Delhivery (DELHIVERY) Q1 26/27 earnings summary

Executive summary

• Q1 revenue reached nearly INR 3,000 crores (₹2,931 Cr), up 28% year-over-year, with EBITDA at INR 156 crores and record express parcel shipments of 322 million, up 55% YoY.

• Achieved consolidated net profit of Rs. 319.06 million for Q1 FY27, compared to Rs. 910.46 million in Q1 FY26.

• Record volumes achieved despite labor shortages, election and weather disruptions, and inflationary pressures.

• Completed integration of Spoton Logistics and full acquisition of Ecom Express Limited, enhancing logistics capabilities.

• New initiatives, especially Delhivery Local, are growing faster than planned, with contribution margins ahead of expectations.

Financial highlights

• Consolidated revenue from operations for Q1 FY27 was Rs. 29,307.30 million, up from Rs. 22,940.01 million in Q1 FY26.

• Express parcel revenue grew 33.2% year-over-year to ₹1,869 Cr; PTL freight tonnage increased 18.4% YoY to 542K MT, with PTL revenue up 24.5%.

• EBITDA for Q1 was INR 156 crores, up 5% year-over-year, but EBITDA margin declined to 5.3% from 6.5% YoY.

• PAT before Ecom integration cost was INR 62 crores; reported PAT was INR 32 crores, with integration costs and depreciation explaining the difference.

• Contractual manpower expense for Q1 FY 2027 was INR 371 crores, representing 12.8% of revenue.

Outlook and guidance

• Express volume growth guidance remains at 20%-30% for FY 2027, with current trends pointing to the upper end.

• No major changes anticipated to fiscal 2027 or medium/long-term growth and profitability targets.

• Integration of recent acquisitions expected to enhance scale and value proposition.

• Express and PTL service EBITDA margins expected to improve in H2 as cost pass-throughs and operating leverage materialize.

• Supply Chain Services margins expected to recover as new contracts stabilize.