Logistics company Delhivery remains in focus after one of its early investors, Alpha Wave Ventures, sold shares worth ₹332.5 crore through a bulk deal. The transaction comes at a time when Delhivery is reporting strong financial results, improving profitability, and making progress on the integration of Ecom Express.
Alpha Wave sold 72.22 lakh shares, equal to around 1.93% of Delhivery’s total equity, at an average price of ₹460.36 per share. With this transaction, the investor has reduced its stake in the company by nearly half.
The deal is part of a broader trend of early investors gradually reducing their holdings in Delhivery. Venture capital firm Nexus Venture Partners and Canada Pension Plan Investment Board (CPPIB) have also sold shares in recent months. However, market experts believe these stake sales are mainly linked to investor exits and profit booking rather than concerns about Delhivery’s business performance.
The continued interest from institutional investors highlights confidence in the company’s long-term growth prospects as India’s logistics sector continues to expand.
Delhivery Reports Strong Revenue Growth and Profitability
Delhivery delivered one of its strongest financial performances in FY26. The company reported revenue of more than ₹10,500 crore during the financial year, representing a 17% increase compared to the previous year.
A major achievement for the company was turning Free Cash Flow (FCF) positive ahead of schedule. Delhivery generated ₹89 crore in free cash flow, supported by higher shipment volumes, better margins, and improved operational efficiency.
The company’s profitability also improved significantly. Full-year EBITDA doubled to ₹764 crore, while consolidated profit after tax (PAT) reached ₹153 crore. Excluding acquisition-related expenses and other exceptional costs, adjusted PAT stood at ₹347 crore.
The fourth quarter of FY26 was particularly strong. Revenue for the January-March period rose nearly 30% year-on-year to around ₹2,850 crore. EBITDA came in at ₹231 crore, while net profit remained steady at around ₹72 crore despite ongoing integration expenses related to Ecom Express.
Delhivery also achieved major operational milestones during the year. Its express parcel business delivered one billion e-commerce shipments in FY26, matching the total number of parcels it handled during its first ten years of operations. The Part Truckload (PTL) business transported around two million metric tonnes of freight, reflecting steady demand.
The company continued to improve efficiency by reducing working capital requirements and lowering capital expenditure intensity. These efforts helped strengthen cash generation and improve returns on investment.
Another positive development came from the Supply Chain Services (SCS) division, which returned to profitability after the company exited low-margin contracts and focused on higher-quality business opportunities.
Ecom Express Acquisition Strengthens Market Position
Delhivery’s acquisition of Ecom Express remains one of the biggest developments in India’s logistics industry. The company acquired a 99.87% stake in Ecom Express through an all-cash deal valued at around ₹1,370 crore.
The acquisition attracted attention because Ecom Express was purchased at a significant discount to its peak valuation. The company had faced challenges in recent years, including slow growth, funding difficulties, leadership changes, and the loss of a major customer after Meesho launched its own logistics network.
Since completing the acquisition, Delhivery has quickly streamlined operations by removing overlapping infrastructure and reducing unnecessary costs. Management says the integration process has been smoother than expected because both companies served many of the same customers.
The acquisition is expected to improve Delhivery’s profitability while strengthening its presence in Tier-2 and Tier-3 cities. It also expands the company’s network capacity and removes a key competitor from the market.
Importantly, integration costs are now expected to be lower than initially estimated, improving the overall financial benefits of the deal.
Technology Expansion and New Services Drive Future Growth
Alongside its logistics operations, Delhivery is increasingly focusing on technology-driven growth. The company recently partnered with NVIDIA to launch Delhivery Maps, an AI-powered mapping and location intelligence platform designed to solve India’s complex addressing challenges.
Delhivery has also expanded its software offerings with products such as Freight Index One, TransportOne TMS, and AI-powered customer support solutions. These initiatives are expected to create new high-margin revenue streams beyond traditional logistics services.
The company is also investing in automation. It is testing automated guided vehicles (AGVs) at major facilities and has successfully completed autonomous drone delivery trials for specialized use cases.
At the same time, Delhivery continues to expand its service portfolio. Its rapid delivery service, Delhivery Rapid, offers deliveries within two hours in selected cities, while Delhivery Direct provides on-demand city and intercity deliveries. The company has also expanded its international parcel delivery services to markets including the United States, United Kingdom, Canada, and Australia.
Several brokerages remain positive on Delhivery’s outlook and continue to maintain buy ratings on the stock. While early investors are gradually reducing their stakes, the company’s strong financial performance, successful acquisition strategy, growing technology business, and expanding delivery network continue to support its long-term growth story.