Delhivery reports loss of ₹50 crore in Q2, due to Ecom Express integration
The decline was primarily attributed to one-time integration costs related to the company's acquisition of Ecom Express.
Delhivery, India’s largest fully integrated logistics provider, reported a consolidated net loss of ₹50.37 crore for the second quarter of fiscal year 2025-26, reversing a profit of ₹10.2 crore reported in the same period last year. The decline in the bottom line was primarily attributed to one-time integration costs related to the company's recent acquisition of Ecom Express.
The logistics major’s consolidated revenue from operations for Q2 FY26 increased by 16.9% year-on-year (YoY), coming in at ₹2,559 crore compared to ₹2,189.7 crore in Q2 FY25. Revenue from services (excluding Ecom Express) stood at ₹2,546 crore, marking a 16% YoY increase.
The company's regulatory filing indicated that the reported loss was directly linked to the integration process. Delhivery incurred ₹90 crore in integration costs during the July-September quarter. Excluding these one-time expenses, the company reported a Profit After Tax (PAT) of ₹59 crore for Q2 FY26.
Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) for the quarter stood at ₹150 crore at a 5.9% margin, representing a substantial 162% YoY growth from ₹57 crore at a 2.6% margin in the year-ago period.
Ecom Express integration update
Delhivery formally completed the acquisition of Ecom Express on July 18, 2025. The company stated that the winding down of non-express businesses at Ecom Express is underway, with the revenue transition being largely completed in Q2 FY26.
The total integration expense is still expected to remain within the earlier guided limit of ₹300 crore.
Following the announcement of the quarterly results, as of 3:08 pm on November 6, 2025, Delhivery's share price on the National Stock Exchange was down by 8.24% at ₹444.25.
