Delhivery LimitedQuarter ended September 30, 2026 Results & Financial Update
Delhivery Limited: Quarter ended September 30, 2026 consolidated results and company financials – revenue ₹3,066.38 Cr, PAT ₹40.64 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Delhivery Quarter ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Delhivery Limited reported revenue from services of Rs. 3,066.38 crore for the quarter ended September 30, 2026, marking an increase of 19.8% year-on-year and 4.6% sequentially. The steady top-line growth was supported by resilient demand heading into the annual festive period, reflected in strong shipment and freight volumes across major business lines.
Express parcel operations maintained robust momentum, handling 325 million shipments during the quarter, representing a 32.1% growth over the year-ago period. PTL freight volume reached 545,000 metric tonnes, up 14.2% year-on-year, demonstrating solid underlying demand in industrial and commercial freight.
Realizations improved sequentially across key segments, with Express and PTL realizations advancing by 4.1% and 5.6% quarter-on-quarter, respectively. Management attributed these increases primarily to fuel-linked price adjustments triggered by diesel price inflation in the prior quarter and successful price revisions covering minimum wage increases.
The company's new business initiatives scaled ahead of initial expectations. Delhivery Local expanded its intra-city delivery footprint to 8 cities, scaling its annualized revenue run-rate to approximately Rs. 200 crore. Concurrently, international operations and financial services offerings recorded accelerated development and early monetization milestones.
Net working capital intensity compressed further, reaching 5 days of revenue as of September 30, 2026, down from 11 days at the end of March 2026. This improvement was driven by tighter credit controls, automated billing processes, and faster resolution of claims and disputes. Capital expenditure for the first half of the year remained contained at 4.8% of revenue, aligning with the guided full-year trajectory.
01 · Business model
What does Delhivery do?
Delhivery Limited operates as a fully integrated logistics and supply chain services provider in India, offering a broad suite of transportation, warehousing, and fulfillment solutions. Its core revenue engines span express parcel delivery, partial-truckload (PTL) freight, full-truckload (FTL) freight, and supply chain services (SCS).
The company serves a diverse customer base ranging from large e-commerce enterprises and vertical marketplaces to small and medium enterprises (SMEs) and micro-SMEs, leveraging an extensive physical network of automated fulfillment centers, sort centers, and line-haul fleets.
Delhivery underpins its logistics operations with proprietary technology platforms, including its OS1 operating system, Delhivery Maps, and automated material handling infrastructure. This integrated model is designed to optimize transit times, enhance network utilization, and scale efficiently during seasonal volume peaks.
02 · Historical context
What shaped the business before this quarter
Over preceding quarters, Delhivery built out an extensive automated infrastructure network supported by proprietary systems including Delhivery Maps and the OS1 software stack, which have progressively reduced internal operating and support costs.
Net working capital intensity previously stood at 17 days of revenue as of September 2025 and 11 days as of March 2026, before contracting to 5 days by September 2026 due to structural improvements in billing and collections.
New ventures such as Delhivery Local and Delhivery International were established and expanded in prior periods, building an annualized revenue run-rate base prior to reaching accelerated commercial scaling in FY27.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹3,066.38 Cr | ₹2,559.32 Cr | ₹2,930.73 Cr |
| Total income | ₹3,133.01 Cr | ₹2,651.54 Cr | ₹3,044.84 Cr |
| EBITDA | ₹236.49 Cr | ₹124.90 Cr | ₹223.27 Cr |
| Profit before tax | ₹38.99 Cr | ₹-53.22 Cr | ₹33.24 Cr |
| Profit after tax | ₹40.64 Cr | ₹-50.49 Cr | ₹31.91 Cr |
| EPS | ₹0.54 | ₹-0.68 | ₹0.42 |
| EBITDA margin | 7.71% | 4.88% | 7.62% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The company carried 325 million express shipments in Q2 FY27, representing a 32.1% year-on-year increase driven by continued market share gains across a diversified e-commerce customer base.
Partial-truckload freight volume reached 545,000 metric tonnes, up 14.2% year-on-year, contributing stable commercial freight revenues.
Express and PTL realizations improved by 4.1% and 5.6% sequentially, driven by the implementation of fuel-linked price revisions following diesel rate increases in Q1 FY27 and structured customer repricing.
Rapid scaling of Delhivery Local across 8 cities and growth in Delhivery International added incremental revenue streams, with the international business achieving a ~Rs. 150 crore annualized revenue run-rate.
What drove margins
Higher shipment and freight volumes drove improved utilization of multi-tenant fulfillment centers and line-haul assets, lifting reported EBITDA margin to 6.7% and Adjusted EBITDA margin to 4.0%.
Proactive repricing measures across existing customer accounts and the successful passing on of minimum wage and fuel cost inflation supported margin expansion in Express and PTL segments.
Deployment of fine-tuned open-weights AI models and automated workflow systems reduced customer support and proof-of-delivery validation costs by over 50%, mitigating inflationary labor pressures.
Profitability in Supply Chain Services returned to expected levels following contract stability and the completion of price revisions in Q2 FY27, overcoming an initial cost dip experienced in Q1 FY27.
05 · Demand, customers & order book
Where demand is coming from
Growth was underpinned by market share gains across a broad and diversified enterprise and SME customer portfolio.
Entry into the annual festive period yielded stable volume momentum, with October volumes exceeding initial management expectations.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Handled 325 million shipments with 32.1% YoY volume growth. Management expects Service EBITDA margins for Express to end FY27 in the 16-18% range.
Processed 545K MT of freight, up 14.2% YoY. PTL margins are projected to expand to 15%+ by the exit of FY27, supported by peak seasonal volumes in Q4 FY27.
Delivered freight margins of 5%+ in Q2 FY27, supported by a strategic shift toward spot business and agentic workflow automation for client servicing and quotations.
Overcame a temporary Q1 profit dip caused by start-up costs through completed price revisions and stabilized new contract operations.
Geography and market mix
The intra-city logistics platform is operational across 8 cities—Delhi NCR, Bangalore, Mumbai, Hyderabad, Ahmedabad, Jaipur, Pune, and Chennai—with planned expansion to 2 additional cities by Q4 FY27.
Delhivery International expanded economy parcel, express parcel, and air-freight services across the United States, United Kingdom, and China, achieving service EBITDA profitability.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Deployment of bin and pallet automated storage and retrieval systems (ASRS) and shuttle systems across fulfillment centers to optimize space productivity and reduce manual in-facility movement.
Initiated plans to deploy 100 self-developed autonomous pallet transportation vehicles by Q4 FY27 and commenced autonomous mobile robot (AMR) pilots with strategic partners.
Projects, capex and execution
H1 FY27 capital expenditure stood at 4.8% of revenue, tracking closely with the guided full-year target of maintaining CapEx intensity below 4.5% of revenue.
Fixed capacity additions were front-loaded during the first half of the financial year to prepare for e-commerce peak volumes in Q3 and PTL peak volumes in Q4.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Annualized revenue run-rate for the intra-city service grew from ~Rs. 100 crore at the close of Q1 FY27 to ~Rs. 200 crore, prompting a re-baselined ARR target of ~Rs. 280 crore by Q4 FY27 and Rs. 800-1,000 crore within the next two years.
Initiated early monetization of the vendor ecosystem and advanced operational groundwork for capital-efficient co-lending partnerships, targeting an exit ARR of Rs. 75-100 crore in the next 18 months.
Advanced proprietary technology initiatives, including Delhivery Labs manufacturing autonomous mobile robots and a joint research program with IIT Delhi for self-native geospatial mapping and fleet orchestration.
09 · Reported developments
What changed operationally
Achieved 32.1% YoY growth in Express shipments and 14.2% YoY growth in PTL freight, pushing revenue from services up 19.8% YoY to Rs. 3,066.38 crore.
Working capital cycle improved significantly to 5 days of revenue, supported by systemic enhancements in billing and collections.
10 · Pressure points & risks
What is not going smoothly
The operating environment experienced volatility from rising fuel prices, labor availability pressures, and impending statutory changes including new labor codes and minimum wage revisions.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net working capital intensity declined to 5 days of revenue as of September 30, 2026, compared to 11 days at March 2026 and 17 days at September 2025.
Reduction in receivable days was driven by improved client selection, tighter credit controls, AI-led automated billing, and faster dispute resolution.
The company maintained a strong cash balance of Rs. 4,676 crore as of the end of the quarter.
Capital allocation & funding
Finance cost for the quarter was reported at Rs. 34.02 million, compared to Rs. 33.79 million in the previous quarter and Rs. 38.86 million in the year-ago period.
12 · Management guidance & targets
What management is targeting from here
Management expects Express Service EBITDA margins to end FY27 in the 16-18% range.
Management expects PTL Service EBITDA margins to expand to 15%+ by exit FY27.
Capital expenditure intensity for the full year is guided to remain on track below 4.5% of revenue.
Delhivery Local ARR targets re-baselined to ~Rs. 280 crore by Q4 FY27 (from ~Rs. 250 crore previously), with a long-term target of Rs. 800-1,000 crore ARR within 2 years. Financial Services targets an exit ARR of Rs. 75-100 crore in the next 18 months.
Capital outlay for new initiatives (Local, International, and Financial Services) is projected to remain within the guided envelope of Rs. 130-160 crore for FY27, following investments of Rs. 32 crore in Q1 and Rs. 35 crore in Q2.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Delhivery Maps Deployment
Delhivery Maps delivered approximately $1 million in internal operational savings and introduced 13 new APIs tailored for enterprise use cases across banking, financial services, e-commerce, and logistics.
Reported update
IIT Delhi Research Partnership
Commissioned a joint research program with IIT Delhi focused on self-healing AI-native geospatial mapping and fuel-type specific fleet scheduling optimization.
14 · Previous-quarter changes
What changed since the previous quarter
Consolidated PAT rose 27.4% QoQ from Rs. 31.91 crore in Q1 FY27 to Rs. 40.64 crore in Q2 FY27, alongside an increase in Adjusted EBITDA from Rs. 76 crore to Rs. 123 crore.
Net working capital intensity decreased from 11 days of revenue at March 31, 2026, to 5 days at September 30, 2026.
15 · Key Q&A
The quarter, answered directly
What does Delhivery do?
Delhivery Limited operates as a fully integrated logistics and supply chain services provider in India, offering a broad suite of transportation, warehousing, and fulfillment solutions. Its core revenue engines span express parcel delivery, partial-truckload (PTL) freight, full-truckload (FTL) freight, and supply chain services (SCS).
What is the clearest takeaway from Quarter ended September 30, 2026?
Delhivery Limited reported revenue from services of Rs. 3,066.38 crore for the quarter ended September 30, 2026, marking an increase of 19.8% year-on-year and 4.6% sequentially. The steady top-line growth was supported by resilient demand heading into the annual festive period, reflected in strong shipment and freight volumes across major business lines.
What drove revenue or demand?
The company carried 325 million express shipments in Q2 FY27, representing a 32.1% year-on-year increase driven by continued market share gains across a diversified e-commerce customer base.
What mattered most for margins or profitability?
Higher shipment and freight volumes drove improved utilization of multi-tenant fulfillment centers and line-haul assets, lifting reported EBITDA margin to 6.7% and Adjusted EBITDA margin to 4.0%.
What changed operationally beyond the headline numbers?
Deployment of bin and pallet automated storage and retrieval systems (ASRS) and shuttle systems across fulfillment centers to optimize space productivity and reduce manual in-facility movement.
What is management guiding or targeting from here?
Management expects Express Service EBITDA margins to end FY27 in the 16-18% range.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Q3 and Festive Season Volume Progression: Monitor the ongoing volume trajectory and fulfillment performance through the peak e-commerce festive season.
- 02
New Business Execution: Track the progress of Delhivery Local toward its re-baselined exit ARR of ~Rs. 280 crore by Q4 FY27 and the operational rollout of Financial Services.
- 03
Margin and CapEx Trajectory: Observe whether Service EBITDA margins for Express and PTL achieve management's exit-FY27 targets of 16-18% and 15%+, respectively, alongside adherence to the <4.5% CapEx-to-revenue envelope.
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