Delhivery, one of India’s largest logistics and supply chain companies, reported a consolidated net profit of ₹40.6 crore for the second quarter of financial year 2026-27 (Q2 FY27), reversing a net loss of ₹50.5 crore in the corresponding quarter last year. Revenue from operations increased 19.8% year-on-year to ₹3,066.4 crore from ₹2,559.3 crore, crossing the ₹3,000 crore mark for the first time.
The improvement was supported by strong growth in express parcel shipments, higher freight volumes and better operating efficiency. Adjusted EBITDA increased 48% to ₹123 crore, while the company maintained a strong cash balance of ₹4,676 crore. Delhivery also raised its growth expectations for its newer businesses, including Delhivery Local, as it continues investing in artificial intelligence, automation and logistics technology.
Key Takeaways
- Revenue from operations: ₹3,066.4 crore, up 19.8% year-on-year.
- Net profit: ₹40.6 crore, compared with a ₹50.5 crore loss in Q2 FY26.
- Adjusted EBITDA: ₹123 crore, up 48% year-on-year.
- Adjusted EBITDA margin: 4%, compared with 3.3% a year earlier.
- Express parcel shipments: 325 million, up 32.1%.
- PTL freight volume: 545,000 metric tonnes, up 14.2%.
- Cash balance: ₹4,676 crore at the end of September 2026.
- Delhivery Local: Company expects its annualised revenue run rate to exceed ₹250 crore by Q4 FY27.
Delhivery Q2 Revenue Rises 19.8% to ₹3,066 Crore
Delhivery reported revenue from services of ₹3,066.4 crore in Q2 FY27, compared with ₹2,559.3 crore in Q2 FY26.
The 19.8% increase reflects growth across its express parcel, part-truckload (PTL), supply chain services and other logistics operations.
Total income, including other income, reached approximately ₹3,133 crore, compared with ₹2,651.5 crore in the year-ago quarter.
The company’s revenue growth was supported by rising shipment volumes as e-commerce activity and logistics demand increased.
Delhivery operates an integrated logistics network that provides parcel transportation, freight services, warehousing, supply chain management and technology-enabled logistics solutions to businesses.
Its customers include e-commerce companies, retailers, manufacturers and small businesses that require transportation and distribution services.
Delhivery Swings to ₹40.6 Crore Profit
The most significant development in Delhivery’s Q2 results was its return to profitability.
The company reported consolidated net profit of ₹40.6 crore, compared with a net loss of ₹50.5 crore in Q2 FY26.
It had also reported a profit of ₹31.9 crore in Q1 FY27, meaning net profit increased approximately 27.4% sequentially.
The turnaround was supported by revenue growth outpacing the increase in expenses.
Total expenses increased 14.2% year-on-year to approximately ₹3,093 crore, compared with ₹2,708.1 crore in the corresponding quarter last year.
Freight, handling and servicing costs, the company’s largest expense category, rose 19.1% to ₹2,195.1 crore.
Despite higher logistics costs, stronger revenue generation and operating improvements helped the company move into positive earnings territory.
Delhivery Q2 FY27 Financial Performance
| Financial metric | Q2 FY26 | Q2 FY27 | Change |
|---|---|---|---|
| Revenue from operations | ₹2,559.3 crore | ₹3,066.4 crore | +19.8% |
| Total income | ₹2,651.5 crore | ₹3,133 crore | +18.2% |
| Total expenses | ₹2,708.1 crore | ₹3,093 crore | +14.2% |
| Net profit/loss | -₹50.5 crore | ₹40.6 crore | Turned profitable |
| Adjusted EBITDA | ₹83 crore | ₹123 crore | +48% |
| Adjusted EBITDA margin | 3.3% | 4.0% | +70 bps |
| Reported EBITDA | ₹68 crore | ₹205 crore | Higher |
Figures are rounded. Adjusted EBITDA and reported EBITDA are different measures and should not be directly compared.
The results indicate that Delhivery is improving its ability to convert revenue into operating earnings. However, the company will need to sustain these margins across different demand cycles to establish consistent profitability.
Express Parcel Shipments Grow 32.1%
Delhivery’s express parcel business was one of the strongest contributors to its quarterly performance.
The company carried 325 million express shipments during Q2 FY27, representing 32.1% year-on-year growth.
The increase reflects demand from e-commerce businesses, stronger customer acquisition and expansion of its delivery network.
Express parcel logistics involves time-sensitive transportation of packages, typically used by online retailers and businesses requiring faster delivery.
Delhivery has been focusing on expanding its same-day and next-day delivery network to improve service levels and attract more e-commerce customers.
The company said express shipment volumes increased 43% during the first half of FY27, indicating continued momentum beyond the September quarter.
It also reported that October shipment volumes exceeded its initial expectations, providing an encouraging start to the festive quarter.
PTL Freight Business Records 14.2% Growth
Delhivery’s part-truckload business also recorded healthy growth.
The company transported 545,000 metric tonnes of PTL freight during Q2 FY27, up 14.2% from the year-ago quarter.
PTL logistics allows businesses to transport shipments that do not require an entire truck. Multiple customers’ consignments are consolidated into a single vehicle, helping improve transportation efficiency.
This service is particularly useful for small and medium-sized businesses, manufacturers and retailers that move goods in smaller quantities.
Delhivery has been focusing on improving pricing, network utilisation and customer mix in this business.
The company said PTL yields improved approximately 5.6% sequentially, supported by fuel-linked price revisions, customer acquisition and repricing measures.
It expects PTL margins to continue improving as network utilisation increases.
AI and Automation Investments Begin Showing Results
Delhivery is increasing its investment in artificial intelligence, automation and logistics technology to improve productivity.
The company said some of its early AI investments were beginning to deliver operational benefits.
These applications include:
- Improving sales productivity and customer onboarding.
- Faster resolution of customer claims and disputes.
- Fraud detection and risk management.
- Improving demand forecasting and network planning.
- Reducing manual work in logistics operations.
Delhivery Maps, its location intelligence platform, has generated approximately $1 million in internal savings, according to the company.
The platform now includes 13 additional APIs that support use cases across banking, financial services, e-commerce and field operations.
The company has also started producing customised autonomous mobile robots for movement within facilities through Delhivery Labs.
These technologies could help improve warehouse productivity, reduce labour dependence and lower operating costs over time.
However, the financial contribution of these AI and automation initiatives will need to be assessed through future improvements in productivity and margins.
Delhivery Local Targets ₹280 Crore Annualised Revenue Run Rate
The company is also expanding Delhivery Local, its same-day and hyperlocal delivery service.
The service is currently operational across eight cities.
Delhivery said it is on track to exceed its earlier annualised revenue run-rate target of ₹250 crore by Q4 FY27. It has now raised its target to ₹280 crore by the end of the financial year.
An annualised revenue run rate is an estimate based on the current pace of business. It is not the same as revenue already earned during a full financial year.
The company is also targeting an annualised revenue run rate of ₹800–1,000 crore from its newer businesses over the next two years.
These initiatives provide additional growth opportunities beyond its traditional parcel and freight operations.
Strong Cash Balance of ₹4,676 Crore
Delhivery reported a cash balance of ₹4,676 crore at the end of Q2 FY27.
Its capital expenditure stood at 4.8% of revenue during the first half of FY27, remaining within the company’s stated objective of keeping capital expenditure below 5% of revenue.
The company also improved its net working capital position to five days as of September 2026, compared with 11 days at the end of March 2026.
Working capital measures the funds tied up in day-to-day business operations. A lower requirement can help improve cash efficiency.
A strong cash balance provides Delhivery with financial flexibility to invest in logistics infrastructure, technology, automation and new business opportunities.
The Bigger Picture
Delhivery’s Q2 FY27 results indicate that India’s logistics sector is continuing to benefit from e-commerce growth, rising parcel volumes and demand for integrated supply chain services. The company returned to profitability as revenue grew nearly 20%, while adjusted EBITDA increased 48%. Growth in express shipments and PTL freight also shows that the improvement was supported by business volumes rather than revenue alone.
The next challenge is maintaining profitability while expanding its network and investing in technology. Rising fuel prices, labour costs and regulatory changes could affect operating expenses. AI, automation and improved network utilisation may help offset some of these pressures, but their long-term financial impact will become clearer over subsequent quarters.
Looking Ahead
Delhivery is entering the second half of FY27 with higher shipment volumes, a stronger cash position and improved operating profitability. Its focus will remain on express parcel expansion, PTL margin improvement, same-day delivery services and automation. The company has also raised its revenue expectations for newer businesses, suggesting that it sees additional growth opportunities beyond its established logistics operations.
Investors will monitor revenue growth, adjusted EBITDA margins, shipment volumes, cash generation and the performance of Delhivery Local. The Q2 results mark an important step towards sustained profitability, but the company’s ability to maintain positive earnings while investing in expansion will determine the durability of its turnaround.
Frequently Asked Questions
1. What was Delhivery’s revenue in Q2 FY27?
Delhivery reported revenue from operations of ₹3,066.4 crore in Q2 FY27, up 19.8% from ₹2,559.3 crore in Q2 FY26.
2. How much profit did Delhivery report in Q2 FY27?
The company reported a consolidated net profit of ₹40.6 crore, compared with a net loss of ₹50.5 crore in the corresponding quarter last year.
3. Why did Delhivery return to profitability?
Revenue grew faster than total expenses, while stronger shipment volumes, pricing improvements and better network utilisation supported operating performance.
4. How many express shipments did Delhivery handle?
Delhivery carried 325 million express shipments during Q2 FY27, representing 32.1% year-on-year growth.
5. What is Delhivery Local?
Delhivery Local is the company’s same-day and hyperlocal delivery service. It was operational across eight cities during Q2 FY27, with a target to exceed a ₹280 crore annualised revenue run rate by Q4 FY27.
6. How much cash does Delhivery have?
Delhivery reported a cash balance of ₹4,676 crore at the end of September 2026.
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