Delhivery Limited Earnings Summary — Q1 FY2027
Delhivery Achieves Sustained Profitability in Q1 FY27 Following Strategic Consolidation
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 6 consecutive quarters.
- Revenue of ₹2,931 Cr is 27.8% higher year-on-year.
- Revenue has compounded at 16.6% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹32 Cr is 65.0% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -26.2% annualised across the period.
- Operating margin stands at 4.8% in Q1 FY2027.
- Operating margin compressed by 141 bps year-on-year.
- Over the last two years operating margin has expanded by 34 bps.
- PBT margin is 1.0%.
- Expenses grew 29.7% against revenue growth of 27.8%.
- Operating profit of ₹139 Cr is 1.5% lower year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 51/100 (Moderate) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 2,931 | 2,850 | 2,805 | 2,559 | 2,294 | 2,192 | 2,378 | 2,190 | 2,172 | 2,076 |
| Expenses | Improving | 2,792 | 2,636 | 2,596 | 2,491 | 2,153 | 2,072 | 2,278 | 2,139 | 2,076 | 2,030 |
| Operating Profit | Volatile | 139 | 214 | 209 | 68 | 141 | 119 | 100 | 51 | 96 | 46 |
| Operating Margin | Volatile | 4.8% | 7.5% | 7.4% | 2.7% | 6.2% | 5.4% | 4.2% | 2.3% | 4.4% | 2.2% |
| Other Income | Accelerating | 114 | 70 | 52 | 96 | 130 | 129 | 99 | 120 | 105 | 111 |
| Interest | Stable | 34 | 34 | 37 | 39 | 34 | 34 | 33 | 31 | 28 | 27 |
| Depreciation | Stable | 189 | 183 | 187 | 178 | 147 | 142 | 142 | 131 | 119 | 200 |
| Profit Before Tax | Volatile | 30 | 67 | 37 | -53 | 90 | 72 | 24 | 9 | 53 | -71 |
| Tax | Volatile | -2 | -5 | -3 | -3 | -1 | -1 | -1 | -2 | -1 | -2 |
| Net Profit | Volatile | 32 | 72 | 40 | -50 | 91 | 73 | 25 | 10 | 54 | -68 |
| Net Margin | Volatile | 1.1% | 2.5% | 1.4% | -2.0% | 4.0% | 3.3% | 1.1% | 0.5% | 2.5% | -3.3% |
Key Takeaways
- Revenue from operations grew 27.8% YoY to ₹29,307 million, driven by strong volumes in Express and PTL segments.
- The company maintained consolidated net profitability for the fifth consecutive quarter at ₹319 million, despite increased freight and handling costs.
- Strategic consolidation of Ecom Express (fully acquired in Dec 2025) and Spoton is now reflected in the restated financials, validating the large-scale integration model.
- Board approved a significant investment of up to ₹50 crores in Delhivery Financial Services to expand into NBFC activities.
- Re-appointment of Sahil Barua as CEO and Kapil Bharati as CTO for five-year terms underscores leadership stability through 2031.
- Capital efficiency continues to improve with CapEx as a percentage of revenue dropping to 4.7% in the preceding full year.
- Supply Chain Services (SCS) has decisively pivoted to profitability, reaching a 10.9% service EBITDA margin on a consolidated basis.
Management Guidance
Management is focused on deploying cash flows from core transport into long-cycle bets including cross-border logistics, rapid delivery, and financial services. The company expects to continue leveraging its AI and robotics moat to maintain market leadership.
Sentiment Shift
Stable
While net profit declined sequentially due to seasonal fluctuations and expense increases, the company remains firmly profitable with strong YoY revenue growth following major acquisitions.
Outlook
The outlook remains robust as the company integrates the Ecom Express acquisition to enhance scale. Future growth is expected from high-margin supply chain mandates and the rollout of the financial services subsidiary.
From the Annual Report (Key Quotes)
“Under Sahil Barua's leadership, the Company achieved net profitability in the financial year 2025-26, validating its long-term business model.”
“FY26 has been a bellwether year for Delhivery... reaching about 2 million metric tons of freight in our part truck load business.”
“The cash flows from core transport are now being deployed with discipline into our next growth pillars.”
Official Quarterly Documents
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This summary is AI-generated from Delhivery Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.