Delhivery Q2 results, out on Friday, October 30, gave the logistics company a milestone it had been edging towards for a while. Revenue from services rose about 20% year-on-year to ₹3,066 crore for July-September FY27, the first time a single quarter has crossed ₹3,000 crore, as CNBC-TV18 reported. The bigger story sits lower down the income statement, though.
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Delhivery Q2 results: the key numbers
EBITDA came in at ₹205 crore, nearly three times the year-ago figure, which works out to a margin of 6.7% of revenue. Consolidated net profit was ₹41 crore, a 1.3% net margin. According to Business Today, the exact figure was ₹40.64 crore, against a loss of ₹50.49 crore in the same quarter last year. So this is a swing from red to black, not just a bigger profit.
- Revenue from operations: ₹3,066.38 crore, up 20% YoY (Business Today)
- EBITDA: ₹205 crore, margin 6.7% (CNBC-TV18)
- Net profit: ₹40.64 crore vs a loss of ₹50.49 crore a year ago (Business Today)
- Total income including other income: ₹3,133 crore (Business Today)
- Cash balance at end of September: ₹4,676 crore (CNBC-TV18)
Where the growth came from
Express parcels did the heavy lifting. The segment handled 325 million shipments in the quarter, 32% more than a year ago, and its revenue grew 22%. Part truckload (PTL) freight, the business of moving smaller consignments that share space on a truck, carried 545,000 tonnes, up 14%, with revenue up 23%, per CNBC-TV18.
Costs rose too, which is what you’d expect when volumes jump. Freight, handling and servicing expenses climbed to ₹2,195.09 crore from ₹1,842.89 crore. Employee costs went to ₹446.29 crore from ₹425.59 crore. Other expenses actually dipped slightly, to ₹220.13 crore from ₹222.68 crore, Business Today noted. Revenue grew faster than the cost base, and that gap is the whole margin story. If you want a refresher on why that matters, our explainer on EBITDA margin walks through it.
For the first half of FY27, revenue stood at ₹5,997.11 crore against ₹4,853.32 crore a year earlier, and profit rose to ₹72.55 crore from ₹40.55 crore. Operating cash flow for the half more than doubled to ₹524.95 crore from ₹214.62 crore.
A small fintech bet on the side
The board also cleared an investment of up to ₹36 crore, in one or more tranches, in its wholly owned arm Delhivery Fintech Distribution Pvt Ltd. Set up in June 2026, it plans to sell things like insurance, FASTags, fuel cards and GPS telematics to truckers, last-mile delivery agents and small businesses. It’s tiny for now, with a turnover of ₹5.3 lakh as of September 30, per Business Today.
What we’d watch next
The company said, per CNBC-TV18, that profitability improved sequentially despite inflationary costs, and that service levels were at their best heading into the festive season, even with higher fuel prices, labour availability issues and several statutory changes. It also credited early AI work for better sales productivity, faster claims resolution and fraud detection.
Here’s the thing, though. A 1.3% net margin leaves very little room for error, and parcel volume growth of 32% will be hard to repeat every quarter. The test for the second half is whether the EBITDA margin holds near 7% once festive volumes fade. Our guide on how to analyse quarterly results covers the checks we’d run on the next set of numbers.
The stock ended Friday’s session at ₹386 on the BSE, down ₹12 or 3.02%, after trading between ₹385.85 and ₹399.35, according to Business Today.
Disclaimer: This article is for information only and is not investment advice. Please consult a SEBI-registered adviser before making investment decisions.
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