Ekart Logistics, the e-commerce logistics arm of Flipkart Group, has reported a net loss of ₹1,515 crore in FY25, a sharp widening from ₹512 crore in FY24, even as revenue from operations surged 25% to ₹9,541 crore. According to filings with the Ministry of Corporate Affairs (MCA) accessed in October 2025, the loss reflects aggressive investments in network expansion—adding over 100 fulfillment centers and 5,000 electric vehicles—amid rising competition from Delhivery and Ecom Express in India’s Rs 1.2 lakh crore logistics market. For investors, e-commerce analysts, and logistics professionals searching Ekart Logistics FY25 loss 1515 crore, Flipkart supply chain revenue 9541 crore, or Ekart EBITDA loss 2025, this performance underscores the high capex demands of scaling for festive peaks, with EBITDA losses expanding to ₹1,200 crore despite 20% cost efficiencies. Backed by Walmart’s 77% stake in Flipkart, Ekart handled 1.8 billion shipments in FY25 (up 30%), but margin pressures from fuel and wage hikes persist. The firm eyes profitability by FY27 through automation and route optimization.
Founded in 2012 as Flipkart’s in-house logistics, Ekart has evolved into a third-party player, but FY25’s red ink signals the need for sustainable growth.
FY25 Financial Snapshot: Losses Widen on Expansion Bets
Ekart’s FY25 results highlight a trade-off between scale and profitability: Revenue growth outpaced volume increases, but operating leverage lagged due to 40% capex hike.
Key figures:
- Revenue from Operations: ₹9,541 crore (up 25% from ₹7,633 crore in FY24).
- Net Loss: ₹1,515 crore (up 196% from ₹512 crore).
- EBITDA Loss: ₹1,200 crore (widened from ₹800 crore).
- Total Expenses: ₹10,741 crore (up 28%), with employee costs at ₹1,200 crore (up 30%) and fuel at ₹2,500 crore (up 20%).
Express delivery contributed 60% of revenue, with last-mile at 40%.
| Metric | FY24 | FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹7,633 Cr | ₹9,541 Cr | +25% |
| Net Loss | ₹512 Cr | ₹1,515 Cr | +196% |
| EBITDA Loss | ₹800 Cr | ₹1,200 Cr | +50% |
| Total Expenses | ₹8,145 Cr | ₹10,741 Cr | +28% |
Growth Drivers: Network Expansion and EV Fleet
Ekart’s revenue jump stemmed from strategic scaling:
- Fulfillment Centers: Added 100+ facilities, reaching 500, boosting capacity for Flipkart’s 40% market share.
- EV Adoption: Deployed 5,000 electric vehicles, reducing fuel costs by 15% long-term.
- Third-Party Revenue: Non-Flipkart clients (Amazon, Myntra) grew 35%, diversifying from 70% reliance.
- Shipments: 1.8 billion handled (up 30%), with festive peaks at 10 million daily.
CEO Ishita Bhandari noted: “We’re investing for 30% growth in FY26, with EVs and automation key to margins.”
Challenges: Capex Overhang and Competitive Pressures
Despite gains, headwinds mounted:
- Capex Intensity: Rs 1,500 crore spent on warehouses and tech, delaying breakeven.
- Margin Squeeze: Fuel/wage inflation at 20%, with EBITDA at -13%.
- Competition: Delhivery’s 15% market share and Ecom Express’s EV push eroded pricing power.
Outlook: Profitability by FY27 with Rs 12,000 Cr Revenue
Ekart targets Rs 12,000 crore in FY26 (25% growth) and breakeven by FY27, leveraging Walmart’s $2 billion Flipkart infusion. Automation (drones, sorting) could lift margins to 5%.
Conclusion: Ekart’s Scaling Pains in E-Commerce Logistics
Ekart Logistics’ ₹1,515 Cr FY25 loss amid 25% revenue to ₹9,541 Cr reflects expansion bets in a competitive arena. As EVs and tech mature, profitability nears. For logistics investors, it’s a high-growth story—will FY27 deliver black ink? The routes extend. inc42
