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Delhivery swung to a consolidated net profit of ₹40.6 Cr in Q2 FY27 from a ₹50.5 Cr loss a year earlier, while operating revenue grew 19.8% YoY. Operating revenue growth outpaced the 14.2% increase in total expenses, helping the logistics company turn profitable despite a decline in other income. The company’s board approved an investment of up to ₹36 Cr in wholly owned subsidiary Delhivery Fintech Distribution to fund its operational and business requirements. Logistics company Delhivery reported a consolidated net profit of ₹40.6 Cr in the September quarter of FY27 (Q2) against a loss of ₹50.5 Cr in the year-ago period, as revenue growth outpaced the increase in expenses. Sequentially, net profit rose 27.4% from ₹31.9 Cr in Q1 FY27. Operating revenue increased 19.8% YoY and 4.6% QoQ to ₹3,066.4 Cr during the quarter. Including other income of ₹66.6 Cr, Delhivery’s total income stood at ₹3,133 Cr, compared with ₹2,651.5 Cr in Q2 FY26. Total expenses rose 14.2% YoY to ₹3,093 Cr from ₹2,708.1 Cr. Freight, handling and servicing costs, the company’s largest expense head, increased 19.1% to ₹2,195.1 Cr from ₹1,842.9 Cr. Delhivery reported a pre-tax profit of ₹39 Cr against a pre-tax loss of ₹53.2 Cr in the year-ago quarter. A net tax credit of ₹1.6 Cr took its consolidated net profit to ₹40.6 Cr. However, the profit comparisons reflect the impact of the Ecom Express’ acquisition on earlier quarters. Delhivery said its net profit in Q2 FY26 and Q1 FY27 would have stood at ₹59 Cr and ₹62 Cr, respectively, excluding the acquisition’s impact. Delhivery’s Operating Performance Delhivery handled 325 Mn express parcel shipments in Q2 FY27, up 32.1% YoY. Part truckload (PTL) freight volumes rose 14.2% to 5.45 Lakh metric tonnes during the quarter. The company attributed express volume growth to market share gains and demand across its diversified customer base. It said October volumes had exceeded initial expectations, providing an encouraging start to the December quarter. Express parcel revenue grew 21.7% YoY to ₹1,961 Cr, while PTL revenue increased 23.1% to ₹672 Cr. Delhivery also reported improvements in realisations, or revenue earned per shipment or unit of freight. Express and PTL realisations increased 4.1% and 5.6% QoQ, respectively, primarily driven by fuel-linked price increases and revisions to cover minimum wage inflation. PTL realisations also benefited from new customer additions, repricing of existing accounts, and a better customer and shipment mix. Adjusted EBITDA increased 48% YoY to ₹123 Cr, with its margin improving to 4% from 3.3% in Q2 FY26. Reported EBITDA more than tripled to ₹205 Cr from ₹68 Cr, while its margin expanded to 6.7% from 2.7%. Delhivery incurred no Ecom Express integration costs during the quarter, compared with ₹90 Cr a year earlier and ₹17 Cr in Q1 FY27. The company expects service EBITDA margins in both its express and PTL businesses to expand through the remainder of FY27, supported by pricing revisions and higher network utilisation. It expects express service EBITDA margins to reach 16-18% by the end of FY27 and PTL margins to exceed 15%. New Businesses, Technology Investments Alongside its core logistics operations, Delhivery is scaling newer businesses, including its intra-city logistics platform Delhivery Local, international operations and financial services. Delhivery Local is currently operational across eight cities, including Delhi NCR, Bengaluru, Mumbai, Hyderabad, Ahmedabad, Jaipur, Pune and Chennai. Its annualised revenue run rate has doubled from around ₹100 Cr at the end of Q1 FY27 to approximately ₹200 Cr. The company has raised its FY27 exit annualised revenue target for the business to ₹280 Cr from its earlier guidance of ₹250 Cr. It also aims to scale the business to an annualised revenue run rate of ₹800-1,000 Cr over the next two years. Meanwhile, its financial services business is building distribution channels for financial products across its vendor ecosystem and developing co-lending partnerships. Delhivery’s board also approved an equity investment of up to ₹36 Cr in wholly owned subsidiary Delhivery Fintech Distribution, in one or more tranches, to support its operational and business requirements. It also highlighted its investments in AI and automation to improve productivity and reduce operating costs. It said AI-led automation has reduced customer support and proof-of-delivery validation costs by over 50%, without compromising output quality. The company said it has started producing customised autonomous mobile robots through Delhivery Labs and plans to deploy 100 self-developed autonomous pallet transportation vehicles by Q4 FY27. Shares of Delhivery ended today’s trading session 3.02% lower at ₹386 apiece on the BSE.
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