Delhivery Q2 results: Co turns red, incurring a net loss of Rs 50 crore despite a 17% rise in sales

New Age third-party logistics company Delhivery on Wednesday said it swung to a consolidated net loss of Rs 50.38 crore in the second quarter ended September 2025, compared to a profit of Rs 10.20 crore in the year-ago period.The company said operating revenue for the second quarter of FY26 stood at Rs 2,559.3 crore, up 16.9% year-on-year compared to Rs 2,189.7 crore reported in the September 2024 quarter.

Record festive volumes

In a letter to shareholders, Delhivery said the July-September quarter marked the completion of the Ecom Express acquisition and preparations for the Diwali festive season, which began in early September. The company reported its highest ever shipping volumes, despite operational challenges due to heavy rains, public holidays and changes in VAT rates.Express Parcel shipment volumes increased 32% year-on-year and 18% sequentially to 246 million orders in the second quarter of FY26. Shared truck (PTL) volumes increased 12% year-on-year to 477,000 tonnes, with revenues improving by approximately 3% quarter-on-quarter, driving segment revenue growth by 15% year-on-year.

Operational performance

Delhivery said total services revenue in the second quarter of FY26 was Rs 2,546 crore, up 16.3% year-on-year, with EBITDA of Rs 150 crore and profit after tax of Rs 59 crore, excluding the impact of Ecom Express acquisition. Integration-related costs stood at Rs 90 crore during the quarter, and the company expects total integration costs to remain within the Rs 300 crore estimate. The service EBITDA margin for the Transport segment (Express and PTL) stood at 13.5% in the second quarter of FY26, compared to 11.9% a year earlier. Delhivery said volumes remained strong in October and expects to meet profitability expectations between the second and third quarters.

CFO transition

Delhivery also announced that Vivek Pabari, currently head of Corporate Finance, Treasury and Investor Relations, will take over as Chief Financial Officer from Amit Agarwal with effect from January 1, 2026.

Agarwal, who is stepping down due to personal reasons, will remain with the company until December 31, 2025, after a stint of 13 years. He joined Delhivery in 2012 and became CFO in 2018, overseeing key milestones including the company’s listing and major acquisitions such as SpotOn and Ecom Express.

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