Delhivery reports Rs 3,066 crore revenue and Rs 41 crore net profit in Q2 FY27

Financial performance and growth

Delhivery reported a 19.8% year-on-year increase in operating revenue for Q2 FY27, reaching Rs 3,066.38 crore, up from Rs 2,559.3 crore in the same quarter of the previous fiscal year. The company posted a net profit of Rs 40.6 crore, a turnaround from a Rs 50.5 crore net loss in Q2 FY26. For the first half of FY27, Delhivery’s net profit rose 78.9% to Rs 72.55 crore, while operating revenue grew 23.6% to Rs 5,997 crore.

Express parcel volumes surged 32% year-on-year to 325 million shipments in Q2 FY27, and the part-truckload segment grew 14% during the same period. The company’s market capitalisation stood at Rs 29,831 crore, with shares closing at Rs 386 apiece on the National Stock Exchange.

Costs and operational efficiency

Total expenses increased 14.2% year-on-year to Rs 3,093 crore in Q2 FY27, with freight, handling, and servicing costs rising 19.1% to Rs 2,195.1 crore, accounting for 70.97% of total expenses. Employee benefit expenses grew 4.7% to Rs 446 crore, while depreciation increased 11% to Rs 197.5 crore. Finance costs declined 12.8% to Rs 34 crore, and other income fell 27.8% to Rs 66.6 crore.

Expansion in new businesses and AI investments

Delhivery’s newer business verticals, including Delhivery Local and financial services, are scaling faster than initially planned. Delhivery Local, live in eight cities, is on track to exceed an annual revenue run rate of Rs 250 crore by Q4 FY27, with expectations of improved contribution margins.

The company’s fintech subsidiary, Delhivery Fintech Distribution, has begun monetising its vendor ecosystem and is developing co-lending partnerships to expand financial access for vendors. Delhivery’s board approved an investment of up to Rs 36 crore in the subsidiary to support its operational and business needs.

Investments in AI are yielding operational improvements, including enhanced sales productivity, faster customer onboarding, and better fraud detection and dispute resolution. Delhivery Robotics has started production of autonomous vehicles for in-facility operations and is testing robotics systems in partnership with global leaders in physical AI.

Outlook and challenges

Delhivery expressed confidence in maintaining its growth trajectory despite a volatile macro environment, citing improved network service levels and profitability heading into the festive season. However, the company acknowledged challenges such as rising fuel prices, labour availability issues, and recent statutory changes.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Delhivery’s Q2 FY27 results signal a critical milestone for India’s logistics sector, demonstrating that scale and profitability can coexist. The 32% year-on-year growth in express parcel volumes and the turnaround from a net loss to profitability reflect operational discipline, while the expansion of Delhivery Local and fintech services suggests the company is successfully diversifying its revenue streams. For founders and operators in logistics or adjacent sectors, Delhivery’s pace of automation—particularly in AI-driven fraud detection and robotics—sets a benchmark for cost efficiency and service quality. The board’s Rs 36 crore investment in its fintech subsidiary also underscores the potential for embedded financial services to become a high-margin add-on for B2B logistics players. However, the 19.1% rise in freight and handling costs, even as revenue grew, highlights the pressure of input costs, a challenge likely faced by peers as well.