Earnings call transcript: Delhivery Q2 2026 revenue tops ₹3,000 crore, shares slip

Delhivery reported record revenue of ₹3,066 crore in Q2 FY 2027, a 20% increase from the previous year. Express Parcel shipments grew by 32% year over year, reaching 325 million. The company's adjusted earnings per share (EPS) came in at 0.97, below the forecasted 1.05, while revenue fell short of expectations at ₹30.1 billion compared to the projected ₹30.24 billion.

Despite the modest misses, Delhivery highlighted strong operating performance, with Express margins approaching the higher end of the 16% to 18% range. The company's revenue from services surpassed ₹3,000 crore for the first time, and PTL freight volume increased by 23.2% year over year. Management emphasized the company's growth in various segments, including Delhivery Local, Delhivery Direct, and international shipping.

Delhivery maintains a cash balance of ₹4,676 crore, outpacing its debt, which provides financial flexibility as it scales new business lines. Despite the earnings disappointment and minor revenue shortfall, the stock fell only 2.84% to $386 following the report, indicating cautious market sentiment rather than a severe reaction.