Delhivery grants stock options, faces $491.9m GST demand

Delhivery Limited’s nomination and remuneration committee approved the grant of 274,450 stock options under its ESOP IV 2021 to eligible employees on November 4, 2025. These options, convertible into fully paid-up equity shares with a face value of Re.1/- each at an exercise price of Re.1/- per share, will vest over four years. Vesting begins with 10% after 12 months, 30% after 24 months, and 15% every six months thereafter.

Concurrently, Delhivery disclosed that it received a demand order amounting to INR 49,19,76,037/- along with interest and a 100% penalty from the joint commissioner, CGST Commissionerate, Faridabad. This demand, received on November 3, 2025, pertains to alleged short payment or non-payment of GST on services from FY 2018-19 to July 2022, stemming from tax rate interpretation issues.

Delhivery disputes the GST rate interpretation and plans to pursue the matter at higher forums. The company's assessment indicates a hopeful outcome and no material financial impact is expected.