Delhivery delivers strong Q2 FY26 with surging shipments and revenue growth

Delhivery Limited reported strong Q2 FY26 performance with revenue from services reaching INR 2,546 Cr, up 16.3% year-over-year. EBITDA stood at INR 150 Cr (5.9% margin), and Profit After Tax (PAT) was INR 59 Cr (2.2% margin), excluding Ecom Express acquisition costs. Express Parcel shipments surged by 32.5% YoY to 246 Mn, while PTL freight tonnage increased by 11.8% YoY to 477K Tons. The company’s total cash and cash equivalents amounted to INR 4,223 Cr as of September 30, 2025.

The acquisition of Ecom Express was completed on July 18, 2025, with financial consolidation effective from this date and a final purchase consideration of INR 1,369 Cr. Integration costs for Q2 FY26 were INR 90 Cr. The company also reported continued improvement in its working capital position, with net working capital days reducing from over 40 days at FY21 end to approximately 16 days in H1 FY26. Capex intensity decreased to 5.1% of revenue in H1 FY26.

Despite a quarter-over-quarter decline in Express yield, attributed to a lower proportion of heavy shipments post-Ecom Express acquisition, overall profitability remained stable as weight-related costs also declined. Service EBITDA margins for Transportation (Express + PTL) were 13.5% in Q2 FY26. Delhivery expects these margins to return to 16-18% by the end of FY26 as volumes grow and network utilization improves. The company aims to reduce corporate overheads by 0.5-0.7% of revenue annually, stabilizing at 6-7% in the steady state.