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Delhivery Swings to Q2 Loss on Ecom Express Integration Costs, Revenue Up 17%

Higher costs from integrating Ecom Express drove the reversal to a quarterly loss.

Overview

  • Delhivery reported a net loss of about Rs 50.4–50.5 crore in Q2 FY26 versus a profit a year earlier and after a Rs 91.1 crore profit in Q1.
  • Operating revenue rose 16.9–17% year on year to roughly Rs 2,559.3 crore, with total income at about Rs 2,651.5 crore.
  • Total expenses increased around 18% to roughly Rs 2,708.1 crore, contributing to the bottom-line decline despite improved operating metrics.
  • The company cited one-time integration costs of about Rs 90 crore related to Ecom Express and said excluding these it would have posted a Rs 59 crore profit.
  • EBITDA grew to Rs 68.2 crore with a 2.7% margin, as express parcel volumes rose 32% and PTL margins improved to 8.5%.