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Online retailers are increasingly realizing that they can manage their own shipments. Where does that leave India’s leading logistics company, which owes much of its growth to the country’s e-commerce sector?

Online retailers are increasingly realizing that they can manage their own shipments. Where does that leave India’s leading logistics company, which owes much of its growth to the country’s e-commerce sector?

Four years after listing, the logistics company is still searching for sustainable growth as rising costs, weak pricing power and limited new engines weigh on margins.
The e-commerce platform appears to have put on a good show in FY26, outpacing itself on most fronts. However, the margins tell a different story, one that investors should pay close attention to.
Brands are racing to build rapid delivery on their own channels—despite unclear economics and no proven success stories. Will they succeed?
Four years after listing, the logistics company is still searching for sustainable growth as rising costs, weak pricing power and limited new engines weigh on margins.
The e-commerce platform appears to have put on a good show in FY26, outpacing itself on most fronts. However, the margins tell a different story, one that investors should pay close attention to.
Brands are racing to build rapid delivery on their own channels—despite unclear economics and no proven success stories. Will they succeed?