Delhivery (DELHIVERY) Q2 25/26 earnings summary

Executive summary

• Revenue from services in Q2 FY26 reached INR 2,546 crore, up 16.3% YoY and 11% QoQ, with EBITDA at INR 150 crore (5.9% margin), a significant increase from last year.

• PAT for Q2 FY26 was INR 59 crore (2.2% margin), up from INR 10 crore (0.4%) YoY, reflecting strong profit expansion.

• Express parcel shipments grew 32.5% YoY to 246 million in Q2 FY26.

• Completed acquisition of 99.87% of Ecom Express in July 2025, with integration progressing smoothly and costs within or below guidance.

• Board approved a pending scheme of amalgamation involving Spoton Logistics and Spoton Supply Chain Solutions.

Financial highlights

• H1 FY26 revenue from services was INR 4,840 crore, up 11% YoY; H1 EBITDA was INR 299 crore (6.2% margin).

• Cash and cash equivalents stood at INR 4,223 crore as of September 30, 2025.

• Net working capital days improved to 16 as of September 2025, best ever.

• Standalone revenue for H1 FY26 was INR 47,385.33 million, up from INR 42,656.29 million YoY.

• Standalone net profit for H1 FY26 was INR 1,751.97 million, up from INR 910.62 million YoY.

Outlook and guidance

• Service EBITDA margins in express expected to reach 16%-18% by end of FY 2026, with upside if pricing benefits are retained.

• PTL business margin target of 16%-18% achievable even with growth below 20%, due to yield and utilization improvements.

• Ecom Express acquisition expected to enhance scale and strengthen value proposition.

• Strong start to the festive season, indicating robust demand.

• Pending regulatory approval for the merger with Spoton entities; no financial impact yet recognized.