DELHIVERY Q2 FY27 Results Analysis: PAT Swings to Profit, EBITDA Margin Expands 402 bps
DELHIVERY's Q2 FY27 numbers came in strong. Here's a quick read of what worked, what to watch, and what management said.
| 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
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.