Delhivery

Operating profit went backwards while revenue grew: EBITDA slipped to 140 crore from 149 crore and the margin fell to 4.75 percent from 6.49 percent. Scale arriving without operating leverage is the question, and the revenue step-up carries acquired volume rather than pure organic growth.

The certificate follows a disclosure made on 14 July and completes a licence application rather than starting one. It lets a logistics company lend against something it already owns, which is shipment-level visibility into the cash flows of the sellers and merchants on its network. Underwriting off proprietary transaction data is a different proposition from a bolt-on lending arm, though the earnings contribution will be immaterial until the book is actually built.

The Reserve Bank of India granted a Certificate of Registration as a Type II NBFC-ND to Delhivery Financial Services, a wholly owned subsidiary. The application had been pending since intimations in November 2025 and January 2026. It gives the logistics company a licensed lending vehicle and opens a financial-services line alongside the core delivery business.

The product turns the company's delivery data into a sellable mapping layer, a potential new revenue stream beyond core logistics.

The subsidiary signals intent to develop embedded finance products for the SME merchants and sellers already within Delhivery's logistics network. Probable product areas include working capital financing, payment logistics, and insurance distribution. Logistics companies entering embedded fintech is a proven playbook in Southeast Asia. Execution risk in India is still high given existing NBFC and fintech competition.