Delhivery is proving to be one of the rare listed startups to have its profitability and growth marching in lockstep.

After closing FY25 staying in profit through every quarter, the Gurugram-based logistics major has kicked off FY26 with its highest-ever quarterly profit. In the first quarter of this fiscal, its revenue scaled INR 2,294 Cr, while net profit surged nearly 68% on-year to INR 91.1 Cr, striking a fine balance between expansion and operational efficiency.

The performance matched steps with its boldest bet ever that sent the stock soaring. Delhivery acquired rival Ecom Express in an INR 1,369 Cr deal in July. On August 4, the Delhivery shares jumped 5.32% to hit a fresh 52-week high of INR 452.75, leaving brokerages more bullish on the back of volume-led growth, improving margins, and an upbeat outlook.

What Worked Behind The Growth?

The biggest slice of the growth pie came from Delhivery’s express parcel business. In Q1 of FY26, the company handled 208 Mn shipments, up 13.6% over the last year and a striking 17% higher than the previous quarter.

This growth was not simply a reflection of an expanding ecommerce market, which has been growing at a steady 12–15% annually for the past three years. Instead, it was the result of deliberate targeting of high-growth customer segments.

The company saw shipments from small and medium businesses shoot up beyond 37% over the last year, led by the Delhivery One platform. The direct-to-consumer brands too chipped in, with volumes beating last year’s by 25%.

While express parcels grabbed the headlines, the company’s partial truckload (PTL) business quietly slid into the growth pie as its second biggest piece. The PTL segment grew 17% on-year, delivering INR 508 Cr to the revenue pie. Sequentially, the growth remained flat at 2% but, given that Q1 is seasonally soft compared to the high volumes of Q4, holding steady was itself an achievement.

PTL handled 458,000 tonnes of freight in the quarter, nearly 15% more than the same period a year back. “As we continue to expand into under-served geographies and into SME and retail segments of the market, we expect more than 20% annual growth rate in overall tonnage to continue in the immediate future,” the company said in its letter to shareholders.

The turnaround in PTL profitability........

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