Delhivery Limited Q2 Revenue Crosses ₹3,000 Crore, Misses Forecasts

Delhivery Limited reported record Q2 FY27 revenue from services of ₹3,066 crore, up 20% year on year, but its adjusted earnings per share of 0.97 was below the forecast of 1.05. The quarter marked the first time Delhivery crossed ₹3,000 crore in service revenue, supported by strong Express Parcel and freight volumes.

What did Delhivery report in Q2 FY27?

Delhivery reported a record quarter for volumes, revenue and business profitability in the quarter ended September 30, 2026. Revenue from services rose 20% year on year to ₹3,066 crore, while total income stood at ₹3,133 crore, up 18.2% year on year.

The company reported adjusted EBITDA of ₹123 crore, equivalent to a 4% margin on revenue. Profit after tax was ₹41 crore, compared with a loss of ₹51 crore in Q2 FY26. The reported profit margin was 1.3%, improving from a negative 1.9% in the corresponding quarter of the previous year.

Management described the quarter as satisfactory after a more challenging first quarter marked by a volatile macro environment. Chief Executive Officer Sahil Barua said the second quarter had progressed broadly in line with the company’s plan, with operational volumes and profitability reaching record levels.

Which businesses drove Delhivery's volume growth?

Delhivery's Express Parcel business was the largest contributor to the quarter's volume growth, handling 325 million shipments in Q2 FY27, up 32% year on year. The performance indicates continued growth in parcel demand across the company's delivery network.

Its part-truckload, or PTL, operation handled 545,000 metric tonnes of freight during the quarter. That represented year-on-year growth of 14.2%. The Express and PTL businesses together supported the company’s record service revenue during the period.

Management also pointed to an opportunity beyond its traditional e-commerce base. Barua said India has about 128,000 enterprises with revenue above ₹5 crore and around 30,000 enterprises with revenue above ₹100 crore, many of which have shipping requirements. Delhivery has historically had a limited presence in this largely unorganised segment.

According to management, even an average of 100 bags a month from each customer in this opportunity could translate into 60 million to 70 million additional packages annually. That would be equivalent to about 6% to 7% growth on the company’s existing volumes, although this was presented as an addressable opportunity rather than a reported result.

How did Delhivery's results compare with forecasts?

Delhivery's adjusted earnings per share of 0.97 was 0.08 below the forecast of 1.05, a miss of 7.6%. The supplied earnings comparison also placed reported revenue at ₹3,010 crore against an expectation of ₹3,024 crore.

The company’s investor presentation, however, reported revenue from services of ₹3,066 crore and total income of ₹3,133 crore. The difference indicates that the earnings comparison and the company’s reported service-revenue figure may use different revenue measures. The disclosed material does not specify the basis used for the forecast comparison.

For investors, the quarter therefore contained two distinct signals. Operating metrics improved, with strong parcel growth, a positive profit after tax and higher EBITDA. At the same time, the adjusted EPS result fell short of the cited forecast, which is relevant when assessing market expectations around quarterly execution.

What do the margins and cash position indicate?

Delhivery's adjusted EBITDA margin improved to 4% in Q2 FY27 from 3.3% in Q2 FY26, when adjusted EBITDA was ₹83 crore. The rise in EBITDA alongside higher volumes suggests that the company generated greater operating profit while expanding its delivery and freight activity.

The shift to a ₹41 crore profit after tax from a ₹51 crore loss in the year-earlier quarter is also significant because it reflects an improvement in bottom-line performance. Management attributed part of the progress to efforts over several quarters to manage capital intensity and improve the business's net working-capital position.

Delhivery ended the quarter with ₹4,676 crore in cash on its balance sheet. Management said the company remained well capitalised while continuing investments in newer businesses, artificial intelligence engineering and technology. No separate spending amount or return target for these investments was disclosed in the supplied material.

Management also said it did not see a need to sacrifice growth for margins. This position is important because the company is seeking to grow Express volumes while improving profitability in its PTL and transport operations. The disclosed figures show both higher volumes and a higher EBITDA margin in the reported quarter, but do not provide a formal margin target.

Why does the Q2 performance matter for investors?

The quarter matters because Delhivery crossed a new revenue threshold while recording a profit after tax, after reporting a loss in the comparable quarter a year earlier. The 32.1% increase in Express Parcel shipments was notably faster than the 20% growth in revenue from services, making shipment growth a central operating indicator for the company.

The company had faced a volatile macro environment in the first quarter, according to management. Its Q2 results show that volumes recovered strongly, and management said October was tracking ahead of its expectations. Barua also said Express volumes were growing by more than 30% year on year, compared with the company’s stated FY27 growth guidance range of 20% to 30%.

Investors will need to assess the quarter using both reported financial progress and the forecast comparison. The company delivered higher revenue, EBITDA and profit, but the cited adjusted EPS result did not meet expectations. The available information does not disclose a share-price movement, revised full-year financial guidance, or a specific forecast for revenue and profit in subsequent quarters.

Conclusion

Delhivery's Q2 FY27 results showed stronger operating scale, with ₹3,066 crore in revenue from services, 325 million Express Parcel shipments and ₹123 crore in adjusted EBITDA. The move from a ₹51 crore loss to ₹41 crore profit after tax demonstrates improved profitability, while the adjusted EPS miss shows that reported progress did not fully meet the cited market forecast.

The next data point to watch is whether Express Parcel growth remains above the company’s 20% to 30% FY27 guidance range, following management's statement that October was ahead of expectations. Investors will also watch PTL volume growth, EBITDA margin progression and the company’s ability to expand its presence among non-e-commerce enterprises while maintaining capital discipline.