Delhivery Q1: Profit Surges 67% YoY To INR 91 Cr

Marking its fifth consecutive profitable quarter, logistics major Delhivery reported a 67% increase in its consolidated net profit for Q1 FY26 to INR 91.1 Cr from INR 54.4 Cr in the year-ago quarter. Sequentially, profit rose 25% from INR 72.6 Cr. 

Operating revenue grew 6% to INR 2,294 Cr during the quarter under review from INR 2,172.3 Cr in Q1 FY25. Sequentially, the top line saw a marginal growth from INR 2,191.6 Cr.

Delhivery’s EBITDA for the quarter under review zoomed 53% to INR 149 Cr from INR 97 Cr in the previous year’s quarter.  

“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,” Delhivery CEO Sahil Barua said.

Here’s a detailed look at the performance of Delhivery’s business verticals in the quarter.

Express Parcel

The company’s fast transit delivery service, Express Parcel, raked in INR 1,403 Cr in revenue, the highest amount. This was a 10% YoY growth from INR 1,276 Cr revenue the vertical reported in the same quarter last year.  The shipment volumes for the vertical stood at 208 Mn in Q1 FY26, up 14% YoY from 183 Mn in the last quarter. 

The company said that the growth in the segment has been consistent and continued through the month of July. It expects to see further growth in the vertical’s EBITDA through FY26 on the back of its acquisition of Ecom Express, which Delhivery said has enabled it to grow market share. 

“Vertical ecommerce (D2C) and SME segment volumes have grown significantly faster, at 25%+ and 37%+, respectively, and will remain a key focus for us going forward,” the company said.

Delhivery completed the acquisition of its rival on July 18, buying 99.87% stake for INR 1,369 Cr. Notably, the company initially said that it would acquire 99.4% stake in Ecom Express for INR 1,407 Cr. 

Delhivery expects to incur an integration cost of INR 300 Cr due to the acquisition.

Partial Truck Load

Revenue of the partial truck load (PTL) segment grew 17% YoY to INR 205 Cr. However, it slumped over 50% from INR 517 Cr in the previous quarter. 

While PTL tonnage grew 15% YoY to 458K metric tonnes in Q1 FY26, it remained largely flat on a sequential basis. The company said that the first quarter of the fiscal year is seasonally weak for the PTL business, while Q4 is the strongest quarter of the year. 

Moving forward, the company expects over 20% annual growth in overall tonnage for the business on the back of a consistent shift in the industry towards express PTL and increase in reliance on organised players. 

“Our clients increasingly take into account total supply chain costs, including inventory cost and lost revenue due to fulfillment delays, which increases the attractiveness of our express PTL service,” it said.

Supply Chain Services

Delhivery’s supply chain services, under which it is engaged in businesses like warehouse management system, order management system and transport management system, saw a slump in top line contribution in the quarter amid key contract renegotiations. 

While the segment’s revenue slumped 21% YoY to INR 205 Cr, it claimed that its EBITDA profitability improved by 7.2 percentage points.

However, Delhivery didn’t disclose the bottom line number for this segment. 

Claiming that the client pipeline for the supply chain vertical deepened in Q1 with addition of 80 more brands and 10 conversions, Delhivery said it expects to see the vertical touch a revenue of INR 1,800 Cr to INR 2,000 Cr with a 12% EBITDA profitability in the next three years.

Full Truckload

This segment sees a single shipment occupying an entire truck. Delhivery’s full truckload platform Orion enables shippers to connect with small and mid-sized fleet operators, brokers and transporters across a range of truck sizes.

The revenue from this business declined 5% YoY to INR 148 Cr.

Over the next three quarters, Delhivery is looking to augment this revenue stream by adding value added services for truckers in the form of fuel discounts, working capital financing, asset financing and on-road assistance, along with automated load matching for spot demand (via Orion platform and Axle application) and via TransportOne for enterprise customers.

Delhivery Direct & Delhivery Rapid

Delhivery’s recently launched quick commerce service Rapid has now scaled to three cities and has 20 stores. The company said it had a monthly revenue run rate of INR 1.2 Cr at the end of the June quarter. 

For the uninitiated, Delhivery Rapid offers inventory storage solutions and 1-3 hour fulfilment timelines for D2C brands. Given the current hype around quick commerce, the logistics major is planning to expand the service to three more cities and set up 15-20 more stores by Q4 FY26. 

“We expect this to remain a relatively niche product within our overall Express portfolio, potentially contributing INR 80 Cr-100 Cr in revenue with time. More importantly, this base network of dark stores and in-city delivery will allow us to build Rapid B2B fulfillment for time-sensitive categories,” Delhivery said.

Delhivery forayed into the hyperlocal logistics segment in June with a new app, Delhivery Direct. Under this, Delhivery offers pickups within 15-minutes of booking for local deliveries using two-wheelers for parcels and three and four wheeler vehicles for larger consignments.

Without disclosing any numbers for this service, Delhivery said that the offering is seeing good early traction.

During the quarter, Delhivery invested INR 14 Cr combined in Direct and Rapid, which took a toll on its bottom line, Barua noted. For the remainder of FY26, Delhivery plans to double down on the investments in the nascent businesses. 

“These investments will widen, especially in the case of Delhivery Direct, as the service is expanded pan India, and will require us to build up fleet capacity along with having to make investments in demand generation,” the company noted.

Shares of Delhivery ended today’s trading session 1.07% higher at INR 429.85 on the BSE.