Delhivery just did what many had been waiting for, it finally turned a profit for the full year. And that’s not all. The company also posted a solid turnaround in the fourth quarter of FY25, sending the Delhivery share price up nearly 6% in early trade and closing even stronger at over 10% higher by the end of the day.
The NSE Delhivery stock touched an intraday high of ₹367.90 before settling at ₹362.95, and this surge was backed by more than just investor hype. It was the numbers and the story behind them that told the real tale.
Let’s break it down in a way that makes sense.
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The road to profits: what changed in Q4 FY25?
For those who don’t know, Delhivery is one of India’s largest logistics companies. It handles everything from e-commerce deliveries to part-load trucking and warehousing. But for a long time, profitability was its weak spot.
In Q4 FY25, that changed.
Here’s how Q4 FY25 compared to Q4 FY24:
| Metric | Q4 FY24 | Q4 FY25 | Change |
| Revenue | ₹2,076 Cr | ₹2,192 Cr | +6% YoY |
| Net Profit (PAT) | –₹69 Cr | ₹73 Cr | Positive swing |
| EBITDA | ₹46 Cr | ₹119 Cr | +159% YoY |
| EBITDA Margin | 2.2% | 5.4% | +3.2 percentage points |
- Delhivery’s net profit of ₹73 crore is a sharp reversal from a loss last year.
- EBITDA margins improved due to cost controls and operational efficiency.
- This quarter marked the fourth straight profitable quarter, a first in the company’s journey.
And for the full FY25, the company reported:
- Revenue: ₹8,932 crore (up 10% YoY)
- Net Profit: ₹162 crore (from a ₹249 crore loss in FY24)
That means for the first time ever, Delhivery made a profit in an entire financial year. It’s a big milestone.
Segment-wise growth
Express Parcel:
- Q4 FY25 revenue: ₹1,256 crore (up 3% YoY)
- Shipments: 177 million (flat YoY)
- Full-year revenue: ₹5,318 crore (up 5% YoY)
The express parcel business, the core of e-commerce deliveries, grew modestly. The volume wasn’t significantly higher, but Delhivery managed to optimise costs and maintain margin.
Part Truck Load (PTL):
- Q4 FY25 revenue: ₹517 crore (up 24% YoY)
- Volumes: 4.58 lakh metric tonnes (up 19% YoY)
- Q4 PTL EBITDA margin: 10.8% (up 866 basis points YoY)
This is where Delhivery is truly scaling up. PTL business is more complex, but more profitable if done right, and this quarter proved Delhivery is on the right path.
You may also read: Bharti Airtel Q4 earnings analysis
Supply Chain Services and Others
- Q4 revenue: ₹229 crore (flat YoY)
- Full-year revenue: ₹907 crore (up 17% YoY)
While not the headline-grabber, this segment remains a solid contributor.
What’s fuelling investor optimism?
Several brokerage firms reacted positively to the Q4 results, raising targets and highlighting improved margins:
| Brokerage | Rating | Target Price | Remarks |
| Nuvama | Buy | ₹430 | Raised EBITDA estimates by 8–13% |
| ICICI Securities | Buy | ₹500 | Positive surprise on PTL margins |
| Elara Capital | Buy | ₹387 | Growth in express parcel and PTL |
| Goldman Sachs | Neutral | ₹325 | Awaiting sustained performance |
Nuvama noted that Delhivery’s PTL segment is scaling faster than expected, and e-commerce logistics might benefit from the upcoming Ecom Express acquisition, subject to regulatory approvals.
ICICI Securities called the improvement in margins a “positive surprise”, especially in PTL, which they see as a long-term growth driver.
Even Goldman Sachs, while cautious, acknowledged the company’s improved margin performance and profitability.
Also read: JSW Energy Q4 FY25 result highlights
Why Delhivery’s Q4 matters for retail investors
If you’ve ever ordered a package online, chances are it was delivered by them.
But until now, Delhivery was delivering for customers, not shareholders.
With Q4 FY25 and the full-year profit milestone, that’s changing.
The company has shown that:
- It can operate profitably
- It is scaling up in PTL, a higher-margin business
- It is reducing costs and improving efficiency
- It is making strategic moves like acquiring Ecom Express to consolidate the market
So, what’s next for Delhivery?
According to management, the focus now is to:
- Drive growth in FY26 through volume expansion
- Improve network utilisation and yield
- Successfully integrate Ecom Express (pending CCI nod)
- Expand margin performance in PTL and express parcel segments
The market will be watching how Q1 FY26 plays out, particularly in terms of organic volume recovery in express deliveries and PTL capacity utilisation.
You may also read: Cochin Shipyard Q4 result analysis
Final thoughts
Delhivery’s 6% stock jump wasn’t just about numbers. It was about a story turning a page, from startup struggles and IPO pressure to consistent profitability and investor confidence.
The Delhivery share price may still be below its IPO level of ₹487, but if FY25’s momentum continues, analysts believe the gap may close soon.
As always, invest wisely. But in Delhivery’s case, it seems like the logistics firm is finally starting to deliver returns, not just shipments.
