Delhivery Limited – Investor Presentation Summary

Key Operational Highlights

  • Express Parcel shipments: 325 Mn in Q2FY27 (YoY: 32.1% / QoQ: 0.8%); 647 Mn in H1FY27 (YoY: 42.7%)
  • PTL freight tonnage: 545K MT in Q2FY27 (YoY: 14.2% / QoQ: 0.7%); 1,087K MT in H1FY27 (YoY: 16.3%)
  • Number of active customers: 59,704 in Q2FY27 (Q1FY27: 54,096; Q2FY26: 48,442)
  • Infrastructure: 25.2 million sqft in Q2FY27 (Q1FY27: 23.3; Q2FY26: 22.0)
  • Team size: 75,251 as of Q2FY27 (Q1FY27: 75,074; Q2FY26: 74,984)
  • Partner agents: 87,948 in Q2FY27 (Q1FY27: 82,768; Q2FY26: 64,620)
  • Fleet size (daily average): 21,079 in Q2FY27 (Q1FY27: 20,663; Q2FY26: 18,612)

Key drivers of operational performance: Continued growth in express parcel volumes and PTL freight tonnage, expansion of infrastructure and delivery network

Segment-wise Performance

Transport (Express + PTL):

  • Q2FY27 Revenue: ₹2,633 Cr; Adjusted EBITDA: ₹166 Cr (6.3% margin)
  • Q1FY27 Revenue: ₹2,502 Cr; Adjusted EBITDA: ₹128 Cr (5.1% margin)
  • Q2FY26 Revenue: ₹2,157 Cr; Adjusted EBITDA: ₹87 Cr (4.1% margin)

Supply Chain Services:

  • Q2FY27 Revenue: ₹191 Cr; Adjusted EBITDA: ₹2 Cr (0.9% margin)
  • Q1FY27 Revenue: ₹199 Cr; Adjusted EBITDA: -₹8 Cr (-4.1% margin)
  • Q2FY26 Revenue: ₹170 Cr; Adjusted EBITDA: ₹3 Cr (1.6% margin)

Others (Full truckload and Cross border):

  • Q2FY27 Revenue: ₹193 Cr; Adjusted EBITDA: -₹10 Cr
  • Q1FY27 Revenue: ₹197 Cr; Adjusted EBITDA: -₹12 Cr
  • Q2FY26 Revenue: ₹209 Cr; Adjusted EBITDA: ₹8 Cr

New Initiatives (Delhivery Local, Rapid and Financial services):

  • Q2FY27 Revenue: ₹49 Cr; Adjusted EBITDA: -₹35 Cr
  • Q1FY27 Revenue: ₹32 Cr; Adjusted EBITDA: -₹32 Cr
  • Q2FY26 Revenue: ₹10 Cr; Adjusted EBITDA: -₹15 Cr

Explanation of significant changes in segment performance: Transport segment showed strong margin improvement driven by operational efficiencies and volume growth

Financial Highlights

Q2FY27:

  • Revenue from services: ₹3,066 Cr (YoY: 19.8% / QoQ: 4.6%)
  • Total Income: ₹3,133 Cr (YoY: 18.2% / QoQ: 2.9%)
  • PAT: ₹41 Cr (1.3% margin); Q2FY26: -₹51 Cr (-1.9%); Q1FY27: ₹32 Cr (1.0%)
  • Adjusted EBITDA: ₹123 Cr (4.0% margin); Q2FY26: ₹83 Cr (3.3%); Q1FY27: ₹76 Cr (2.6%)

H1FY27:

  • Revenue from services: ₹5,997 Cr (YoY: 23.6%)
  • Total Income: ₹6,178 Cr (YoY: 21.7%)
  • PAT: ₹73 Cr (1.2% margin); H1FY26: ₹41 Cr (0.8%)
  • Adjusted EBITDA: ₹199 Cr (3.3% margin); H1FY26: ₹158 Cr (3.3%)

Drivers of financial performance: Revenue growth across service lines, improved operational efficiency in Transport segment

Comparison to market estimates: Not Specified

Key Risks: Not Specified

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Balance Sheet Snapshot

As of September 30, 2026:

  • Property, plant & equipment (incl. CWIP): ₹1,702 Cr
  • Right of use assets: ₹1,312 Cr
  • Intangible assets (incl. goodwill): ₹2,494 Cr
  • Cash equivalents: ₹4,676 Cr
  • Trade receivables: ₹1,410 Cr
  • Total equity: ₹9,816 Cr
  • Lease liabilities: ₹1,465 Cr
  • Trade payables: ₹1,271 Cr

Financial Health Insights: Strong cash position of ₹4,676 Cr, healthy equity base

Capex & Cash Flow Health

H1FY27 Cash Flow:

  • Cash flow from operations: ₹347 Cr
  • Cash flow from investing: -₹184 Cr
  • Cash flow from financing: -₹42 Cr
  • Net change in cash: ₹121 Cr

Capital Expenditure: Not Specified

Free Cash Flow: Not Specified

Operating Cash Flow: ₹347 Cr for H1FY27

Net Debt Movement: Minimal borrowings of ₹0 Cr as of Sep'26 (Mar'26: ₹3 Cr)

Investment Rationale: Not Specified

Strategic & R&D Initiatives

Investments in Innovation: Continued investment in new services (Delhivery Local, Rapid and Financial services) with Q2FY27 revenue of ₹49 Cr

Expected impact on growth: Not Specified

Strategic Rationale: Not Specified

Industry Trends & Business Environment

Macro/Industry Trends: Not Specified

Impact on Company: Not Specified

Management Commentary & Growth Outlook

Strategic Outlook: Not Specified

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Not Specified

ESG Updates

Not Specified

Digital Transformation

Not Specified