Delhivery posts its first full-year profit as partial truckload services boom

Logistics unicorn Delhivery showed modest revenue growth alongside improvements in profitability in the fourth quarter of FY25 as the number of active customers grew by nearly a third.

For Q4 FY25, the company reported Rs 2,192 crore in revenue from services—a 5.6% increase over Rs 2,076 crore earned in the same period last year. EBITDA more than doubled to Rs 119 crore, representing a margin of 5.4%, compared with Rs 46 crore (2.2% margin) in Q4 FY24.

However, on a sequential basis, the company's topline declined by nearly 8%.

Delhivery posted a profit after tax of Rs 73 crore in the January-March 2025 quarter, reversing a loss of Rs 69 crore from the previous year and marking its fourth consecutive profitable quarter.

For the full year FY25, Delhivery recorded revenue from services of Rs 8,932 crore, up 10% from Rs 8,142 crore in FY24. EBITDA nearly tripled to Rs 376 crore, with a margin of 4.2%, compared with Rs 127 crore (1.6% margin) the previous year. The company reported a profit after tax of Rs 162 crore for FY25, improving from a loss of Rs 249 crore in FY24, marking its first full year of profitability at the net level.

Its Express Parcel segment reported a 3% YoY increase in Q4 revenue to Rs 1,256 crore and a 5% YoY increase for the full year to Rs 5,318 crore. Shipment volumes in this segment rose slightly by 1% YoY in Q4 to 177 million and by 2% YoY for the full year to 752 million, despite challenging market conditions for third-party logistics providers.

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The Part Truck Load segment saw stronger growth, with revenue increasing 24% to Rs 517 crore in Q4 and 25% to Rs 1,889 crore for the year. Volumes in this segment also grew 19% in both Q4 and full year, reaching 458,000 MT and 1.7 million MT, respectively.

Other business areas showed mixed results. Supply Chain Services revenue declined slightly in Q4 but grew 17% for the full year to Rs 907 crore. Truckload revenue decreased in Q4 but was up marginally by 3% for the year at Rs 626 crore. Cross Border Services revenue increased 18% to Rs 179 crore for FY25.

Delhivery also reported a significant improvement in its service EBITDA margin, which increased to 10.8% in Q4 FY25 from 2.2% a year ago. For the full year, the margin was 5.4%, up from -3.0% in FY24. The company attributed part of its improved results to a change in depreciation and amortisation method adopted from April 1, 2024, which reduced related expenses by Rs 69 crore in Q4 and Rs 230 crore for the year.

Its expenses declined 8.3% on a sequential basis to Rs 2,249 crore in Q4 on the back of reduced freight, handling and servicing costs as well as employee benefit expenses. Delhivery's total team size shrunk 8.3% sequentially to nearly 62,000 in Q4. For the full fiscal year, its expenses ballooned 4.4% to Rs 9,217 crore in FY25.

“We continue to deliver steady performance in our core transportation businesses. Our ongoing measures to improve profitability are visible in Q4 numbers and we expect continued momentum on this front as growth picks up in FY26.”, said Sahil Barua, MD and Chief Executive Officer.