Key Financial Performance Metrics

Q2FY27 Performance:

  • Revenue from services: ₹3,066 Crore (+19.8% YoY, +4.6% QoQ)
  • Adjusted EBITDA: ₹123 Crore (4.0% margin), growth of 62% QoQ and 48% YoY
  • Reported EBITDA: ₹205 Crore (6.7% margin)
  • Consolidated PAT: ₹41 Crore (1.3% margin)
  • Express parcel shipments: 325 million (+32.1% YoY, +0.8% QoQ)
  • PTL freight tonnage: 545K MT (+14.2% YoY, +0.7% QoQ)

Comparative Performance:

  • Q2FY26 PAT excluding Ecom Express acquisition impact: ₹59 Crore
  • Q1FY27 PAT excluding Ecom Express acquisition impact: ₹62 Crore
  • Q2FY26 PAT including acquisition impact: (₹51) Crore (-1.9% margin)
  • Q1FY27 PAT: ₹32 Crore (1.0% margin)

Balance Sheet and Capital Metrics:

  • Cash balance as of September 30, 2026: ₹4,676 Crore
  • Net working capital position: 5 days (improved from 11 days as of March 2026 and 17 days as of September 2025)
  • H1FY27 Capital expenditure: 4.8% of revenue (vs. 5.1% in H1FY26 and 4.7% for FY26 overall)

Operational Highlights

Volume Growth:

Express volumes grew 32% YoY in Q2FY27 and 43% YoY in H1FY27, reflecting market share gains. October volumes exceeded initial expectations for Q3FY27.

Pricing and Margins:

Express and PTL realizations improved by 4.1% and 5.6% QoQ respectively, driven by fuel-linked price increases and minimum wage inflation coverage. PTL yield improvement of ~65p QoQ was driven by new customer acquisition and repricing measures.

Service EBITDA Margin Outlook:

  • Express expected to reach 16-18% Service EBITDA margin by exit FY27
  • PTL margins expected to expand to 15%+ by exit FY27
  • Q4FY27 expected to be peak quarter for PTL business

Business Segment Performance:

  • Supply Chain Services (SCS): Profitability returned to expected levels after Q1FY27 dip due to completed price revisions and stabilized new operations
  • Full Truckload (FTL): Achieved freight margins of 5%+ in Q2FY27 driven by focus on spot business and higher-quality leads

New Business Initiatives

Delhivery Local:

  • Live across 8 cities (Delhi NCR, Bangalore, Mumbai, Hyderabad, Ahmedabad, Jaipur, Pune, Chennai)
  • Planned expansion to 2 more cities by Q4FY27
  • Annualized revenue run-rate grew from ~₹100 Cr at Q1FY27 close to ~₹200 Cr currently
  • Re-baselined target: ~₹280 Cr ARR by Q4FY27 (vs. initial target of ~₹250 Cr)
  • Target: ₹800-1,000 Cr ARR in next 2 years
  • Showing steady improvement in contribution margins

Financial Services:

  • Early monetization of vendor ecosystem
  • Developing co-lending partnerships with established partners
  • Objective: Complete operational and regulatory groundwork during FY27
  • Target: Exit ARR of ~₹75-100 Cr in next 18 months

Delhivery International:

  • Expanding economy parcel (Saver), express parcel and air-freight services across US, UK, China
  • Grew 57% QoQ between Q1FY27 and Q2FY27
  • Reached annualized revenue run-rate of ~₹150 Cr
  • Achieved service EBITDA profitability

Investment in New Initiatives:

  • Q1FY27 investment: ₹32 Cr
  • Q2FY27 investment: ₹35 Cr
  • Expected to remain within guidance envelope of ₹130-160 Cr for FY27

Technology and AI Initiatives

AI Deployment:

  • Deployed AI agents across operations for order manifestation, POD auditing, quality inspection, escalation resolution, and claim resolution
  • Voice agents automate fleet procurement and tracking
  • AI-based beat planning and visit analytics for field sales teams
  • AI-powered pricing simulators for customized rate cards
  • Reduced customer support and POD validation costs by over 50%

Delhivery Maps:

  • Delivered ~$1M of internal savings
  • Includes 13 new APIs for location intelligence use cases
  • Serving enterprise customers across banking/financial services, e-commerce, field operations

Research Partnership:

  • Joint research program with IIT Delhi for AI-native geospatial mapping framework and fleet orchestration
  • Established platform for sustained academic collaboration

Physical Automation Initiatives

Current Deployments:

  • Bin and pallet ASRS and shuttle systems across fulfillment centers
  • Testing proprietary robotics systems in under-the-roof operations

Future Plans:

  • Deploy 100 self-developed autonomous pallet transportation vehicles by Q4FY27
  • Begin AMR pilots with international and Indian partners (estimated cost reduction by one-third)
  • Pilot development with 2 international partners to automate loading and transfer tasks
  • Testing zero-capex self-driving pilot for customer delivery in controlled environments

Capital Management

Working Capital Improvement:

Reduction to 5 days driven by lower receivable days, improved client selection, tighter credit controls, AI-led automation of billing processes, and faster resolution of claims and disputes.

Capital Expenditure:

Focused on automation and line-haul fleet expansion. Remains on track to reduce CapEx intensity to 4.5% of revenue.