Delhivery LimitedQ1 FY27 Results & Financial Update
Delhivery Limited: Q1 FY27 consolidated results and company financials – revenue ₹2,930.73 Cr, PAT ₹31.91 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Delhivery price & chart
Market price₹394.75
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Delhivery Q1 FY27 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
The transportation network handled 322 million express parcel shipments and 542,000 metric tonnes of PTL freight during the quarter, demonstrating continued volume expansion across customer segments.
Operations during Q1 FY27 faced external headwinds including volatile labour availability driven by elections and climate disruptions, geopolitical pressures impacting fuel prices, and statutory minimum wage revisions across four key states.
Management deployed buffer staff, expanded network capacity, and initiated contractual fuel cost pass-through mechanisms and client pricing revisions to absorb input cost inflation and protect underlying service quality.
Capital expenditure for the quarter stood at 3.1% of revenue, remaining comfortably within the company's annual guidance threshold of below 4.5% of revenue, while net working capital held steady at 9 days.
The company's balance sheet retained a robust cash position, with quarter-ending cash and cash equivalents reaching Rs. 4,677 crore compared to Rs. 4,555 crore at the close of the previous quarter.
Total integration costs associated with the Ecom Express acquisition reached Rs. 165 crore since completion, remaining well below original estimates, with management indicating that these integration expenses have largely run their course.
01 · Business model
What does Delhivery do?
Delhivery Limited operates as an integrated logistics service provider in India, offering a comprehensive suite of supply chain solutions including express parcel transportation, partial-truckload (PTL) freight, full-truckload freight, cross-border services, and supply chain software.
The company serves a diverse customer base spanning direct-to-consumer (D2C) brands, small and medium-sized enterprises (SMEs), and large traditional commercial and consumer enterprises across India.
Delhivery's operating model relies on a technology-enabled hub-and-spoke network, proprietary routing and mapping infrastructure, automated fulfillment centers, and scalable transportation fleet arrangements designed to drive operational efficiency and service reliability.
In addition to core transportation, the company has expanded into intra-city logistics through Delhivery Local and is building financial services capabilities via its subsidiary Delhivery Financial Services Private Limited.
02 · Historical context
What shaped the business before this quarter
Delhivery completed the acquisition of Ecom Express in July 2025, subsequently incurring integration costs totalling Rs. 165 crore through Q1 FY27.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹2,930.73 Cr |
| Total income | ₹3,044.84 Cr |
| Profit before tax | ₹33.24 Cr |
| Profit after tax | ₹31.91 Cr |
| EPS | ₹0.42 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Express parcel shipments grew by 55.2% year-on-year to reach 322 million units, driven by market share gains and new client additions across D2C, SME, and consumer sectors.
Partial-truckload freight tonnage expanded by 18.4% year-on-year to 542K MT, generating revenue growth of 24% year-on-year supported by expanded geographic coverage of business development teams.
Delhivery Local closed Q1 FY27 with an annualized revenue run-rate exceeding Rs. 100 crore, operating at approximately Rs. 140 crore with improved contribution margins.
Express parcel volumes expanded by 55% year-on-year to 322 million shipments in Q1 FY27, driven by market share gains and new customer additions across D2C, SME, and consumer segments.
PTL freight tonnage grew 18% year-on-year to 542,000 MT, generating 24% year-on-year revenue growth supported by expanded geographic coverage of business development teams and new client acquisitions.
What drove margins
Statutory minimum wage revisions across Haryana, Karnataka, Uttar Pradesh, and Punjab, alongside volatile labour availability during elections and climate events, increased operating expenses and necessitated buffer staffing.
Rising global crude prices increased petrol, diesel, and consumable costs across the network; contractual fuel pass-through mechanisms were activated with a typical one-month time lag.
Overall Service EBITDA margin remained stable year-on-year at 13.1% in Q1 FY27 compared to 13.0% in Q1 FY26 despite near-term input cost headwinds.
05 · Demand, customers & order book
Where demand is coming from
Over 500 clients subscribed to SmartNDR, an AI-powered value-added service launched during the quarter to reduce return-to-origin (RTO) rates.
Delhivery Maps entered active integration discussions with over 200 businesses following its commercial rollout as a standalone location intelligence platform.
Over 500 clients subscribed to SmartNDR, an AI-powered value-added service launched during the quarter to help e-commerce brands reduce return (RTO) rates and improve delivery success by up to 10%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Core transportation operations sustained strong topline momentum, supported by active client pricing revisions and ongoing network expansion.
Delhivery invested Rs. 32 crore during Q1 FY27 toward the setup and launch of new business ventures, within a planned annual outlay of Rs. 130-160 crore for FY27.
Core express parcel and PTL transportation operations delivered robust double-digit volume expansion and sustained market share gains across diverse customer channels.
Geography and market mix
Delhivery Local expanded its on-demand intra-city logistics service to 6 operational cities, with planned expansion to 10 cities during FY27.
Network operations were supported by key facilities in Tauru (Haryana) and Hoskote (Karnataka), while Delhivery Local expanded its intra-city footprint to 6 cities with plans to reach 10 cities during FY27.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Commissioned the first Automated Storage and Retrieval System (ASRS) featuring a 6,000-pallet capacity at a key fulfillment center to enhance storage density and throughput.
Scaled deployment of Autonomous Mobile Robots (AMRs) across transportation operations, advancing in-house R&D prototypes to initial field trials.
Launched Vishram, a nationwide network of over 1,000 rest stops providing water, washrooms, seating, and medical facilities across 600 cities and towns as an open ecosystem initiative for delivery personnel.
Projects, capex and execution
Capital expenditure for Q1 FY27 was maintained at 3.1% of revenue, adhering to the company's target trajectory of stabilizing capex below 4.5% of revenue.
Capital expenditure for Q1 FY27 stood at 3.1% of revenue, remaining comfortably within the company's annual guidance of keeping capital intensity below 4.5% of revenues.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Wholly owned subsidiary Delhivery Financial Services Private Limited (DFS) received an NBFC license in July 2026 to offer insurance and lending services to fleet owners, transporters, and MSME shippers.
Partnered with multiple automotive OEMs to introduce over 5,000 electric cargo vehicles into the network throughout FY27.
Introduced AI-driven solutions across customer support, claims processing, POD auditing, and address standardization via Delhivery Maps.
Launched Delhivery Maps, an AI-native location intelligence suite built on geospatial telemetry from over 2 billion shipments and 1 billion daily GPS pings, with over 200 businesses in active integration discussions.
09 · Reported developments
What changed operationally
Launched Vishram, a nationwide network of 1,000+ rest stops across 600 cities for delivery personnel, and Abhayam, an accident insurance and health cover program for frontline workers.
Total Ecom Express integration expenses reached Rs. 165 crore, falling significantly below the original guidance of Rs. 300 crore.
Introduced Abhayam, a comprehensive welfare program offering accident insurance, family health cover, hospitalization income support, and children's scholarships for frontline employees.
10 · Pressure points & risks
What is not going smoothly
Encountered cost headwinds from statutory minimum wage hikes across four states and elevated global crude oil prices affecting fuel and consumable expenses.
External pressures from volatile seasonal labour availability, climate disruptions, global crude oil price inflation, and statutory minimum wage hikes created temporary margin headwinds during the quarter.
11 · Items worth noticing
The line items that can distort a quick read
Incurred cumulative integration costs of Rs. 165 crore since the July 2025 acquisition, with management noting that integration expenses have largely run off and will no longer be called out separately.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net working capital requirement remained stable at 9 days of revenue during the quarter.
Total cash and cash equivalents stood at Rs. 4,677 crore as of June 30, 2026, compared to Rs. 4,555 crore at the end of the previous quarter.
Net working capital position remained stable at 9 days, while the total cash balance as of June 30, 2026, increased to Rs. 4,677 crore compared to Rs. 4,555 crore in the preceding quarter.
13 · Management guidance & targets
What management is targeting from here
Management expects overall Express volume growth for FY27 to be in the range of 20% to 30%.
Management anticipates an overall volume growth target of 18% to 22% for PTL freight in FY27 alongside yield improvements.
Management remains on track to conclude FY27 with an annualized revenue run-rate exceeding Rs. 200 crore for Delhivery Local.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Launch of Vishram and Abhayam
Delhivery established Vishram rest stops and Abhayam welfare programs to support frontline delivery personnel across the logistics industry.
Reported update
Commercialization of Delhivery Maps
The company launched Delhivery Maps as a standalone location intelligence platform built on telemetry from over 2 billion shipments and 1 billion GPS pings.
Reported update
AI Stack Deployment
Deployed proprietary AI agents across customer support, claims processing, proof-of-delivery (POD) auditing, order manifestation, and non-delivery report (NDR) management to improve speed and reduce operating costs.
15 · Previous-quarter changes
What changed since the previous quarter
Cash balances increased from Rs. 4,555 crore in Q4 FY26 to Rs. 4,677 crore in Q1 FY27.
16 · Key Q&A
The quarter, answered directly
What does Delhivery do?
Delhivery Limited operates as an integrated logistics service provider in India, offering a comprehensive suite of supply chain solutions including express parcel transportation, partial-truckload (PTL) freight, full-truckload freight, cross-border services, and supply chain software.
What is the clearest takeaway from Q1 FY27?
The transportation network handled 322 million express parcel shipments and 542,000 metric tonnes of PTL freight during the quarter, demonstrating continued volume expansion across customer segments.
What drove revenue or demand?
Express parcel shipments grew by 55.2% year-on-year to reach 322 million units, driven by market share gains and new client additions across D2C, SME, and consumer sectors.
What mattered most for margins or profitability?
Statutory minimum wage revisions across Haryana, Karnataka, Uttar Pradesh, and Punjab, alongside volatile labour availability during elections and climate events, increased operating expenses and necessitated buffer staffing.
What changed operationally beyond the headline numbers?
Commissioned the first Automated Storage and Retrieval System (ASRS) featuring a 6,000-pallet capacity at a key fulfillment center to enhance storage density and throughput.
What is management guiding or targeting from here?
Management expects overall Express volume growth for FY27 to be in the range of 20% to 30%.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Full Pass-Through Impact: Observe the complete financial reflection of contractual fuel price revisions and minimum wage price adjustments in Q2 FY27 results.
- 02
New Business Scaling: Track the revenue run-rate progression of Delhivery Local toward the Rs. 200 crore exit target and the initial commercial rollout of Delhivery Financial Services.
- 03
EV Fleet Deployment: Monitor the introduction pace of the planned 5,000+ electric cargo vehicles across the network through FY27.
- 04
Express and PTL Volume Trajectory: Track subsequent quarterly volume growth in express parcels against the 20-30% annual guidance band and PTL freight against the 18-22% target.
- 05
Delhivery Local Scaling Milestone: Monitor progress toward achieving the targeted exit annualized revenue run-rate of Rs. 200 crore+ for Delhivery Local by the end of FY27.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.