Delhivery Limited

32%

Delhivery Ltd. Q2 FY26 Earnings Call Nov 5, 2025 and Express volumes have grown 32% year on year. We broke several records along the way, crossing over 100 million transportation ord

100 million

Express volumes have grown 32% year on year. We broke several records along the way, crossing over 100 million transportation orders in September, which continued in October and also reached our peak dispatch

7.2 million

ansportation orders in September, which continued in October and also reached our peak dispatch of 7.2 million orders in a single day during this festive peak period. The particularly heartening part is that t

Rs. 90 crore

period. Overall, from an integration standpoint with Ecom Express, we will recognize approximately Rs. 90 crores of integration costs in this quarter and are well within our overall envelope of Rs. 300 crores,

Rs. 300 crore

ely Rs. 90 crores of integration costs in this quarter and are well within our overall envelope of Rs. 300 crores, as we had guided at the time of the acquisition. To take you through the presentation, I will

Rs. 2,546 crore

ou, Dhruv. I will quickly run us through the numbers. Our revenue from services was approximately Rs. 2,546 crores this quarter. That is a significant YoY growth of about 16% and a quarter growth of about 11%. Th

16%

ervices was approximately Rs. 2,546 crores this quarter. That is a significant YoY growth of about 16% and a quarter growth of about 11%. This came in with an EBITDA of Rs. 150 crores. Again, a massi

11%

6 crores this quarter. That is a significant YoY growth of about 16% and a quarter growth of about 11%. This came in with an EBITDA of Rs. 150 crores. Again, a massive jump. Bear in mind that this qu

Rs. 150 crore

ificant YoY growth of about 16% and a quarter growth of about 11%. This came in with an EBITDA of Rs. 150 crores. Again, a massive jump. Bear in mind that this quarter also takes in the peak-related costs. So,

Rs. 57 crore

this quarter also takes in the peak-related costs. So, compared to Q2 last year where we had about Rs. 57 crores, this has jumped up to Rs. 150 crores. So, that is 5.9% on EBITDA margin. Our express parcel sh

Rs. 150 crore

elated costs. So, compared to Q2 last year where we had about Rs. 57 crores, this has jumped up to Rs. 150 crores. So, that is 5.9% on EBITDA margin. Our express parcel shipments showed significant growth. We

5.9%

Q2 last year where we had about Rs. 57 crores, this has jumped up to Rs. 150 crores. So, that is 5.9% on EBITDA margin. Our express parcel shipments showed significant growth. We ended the quarter at

“In this quarter, you will be aware that Mrs.”

“Aruna Sundararajan will be stepping down from the Board of Delhivery.”

“Sundararajan has been on the Delhivery Board for the last three years and we have benefited immensely from her guidance.”

“Vivek Pabari, who will be taking over from Amit Agarwal as Chief Financial Officer of the company, and also place on record our gratitude to Amit.”

“Pabari will be leading the Finance Function.”

“If you look at it from a service line profitability point of view, I call your attention to the box which is shaded Q2 FY26.”

“So compared to Q2 FY25 9.3%, there's a significant expansion in margin of bringing it to about 13.2%.”

“And notice that in part truck load in the first half of FY26, we've clocked in about Rs.”

“83 crores for this quarter compared to Rs.10 crores in Q2 FY25.”

“Financially, monthly corporate overheads at Ecom have reduced by 85% from deal announcement time till end of Q2 FY26.”

Sahil Barua

40

Dhruv Jain

17

Abhishek Banerjee

11

Vivek Pabari

10

Achal Lohade

10

Koundinya Nimmagadda

8

Aditya Suresh

5

Sachin Salgaonkar

4

Sachin Dixit

4

Gaurav Rateria

2

Dhruv Jain

Hello everyone, good evening. Welcome to the 2QFY26 earnings call of Delhivery Limited, hosted by Ambit Capital. Before we start, Delhivery would like to point out that some of the statements made in today's call may be forward-looking in nature and a disclaimer to this effect has been included in the earnings presentation shared with you earlier. Kindly note that this call is meant only for investors and analysts. If there are representatives from the media, they are requested to kindly drop off this call immediately. To discuss the results, I am pleased to welcome Mr. Sahil Barua, MD and Chief Executive Officer, Mr. Amit Agarwal, Chief Financial Officer, Mr. Ajith Pai, Chief Operating Officer, Ms. Vani Venkatesh, Chief Business Officer, Mr. Varun Bakshi, SVP and Head of Part Truck Load, Mr. Navneet Kumar, SVP and Head of Supply Chain Services and Mr. Vivek Pabari, SVP and Head of Corporate Finance at Delhivery. As a reminder, all participants' lines will be in listen-only mode and pa

Sahil Barua

Thank you, Dhruv, thank you, Ambit team. Welcome to all of you who have joined and thank you for joining this evening. As always, we will begin with a short presentation and then take questions. But, before we begin, as some of you are aware, we have been in the process over the last couple of quarters of rejuvenating the Delhivery Board. As part of this, Mr. Yashish Dahiya from Policy Bazaar and Professor Padmini Srinivasan joined our board last quarter. In this quarter, you will be aware that Mrs. Aruna Sundararajan will be stepping down from the Board of Delhivery. On behalf of the entire management team and the Board of Delhivery, I would like to extend our deepest gratitude. Mrs. Sundararajan has been on the Delhivery Board for the last three years and we have benefited immensely from her guidance. Also, I would like to formally congratulate Mr. Vivek Pabari, who will be taking over from Amit Agarwal as Chief Financial Officer of the company, and also place on record our gratitude

Vani Venkatesh

Thank you, Sahil. Thank you, Dhruv. I will quickly run us through the numbers. Our revenue from services was approximately Rs. 2,546 crores this quarter. That is a significant YoY growth of about 16% and a quarter growth of about 11%. This came in with an EBITDA of Rs. 150 crores. Again, a massive jump. Bear in mind that this quarter also takes in the peak-related costs. So, compared to Q2 last year where we had about Rs. 57 crores, this has jumped up to Rs. 150 crores. So, that is 5.9% on EBITDA margin. Our express parcel shipments showed significant growth. We ended the quarter at about 246 million express parcel shipments. That is a huge 32.5% growth YoY and 18% growth quarter on quarter. PTL continued to demonstrate stable, steady growth at about 477K tons. Overall, we ended the quarter with a PAT of about Rs. 59 crores, which is 2.2% compared to the same quarter last year where we were at about 0.4%. That is a significant jump in the number of basis points in the profit expansion

Dhruv Jain

Thanks, Vani. We'll open the session for Q&A. Anyone who wishes to ask a question can raise their hand. The first question is from the line of Sachin Salgaonkar. Sachin, if you could just also speak about your organization name. Thanks.

Sachin Salgaonkar

Thank you. This is Sachin Salgaonkar from Bank of America. Three questions. First question, again, I wanted to understand a bit more on express parcel margins. Last quarter, before the acquisition of Ecom Express, your margins were 16%. Your shareholder letter does indicate that service EBITDA margins are expected to be in the range of 16 to 18% by the end of 2026. So how should we think about it? You know, at the low end, are there no benefits from the potential acquisition of Ecom Express? And at the high end, it's more like a two percentage point benefit in terms of acquisition of Ecom. Because one would have ideally thought, given the fact that synergies are high, margins could have, you know, further inched up. Let me pause here, and then I'll move on to other questions. Delhivery Ltd. Q2 FY26 Earnings Call Nov 5, 2025

Sachin Salgaonkar

Got it. And, you know, of course, a small follow-up on this question is what you guys are seeing from a next 24-month kind of a margin perspective. Is that a conservative way in terms of, you know, Sahil, how you guys are looking at it? Or, you know, one should think about the upside to that. So that's the first question. Second question, I wanted to better understand the Rs. 300 crore kind of envelope in terms of integration costs you guys talked about. Ideally, in acquisitions, we see these costs being front- end loaded versus distributed over a few quarters. So, any broad understanding or color in terms of how we could think about this entire distribution of a Rs. 300 crore cost, because this quarter we did see a Rs. 90 crore cost. So, I want to understand: will it be more back-end loaded or spread across the board? And third, supply chain margin. And while the opening remarks in your shareholder letter mentioned margins, what I wanted to understand is what has changed to cause marg