PTL Service EBITDA margin improved dramatically to 11.0% from 3.8% in Q3FY25 and 8.5% in Q2FY26. Overall transportation service EBITDA margin reached 16.4%, up from 12.8% in Q3FY25 and 13.5% in Q2FY26.

Business Development and New Initiatives

Delhivery's Supply Chain Services division secured a multi-year, pan-India contract with one of India's largest engineering companies and began operations for a flagship luxury home and lifestyle brand. The company expanded its on-demand logistics service to Mumbai and Hyderabad, launched Delhivery International economy air-parcel service, and completed successful autonomous drone delivery tests in Uttar Pradesh. The data team released Freight Index One, providing transparent FTL pricing information to the market.

Integration Progress and Future Outlook

The Ecom Express integration is largely complete, with total integration costs expected to be materially lower than the initially estimated ₹300 crore. The company incurred ₹35 crore in Q3FY26 integration costs and expects an additional ₹20-30 crore in Q4FY26. Management expressed confidence in maintaining strong operational performance and continued market share gains driven by service excellence and technological capabilities.