Delhivery slips into losses despite posting 17 pc revenue rise in Q2 FY26

New Delhi, Nov 5 Logistics firm Delhivery reported a 17 per cent year-on-year revenue increase for the second quarter of FY26, but incurred losses as costs exceeded revenue growth, according to an exchange filing on Wednesday.

Revenue from operations of the Gurugram-based company grew to Rs 2,559 crore in Q2 FY26, up from Rs 2,190 crore a year earlier.

Total revenue, including Rs 92 crore from non-operating activities, reached Rs 2,651 crore, the filing said.

However, freight handling and servicing costs, Delhivery's largest expense, rose 12.5 per cent to Rs 1,843 crore, representing 68 per cent of total expenditure.

Delhivery's expenditure surpassing revenue resulted in a loss of Rs 50 crore Q2 FY26, compared to a profit of Rs 10 crore in Q2 FY25. For the half year, its profit dropped by 37 per cent to Rs 40.5 crore in H1 FY26 as compared to Rs 64.5 crore in H1 FY25.

Overall expenses rose 18 per cent to Rs 2,708 crore in Q2 FY26, up from Rs 2,294 crore in Q2 FY25. In the filings, the company attributed this surge in expense to higher legal, depreciation, and other overhead costs, despite a 22 per cent decrease in employee benefit expenses to Rs 425 crore.

Delhivery's primary revenue sources were its logistics services, including warehousing, last-mile logistics, and designing and deploying logistics management systems.

The company's share price closed at Rs 486 at the end of the last trading session, resulting in a market capitalisation of Rs 36,335 crore.

It mentioned in its letter to shareholders that it recorded the highest monthly order volumes of over 100 million e-commerce and freight shipments in September as well as October, and highest single day dispatch of 7.2 million orders.

In June 2025, Delhivery had bought a 99.44 per cent stake in e-commerce logistics provider Ecom Express for a cash consideration of up to Rs 1,400 crore.

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