Delhivery Q2 Revenue Crosses ₹3,000 Cr, EBITDA Triples

reported a significant improvement in Q2 FY27, with revenue from services increasing 19.8% year-on-year to ₹3,066 crore, crossing the ₹3,000 crore mark for the first time in a quarter. More importantly, the company turned profitable, reporting consolidated net profit of ₹40.6 crore against a loss of ₹50.5 crore in Q2 FY26. Operating performance was particularly strong. EBITDA nearly tripled to ₹205 crore from ₹68.2 crore, while EBITDA margin expanded to 6.7% from 2.7%, an improvement of approximately 400 basis points. Adjusted EBITDA stood at ₹123 crore, with a margin of 4%. The Express Parcel business handled 325 million shipments, registering 32% year-on-year growth, while segment revenue increased 22%. The Part Truckload (PTL) business also delivered healthy momentum, with volumes rising 14% to 545,000 metric tonnes and revenue growing 23%. Delhivery ended the quarter with a cash balance of ₹4,676 crore, providing financial flexibility for future expansion and technology investments. From a research perspective, the turnaround in profitability, improving margins and strong shipment growth are encouraging. The company's investments in AI, robotics and automation could further improve network productivity and operating efficiency. However, investors should monitor fuel costs, employee expenses, competitive pricing, cash-flow generation and the sustainability of margin improvement as volumes scale up. Learning Takeaway: In logistics businesses, revenue growth alone does not determine performance. Shipment volumes, revenue per shipment, network utilisation, operating margins and cash generation together provide a better understanding of business efficiency and long-term profitability. Disclosure: This post is for educational purposes only and does not constitute investment advice. Any holdings or conflicts of interest should be disclosed separately.