Gurugram-based logistics startup Delhivery reported a 30% year-on-year increase in operating revenue for the January-March quarter, reaching ₹2,345 crore, while net profit remained flat at ₹72.4 crore. The company, which went public in May 2022, saw its shares close 1.5% lower at ₹384.50 on the BSE following the results announcement on Tuesday.
Delhivery’s operating revenue for Q4 FY25 stood at ₹2,345 crore, up from ₹1,803 crore in the same period last year, marking a 30% year-on-year growth. The company attributed the revenue increase to higher shipment volumes and expansion in its express parcel and part-truckload (PTL) segments. Despite the revenue growth, net profit for the quarter remained unchanged at ₹72.4 crore, the same as in Q4 FY24, as per filings with the stock exchanges.
The logistics sector in India has seen rapid growth, driven by e-commerce expansion and demand for faster deliveries. Delhivery, one of the largest integrated logistics providers in the country, operates across express parcel, PTL, truckload, and supply chain services. The company’s Q4 performance reflects broader industry trends, where revenue growth often outpaces profitability due to high operational costs and competitive pricing pressures.
Delhivery’s stock performance has been volatile since its IPO in May 2022, which was priced at ₹487 per share. On Tuesday, the stock closed at ₹384.50 on the BSE, down 1.5% from the previous day, following the Q4 results announcement. The company’s market capitalization currently stands at approximately ₹28,000 crore, making it one of the most valuable logistics startups in India.
The company’s express parcel segment, which includes last-mile delivery services, contributed significantly to the revenue growth. Delhivery reported handling over 100 million shipments in Q4 FY25, a 25% increase from the same period last year. The PTL segment, which caters to businesses requiring larger shipments, also saw a 35% year-on-year growth in volumes, according to company disclosures.
Despite the revenue growth, Delhivery’s profit margins remained under pressure due to rising operational costs, including fuel, labor, and technology investments. The company has been expanding its automation and AI-driven logistics solutions to improve efficiency, but these initiatives require significant upfront capital expenditure. Analysts noted that the flat profit reflects the challenges of scaling in a competitive market.
Delhivery’s financial results come at a time when the Indian logistics sector is undergoing consolidation, with major players like Ecom Express, Shadowfax, and XpressBees also reporting strong revenue growth. The sector is expected to grow at a compound annual growth rate (CAGR) of 10-12% over the next five years, driven by e-commerce and government initiatives like the National Logistics Policy.
The company’s leadership has emphasized the importance of long-term growth over short-term profitability. In a statement, Delhivery’s CEO Sahil Barua said, "Our focus remains on expanding our network, improving service quality, and leveraging technology to drive efficiency." The company plans to invest ₹1,200 crore over the next two years to upgrade its infrastructure and expand its fleet.