Delhivery Q2FY27 Results: Revenue Tops ₹3,000 Crore as EBITDA Triples

Summary

Delhivery reported quarterly services revenue above ₹3,000 crore for the first time in Q2FY27, supported by growth in express parcels and part-truckload freight. EBITDA tripled year on year to ₹205 crore, while consolidated net profit reached ₹41 crore. The company is also expanding investment in artificial intelligence and robotics.

Revenue milestone accompanied by stronger profitability

Delhivery Q2FY27 results showed services revenue increasing 20% year on year to ₹3,066 crore, marking a new quarterly milestone for the logistics company.

Announcing its performance on 30 October, the Gurugram-based company reported earnings before interest, tax, depreciation and amortisation of ₹205 crore, equivalent to a margin of 6.7%. EBITDA was approximately three times the corresponding year-earlier level.

Consolidated profit after tax stood at ₹41 crore, representing a net margin of 1.3%. Delhivery ended the quarter with a reported cash balance of ₹4,676 crore.

The results combine substantial shipment growth with an improvement in operating profitability. However, the difference between EBITDA and net profit also highlights the importance of distinguishing operating earnings from the company’s final consolidated profit.

Express parcel volumes rise 32%

Express parcel volumes reached 325 million shipments during the quarter, increasing 32% year on year. Revenue from the business grew 22%.

The figures show parcel volumes expanding faster than revenue. On a simple calculation using the reported growth rates, average revenue per shipment was approximately 7.6% lower than a year earlier.

That calculation describes the relationship between aggregate revenue and shipment volumes. Changes in customer mix, shipment characteristics and service mix can influence the outcome; the announcement does not provide a detailed explanation of the difference.

Express parcels remain an important contributor to Delhivery’s network activity, with the quarter’s shipment growth increasing the scale of operations ahead of the festive trading period.

The company said network service levels heading into the festive season were its strongest recorded, despite continuing cost pressures.

PTL revenue grows faster than tonnage

The part-truckload business handled 545,000 metric tonnes during Q2FY27, an increase of 14% year on year. Segment revenue rose 23%, outpacing the growth in freight handled.

Based on those growth rates, average revenue per tonne increased by approximately 7.9%. As with express parcels, this is an aggregate calculation rather than a disclosed change in tariffs.

The contrasting patterns across the two businesses are significant. Express parcels delivered faster physical volume growth, while PTL recorded stronger revenue growth relative to tonnage.

For management, the operational challenge is to convert these different growth patterns into efficient use of transport capacity, sorting infrastructure and handling resources. The improvement in consolidated EBITDA suggests that overall operating performance strengthened during the quarter.

AI investment extends across commercial and support functions

Delhivery said its early investments in artificial intelligence were beginning to deliver benefits across sales productivity, customer onboarding, claims and dispute resolution, and fraud detection.

The company is also investing in technology to influence demand more effectively, increase infrastructure productivity and simplify the customer experience.

These initiatives cover several stages of the logistics process. Faster onboarding can help customers begin shipping sooner, while more efficient claims handling can reduce administrative work for both the company and its clients.

Delhivery did not quantify the financial contribution of individual AI applications in the announcement. Their reported benefits therefore provide operational context alongside the published earnings figures.

Robotics programme moves into production

Delhivery Robotics, the company’s in-house automation laboratory, has commenced production of customised autonomous vehicles for movement within facilities.

The company has also begun testing robotics systems for indoor handling operations in partnership with international physical AI specialists.

The production and testing programmes represent different stages of development. The autonomous vehicle initiative has entered production, while the broader robotics systems remain under evaluation.

Delhivery said these investments are intended to improve productivity and reduce dependence on labour in facility operations.

Cost pressures remain a focus for the second half

The company identified rising fuel prices, labour availability constraints and statutory changes as continuing operating challenges.

Against that backdrop, higher revenue, improved profitability and its cash position provide a firmer base for the second half of FY27.

The next operational test will be sustaining service quality and earnings as shipment demand changes, while translating technology investment into measurable improvements across its logistics network.

FAQs

What was Delhivery’s revenue in Q2FY27?

Services revenue reached ₹3,066 crore, up 20% year on year.

How much EBITDA did the company report?

EBITDA stood at ₹205 crore, approximately three times the year-earlier level, with a 6.7% margin.

What was its consolidated net profit?

Profit after tax was ₹41 crore, representing a 1.3% margin.

How did shipment volumes perform?

Express parcels increased 32% to 325 million shipments, while PTL tonnage rose 14% to 545,000 tonnes.

What automation developments were announced?

Delhivery began producing customised autonomous vehicles for movement within facilities and started testing additional robotics systems.