Delhivery stunned the market this week with a 17% jump in revenue for Q2 FY26, hitting Rs 2,559 crore. On paper, it looks like business is booming—but behind the numbers lurks a shocking twist: the company reported a net loss of Rs 50 crore, reversing last year’s Rs 10 crore profit.
What caused this sudden downturn? The culprit is the costly integration of its Ecom Express acquisition, which alone drained Rs 90 crore from the books. Without these one-time expenses, Delhivery would have posted a healthy profit of Rs 59 crore—showing that the company’s core business is still strong.
Despite the setback, operational numbers tell a different story. EBITDA soared 162% YoY to Rs 150 crore, giving a glimpse of the company’s underlying efficiency and scale. Revenue from services, excluding integration costs, climbed 16% to Rs 2,546 crore, proving that Delhivery’s logistics engine is firing on all cylinders.
Total expenses jumped 18% YoY to Rs 2,708 crore, fueled by rising freight handling and servicing costs, which now make up 68% of overall expenses. Employee benefits also grew, reaching Rs 426 crore. Clearly, running India’s e-commerce logistics empire is expensive—but the company is betting big on long-term growth.
The Ecom Express acquisition, though painful in the short term, is a strategic move. By merging operations, Delhivery aims to dominate last-mile delivery, streamline freight handling, and leverage technology for better efficiency. Experts believe that once integration stabilizes, this could be a game-changer for India’s logistics sector.
Industry insiders warn that investors shouldn’t panic over the loss. With e-commerce continuing to explode in India, Delhivery’s expanding footprint and advanced infrastructure could soon turn temporary pain into long-term profit.