Delhivery returns to profit in Q2 as Ecom Express costs end
Delhivery posted a Rs 40.6 crore Q2 FY27 profit against a loss a year ago, with revenue up 19.8% to Rs 3,066 crore. What drove it and what to watch.
Logistics company Delhivery reported a consolidated net profit of Rs 40.6 crore for the September 2026 quarter, against a loss of Rs 50.5 crore a year earlier, according to Inc42, Whalesbook and Multibagg reports published on 30 October. Revenue from operations rose 19.8% to Rs 3,066 crore. The shares closed 3.02% lower at Rs 386 on the BSE, Inc42 reported. All figures are the company's own.
The headline numbers
Profit rose 27.4% from Rs 31.9 crore in the previous quarter. Pre-tax profit was Rs 39 crore, and a net tax credit of Rs 1.6 crore lifted the final figure.
The swing from loss to profit mostly reflects the end of one-off costs. Delhivery bought Ecom Express, a rival parcel carrier, and spent Rs 90 crore on integration in the year-ago quarter and Rs 17 crore in the June 2026 quarter. This quarter that cost was nil, Multibagg reports. The company says the acquisition distorts year-on-year comparisons: excluding its impact, profit would have been Rs 59 crore a year ago and Rs 62 crore last quarter, which would make this quarter's Rs 41 crore lower, not higher, on that basis (Inc42).
Where the money came from
Adjusted EBITDA, a measure of operating profit before interest, tax and depreciation with some adjustments, rose 48% to Rs 123 crore. The margin improved to 4.0% from 3.3%. Reported EBITDA, which has no such adjustments, was Rs 205 crore. Multibagg explains the adjusted figure adds back Rs 28 crore of share-based pay and deducts Rs 110 crore of lease rent.
By business, Inc42 reports:
- Express parcels: 325 million shipments, up 32.1%, with revenue of Rs 1,961 crore, up 21.7%.
- Part-truckload (PTL), where trucks carry shared loads: volume up 14.2% to 5.45 lakh tonnes, revenue Rs 672 crore, up 23.1%.
Prices per shipment rose about 4.1% in express and 5.6% in PTL from the previous quarter, which Inc42 attributes to fuel-linked increases, minimum wage revisions and repricing.
Two segments carry most of the revenue. The chart sets express parcels against part-truckload for the quarter.
Guidance and new bets
Management expects express service EBITDA margin of 16% to 18% by the end of FY27 and above 15% for PTL, Inc42 says. It also said October volumes "had exceeded initial expectations".
Newer businesses are still loss-making. Multibagg puts the investment loss in Delhivery Local, Rapid and Financial Services at Rs 35 crore. Inc42 says Delhivery Local, which operates in eight cities, roughly doubled its annualised revenue run rate from about Rs 100 crore to about Rs 200 crore, and raised its FY27 exit target to Rs 280 crore from Rs 250 crore.
The board approved an equity investment of up to Rs 36 crore in Delhivery Fintech Distribution, a wholly owned subsidiary set up in June 2026. Whalesbook says it will distribute insurance, FASTag and fuel-card payment products, and telematics to truckers and small businesses.
## What is confirmed and what is not
The results carry an unmodified review report from Deloitte Haskins & Sells, Whalesbook notes, though that is a review, not a full audit. What is not yet known is whether costs hold. Whalesbook says current labour costs are "stable", but the company is watching possible changes under the Labour Codes that could raise employee benefit costs.
## What it means for readers
For founders and investors tracking new-age listings, Delhivery shows how much one acquisition can distort headline profit: the year-on-year swing flatters the picture, while the like-for-like comparison is flat to lower. For fintech watchers, the new subsidiary signals a push into financial products for truckers, a market where lenders and insurers already compete. None of this is investment advice.
What to watch next
Watch express and PTL margins against the 16% to 18% and 15% targets, the Ecom Express transition and discontinuation, the losses in Local, Rapid and Financial Services, and any labour code impact.
Key takeaways
- Delhivery reported a Q2 FY27 net profit of Rs 40.6 crore against a Rs 50.5 crore loss a year earlier.
- Revenue from operations rose 19.8% to Rs 3,066 crore and adjusted EBITDA rose 48% to Rs 123 crore.
- Excluding Ecom Express effects, profit would have been Rs 59 crore a year ago, so the like-for-like trend is not up.
- Newer businesses lost about Rs 35 crore in the quarter, and the board approved up to Rs 36 crore for a fintech distribution arm.
- Shares fell 3.02% to Rs 386 on the day.
Sources
- [Inc42: Delhivery posts Rs 41 crore profit in Q2, revenue crosses Rs 3,000 crore](https://inc42.com/buzz/delhivery-posts-%e2%82%b941-cr-profit-in-q2-revenue-crosses-%e2%82%b93000-cr-mark/)
- [Whalesbook: Delhivery Q2 profit hits Rs 40.64 crore, revenue rises 20%](https://www.whalesbook.com/corporate-news/English/transportation/Delhivery-Q2-Profit-Hits-Rs-4064-Crore-Revenue-Rises-20percent/6ae47ac8c6c6dccbb90cb536)
- [Multibagg: Delhivery posts Rs 41 crore Q2 profit and Rs 123 crore adjusted EBITDA](https://www.multibagg.ai/market-pulse/articles/delhivery-q2-profit-adjusted-ebitda-ppt-cmvv9dhqu00fn2klzq8362cbf)
Tags: Delhivery Logistics tech Quarterly results Ecom Express Startups