Delhivery Q4 revenue rises 5% to $256m

Delhivery reported a 5% year-on-year increase in operating revenue for the March 2025 quarter, totaling 2,191 crore rupee (US$256 million).

Net profit reached 72 crore rupee (US$8.41 million), a turnaround from a 68 crore rupee (US$7.95 million) net loss in the same quarter last year.

The express parcel segment saw a 1% volume growth and 3% revenue rise to 1,256 crore rupee (US$146.76 million), but revenue dropped 16% from the previous quarter.

For FY25, Delhivery posted an operating revenue of 8,932 crore rupee (US$1.04 billion), up 9.7% from the previous year.

Delhivery now operates 18 dark stores across major cities, aiming for 50 by year-end.

🔗 Source: The Economic Times

🧠 Food for thought

1️⃣ Delhivery’s journey from hypergrowth to sustainable profitability mirrors industry maturation

Delhivery’s first full year of profitability in FY25 represents a significant evolution from its early days as a high-growth startup.

In FY14-15, the company reported 250% revenue growth but incurred losses of ₹71 crore as it prioritized expansion over profitability1.

Now reporting ₹162 crore profit for FY25, Delhivery exemplifies the logistics sector’s shift from growth-at-all-costs to sustainable operations.

The company’s ability to maintain profitability despite slower growth (9.7% revenue increase in FY25) demonstrates successful execution of this strategic pivot, particularly significant in a sector where many competitors remain unprofitable.

2️⃣ Ecom Express acquisition highlights distress consolidation in logistics sector

The pending ₹1,407 crore acquisition of Ecom Express represents a dramatic valuation decline of approximately 80% from its previous ₹7,000 crore valuation, illustrating the challenges facing subscale logistics players2.

Ecom Express’s downfall stemmed largely from over-reliance on a single client (Meesho), which later developed its own logistics arm, leaving Ecom with widening losses of ₹398 crore in just the first nine months of FY253.

This acquisition follows Delhivery’s established pattern of strategic consolidation, similar to its 2019 purchase of Aramex’s India operations, which helped expand its service capabilities and market reach4.