Delhivery, India’s leading logistics firm, reported a 17% year-on-year increase in revenue for Q2 FY26, growing from ₹2,190 crore in Q2 FY25 to ₹2,559 crore. Including non-operating income, Delhivery’s total revenue for the quarter stood at ₹2,651 crore. Despite this strong top-line growth, rising costs meant the company slipped into a net loss of ₹50 crore for the quarter, compared to a ₹10 crore profit a year ago. The first half of FY26 saw profit decline by 37% to ₹40.5 crore, down from ₹64.5 crore in H1 FY25.
Key Financials: Recent Trends
Here’s a table summarizing Delhivery’s quarterly performance over the past two years for a clear comparison:
| Quarter | Revenue from Ops (₹ Cr) | Total Revenue (₹ Cr) | PAT/Net Profit (₹ Cr) | Expenses (₹ Cr) | Notes |
|---|---|---|---|---|---|
| Q2 FY24 | 1,942 | 2,148 | -103 | 2,148 | Turnaround loss period |
| Q2 FY25 | 2,190 | 2,309 | 10 | 2,294 | Efficient cost mgmt. |
| H1 FY25 | ~4,031 | — | 64.5 | — | Half-year |
| Q2 FY26 | 2,559 | 2,651 | -50 | 2,708 | Higher logistics costs |
| H1 FY26 | — | — | 40.5 | — | Half-year |
Primary cost drivers continue to be freight handling and servicing (68% of expenses), which rose to ₹1,843 crore in Q2 FY26. Employee benefits dropped by 22%, while legal, depreciation and overheads rose, driving overall expenditure higher than revenue.
Read this: After a Fully Profitable FY25, Delhivery Starts FY26 with Rs 91 Cr Profit in Q1
Recent Launches & Expansion
Delhivery continues to innovate and broaden its service offerings:
- Rapid Commerce: Launched in early 2025, this sub-2-hour delivery service is already processing over 300 daily orders in Bengaluru and is expanding to other metro cities.
- Festive Surge: During the 2025 festive season, Delhivery handled over ₹19,000 crore worth of goods and crossed 100 million deliveries, with 29.57 million packages delivered within 48 hours and 13.59 million within 24 hours—a record operational achievement.
- Open Freight Index One: Introduced to boost industry transparency, this platform offers historical and real-time full truckload pricing, aiding shippers and transporters with strategic data.
- Network & Tech: Ongoing investments from IPO proceeds are being channeled into network infrastructure, business line development, and logistics system upgrades.
Current Share Price
- As of November 2025, Delhivery is trading at ₹484.85 per share on NSE, reflecting moderate market confidence despite the recent loss, given ongoing innovation and the robust festive-season performance.
Summary
While Delhivery’s Q2 FY26 saw accelerated revenue growth, rising freight and operational costs outpaced gains, leading to a net loss after steady profit in previous quarters. Nevertheless, the company remains a logistics sector leader, aggressively expanding quick delivery capabilities, enhancing tech transparency, and scaling to meet India’s escalating e-commerce demand. With a strong brand, market-leading network, and strategic investments, Delhivery aims to balance profitability with innovation in the quarters ahead.
