Delhivery swings to Rs 40.6 crore Q2 profit as revenue rises 19.8 per cent

MUMBAI: Delhivery returned to profit in the second quarter of FY27, reporting consolidated profit after tax of Rs 40.64 crore against a loss in the year-ago period, as revenue from operations grew nearly 20 per cent. The logistics company also approved an investment of up to Rs 36 crore in its fintech subsidiary to widen the range of financial services available to its logistics partners and small businesses.

For the quarter ended 30 September 2026, consolidated revenue from operations rose to Rs 3,066.38 crore from Rs 2,559.32 crore in Q2 FY26. The company reported a profit after tax of Rs 40.64 crore, reversing a loss of Rs 50.49 crore in the corresponding quarter last year. This was also higher than the Rs 31.91 crore profit recorded in the first quarter of FY27.

Including other income of Rs 66.63 crore, consolidated total income for the quarter stood at Rs 3,133.01 crore.

For the first half of FY27, revenue from operations increased to Rs 5,997.11 crore from Rs 4,853.32 crore a year earlier. Total income rose to Rs 6,177.85 crore, while profit after tax reached Rs 72.55 crore, compared with Rs 40.55 crore in H1 FY26.

Basic earnings per share stood at Rs 0.54 for the quarter and Rs 0.97 for the six-month period.

Freight and servicing remain the biggest costs

Delhivery’s consolidated expenses totalled Rs 3,093.01 crore in Q2 FY27. Freight, handling and servicing accounted for the largest share at Rs 2,195.09 crore.

Employee benefits expense stood at Rs 446.29 crore, while depreciation and amortisation amounted to Rs 197.49 crore. Finance costs were Rs 34.02 crore and other expenses totalled Rs 220.13 crore.

On a standalone basis, revenue from operations reached Rs 2,864.98 crore for the quarter and Rs 5,594.65 crore for the first half. Standalone profit after tax stood at Rs 66.67 crore in Q2 FY27 and Rs 144.87 crore in H1 FY27.

Rs 36 crore investment in fintech subsidiary

Alongside its financial results, Delhivery’s board approved an investment of up to Rs 36 crore in its wholly owned subsidiary, Delhivery Fintech Distribution Private Limited (DFDPL). The investment will be made in one or more tranches at arm’s length.

Incorporated on 2 June 2026, DFDPL is being developed as a financial services marketplace for truckers, last-mile delivery partners and micro, small and medium enterprises. It plans to distribute insurance products, payment solutions such as FASTags and fuel cards, and technology offerings including GPS tracking systems.

The subsidiary reported a turnover of Rs 5.3 lakh as of 30 September 2026. As it is already wholly owned by Delhivery, the proposed investment will not change the parent’s shareholding, which will remain at 100 per cent.

Balance sheet and group operations

Delhivery’s consolidated assets stood at Rs 12,970.15 crore as of 30 September 2026, compared with Rs 12,776.84 crore at the end of March 2026. Total equity was Rs 9,816.27 crore, comprising share capital of Rs 74.93 crore and other equity of Rs 9,741.34 crore. Cash and cash equivalents stood at Rs 308.24 crore.

The results were reviewed by statutory auditors Deloitte Haskins & Sells LLP, which issued an unmodified review report. The consolidated review covered 17 subsidiaries, including Ecom Express, Algorhythm Tech, Delhivery Robotics LLC and Delhivery USA LLC, along with associate company Falcon Autotech.

During the quarter, Delhivery granted 1,215,700 stock options to eligible employees and recorded the exercise of 440,245 options. For the first half, the corresponding figures were 5,150,542 options granted and 686,261 exercised.

The return to quarterly profitability and continued revenue growth mark progress for Delhivery as it scales its logistics network. The proposed fintech investment adds another layer to that strategy, taking the company beyond parcel movement towards financial and technology services for the wider delivery ecosystem.