Delhivery Reports ₹2,805 Crore Revenue in Q3 FY'26 as Profit Jumps 59%
Introduction
India’s leading logistics and supply chain company Delhivery delivered a strong operational and financial performance in the third quarter of FY26, reporting robust revenue growth alongside a sharp improvement in profitability. The Gurugram-based firm posted an 18% year-on-year rise in operating revenue, while net profit surged 59%, reflecting the benefits of operating leverage, network optimisation, and disciplined cost management.
After reporting a loss in the previous quarter, Delhivery’s return to profitability highlights a clear shift toward sustainable growth. The company’s Q3 FY26 performance reinforces its position as a key backbone of India’s e-commerce and enterprise logistics ecosystem at a time when efficiency and margin discipline have become critical.
Financial Performance in Q3 FY26
According to filings with the National Stock Exchange (NSE), Delhivery’s revenue from operations increased to ₹2,805 crore in Q3 FY26, compared to ₹2,378 crore in Q3 FY25. Including ₹77 crore from non-operating income, total revenue for the quarter stood at ₹2,882 crore.
The company reported a net profit of ₹40 crore, up from ₹25 crore in the same quarter last year and a sharp turnaround from the ₹50 crore loss reported in the previous quarter. For the first nine months of FY26, Delhivery recorded operating revenue of ₹7,658 crore, with cumulative profit reaching ₹88 crore.
EBITDA more than doubled to ₹208.5 crore, while operating margin improved to 7.4%, up from 4.3% in Q3 FY25—signalling stronger unit economics and better cost absorption across the logistics network.
Cost Structure and Operational Efficiency
Freight handling and servicing costs continued to be the company’s largest expense, accounting for nearly 70% of total expenditure. These costs rose 7.4% year-on-year to ₹1,980 crore, significantly slower than revenue growth.
Other major expense components included:
- Employee benefit expenses of ₹410 crore, down 4% YoY
- Depreciation and amortisation of ₹187 crore
- Legal, finance, and other overheads of ₹243 crore, up 4% YoY
The moderation in fixed and variable costs relative to revenue growth played a key role in driving profitability during the quarter.
Founders and Company Background
Founded in 2011 by Sahil Barua, Mohit Tandon, Kapil Bharati, and Suraj Saharan, Delhivery was built with the vision of creating a fully integrated, technology-first logistics network for India. What started as a hyperlocal delivery company has since evolved into one of the country’s most comprehensive logistics platforms, serving e-commerce, enterprises, SMEs, and emerging digital businesses.
The founders focused early on building proprietary technology, data-driven routing systems, and scalable infrastructure—capabilities that now form Delhivery’s competitive moat.
Business Expansion and Key Growth Segments
Delhivery’s core revenues continue to come from logistics services, including express parcel delivery, freight, warehousing, last-mile delivery, and logistics management systems.
A major operational highlight in Q3 FY26 was the performance of the Part Truck Load (PTL) business. PTL volumes grew 23% year-on-year, with the company crossing the 500,000 metric tonne milestone for the first time. Growth was driven by strong enterprise demand, consistent service quality, and expanding national coverage.
Over the years, Delhivery has expanded beyond e-commerce logistics into:
- Integrated warehousing and supply chain solutions
- B2B freight and PTL services
- Cross-border logistics and data-driven logistics software
This diversification has helped the company reduce dependence on any single segment and improve revenue stability.
Funding History and Investor Support
Delhivery is backed by marquee global investors, including SoftBank Vision Fund, Tiger Global, Fosun, Carlyle, and Steadview Capital. The company raised over $1.4 billion prior to its IPO and went public in 2022, becoming one of India’s largest listed logistics players.
In Q3 FY26, Delhivery also granted 70,900 employee stock options (ESOPs) worth approximately ₹3 crore, underlining its focus on long-term talent retention and ownership-led culture.
Regulatory Impact and Leadership Update
During the quarter, Delhivery assessed the impact of India’s newly notified Labour Codes, resulting in an increase of ₹20.86 crore in gratuity and leave-related liabilities. This amount was classified as an exceptional item in the company’s financials.
Separately, the company announced that Chairman Deepak Kapoor stepped down from its board after serving since 2017, having contributed to Delhivery’s strategic growth phase.
Market Position and Outlook
At the close of the last trading session, Delhivery’s shares traded at ₹426.35, translating to a market capitalisation of ₹31,903 crore (approximately $3.54 billion).
Looking ahead, Delhivery is well-positioned to benefit from rising e-commerce penetration, increased enterprise outsourcing of logistics, and structural improvements in supply chain efficiency. With profitability returning and margins expanding, the company appears to be transitioning from a scale-first strategy to a more disciplined, sustainable growth model.
Delhivery’s Q3 FY26 results signal growing maturity—where scale, efficiency, and profitability are beginning to move in sync.
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