Delhivery shares tumble up to 8.6%: Firm reports ₹50 crore net loss in Q2; check top highlights

In the opening deals on Thursday, November 6, the stock slumped as much as 8.6% to ₹443.15 on the NSE. Last seen, the scrip was trading at ₹457.35, down 5.67%.

In its letter to shareholders, Delhivery said it completed the acquisition of Ecom Express in July 2025 after receiving approval from the Competition Commission of India (CCI).

"We have undertaken previously communicated steps for the integration of clients, networks, and people. We incurred integration costs of ₹90 crore towards the shutdown of facilities, dismantling and transfer of automation equipment, exit from certain contractual arrangements, and cost of exiting employees."

It added that it expects aggregate integration costs to be within the ₹300 crore envelope, with balance integration costs incurred mainly during the remainder of FY26.

Its total income, however, rose 14.81% to ₹2,651.53 crore in the quarter under review compared to ₹2,309.33 crore seen a year ago, the company said in a regulatory filing.

In its press release, the company said its revenue from services (excluding Ecom Express) was ₹2,546 crore in Q2 FY26, a growth of 16% YoY vs. ₹2,190 crore in Q2 FY25.

Its EBITDA (excluding Ecom Express integration costs) stood at ₹150 crore (5.9% margin) in Q2 FY26, a growth of 162% YoY from ₹57 crore (2.6% margin) in Q2 FY25.

EBITDA stands for earnings before interest, taxes, depreciation, and amortisation.

On a standalone basis, the profit after tax (excluding Ecom Express integration costs) during Q2 FY26 was recorded at ₹59 crore against a PAT of ₹10 crore in the same quarter of the last year.

Its revenue from services (excluding Ecom Express) for the second quarter rose 16% to ₹2,546 crore from ₹2,190 crore seen in Q2 FY25, it said.

Delhivery Q2: Other key numbers

In the express parcel business, shipment volumes during the reporting quarter grew 32% to 246 million from 185 million in the second quarter last year, as the Ecom acquisition led to consolidation of Delhivery's share of wallet with key clients, the company said in the statement.

In addition to clients' organic growth and strong festive demand, momentum is continuing into Q3 FY26, it added.

In the part truckload, tonnage grew 12% to 4.77 lakh metric tonnes (MT) in Q2 FY26 from 4.27 lakh metric tonnes in the same quarter of FY25.

Its revenue from the supply chain services for the quarter was ₹170 crore against ₹197 crore seen in the second quarter of the previous fiscal year, while truckload revenue for the quarter stood at ₹150 crore in Q2 FY26 against ₹158 crore in Q2 FY25, Delhivery said.

At the same time, revenue from cross-border services was ₹38 crore in the September quarter compared to ₹59 crore in Q2 FY25, it added.

Delhivery also said it was looking to expand the active store (under Rapid) count to 25 by March next year from 20 active stores across 3 cities.

The company added that the network rationalisation plan at Ecom has also been completed with net retention of seven facilities for long-term Delhivery usage, while a few facilities remain unabsorbed for eventual exit, it said.

Impact of GST rate changes

Delhivery explained that over 86% of its Q1 FY26 invoicing was billed at an 18% GST rate, and over 6% was at Nil GST/Reverse Charge Mechanism-based invoicing, which does not see any change on account of the recent GST amendments. Only nearly 8% of Q1 FY26 invoicing was billed at a 12% GST rate, which was required to be shifted to an 18% GST rate post the amendments. It said it has transferred this billing to an 18% GST rate without any meaningful loss of business.

"Our fleet vendors from whom we procure inter-city and intra-city fleets were previously billing us at a 12% GST rate, and a majority are now billing us at an 18% GST rate post the amendment. We have managed to transfer these contracts to the new GST rate without any meaningful fleet vendor loss. Our fleet purchase, which was earlier at 28% GST, is now at 18% GST rate post amendment," it said.

The company added that it believes that the GST amendment does not pose any material adverse risk to its P&L or to its competitive position. There would be some working capital impact, which will become clearer with time, but it is not expected to be meaningful given its scale and capital position.

Vivek Pabari to take over as CFO

The company announced that Vivek Pabari, head of Corporate Finance, Treasury, and Investor Relations, will take over the role of chief financial officer (CFO) from Amit Agarwal with effect from January 1, 2026.

Amit Agarwal, Chief Financial Officer and a Key Managerial Person of the company, has resigned for personal reasons after a long and successful 13-year tenure with the company. He will remain with the company until December 31, 2025.

About Delhivery

Delhivery is India's largest fully integrated logistics services provider. With its nationwide network covering over 18,850 pin codes, the company provides a wide range of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services.

Delhivery, the company says, has successfully fulfilled over 4.0 billion shipments since inception and today works with over 48K+ customers, including large & small e-commerce participants, SMEs, and other enterprises & brands.