Delhivery's revenue climbs 17% in Q2 FY26, but...

Business Nov 05, 2025

Delhivery, a major logistics player, saw its revenue climb 17% to ₹2,559 crore in Q2 FY26.
But despite making more money, the company slipped into a ₹50 crore loss—last year it had actually made a profit.
The main culprit? Costs kept rising faster than income.

Despite a drop in employee costs, overall spending jumped

Even with total revenue (including other income) hitting ₹2,651 crore, Delhivery's expenses ballooned—freight and servicing costs alone ate up most of the budget.
Employee costs dropped by 22%, but overall spending still jumped 18%. This squeeze meant profits for the first half of the year fell by 37%.
For anyone watching India's startup scene or interested in how fast-growing companies juggle growth and profitability, Delhivery's numbers are a real eye-opener.