DELHIVERY Q2 FY27 Results Analysis: PAT Swings to Profit, EBITDA Margin Expands 402 bps

Cofacto Research Published October 30, 2026 3 min read

Positive

DELHIVERY's Q2 FY27 numbers came in strong. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 30, 2026
Revenue (Q2)	Rs. 3,066.40 Cr (+19.80% YoY)
PAT (Q2)	Rs. 40.60 Cr
EBITDA margin	6.68% (+402 bps YoY)
EPS (Q2)	Rs. 0.54

Quarter Snapshot

Delhivery delivered 19.8% YoY revenue growth with management-basis EBITDA margin of 6.68% (up 402 bps YoY) and a ~Rs.91 Cr swing from the year-ago loss to PAT of Rs.406.39 Mn, consistent with the guided fuel/wage pass-through landing in Q2 pricing. H1 CFO of Rs.5,249.53 Mn was 2.5x the prior year and FCF was positive, with zero borrowings on the balance sheet. Key watch items are other income exceeding PBT, the ~Rs.260 Mn subsidiary drag, and H1 cash capex at ~5.8% of revenue versus the sub-4.5% guided trajectory.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Fuel + minimum-wage pass-through lands fully in Q2FY27 pricing	Q1 FY27 earnings call (Aug 2026)	EBITDA margin 6.68% vs 4.85% Q1; est. Adjusted EBITDA ~Rs.123 Cr vs Rs.76 Cr — directional — filing does not isolate the pass-through	On Track
Capex below 4.5% of revenue	Q3 FY26 earnings call	Cash-flow PP&E purchases Rs.3,480.04 Mn vs H1 revenue Rs.59,971.11 Mn (~5.8% H1, derived; company definition may differ)	Watch
Ecom integration-cost tail vs Rs.300 Cr envelope (Rs.165 Cr cumulative through Q1)	Q1 FY27 earnings call	No integration-cost disclosure for Q2; exceptional line nil	Too Early
"Expect continued growth and improvements in profitability and cash flow"	Management commentary in prior-quarter notes	Revenue +19.8% YoY, EBITDA margin +402 bps YoY, H1 CFO Rs.5,249.53 Mn (2.5x H1 FY26), H1 FCF positive	Confirmed
Full fuel pass-through recouped in Q2 pricing	Q1 FY27 earnings call	Margin recovery consistent, but quantum not isolable from the filing — directionally supported	Too Early

Key Investment Insights

Key Positives

Revenue grew 19.8% YoY and 4.6% QoQ to Rs.3,066.4 Cr, the second straight quarter of ~20% YoY growth
Management-basis EBITDA of Rs.204.9 Cr at 6.68% margin, up from Rs.142.2 Cr (4.85%) in Q1 and Rs.68.2 Cr (2.66%) a year ago
Consolidated PAT of Rs.406.39 Mn vs a loss of Rs.504.93 Mn a year ago, a ~Rs.91 Cr swing; PAT up 27.4% QoQ
Employee costs grew 4.9% YoY and other expenses fell 1.1% YoY against 19.8% revenue growth, showing operating leverage
H1 FY27 CFO of Rs.5,249.53 Mn vs Rs.2,146.19 Mn in H1 FY26; H1 FCF positive at ~Rs.176.9 Cr after capex
Zero borrowings at September 30, 2026; finance costs down to Rs.340.15 Mn from Rs.388.58 Mn YoY
Subsidiary net drag on consolidated PAT narrowed from ~Rs.463 Mn in Q1 to ~Rs.260 Mn in Q2
Nil exceptional items in Q2 and H1 FY27; normalized PAT equals reported PAT

Risk Factors

Other income of Rs.666.25 Mn exceeded the quarter's entire PBT of Rs.389.93 Mn, with FVTPL fair-value gains and lease-termination gains not split by quarter
Subsidiaries remain a net drag of ~Rs.260 Mn on consolidated PAT despite narrowing from Q1
H1 cash-flow capex of Rs.3,480.04 Mn equals ~5.8% of H1 revenue, above the guided sub-4.5%-of-revenue trajectory
Effective tax rate of −4.2% of PBT due to deferred-tax credit; cash tax rate near zero flatters PAT
Year-ago EBITDA base of Rs.68.2 Cr was depressed by ~Rs.90 Cr of Ecom Express integration costs, inflating the YoY margin comparison