In a significant turnaround, new-age logistics leader Delhivery reported a consolidated net profit of ₹40 crore (₹39.6 crore) for the third quarter of FY26 (ending December 31, 2025).
The results, announced on January 31, 2026, show a 59% year-on-year (YoY) jump in profit compared to the ₹25 crore recorded in Q3 FY25. More importantly, the company successfully reversed a ₹50 crore loss reported in the preceding September quarter (Q2 FY26).
1. Financial Performance Snapshot
Delhivery’s return to profitability was driven by robust festive demand and sharpening operational efficiency.
| Metric | Q3 FY26 | Q3 FY25 | YoY Change |
| Revenue from Operations | ₹2,805 Crore | ₹2,378 Crore | ↑ 18% |
| Net Profit (PAT) | ₹39.6 Crore | ₹25.0 Crore | ↑ 58.4% |
| EBITDA | ₹208.5 Crore | ₹103.0 Crore | ↑ 102.4% |
| Operating Margin | 7.4% | 4.3% | ↑ 310 bps |
- Ecom Express Impact: The reported profit includes ₹35 crore in integration expenses following the July 2025 acquisition of rival Ecom Express. Excluding these one-time costs, the “normalized” profit stood at ₹110 crore.
- Sequential Recovery: The jump from a ₹50 crore loss in Q2 to a ₹40 crore profit in Q3 reflects the easing of merger-related friction and the impact of peak-season shipping.
2. Record-Breaking Operational Milestones
The logistics major achieved several key milestones during the December quarter:
- Express Parcel Surge: Shipment volumes jumped 43% YoY to a record 295 million, fueled by aggressive festive sales on platforms like Amazon and Flipkart.
- PTL Milestone: The Part Truck Load (PTL) business crossed the 500,000 metric tonne mark for the first time in a single quarter, growing 23% YoY.
- Service EBITDA: The company reached a historic milestone, with its service EBITDA crossing ₹1,000 crore for the first nine months of FY26.
3. New Growth Verticals: Dark Stores & International
Delhivery is aggressively diversifying beyond standard e-commerce delivery:
- Rapid Commerce: Operating 23 dark stores in four cities to enable sub-2-hour deliveries for D2C brands. This segment has already hit a revenue run rate of ₹15 crore.
- Delhivery Direct: The on-demand intra-city service is now active in five cities with a ₹40 crore annual revenue run rate.
- Global Expansion: Launched “Delhivery International” in December 2025 to support SME exports, with a formal UK launch scheduled for Q4 FY26.
4. Technical & Market Reaction
Following the earnings announcement, Delhivery’s stock reacted positively during the special post-Budget trading sessions:
- Stock Surge: The share price rose over 5% in two sessions, reaching ₹445–₹450.
- Analyst Outlook: Top brokerages, including Motilal Oswal and JM Financial, have reiterated “Buy” ratings with target prices revised upward toward ₹570–₹600, citing the company’s clear path to sustained 15%+ margins.
Conclusion: A Structural Turnaround
Delhivery’s Q3 performance suggests the company has finally matured beyond its “growth-at-all-costs” phase. By successfully integrating Ecom Express while maintaining a record 43% volume growth in its core business, the firm has proven its operating leverage. With corporate costs projected to drop to 6–7% by the end of FY26, Delhivery is well-positioned to remain consistently profitable in the years ahead.
