Gurugram-headquartered logistics firm Delhivery released its financial results for the fourth quarter of the fiscal year 2024–25 (Q4 FY25) on Friday, showcasing a solid recovery and a return to profitability. The company reported a 6% year-on-year (YoY) increase in revenue and a profit of ₹72 crore, marking a significant turnaround from the ₹68 crore loss it posted during the same quarter last year.
Delhivery’s revenue from operations surged to ₹2,191 crore in Q4 FY25. When combined with ₹112 crore in income from non-operating activities, the company’s total revenue reached ₹2,303 crore during the January to March quarter. The strong financial performance reflected not only higher demand across logistics verticals but also the firm’s focused strategy on cost control and operational efficiency.
Full-Year Performance: Delhivery Turns Around Operations
For the entire financial year (FY25), Delhivery recorded an operating revenue of ₹8,932 crore, up 10% from ₹8,141 crore in FY24. Total income, including non-operational earnings, rose to ₹9,372 crore in FY25. This expansion highlights Delhivery’s ability to maintain growth momentum in a competitive logistics market.
The company successfully turned around its fiscal performance, reporting a net profit of ₹162 crore for FY25. This marks a major recovery from the ₹249 crore loss posted in FY24. Delhivery’s management executed a strategic plan to boost revenue, reduce inefficiencies, and consolidate its position across its core business verticals, which include warehousing, last-mile logistics, freight forwarding, and logistics management systems.
Breakdown of Revenue Sources
Delhivery continues to generate the bulk of its revenue from its core logistics services. These services encompass warehousing solutions, long-haul and last-mile delivery, reverse logistics, and enterprise-grade logistics software deployment. The company also benefits from specialized contracts with e-commerce, FMCG, and industrial clients. These contracts drive volume across its expansive logistics network, which includes more than 100 gateways and fulfillment centers across India.
In addition to its operating income, Delhivery earned ₹112 crore through non-operating channels. These include interest income, investment returns, and asset-related transactions. This supplementary revenue helped improve its net profit margin and reflected a prudent approach to financial asset management.
Expense Management: Controlled Growth with Strategic Cuts
Freight handling and servicing costs accounted for a dominant 70% of Delhivery’s total expenditure during Q4 FY25. These costs rose by 3% year-on-year to ₹1,566 crore. Despite the growth in revenue and volumes, Delhivery maintained a tight control over variable and fixed expenses.
Employee benefit expenses dropped by 6% to ₹337 crore. This decline suggests a restructuring or optimization of workforce deployment. The company likely adjusted its personnel cost structure in response to automation and digitization across its logistics chain.
Additionally, Delhivery reduced its legal, depreciation, and other overhead costs. As a result, total expenses during Q4 FY25 stood at ₹2,249 crore. This marks a relatively minor increase and shows that the firm kept operational inflation under check. Over the full financial year, the company’s total expenses rose marginally to ₹9,217 crore from ₹8,825 crore in FY24—an increase of just 4.4%, compared to a 10% revenue increase.
The company’s disciplined cost structure contributed directly to its improved profitability. By enhancing operational productivity and reducing non-essential overhead, Delhivery created a financial framework that allowed top-line growth to translate into bottom-line gains.
Profitability: Delhivery Delivers a Solid Comeback
Q4 FY25 marked a turning point for Delhivery. The company swung from a ₹68 crore loss in Q4 FY24 to a ₹72 crore profit, reflecting a ₹140 crore improvement year-on-year. This profit didn’t result from one-time gains but from consistent performance across business segments and prudent financial management.
On an annual basis, Delhivery posted a net profit of ₹162 crore in FY25. In contrast, it had recorded a loss of ₹249 crore in FY24. The ₹411 crore turnaround came on the back of revenue growth, tighter spending, and improved asset utilization.
These results signal to the market that Delhivery has emerged from its loss-making phase and now operates on a sustainable, profitable model. This shift could influence investor sentiment, improve creditworthiness, and enable the company to invest more confidently in expansion and innovation.
Market Reaction and Valuation
Following the announcement of its Q4 FY25 results, Delhivery’s shares closed at ₹321 apiece on the National Stock Exchange (NSE). The positive earnings performance and return to profitability lifted investor confidence, keeping the stock stable during an otherwise volatile trading session.
Delhivery’s current share price gives the company a market capitalization of ₹23,957 crore. This valuation underscores the faith of investors in the company’s future growth potential and its strategic positioning within India’s rapidly evolving logistics ecosystem.
Industry Context and Outlook
India’s logistics sector has witnessed exponential growth in recent years, driven by the rise in e-commerce, organized retail, and supply chain digitization. Delhivery has played a pivotal role in this transformation by offering tech-enabled logistics solutions to both large enterprises and small businesses.
As companies across industries increasingly look to outsource logistics to tech-savvy partners, Delhivery remains well-positioned to capitalize on this demand. The company’s investments in automation, AI-driven delivery route planning, and data-centric warehousing solutions place it ahead of many traditional logistics players.
Looking ahead, Delhivery plans to scale up its warehousing capacity, expand its international freight services, and introduce new solutions for SMEs and D2C brands. If it maintains a balance between growth and cost discipline, the company could continue to deliver profits while expanding market share.
Conclusion
Delhivery’s Q4 FY25 and full-year results signal a strong resurgence. The company increased its revenue, controlled its spending, and delivered consistent profits—all key indicators of a business that has matured and stabilized. The ₹72 crore profit in the final quarter and ₹162 crore annual net gain mark a notable reversal from past losses.
Through strategic management, operational focus, and innovation in logistics technology, Delhivery demonstrated resilience in a competitive sector. With a growing market, improved financial health, and investor confidence, the company looks poised to build on this momentum in FY26 and beyond.