Delhivery posts Rs 40.639 crore profit as revenue rises 20%

Delhivery Limited reported a consolidated profit after tax of Rs 40.639 crore for the quarter ended September 30, 2026, compared with a Rs 50.493 crore loss a year earlier. Revenue from operations rose 19.8% year on year to Rs 3,066.381 crore, while total expenses increased to Rs 3,093.009 crore from Rs 2,708.121 crore.

How did Delhivery perform in the September 2026 quarter?

Delhivery returned to consolidated profitability in the quarter ended September 30, 2026, with profit after tax of Rs 40.639 crore versus a loss of Rs 50.493 crore in the quarter ended September 30, 2025. Profit after tax was also higher than Rs 31.906 crore in the preceding quarter ended June 30, 2026. Profit before tax was Rs 38.993 crore, compared with a Rs 53.221 crore loss a year earlier and profit before tax of Rs 30.246 crore in the June quarter.

Revenue from operations was Rs 3,066.381 crore, rising from Rs 2,559.321 crore a year earlier and Rs 2,930.73 crore in the June 2026 quarter. Total income, including other income, reached Rs 3,133.006 crore from Rs 2,651.536 crore in the comparable prior-year quarter. Other income fell to Rs 66.625 crore from Rs 92.215 crore, so the increase in total income reflected the growth in revenue from operations.

What changed in Delhivery's costs and profitability?

Delhivery recorded profit of Rs 39.997 crore before its share of associate profit or loss, exceptional items and tax, against a Rs 56.585 crore loss in the September 2025 quarter. Revenue from operations increased by Rs 507.06 crore year on year, exceeding the Rs 384.888 crore rise in total expenses. The filing reported no exceptional item in either the September 2026 or June 2026 quarter.

Freight, handling and servicing costs remained Delhivery's largest expense at Rs 2,195.087 crore, up from Rs 1,842.886 crore a year earlier. Employee benefits expense increased to Rs 446.285 crore from Rs 425.585 crore, and depreciation and amortisation rose to Rs 197.49 crore from Rs 178.111 crore. Other expenses declined to Rs 220.132 crore from Rs 222.681 crore, while finance costs decreased to Rs 34.015 crore from Rs 38.858 crore.

Delhivery's share of loss from its associate was Rs 1.004 crore in the September 2026 quarter, compared with a Rs 3.364 crore share of associate profit a year before. A deferred-tax credit of Rs 1.679 crore and current tax of Rs 0.033 crore resulted in a net tax credit of Rs 1.646 crore. That credit meant profit after tax of Rs 40.639 crore exceeded the Rs 38.993 crore profit before tax.

What do Delhivery's first-half results show?

Delhivery reported consolidated profit after tax of Rs 72.545 crore for the half year ended September 30, 2026, compared with Rs 40.553 crore in the corresponding prior-year half. Revenue from operations increased to Rs 5,997.111 crore from Rs 4,853.322 crore. The Rs 1,143.789 crore increase in first-half revenue was accompanied by a Rs 31.992 crore increase in profit after tax.

Total income for the six months reached Rs 6,177.849 crore, compared with Rs 5,075.43 crore in the half year ended September 30, 2025. Total expenses rose to Rs 6,104.609 crore from Rs 5,034.77 crore, leaving profit before tax of Rs 69.239 crore versus Rs 36.455 crore. The associate contribution remained a loss of Rs 4.001 crore, compared with a Rs 4.205 crore loss in the earlier half-year period.

Net cash generated from operating activities was Rs 524.953 crore for the half year ended September 30, 2026, up from Rs 214.619 crore a year earlier. Cash flow generated from operations before tax was Rs 418.316 crore, compared with Rs 272.626 crore. Delhivery recorded a net income-tax refund of Rs 106.637 crore, whereas it had paid net income taxes of Rs 58.007 crore in the comparable 2025 half year.

How did Delhivery's cash flows and balance sheet change?

Delhivery ended September 30, 2026 with cash and cash equivalents of Rs 308.237 crore, compared with Rs 241.937 crore at March 31, 2026 and Rs 355.465 crore at September 30, 2025. The half-year net increase in cash and cash equivalents was Rs 65.778 crore, compared with Rs 17.432 crore in the prior-year period. Operating cash inflow of Rs 524.953 crore was offset by investing and financing cash outflows.

Net cash used in investing activities was Rs 236.789 crore, compared with net cash generated from investing activities of Rs 57.334 crore a year earlier. Purchases of property, plant and equipment, including other specified capital items, increased to Rs 348.004 crore from Rs 220.39 crore. Net cash used in financing activities was Rs 222.386 crore, including Rs 66.699 crore of interest payments and Rs 152.724 crore of principal payments on lease liabilities.

Total assets were Rs 12,970.154 crore at September 30, 2026, compared with Rs 12,776.841 crore at March 31, 2026. Current investments increased to Rs 2,267.659 crore from Rs 1,738.147 crore, while total equity rose to Rs 9,816.271 crore from Rs 9,686.955 crore. Total liabilities increased to Rs 3,153.883 crore from Rs 3,089.886 crore over the same period.

How does Delhivery report its businesses and group structure?

Delhivery reports logistics and supply-chain management services as a single operating segment, alongside September-quarter revenue from operations of Rs 3,066.381 crore. The filing says the chief operating decision maker evaluates performance and allocates resources for the group as a whole because of the nature of its services, risks and returns. It therefore does not present separate operating-segment financial information.

The consolidated group includes Ecom Express Limited as a subsidiary from July 18, 2025, according to the auditor's annexure. Delhivery reported goodwill of Rs 2,385.909 crore on September 30, 2026, unchanged from March 31, 2026. The annexure also lists Falcon Autotech Private Limited as an associate, whose September-quarter loss contribution was Rs 1.004 crore.

Deloitte Haskins & Sells LLP reviewed the consolidated unaudited results dated October 30, 2026 and said nothing had come to its attention suggesting that the statement was materially misstated or improperly disclosed. The auditor said it did not review the results of 12 subsidiaries, which had total assets of Rs 113.8 crore at September 30, 2026 and quarterly revenue of Rs 3.987 crore. Its conclusion on those entities relied on reports from other auditors and its own review procedures.

Conclusion

Delhivery's September-quarter result combined a return to profit with revenue growth that exceeded the increase in total expenses. For the first half, profit before tax rose to Rs 69.239 crore from Rs 36.455 crore, while operating cash inflow increased to Rs 524.953 crore from Rs 214.619 crore, despite higher freight, handling and servicing costs.

The next result will show whether Delhivery can extend the first-half pattern of Rs 5,997.111 crore in revenue from operations and Rs 72.545 crore in profit after tax. The filing also says the group will continue to monitor developments related to labour codes and assess any effect on employee-benefit obligations; it reported no material impact from operationalised state legislation as of September 30, 2026.