Delhivery posted a sharp 30% rise in Q4 FY26 revenue to around ₹2,850 crore as e-commerce and freight volumes continued to grow rapidly across India. However, the company’s net profit remained largely flat at ₹73.4 crore due to higher spending on transportation, infrastructure, and network expansion. According to the company, it handled over 1 billion parcels during FY26. Delhivery also reported improving EBITDA margins and positive free cash flow for the year.
The logistics giant delivered a strong operational performance during the January-March quarter, with revenue from operations rising from ₹2,191.6 crore in Q4 FY25 to ₹2,850 crore in Q4 FY26. Sequentially as well, the company maintained growth momentum, improving from ₹2,805 crore reported in the previous quarter. The steady quarter-on-quarter expansion indicates sustained demand across e-commerce deliveries, freight movement, and supply-chain services despite a challenging operating environment.
While revenue growth remained strong, profitability growth was limited because operating costs increased sharply along with business expansion. Delhivery’s total expenses increased 27% year-on-year to ₹2,853.1 crore during the quarter, compared with ₹2,248.7 crore in the corresponding period last year. Expenses also edged up from ₹2,820 crore in Q3 FY26. Higher transportation spending, freight handling costs, employee expenses, and investments in logistics infrastructure continued to weigh on margins.
Even though annual profit growth remained under pressure, the company staged a major sequential turnaround in Q4. Delhivery had reported a net loss of ₹39.6 crore in Q3 FY26, making the return to profitability in the latest quarter an important operational recovery.
For the full FY26 financial year, Delhivery reported consolidated revenue of ₹10,508.3 crore, marking an almost 18% increase from ₹8,931.9 crore in FY25. However, annual net profit declined around 6% to ₹152.5 crore compared with ₹162.1 crore in the previous fiscal year.
Operationally, the company showed significant improvement in earnings quality. Delhivery reported EBITDA of ₹764 crore in FY26, almost double the ₹380 crore reported in FY25. EBITDA margins expanded to 7.3%, showing better operating leverage as shipment volumes increased across the network.
Another important financial milestone for the company was its return to positive free cash flow generation. Delhivery reported free cash flow of ₹89 crore during FY26. The company also ended FY26 with a strong balance sheet position. As of March 2026, Delhivery held cash and cash equivalents worth ₹4,555 crore.
The latest earnings also come at a time when competition in India’s logistics and delivery sector is intensifying rapidly. Companies like Amazon Transportation Services, Blue Dart, Xpressbees, Shadowfax, and Ecom Express are aggressively expanding their delivery operations amid rising demand from e-commerce and quick-commerce platforms.
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Ashutosh is a Senior Writer at The Tech Portal, largely reporting on new tech, and intersection of technology and business. Ashutosh’s career spans across nearly a decade of technology writing across multiple platforms and languages.
