Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹2,559 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹150 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Delhivery reported a strong Q2 FY26 with revenue of ₹2,546 crore (+16% YoY) and EBITDA of ₹150 crore (+163% YoY), driven by 32% YoY growth in express parcel volumes to 246 million shipments and successful integration of Ecom Express. The core express parcel service EBITDA margin held at 15.3%, while supply chain services margins improved sharply to 12.8% from -4.4% a year ago. Management guided that integration costs will be materially below the ₹300 crore envelope, with only ₹100-110 crore remaining over the next two quarters. The company expects express parcel margins to reach 16-18% over 24 months, aided by market share gains and industry consolidation. Risks include potential yield compression from parcel mix shifts and elevated employee costs during peak season.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the target of 16-18% service EBITDA margin for the express parcel business, with potential to exceed 18% if pricing benefits are retained.
- Total integration costs for Ecom Express will be significantly lower than the original ₹300 crore estimate, with ₹90 crore incurred in Q2 and ₹100-110 crore expected over the next two quarters.
- Despite H1 growth of 15%, management expects full-year PTL volume growth to be close to 20%, driven by strong October and Q4 seasonal peak.
- H1 FY26 CapEx intensity was 5.1% (down from 6.6% YoY), and management expects further improvement towards the 4% long-term goal.
Risks flagged
- Express parcel yield is a function of mix; a shift toward lower-weight parcels could reduce revenue per shipment, impacting margins.
- Employee expenses rose due to peak season hiring; if volume growth moderates, fixed costs could pressure margins.
- While management expects costs below ₹300 crore, any delays in facility exits or contract terminations could increase integration expenses.
- Platforms like Meesho's Valmo continue to build in-house logistics, potentially limiting Delhivery's market share gains.
Key quotes
- Our core businesses are growing healthily. The orientation towards profit has been solid. All the metrics are in the right direction as far as the core businesses are concerned.
- I think choosing what to buy in this space is very, very important. There is sort of no price at which that asset makes sense for us because I think buying a forward moving PTL network with volumetric assets is the easy part. Making it make money is very hard.
- We are more efficient both at an unbundled level as well as at a bundled level compared to the pricing that we have seen in the market.
Research modules