Delhivery (DELHIVERY) Q2 26/27 earnings summary

Executive summary

• Record Q2 FY27 shipment volumes, service revenue and profitability; management said the quarter was broadly on plan after a volatile Q1, with peak season starting well.

Financial highlights

• Revenue from services was ₹3,066 Cr, up 19.8% YoY; separately, consolidated revenue was ₹29,307.30 million versus ₹25,593.21 million in Q2 FY26.

• Adjusted EBITDA was ₹123 Cr, a 4.0% margin; consolidated net profit was ₹406.39 million, versus a ₹504.93 million net loss in Q2 FY26.

• H1 FY27 revenue from services reached ₹5,997 Cr, up 23.6% YoY; adjusted EBITDA was ₹199 Cr at a 3.3% margin, and consolidated net profit was ₹725.45 million.

• Q2 total income was ₹3,133 Cr, up 18.2% YoY; expenses were ₹3,093 Cr, with profit before tax of ₹40 Cr and a ₹2 Cr tax credit.

Outlook and guidance

• FY27 Express Parcel volume growth is above the guided 20%-30% range; management expects at least the upper end.

• Express margins are expected to finish FY27 near 17%, barring a catastrophic cost shock; PTL margins are expected to expand YoY.

• Aggregated transportation margins are forecast to expand 130-150 bps from FY26 to FY27; Express margins should be at least at FY26 levels.

• FY27 new-business loss guidance remains ₹130-160 Cr; H1 losses were ₹67 Cr, tracking toward the lower end. FY28 is assumed broadly similar, pending planning.

• Corporate overheads as a share of revenue are expected to decline from Q4 onward, with the 7% level targeted within ~24 months.