Shares of Delhivery Ltd fell sharply by 7.24% to Rs 449.75 in Thursday’s session after the logistics services provider reported a consolidated loss of Rs 50.37 crore for the September quarter (Q2 FY26), reversing from a profit of Rs 10.20 crore in the same period last year. The decline was primarily attributed to one-time integration costs related to the Ecom Express acquisition.
Integration expenses weigh on profitability
Delhivery said it completed the acquisition of Ecom Express in July 2025, following approval from the Competition Commission of India (CCI). The company incurred Rs 90 crore in integration costs during the quarter toward the shutdown of certain facilities, dismantling and transfer of automation equipment, and employee exits.
The company expects the aggregate integration costs to remain within Rs 300 crore, with the remaining expenses to be incurred over the rest of FY26.
Revenue and operational performance
Despite the reported loss, total income rose 14.8% YoY to Rs 2,651.53 crore, compared to Rs 2,309.33 crore in the same quarter last year.
Revenue from services (excluding Ecom Express) increased 16% YoY to Rs 2,546 crore, supported by healthy growth in the express parcel and part truckload businesses. The EBITDA (excluding integration costs) rose 162% YoY to Rs 150 crore, with margins improving to 5.9% from 2.6% a year ago.
On a standalone basis, profit after tax (excluding integration costs) stood at Rs 59 crore, compared to Rs 10 crore in Q2 FY25, reflecting steady operational momentum.
Business segment highlights
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Express parcel volumes surged 32% YoY to 246 million shipments, driven by festive demand and Ecom integration.
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Part truckload tonnage rose 12% YoY to 4.77 lakh metric tonnes.
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Supply chain revenue stood at Rs 170 crore, down from Rs 197 crore YoY.
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Truckload revenue declined slightly to Rs 150 crore from Rs 158 crore.
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Cross-border services revenue fell to Rs 38 crore from Rs 59 crore last year.
The company also noted that the GST rate change to 18% has been implemented without any significant business loss or vendor disruption.
Leadership transition
Delhivery announced that Vivek Pabari, currently Head of Corporate Finance, Treasury, and Investor Relations, will take over as Chief Financial Officer (CFO) from Amit Agarwal effective January 1, 2026. Agarwal, who served as CFO for 13 years, has resigned for personal reasons and will continue until December 31, 2025.
Market reaction
The stock opened lower at Rs 448.45 and touched an intraday high of Rs 470 before settling around Rs 449.75, erasing most of its recent gains. The company’s market capitalization stood at Rs 33,427 crore.
Market participants attributed the fall to the widened loss and the ongoing integration costs, which may continue to pressure margins in the near term despite strong revenue growth and operating efficiency improvements.
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