Delhivery Returns to Profit as Q2 Revenue Tops ₹3,000 Cr

Delhivery Limited (NSE: DELHIVERY) reported Q2 FY27 consolidated net profit of ₹40.6 crore, compared with a net loss of ₹50.5 crore in the corresponding quarter last year. Revenue from operations increased 19.8% YoY to ₹3,066 crore, crossing the ₹3,000 crore quarterly milestone for the first time. Key Highlights • Express parcel shipments reached 325 million, up 32.1% YoY. • Part Truckload (PTL) freight volumes increased 14.2% to 545,000 metric tonnes. • Reported EBITDA more than tripled to ₹205 crore, with a margin of 6.7%. • Adjusted EBITDA increased 48% YoY to ₹123 crore. • Cash balance stood at ₹4,676 crore at the end of the quarter. • Capital expenditure remained disciplined at 4.8% of revenue during H1 FY27. My View Delhivery delivered an important profitability milestone, supported by strong shipment growth and improving operating leverage. The most encouraging development is the combination of 32% express shipment growth and a return to consolidated profitability. The improvement in EBITDA margins also indicates better network utilisation and operating efficiency. However, profitability remains relatively thin, with a net profit margin of just 1.3%. Rising fuel costs, labour expenses and competitive pricing could continue to pressure margins. The company's investments in automation, AI and robotics could provide further efficiency benefits over time. What I'm Watching Next I will monitor express shipment growth, PTL volumes and adjusted EBITDA margins in Q3 FY27. The company's ability to sustain profitability while maintaining double-digit revenue growth will be particularly important. Stance: Positive on improving operating performance and the return to profitability, but cautious about thin net margins and execution risks. Disclosure: I do not have any holding or position in the stock mentioned above.