Deepak Kapoor, the company’s chairman and non-executive independent director, and Saugata Gupta, another non-executive independent director, resigned from the board of logistics giant Delhivery Limited on Saturday. The dates of both resignations are April 1, 2026.
Delhivery Board Reorganization and Director Resignations
“The withdrawals are part of Delhivery’s previously announced board rejuvenation initiative, aimed at aligning the firm’s governance structure with its next phase of development,” the company stated in a statement.
As part of this shift, Delhivery has appointed new independent directors in 2025, including Namita Thapar, Whole-time Director of Emcure Pharmaceuticals; Dr. Padmini Srinivasan, a faculty member at IIM Bangalore; Yashish Dahiya, Chairman, Executive Director, and CEO of PB Fintech; and Sameer Mehta, co-founder and Executive Director of boAt Lifestyle,” the announcement said.
New Independent Directors Added in 2025
Saugata Gupta joined Delhivery’s board in 2021, and Deepak Kapoor joined in 2017. Both were crucial in guiding the business through its 2022 IPO and subsequent development as a listed company.
“Deepak served as Chairman of our Board for over 8 years and was essential in helping us put up high quality governance, board procedures, adequate financial systems and controls, and internal audit processes,” said Sahil Barua, MD & CEO of Delhivery. As Chairperson of our NRC, Saugata was instrumental in helping us refine our recruiting and retention strategy for top people as well as benchmark and institutionalize HR procedures and KPIs.
CEO Statement on Governance and Board Transition
Barua said, “More significantly, Deepak and Saugata have been key in our process of understanding the need for and facilitating the rebuilding of the Board of Directors in accordance with our ambitious next phase of development. We really appreciate their advice and assistance on behalf of the whole Delhivery team.
The anticipated board changes, according to the firm, highlight its emphasis on bolstering governance while being ready for long-term, scalable development as a publicly traded company.
🏢 Delhivery Board Reorganization
- Company: Delhivery Limited
- Exiting Leaders: Deepak Kapoor, Saugata Gupta
- Effective Date: April 1, 2026
- Reason: Board rejuvenation initiative
- Goal: Governance alignment for next growth phase
- IPO Role: Guided company through 2022 listing
Delhivery Q3 FY26 Financial Performance
In the meanwhile, Delhivery reported a profit of Rs 39.6 crore in the third quarter of FY26, a significant increase over the Rs 50.5 crore loss recorded in the previous quarter and a steady rise from a profit of Rs 25 crore in the same period last year.
With EBITDA rising 227 percent year over year to Rs 147 crore, the Gurugram-based firm had its best operational performance to date. The EBITDA margin increased to 5.3 percent, the greatest in Delhivery’s history and already equal to the whole EBITDA for FY25.
Revenue and Expense Trends
In the December quarter, revenue from operations increased by about 18% year over year to Rs 2,805 crore from Rs 2,378 crore in the same period last year. Sequentially, sales increased from Rs 2,559.3 crore in Q2 FY26, indicating continued growth in all key businesses.
Due to increased volumes and network activity, total costs increased 15% year over year to Rs 2,820 crore from Rs 2,450.9 crore in the same quarter last year and Rs 2,708.1 crore in the previous quarter.
📦 Delhivery Growth Snapshot
- Q3 FY26 Profit: Rs 39.6 crore
- Revenue: Rs 2,805 crore
- EBITDA: Rs 147 crore
- EBITDA Margin: 5.3%
- Express Shipments: 295 million parcels
- PTL Throughput: 500,000+ metric tons
Express Parcel and PTL Segment Growth
During the holiday season, Delhivery’s express delivery division performed exceptionally well, with shipments rising 43 percent year over year to a record 295 million parcels. Thanks to increases in market share, a larger wallet share from major customers, and better utilization across its logistics network, the business said that 2017 was one of its best peak seasons to date.
With throughput surpassing 500,000 metric tons for the first time, the part truckload (PTL) sector also achieved a significant milestone. PTL volumes increased by 23% annually but service quality and delivery accuracy were steady despite increased network loads, which have historically put a strain on profit margins in the logistics industry.
Profitability and Service EBITDA Margins
Profitability increased significantly as a result of these operational improvements. For the first time, Delhivery’s service EBITDA for the whole year exceeded Rs 1,000 crore. Service EBITDA margins in its transport businesses—express and PTL—rose to 16.4 percent in Q3 FY26, up from 12.8 percent a year earlier and 13.5 percent in the September quarter.
Alongside its financial recovery, Delhivery boosted its expansion activities. In addition to its presence in NCR, Bengaluru, and Ahmedabad, the firm expanded its on-demand logistics platform, Delhivery Direct, to Mumbai and Hyderabad. In order to lower the cost of exports for Indian small and medium-sized businesses, it also introduced Delhivery International, an economy air parcel service.
Market Reaction to Delhivery Performance
Shares of Delhivery finished 2.61 percent higher at ₹422.50 on the BSE on January 30, exhibiting good market confidence after the robust quarterly performance.
Frequently asked questions
1. Why are Saugata Gupta and Deepak Kapoor leaving Delhivery’s board?
They are stepping down as part of Delhivery’s planned board rejuvenation process to align governance and leadership structure with the company’s next phase of development. The effective date of their resignations is April 1, 2026.
2. What parts did Saugata Gupta and Deepak Kapoor perform at Delhivery?
Since 2017, Deepak Kapoor has been Chairman and Non-Executive Independent Director, contributing to the development of financial controls and governance. After joining in 2021, Saugata Gupta was instrumental in the HR and nomination and compensation committee procedures.
3. Who has joined Delhivery’s board as an independent director?
In 2025, Namita Thapar (Emcure Pharmaceuticals), Sameer Mehta (boAt), Yashish Dahiya (PB Fintech), and Dr. Padmini Srinivasan (faculty at IIM Bangalore) were among the new directors appointed.
4. What was Delhivery’s financial performance in the third quarter of FY26?
Delhivery reported sales of ₹2,805 crore (up ~18% YoY), profit of ₹39.6 crore, and EBITDA of ₹147 crore (up 227% YoY). The EBITDA margin hit a record 5.3%.
5. Which industries fueled Delhivery’s expansion?
While the PTL market surpassed 500,000 metric tons with 23% YoY growth, express package shipments increased 43% YoY to 295 million parcels. Profitability increased as service margins and utilization improved.
Conclusion
With seasoned independent members previously appointed to oversee its next expansion phase, Delhivery’s board reorganization represents a planned governance change rather than a disturbance.
At the same time, impressive Q3 FY26 results — greater revenue, record margins, and a return to profit — reflect improved operational leverage across express and PTL divisions. Financial momentum and governance renewal work together to prepare the business for more disciplined and scalable long-term development.
Disclaimer: This article is for informational purposes only. It is based on publicly available company statements and financial updates and should not be considered investment or financial advice.
