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Delhivery Q2 FY27 results: net profit ₹40.64 crore vs ₹50.49 crore loss, revenue up 19.8%
Delhivery Limited reported consolidated revenue of ₹3,066 crore and a net profit of ₹40.64 crore in Q2 FY27, compared with a net loss of ₹50.49 crore in Q2 FY26. EBITDA rose to ₹204.88 crore and the margin widened to 6.7% from 2.7%, while profit and revenue also increased sequentially.
Key points
- Q2 FY27 consolidated revenue was ₹3,066 crore, up 19.8% from ₹2,559 crore in Q2 FY26 and 4.6% from ₹2,931 crore in Q1 FY27.
- EBITDA was ₹204.88 crore in Q2 FY27, against ₹68.17 crore in Q2 FY26 and ₹142.16 crore in Q1 FY27; the margin was 6.7%.
- The company reported a net profit of ₹40.64 crore in Q2 FY27, against a net loss of ₹50.49 crore in Q2 FY26 and a net profit of ₹31.91 crore in Q1 FY27.
- Basic EPS was ₹0.54 in Q2 FY27, compared with a loss of ₹0.68 in Q2 FY26 and ₹0.43 in Q1 FY27.
- H1 FY27 revenue was ₹5,997.11 crore and net profit was ₹72.55 crore, up 23.6% and 78.9%, respectively, from H1 FY26.
How did Delhivery perform in Q2 FY27?
Delhivery’s consolidated Q2 FY27 revenue was ₹3,066 crore, up ₹507.06 crore or 19.8% from ₹2,559 crore in Q2 FY26 and ₹135.65 crore or 4.6% from ₹2,931 crore in Q1 FY27. Total income was ₹3,133.01 crore, compared with ₹2,651.54 crore a year earlier and ₹3,044.84 crore in the previous quarter.
EBITDA was ₹204.88 crore, up ₹136.71 crore or 200.5% from ₹68.17 crore in Q2 FY26 and ₹62.72 crore or 44.1% from ₹142.16 crore in Q1 FY27. The EBITDA margin was 6.7%, compared with 2.7% in Q2 FY26 and 4.9% in Q1 FY27.
Delhivery reported profit before tax of ₹40 crore, against a loss of ₹56.59 crore in Q2 FY26 and profit of ₹33.24 crore in Q1 FY27. Net profit was ₹40.64 crore, against a net loss of ₹50.49 crore and ₹31.91 crore, respectively, while basic EPS was ₹0.54, compared with a loss of ₹0.68 and ₹0.43. On a standalone basis, revenue was ₹2,864.98 crore and net profit was ₹66.67 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,066 | 2,931 | 2,559 | +19.8% | +4.6% |
| Other income | 66.62 | 114.11 | 92.22 | −27.8% | −41.6% |
| Total expenses | 3,093 | 3,012 | 2,708 | +14.2% | +2.7% |
| EBITDA | 204.88 | 142.16 | 68.17 | +200.5% | +44.1% |
| EBITDA margin | 6.7% | 4.9% | 2.7% | +4.0 pp | +1.8 pp |
| Profit before tax | 40 | 33.24 | −56.59 | turned to profit | +20.3% |
| Tax | −1.65 | −1.66 | −2.73 | ||
| Net profit | 40.64 | 31.91 | −50.49 | turned to profit | +27.4% |
| EPS (₹) | 0.54 | 0.43 | −0.68 | turned to profit | +25.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Delhivery's costs and profit?
Total expenses rose to ₹3,093 crore in Q2 FY26, up ₹384.89 crore or 14.2% from ₹2,708 crore in Q2 FY26. Other expenses were ₹2,415 crore, up ₹349.65 crore or 16.9%, employee cost was ₹446.29 crore, up ₹20.71 crore or 4.9%, and depreciation was ₹197.49 crore, up ₹19.38 crore or 10.9%.
Finance costs fell to ₹34.02 crore from ₹38.86 crore in Q2 FY26, a decline of ₹4.84 crore or 12.5%. Other income fell to ₹66.62 crore from ₹92.22 crore, down ₹25.60 crore or 27.8%, while the tax charge was ₹1.65 crore against ₹2.73 crore in Q2 FY26. There was no exceptional item.
Against Q1 FY27, employee cost rose ₹17.33 crore to ₹446.29 crore, depreciation rose ₹8.25 crore to ₹197.49 crore and other expenses rose ₹55.61 crore to ₹2,415 crore. Other income fell ₹47.49 crore to ₹66.62 crore, while finance costs were ₹34.02 crore against ₹33.79 crore and the tax charge was ₹1.65 crore against ₹1.66 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 446.29 | 425.58 | +20.71 | +4.9% |
| Finance costs | 34.02 | 38.86 | −4.84 | −12.5% |
| Depreciation | 197.49 | 178.11 | +19.38 | +10.9% |
| Other expenses | 2,415 | 2,066 | +349.65 | +16.9% |
| Total expenses | 3,093 | 2,708 | +384.89 | +14.2% |
| Other income | 66.62 | 92.22 | −25.60 | −27.8% |
| Tax | −1.65 | −2.73 | +1.08 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Delhivery reported revenue of ₹5,997.11 crore, up ₹1,143.79 crore or 23.6% from ₹4,853.32 crore in H1 FY26. Total income rose to ₹6,177.85 crore from ₹5,075.43 crore, an increase of ₹1,102.42 crore or 21.7%.
Profit before tax was ₹73.24 crore, up ₹32.58 crore or 80.1% from ₹40.66 crore, while net profit rose to ₹72.55 crore from ₹40.55 crore. EPS increased to ₹0.97 from ₹0.54.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,997 | 4,853 | +23.6% |
| Profit before tax | 73.24 | 40.66 | +80.1% |
| Net profit | 72.55 | 40.55 | +78.9% |
| EPS (₹) | 0.97 | 0.54 | +79.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹12,970.15 crore, compared with ₹12,776.84 crore at 31 March 2026, and total equity was ₹9,816.27 crore against ₹9,686.95 crore. Borrowings were ₹2.54 crore at the previous balance sheet date, while cash was ₹241.94 crore.
Cash increased to ₹308.24 crore at 30 September 2026 from ₹241.94 crore at 31 March 2026. Inventories were ₹54.41 crore against ₹23.64 crore, trade receivables were ₹1,410.04 crore against ₹1,370.99 crore, and trade payables were ₹1,271.43 crore against ₹1,131.63 crore.
H1 FY27 operating cash flow was ₹524.95 crore, compared with ₹214.62 crore in H1 FY26. Investing cash flow was ₹236.79 crore compared with ₹57.33 crore, financing cash flow was ₹222.39 crore compared with ₹254.52 crore, and capital expenditure was ₹348 crore against ₹220.39 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 12,970 | 12,777 |
| Total equity | 9,816 | 9,687 |
| Borrowings | 0 | 2.54 |
| Cash and equivalents | 308.24 | 241.94 |
| Inventories | 54.41 | 23.64 |
| Trade receivables | 1,410 | 1,371 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 524.95 | 214.62 |
| Cash from investing | −236.79 | 57.33 |
| Cash from financing | −222.39 | −254.52 |
| Capital expenditure | 348 | 220.39 |
Source: Company's results filing (XBRL).
How has Delhivery done over the last 8 quarters?
Revenue increased year on year in each of the last eight quarters. It reached ₹3,066.38 crore in Q2 FY27, the highest level in the series, after ₹2,930.73 crore in Q1 FY27 and a low of ₹2,191.57 crore in Q4 FY25.
Net profit moved from a low of a net loss of ₹50.49 crore in Q2 FY26 to ₹31.91 crore in Q1 FY27 and ₹40.64 crore in Q2 FY27. The highest quarterly net profit was ₹91.05 crore in Q1 FY26, while the highest EBITDA margin was 7.5% in Q4 FY26.
The EBITDA margin declined to 2.7% in Q2 FY26, recovered to 7.4% in Q3 FY26 and 7.5% in Q4 FY26, fell to 4.9% in Q1 FY27 and then rose to 6.7% in Q2 FY27.
What else did the company announce?
The board approved Delhivery’s unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It also approved an investment of up to ₹36 crore in Delhivery Fintech Distribution Private Limited, a wholly owned subsidiary, in one or more tranches to fund its operational and business requirements.
Ecom Express Limited received an October 2026 Uttar Pradesh GST order for FY 2022-23 concerning disallowance of input tax credit. The filing stated there was no material impact on the financial, operational or other activities of Ecom or Delhivery.
What did Delhivery's management say?
Management said FY27 Express volume growth was tracking beyond the upper end of its 20-30% guide. It maintained e-commerce volume growth guidance of 15-20% for FY27 to FY28 and said Express service EBITDA would end FY27 at about 17%, within the 16-18% guided band.
Management said aggregated transportation margins would expand by 130-150 bps between FY26 and FY27, while PTL margins were also expected to expand. The company expected Express and PTL service EBITDA margins to improve through Q3 FY27 through pricing revisions and higher network utilisation.
Management said Delhivery Local was live across eight cities and on track to exceed its previously guided annual revenue run rate of ₹250 crore by Q4 FY27. It also said Delhivery International was near ₹140 crore ARR and that new-business EBITDA loss for FY27 was tracking to the lower end of ₹130-160 crore.
Management identified macro volatility, fuel-price swings, labour availability, wage inflation and changing compliance rules as risks. It said SCS sales cycles had lengthened and some enterprise new starts were deliberately deferred amid cost uncertainty, while the FY28 loss envelope for new businesses remained to be revisited.
How did Delhivery shares react?
The results were announced after market on 30 October 2026. From the price when the filing appeared, the stock was up 2.6% after 15 minutes and 4.5% after 30 minutes, with no movement after five minutes.
The stock closed the reaction day 5.8% above its pre-results close of ₹386. By the next day’s close, it was 6.6% above that close. The Logistics Solution Provider industry median rose 1.1% on the reaction day and 1.8% by the next day, while Delhivery’s excess move was 4.7 percentage points and 4.8 percentage points, respectively.
Earlier results-day moves were mixed: 1.3% on 8 August 2026, a fall of 4.0% on 16 May 2026, 3.2% on 31 January 2026, a fall of 10.2% on 5 November 2025 and 7.6% on 1 August 2025.
| After the filing | Stock | Logistics Solution Provider median |
|---|---|---|
| 5 minutes | −0.0% | |
| 15 minutes | +2.6% | |
| 30 minutes | +4.5% | |
| Reaction day | +5.8% | +1.1% |
| Next day | +6.6% | +1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 8 August 2026 | +1.3% |
| 16 May 2026 | −4.0% |
| 31 January 2026 | +3.2% |
| 5 November 2025 | −10.2% |
| 1 August 2025 | +7.6% |
| 16 May 2025 | +10.1% |
| 7 February 2025 | −8.0% |
| 14 November 2024 | −0.3% |
Source: MarketPing price-reaction measurement.
How did other Logistics Solution Provider companies do?
Twenty-four Logistics Solution Provider companies were compared for the quarter, with a median revenue growth of 13.9%. Fourteen peers grew more slowly than Delhivery and 10 grew faster. Among 21 peers for which profit was compared, 16 reported higher profit.
| Delhivery revenue growth (YoY) | +19.8% |
|---|---|
| Median of 24 other Logistics Solution Provider companies | +13.9% |
| Companies with slower revenue growth than Delhivery | 14 of 24 |
| Companies with faster revenue growth than Delhivery | 10 of 24 |
| Companies whose net profit rose | 16 of 21 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Delhivery's revenue in Q2 FY27?
Revenue from operations was ₹3,066 crore, up 19.8% from ₹2,559 crore in Q2 FY26 (consolidated).
Did Delhivery make a profit in Q2 FY27?
Yes. Net profit was ₹40.64 crore, against a net loss of ₹50.49 crore in Q2 FY26.
What was Delhivery's EPS in Q2 FY27?
Basic earnings per share were ₹0.54, against a loss of ₹0.68 in Q2 FY26.
How did Delhivery shares react to the Q2 FY27 results?
On the reaction day the stock moved +5.8% from the previous close; the median Logistics Solution Provider stock moved +1.1%.
When did Delhivery announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 22 October 2026) · PDF
- Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 30 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 30 October 2026) · PDF
- Letter To Shareholders On Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 30 October 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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