Delhivery’s Q1 profit jumps 67% to ₹91 crore, rakes in ₹2,294 crore in revenue

E-commerce logistics provider Delhivery posted a 67% jump in net profit to ₹91 crore on Friday, helped by better-than-expected express parcel shipments and freight truckload in what it perceives as a slow quarter seasonally. The increase in shipments and truckloads also increased its revenue from services by 5.6% from the same period last year to ₹2,294 crore. This was the fifth consecutive quarter when Delhivery registered a profit.

In its letter to shareholders, Delhivery said that it delivered 208 million express parcel shipments, a 13.6% year-on-year increase. The partial truckload (PTL) volumes also grew 15% year-over-year. Tonnage growth remained flat for the company sequentially, despite the first quarter being historically sluggish for the company. Express parcel shipments made up 61% of the company’s total revenue of ₹2,294 crore. Cross-border services revenue, however, dipped 43% year-over-year to ₹24 crore. Supply-chain services revenue was down 21% year-on-year to ₹205 crore in the first quarter. The company’s total expenses increased 4.7% year-over-year, primarily driven by a 23.5% increase in depreciation and amortisation expenses. Its Ebitda margin also increased by 202 basis points to 6.5%.

Delhivery also provided an update on the Ecom Express acquisition, which had received approval from the Competition Commission of India on June 17. Delhivery said the final consideration, post adjustments as per the terms of the transaction, was ₹1,369 crore. The logistics provider said that volume manifestation at Ecom has already ceased, whereas a network rationalisation plan is under execution. Delhivery is also working on a net retention of seven facilities for long-term usage and has begun a process to exit non-express business. 

Looking forward, the company believes that in the long term, rising disposable incomes, greater category depth and faster fulfilment, industry growth of the e-commerce industry can reasonably be projected at 15% annually. “This (express parcel) volumes, momentum has been consistent and continued during July and is expected to continue through FY26 as our acquisition of Ecom Express has enabled us to grow market share,” it said in its letter to the shareholders, adding that vertical e-commerce (D2C) and the SME segment volumes have grown significantly faster—at more than 25% and more than 37%, respectively—and will remain a key focus for Delhivery in the future.

In a separate announcement, Delhivery said that it has appointed Yashish Dahiya, the chairperson and CEO of PB Fintech, and Padmini Srinivisan, a senior member of the faculty, as the chairperson of the Centre for Corporate Governance and Sustainability and of Executive Education at IIM Bangalore, as non-executive, independent directors of the company.

Additionally, as part of a planned rejuvenation of the board, long-serving members will hand over reins to the new members in a scheduled manner over the next four quarters, ensuring a smooth transition and continuity. Srivatsan Rajan—who had first joined the Delhivery board in July 2015 and is the longest-serving independent board member—resigned on Friday from the company’s board with effect from September 30.