Delhivery Ltd, India's largest integrated logistics provider, delivered a sharp turnaround in the second quarter of the 2026-27 financial year, posting a consolidated profit after tax of ₹40.6 crore compared with a loss of ₹50.3 crore in the same quarter last year . The results, filed with stock exchanges on October 30, were met with an enthusiastic market response on Monday, November 2, with the company's shares rallying as much as 9.6% to hit an intraday high of ₹423.35 on the BSE before settling at around ₹417 by late morning .
The Gurugram-based company's revenue from operations advanced 19.8% year-on-year to ₹3,066.3 crore during the quarter, up from ₹2,559.3 crore in the September quarter of FY26 . This marked the first time Delhivery's quarterly revenue crossed the ₹3,000 crore threshold, a milestone management highlighted as significant for the company's scale trajectory . On a sequential basis, profit grew from ₹31.9 crore reported in the June quarter of FY27, indicating steady improvement in operating performance .
The strongest operational driver was Delhivery's express parcel business, which recorded a 32% year-on-year increase in volume to 325 million shipments, with revenue from the segment growing 22% to ₹1,961 crore . The part truckload (PTL) business also contributed positively, with volume rising 14% to 545,000 metric tonnes and revenue growing 23% year-on-year . Combined transport revenue reached ₹2,633 crore, up 22.1% year-on-year .
Profitability metrics showed meaningful expansion. EBITDA more than tripled to ₹204.7 crore from ₹68.2 crore in the year-ago period, with the margin expanding to 6.7% from 2.7% . Adjusted EBITDA, which excludes certain items, stood at ₹123 crore with a 4.0% margin, compared to ₹83 crore and 3.3% in Q2 FY26 . Net working capital days improved dramatically to just 5 days from 17 a year earlier, reflecting better receivables management .
Management attributed the improved profitability to early returns on artificial intelligence investments, which have enhanced sales productivity, customer onboarding, and fraud detection. "Despite a volatile macro environment due to rising fuel prices, labour availability issues and multiple statutory changes, network service levels heading into the festive season have been the best we have recorded, while profitability improved," the company said in a statement . Delhivery also noted that October volumes were ahead of expectations, positioning the company at the upper end of its 20-30% B2C volume growth guidance for FY27 .
Brokerage reactions were largely positive, though target prices varied. JPMorgan maintained an overweight rating with a target of ₹590, citing strong express parcel volumes and improved PTL margins, and raised its FY27 EPS estimate by 10.9% . Jefferies retained a Buy rating but cut its target to ₹470 from ₹540, noting that adjusted EBITDA beat estimates by 23% despite the deferred festive season, while flagging Meesho insourcing as a medium-term risk . Kotak maintained a fair value of ₹550, and Citi set a target of ₹545, both citing improving yields and margin expansion . Elara Capital was more bullish, reiterating a Buy with a target of ₹620 .
The results come as India's logistics sector enters its busiest period of the year, with e-commerce order volumes projected to rise 27% during the festive season. Delhivery's improving cost structure and network service levels position it favorably to capture seasonal demand while sustaining profitability. The company ended the quarter with a cash balance of ₹4,676 crore and serves over 59,000 clients across e-commerce, express parcel, PTL, warehousing, and supply chain solutions . Its board also approved an investment of up to ₹36 crore in wholly owned subsidiary Delhivery Fintech Distribution Private Limited, signaling continued diversification beyond core logistics .