1. At a Glance

Ladies and gentlemen, the logistics circus has arrived—and Delhivery Ltd is performing wheelies on the financial highway. For Q2FY26, Delhivery reported consolidated revenue of ₹2,546 crore, EBITDA of ₹150 crore, and a post-integration adjusted profit of ₹59 crore. However, after absorbing the ₹90 crore integration costs from its Ecom Express acquisition, it still reported a bottom-line loss of ₹50.4 crore.

At a current market price of ₹485, Delhivery commands a market cap of ₹36,250 crore and a P/E that can make your calculator sigh—262x. The company’s return on equity is a polite1.52%, while ROCE crawls at2.47%, proving once again that Indian investors love stories more than numbers.

Still, the stock is up61.5% in 6 months—so clearly, the street is betting on logistics fairytales rather than accounting textbooks. The express parcel king now carries the crown of being India’slargest integrated logistics player, moving over740 million parcels annually, powered by an18,783-pin code network, 111 gateways, and 29 sortation centers.

It’s India’s logistics backbone for e-commerce, but can it carry its own financial weight? Let’s unpack that box.

2. Introduction

Delhivery Ltd—where every package comes with data science, algorithms, and a hint of chaos. Founded in 2011 by a gang of ex-consultants who swapped PowerPoint for parcel tracking, it has now become India’s go-to logistics backbone for e-commerce giants and small-town sellers alike.

From delivering shoes and shampoos to shipping iPhones and identity crises, Delhivery has scaled across 18,000+ pin codes and grown into a ₹9,400 crore annual revenue juggernaut. The company doesn’t own massive fleets or warehouses—it owns something more valuable:data. With over30 billion shipment lifecycle events recorded, it’s not just moving goods; it’s moving insights.

But make no mistake—this isn’t a joyride. The path has been bumpy, paved with automation expenses, Ecom Express acquisitions, and GST notices that arrive faster than parcels. Q2FY26 saw Delhivery expanding infrastructure, acquiring competitors, and appointing a new CFO, all while juggling losses with flair.

Think of Delhivery as that friend who’s always “almost profitable.” You admire the hustle, you respect the growth, but you’re still waiting for that one month when they don’t burn cash.

3. Business Model – WTF Do They Even Do?

Delhivery isn’t your neighborhood courier service—it’s theSwiss Army knife of logistics. The company operates on anasset-light model, meaning it doesn’t own all the trucks, warehouses, or delivery bikes it uses. Instead, it partners with fleet owners, franchisees, and third-party operators—keeping fixed costs low and scalability high.

Here’s how it makes money:

A) Express Parcel Services (58.7% of FY24 revenue)– The crown jewel. From delivering your Amazon order to ensuring your “next-day delivery” wish doesn’t become “next-year delivery,” Delhivery shipped740 million parcelslast year.

B) Part Truck Load (PTL) Freight (20%)– Think of it as parcel carpooling. Companies that can’t fill an entire truck share space and cost efficiency.

C) Truck Load Services (7.2%)– Through their Orion platform, Delhivery connects shippers with fleet owners across India—a trucking Tinder app where capacity meets demand.

D) Supply Chain Solutions (11.9%)– Full-service warehousing and logistics for e-commerce and corporates. Basically, it ensures your Diwali lights reach you before Christmas.

E) Cross-Border (2%)– International shipments via “Starfleet,” their global express arm, connecting India with the US, EU, and China.

In short, Delhivery’s business model thrives on tech, partnerships, and chaos management—three ingredients that make modern logistics deliciously unpredictable.

4. Financials Overview

Commentary:Revenue is sprinting, profits are panting. While the EBITDA margin improved to nearly 6%, integration costs from Ecom Express dragged net profit into