Delhivery is a technology-enabled logistics company spanning express parcel delivery, PTL freight, supply chain services and newer ventures like Delhivery Direct, Local and Financial services, and it heads into Q2 FY27 results with record Express volumes behind it and a festive-quarter ramp ahead. The print will speak to two things above all: whether the guided fuel and minimum-wage cost pass-through lands fully in Q2 pricing to recoup the roughly Rs. 30-35 Cr Q1 EBITDA hit, and how Express and PTL margins track against the 16-18% and 15-15.5% FY27 paths.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,931 Cr (+27.8% YoY, +2.9% QoQ) |
| Previous quarter PAT | Rs. 62 Cr pre-integration costs; statutory PAT Rs. 31.91 Cr |
| Previous quarter EBITDA margin | Adjusted EBITDA Rs. 76 Cr / 2.6% |
| Market cap | Rs. 27,732.33 Cr |
| CMP | Rs. 370.0 |
The board is scheduled to meet on October 30, 2026 to approve the Q2/H1 FY27 audited financial results, with the trading window shut till November 1, 2026.
The Q2/H1 FY27 earnings call is scheduled for October 30, 2026 at 6:00 PM IST.
No dividend was recommended for FY26, per the AGM notice and Annual Report disclosures.
The Q2 FY27 print is the first clean post-Ecom year-on-year comp — Ecom Express was consolidated from July 18, 2025 — so the watch is how organic Express growth is framed against the 20-30% FY27 volume guidance that management tracked at the 'mid to upper end' after Q1's 322 Mn shipments. On costs, domestic diesel was flat at Rs. 95.20/litre in Delhi through the quarter with no excise-duty change, which supports management's guided full contractual fuel pass-through landing in Q2 pricing and beginning to recoup the roughly Rs. 30-35 Cr combined Q1 EBITDA hit from fuel and wages. The wage side stays a headwind because minimum wages carry no contractual pass-through: more than 15 states raised minimum wages ahead of the festive season, and the EPFO mandatory-coverage wage ceiling rose from Rs. 15,000 to Rs. 25,000/month effective September 17, 2026, with a variable dearness allowance hike following on October 1. Express service EBITDA printed 15.6% in Q1 against the 16-18% guided path with the higher end expected in H2 FY27, while PTL stood at 11.2% against a 15-15.5% FY27 exit target, and the SCS drag of (Rs. 8) Cr Adjusted EBITDA should normalise as two large contracts complete their stated 45-60 day ramp. Q2 was the festive build rather than the peak — Amazon's Great Indian Festival opened October 8 and Flipkart Big Billion Days October 9 — so the parcel peak accrues to Q3, and the call is likely to cover pass-through realisation, organic growth framing and the integration-cost tail, which stood at Rs. 165 Cr cumulative against the original Rs. 300 Cr envelope.
Fuel and minimum-wage pass-through vs Express margin path: The single biggest swing factor for the Q2 print is whether pricing recoups the Q1 cost hit.
Volume growth vs FY27 guidance on the first clean post-Ecom comp: Q1's 55.2% Express growth was flattered by Ecom being fully accounted from Q2FY26.
PTL exit margin and SCS recovery: Two segment-level margin paths are being tested this quarter.
New initiatives, integration-cost tail and capex: Spend discipline and the Ecom integration close-out are on the checklist.
Leadership structure and NBFC progress: This is the first results under the new leadership set-up.
Management pointed to strong demand in a typically soft Q1, robust August volumes, new customer acquisition across D2C and SME, and structured SDD/NDD programs, with D2C volumes growing 40-45% YoY. It is tracking the 'mid to upper end' of the 20-30% range and is 'optimistic about achieving the higher end'.
External fuel and wage costs impacted Q1FY27 service EBITDA by approximately Rs. 30-35 Cr, with about 20% of the impact fuel-linked and the majority minimum-wage driven. The CFO confirmed minimum wages have the bigger impact because they carry no contractual pass-through clause, while fuel has contractual pass-through with a one-month lag.
The sequential decline was attributed to the ramp of two new large contracts — one industrial and one consumer durables — which carry initial negative margins from inventory buildup before outbound volumes normalise within 45-60 days. Management said existing contracts are profitable and noted SCS EBITDA improved 4x YoY last year.
Management responded that Ecom Express integration costs actually reduced operating cash flow, and core-business free cash flow would have been 'meaningfully higher than the 89 crores'. FY26 was free-cash-flow positive at Rs. 89 Cr, one year ahead of schedule.
Delhivery Local's ARR was Rs. 150 Cr in July 2026 against a Rs. 200 Cr+ run-rate target by FY27 year-end, with the year-end target revised upwards. Capex ran at 3.1% of revenue in Q1FY27 against guidance to stabilise below 4.5%, trending toward a 4% target.