The Delhivery Business Model of Parcels, Freight and Supply Chain
How Delhivery charges businesses to move parcels and freight.
Key Takeaways
- FY26 revenue from operations was ₹10,508 crore, against ₹8,932 crore in FY25.
- Q1 FY27 revenue from operations was ₹2,931 crore, up 27.8%.
- Q1 FY27 profit was ₹32 crore, against ₹91 crore a year earlier.
- Express parcel shipments in Q1 FY27 were 322 million, up 55%.
Table of Contents 12 sections
- Delhivery at a glance
- What Delhivery does
- How Delhivery makes money
- Delhivery revenue in the June 2026 quarter
- Where Delhivery's money goes
- Delhivery's profit and loss over three years
- Delhivery business model canvas
- Delhivery's journey so far
- Delhivery competitors
- Profit and integration costs in Q1 FY27
- Conclusion on the Delhivery business model
- FAQs
The Delhivery business model is built on moving parcels and freight for businesses across India and charging businesses for the services it provides. In FY26 the company reported revenue from operations of ₹10,508 crore, and in the June 2026 quarter (Q1 FY27) revenue from operations was ₹2,931 crore with a profit of ₹32 crore.
Delhivery is listed on the NSE and BSE and runs one network that carries express parcels, part truckload freight and supply chain services. This post explains how that network earns money and what it costs to run, using the company's reported figures.
Delhivery at a glance
| Item | Detail |
|---|---|
| What it does | Express parcels, part truckload freight and supply chain services |
| Founded | 2011 |
| Headquarters | Gurugram, Haryana |
| Founders | Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati |
| FY26 revenue from operations | ₹10,508 crore |
| Q1 FY27 revenue from operations | ₹2,931 crore |
| Q1 FY27 profit | ₹32 crore |
| Listing | NSE and BSE since May 2022 |
What Delhivery does
Delhivery is a logistics company that serves businesses. Its express parcel service delivers shipments for e-commerce companies and other senders. Its part truckload freight service moves larger consignments by road. In 2025 it bought Ecom Express, another parcel delivery company.
The company also runs newer services called Delhivery Direct and Delhivery Local.
How Delhivery makes money
Delhivery earns by charging its business customers for the services it provides. The company reports this as revenue from operations.
That revenue was ₹8,142 crore in FY24, ₹8,932 crore in FY25 and ₹10,508 crore in FY26.
Delhivery revenue in the June 2026 quarter
In Q1 FY27, the quarter ended 30 June 2026, revenue from operations was ₹2,931 crore, against ₹2,294 crore in Q1 FY26, a rise of 27.8%. Consolidated profit after tax was ₹32 crore, against ₹91 crore a year earlier. Delhivery has said Ecom Express integration costs affect its reported profit.
Shipment volumes in the quarter were 322 million express parcels, up 55% on a year earlier, and 542,000 tonnes of part truckload freight.
Where Delhivery's money goes
Moving shipments is the largest cost of the business. In Q1 FY27 the largest line was freight, handling and servicing at ₹2,152 crore. Employee benefits were ₹429 crore, depreciation was ₹189 crore and finance costs were ₹34 crore.
Delhivery's profit and loss over three years
| Financial year | Revenue | Profit or loss |
|---|---|---|
| FY24 | ₹8,142 crore | Loss of ₹249 crore |
| FY25 | ₹8,932 crore | Profit of ₹162 crore |
| FY26 | ₹10,508 crore | Profit of about ₹153 crore |
Revenue is consolidated revenue from operations. Profit is consolidated profit after tax. Delhivery reported a loss in FY24 and a profit in both FY25 and FY26, and the FY26 profit was a little lower than the FY25 profit.
Delhivery business model canvas
Delhivery's journey so far
| When | Event |
|---|---|
| 2011 | Delhivery is founded |
| May 2022 | Shares list on the NSE and BSE |
| April 2025 | Agrees to buy Ecom Express |
| July 2025 | Buys 99.87% of Ecom Express share capital |
| August 2026 | Reports Q1 FY27 results |
Delhivery competitors
Delhivery's peers in express delivery include the listed companies Blue Dart and Shadowfax, and the private company Xpressbees.
Profit and integration costs in Q1 FY27
Q1 FY27 profit of ₹32 crore was lower than the ₹91 crore of Q1 FY26. The company also reports Ecom Express integration costs, and profit before these costs was ₹62 crore in Q1 FY27, against ₹32 crore reported.
Conclusion on the Delhivery business model
Delhivery runs one logistics network of gateways, sort centres and delivery centres, and charges businesses for the parcels and freight that move through it. Its revenue from operations was ₹10,508 crore in FY26.
In Q1 FY27 it reported revenue from operations of ₹2,931 crore and a profit of ₹32 crore, with freight, handling and servicing the largest cost line.
