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Delhivery Ltd

Q2 FY26Transport Services

Delhivery Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹451
Market cap₹35.2K Cr
P/E197.3
Updated23 Aug 2026
Read4 min read

The short version

Delhivery expects continued significant growth, especially in the Express business (Q2 showed 32% YoY volume growth). Delhivery expects continued growth across core businesses, particularly in Express and PTL segments.

From Delhivery Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Delhivery expects continued significant growth, especially in the Express business (Q2 showed 32% YoY volume growth).
  • PTL (Part Truck Load) business aims for around 20% volume growth over 24 months, though first half was about 15%, with potential pent-up demand in H2.
  • Organic growth in Delhivery volumes is estimated north of 15%, with direct-to-consumer and SME volumes growing 40% YoY.
  • Market growth for express parcel industry anticipated at 15-20%, with Delhivery aiming to outperform through market share gains.
  • Ecom Express acquisition contributes to volume and margin improvements; volume retention from Ecom Express is about 45-50%.
  • Overall capacity utilization and yield improvements across network expected to further drive revenue growth.
  • Profitability-focused pivots in supply chain services show positive trends supporting sustainable growth.

Profitability & Margins

See what Delhivery Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • H1 FY26 capex intensity was 5.1%, down from 6.6% same period last year, trending towards a long-term goal of about 4% capex intensity.
  • Capex investments are heavier in H1 compared to H2, with expectations to end the year with even better capital efficiency.
  • Investments in two new businesses: Rapid Commerce (sub two-hour delivery) and Delhivery Direct (on-demand intracity service).
  • Current investment in Rapid Commerce and Delhivery Direct is about Rs. 15 crores in Q2 FY26.
  • Rapid Commerce currently operates 20 dark stores in 4 cities, expanding to 5 cities by Q4.
  • Capex for these new businesses is moderate, with a strategic focus on reducing delivery costs and scaling these services.
  • No mention of large new facility or massive capital expenditure; instead, focus on network engineering and technology integration to improve margins and service capabilities.

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Ranked on what management guided this quarter

5x potential
1Ritco Logistics
Rev 1Mar 2
2Shadowfax Technologies
Rev 1Mar 3
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 2Mar 1
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what Delhivery Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript from Delhivery Ltd.'s Q2 FY26 Earnings Call does not specifically mention current or expected orderbook or pending orders in explicit numbers or terms. However, relevant points related to volumes and growth expectations include: - Express business showed a significant volume growth with around 91 million to 107 million consignments processed monthly in recent quarters. - October volumes were similar or better than September, indicating strong volume momentum. - The PTL business volume grew 11% with 3% yield growth. - Organic growth in Delhivery volumes (excluding some segments) was estimated north of 15%. - The company expects continued volume momentum into Q3 and Q4 with improved asset utilization. - Current focus includes managing capacity and building network utilization, not dependent solely on 20% growth for margin targets. No direct quantitative data on orderbook or pending orders was provided on page 36 or surrounding pages.

Delhivery Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹2.9K Cr, net profit ₹72 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Delhivery's management said in earlier quarters

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Frequently Asked Questions

What were Delhivery Ltd Q2 FY26 results?

Delhivery expects continued significant growth, especially in the Express business (Q2 showed 32% YoY volume growth). Delhivery expects continued growth across core businesses, particularly in Express and PTL segments.

What is Delhivery Ltd share price analysis?

Delhivery Ltd currently shows a neutral. The stock trades at a P/E of 197.3 with a market cap of ₹35,224 Cr. Investors should review the full earnings analysis for detailed insights.

Is Delhivery Ltd planning capital expenditure?

H1 FY26 capex intensity was 5.1%, down from 6.6% same period last year, trending towards a long-term goal of about 4% capex intensity. - Capex investments are heavier in H1 compared to H2, with expectations to end the year with even better capital efficiency. - Investments in two new businesses: Rapid Commerce (sub two-hour delivery) and Delhivery Direct (on-demand intracity service). - Current investment in Rapid Commerce and Delhivery Direct is about Rs.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.