Delhivery slips into losses in Q2 FY26; revenue grows 17%

Logistics company Delhivery announced its Q2 FY26 results on Wednesday, reporting a 17% year-on-year increase in revenue. The Gurugram-based firm slipped into losses during the same period.

Delhivery’s revenue from operations grew to Rs 2,559 crore in Q2 FY26 from Rs 2,190 crore in Q2 FY25, according to its financial statements filed with the National Stock Exchange (NSE).

Delhivery's primary revenue sources were its logistics services, including warehousing, last-mile logistics, and designing and deploying logistics management systems. The firm also earned Rs 92 crore from non-operating activities, bringing its total revenue to Rs 2,651 crore in Q2 FY26.

For Delhivery, freight handling and servicing costs made up 68% of its total expenditure, rising by 12.5% to Rs 1,843 crore in Q2 FY26. Employee benefit expenses decreased by 22% to Rs 425 crore. Legal, depreciation and other overhead costs contributed to a 18% increase in overall expenditure, which reached Rs 2,708 crore in Q2 FY26 from Rs 2,294 crore in Q2 FY25.

Delhivery's expenditure outpacing 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 decreased by 37% to Rs 40.5 Cr in H1 FY26 as compared to Rs 64.5 Cr in H1 FY25.

At the end of last trading session, Delhivery’s share price stood at Rs 486, giving the company a market capitalization of Rs 36,335 crore (approximately $4 billion).