- Delhivery's Q2 FY26 revenue was Rs 26 billion, up 11.6% QoQ and 16.9% YoY
- Adjusted EBITDA was Rs 830 million with a margin of 3.2%, flat QoQ, up 278 bps YoY
- Q2 FY26 loss was Rs 505 million compared to PAT of Rs 910 million in Q1 FY26
Delhivery's Q2 FY26 consolidated revenue was Rs 26 billion (up 11.6% QoQ/16.9% YoY), in line with our estimates. Adjusted Ebitda was Rs 830 million, with margin of 3.2% (flattish QoQ/up 278 bps YoY). Loss was Rs 505 million in Q2 FY26 (vs PAT of Rs 910 in Q1 FY26).
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ICICI Securities Report
Delhivery Ltd.'s express parcel volumes grew 33% YoY, with 24% YoY revenue growth. Express parcel's yield declined 3% QoQ due to inferior mix. Partial truck-load tonnage grew 12% YoY despite a 3% YoY price increase, which shows Delhivery's pricing power.
Express parcel and PTL's service-level Ebitda margin missed our estimates by ~100bps due to a premature festive capacity build-up and a week's delay in festive dispatches, following the GST rate change.
Transient costs due to the Ecom Express acquisition were Rs 900 million in Q2 FY26. Management believes that the overall integration cost will likely come in at ~Rs 2.1 billion (30% lower than initial guidance of Rs 3 billion).
We think, any correction in the stock's price should be an attractive opportunity to buy as the outlook for Delhivery remains strong given the underlying demand uplift and consolidation trend in express parcel business. Buy.
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