Delhivery Q2FY27 Results: Revenue up 19.8% to ₹3,066 Cr, PAT at ₹41 Cr
Delhivery reported Q2FY27 revenue of ₹3,066 Cr (+19.8% YoY) and PAT of ₹41 Cr. Express shipments grew 32.1% YoY to 325 million, and PTL freight increased 14.2% YoY to 545K MT. Adjusted EBITDA was ₹123 Cr (+48% YoY). The company expects Express and PTL margins to expand, targeting 16-18% and 15%+ respectively by FY27 end.
The announcement details significant year-on-year revenue growth, improved profitability, and positive operational performance, along with strategic investments and future margin expansion outlook, which are material factors for investors.
The company reported strong revenue growth, improved profitability, and positive operational metrics like shipment volume increases. The outlook for margins is also positive, indicating a favorable financial performance.
Delhivery Limited reported strong financial results for the quarter and half-year ended September 30, 2026 (Q2FY27).
The company achieved a revenue from services of ₹3,066 crore, marking a 19.8% year-on-year (YoY) increase. Profitability improved sequentially, with Adjusted EBITDA reaching ₹123 crore (4.0% margin), a growth of 62% quarter-on-quarter (QoQ) and 48% YoY. Reported EBITDA stood at ₹205 crore (6.7% margin), and consolidated Profit After Tax (PAT) was ₹41 crore (1.3% margin).
Overall volume and revenue momentum remained steady. Delhivery carried 325 million Express shipments (+32.1% YoY) and 545K metric tonnes (MT) of Part Truck Load (PTL) freight (+14.2% YoY) in Q2FY27. The company has successfully navigated a volatile macro environment, including rising fuel prices and labor availability issues, while maintaining high service levels and improving profitability.
Investments in technology and AI capabilities are yielding positive results, with initiatives like Delhivery Maps saving approximately $1 million in internal costs and Delhivery Labs commencing production of customized autonomous mobile robots. New businesses are also ramping up faster than planned, with Delhivery Local expected to exceed its guided annual revenue run rate of ₹250 crore by Q4FY27.
Capital expenditure for H1FY27 was 4.8% of revenue, aligning with the guidance of less than 5%. Net working capital improved to 5 days as of September 2026, from 11 days as of March 2026. The company maintained a strong cash balance of ₹4,676 crore at the quarter's end.
Looking ahead, Delhivery expects Service EBITDA margins for Express and PTL businesses to continue expanding through Q3FY27. Express is projected to end FY27 in the 16-18% margin range, while PTL margins are expected to expand to over 15% by the exit of FY27.
The company also highlighted progress in its new initiatives, including Delhivery Local, Financial Services, and Delhivery International. Capital outlay for these new initiatives is expected to remain within the guidance envelope of ₹130-160 crore for FY27. AI initiatives are focused on enhancing productivity and service outcomes across operations, sales, and customer support.
What to do with a filing like this
Delhivery Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Delhivery Limited. Read the original for the full detail.