Delhivery's ₹40.6 Crore Q2 Profit Swing Is ₹91 Crore, and ₹90 Crore Is the Integration Cost That Stopped

Delhivery reported a consolidated net profit of ₹40.6 crore for the September 2026 quarter against a ₹50.5 crore loss a year earlier, on operating revenue of ₹3,066 crore, up 19.8%, according to Entrackr and Inc42. The swing from loss to profit is ₹91.1 crore. Integration costs from the Ecom Express acquisition were ₹90 crore in the year-ago quarter and nil in this one, Inc42 reports.

That near-match is the story of the quarter. The reported profit change is almost wholly an accounting line ending, and the underlying business moved less than the headline suggests.

The ₹90 crore that explains the swing

Inc42 says pre-tax profit was ₹39 crore against a pre-tax loss of ₹53.2 crore, and that a ₹1.6 crore net tax credit lifted net profit to ₹40.6 crore. Quarter on quarter, profit rose 27.4% from ₹31.9 crore in Q1 FY27, when integration costs were ₹17 crore.

Inc42 also gives a profit figure that excludes the acquisition's impact: ₹59 crore in Q2 FY26 and ₹62 crore in Q1 FY27. Read against those, the reported ₹40.6 crore is below the ex-acquisition figure for the year-ago quarter. The article does not give a comparable ex-acquisition number for this quarter, so the comparison stops there.

Q2 FY27 vs Q2 FY26	Q2 FY27	Q2 FY26
Operating revenue	₹3,066 crore	₹2,559 crore
Net profit	₹40.64 crore	₹50.50 crore loss
Integration cost	Nil	₹90 crore
Reported EBITDA	₹205 crore	₹68 crore

Adjusted EBITDA is ₹82 crore lower than reported

Inc42 gives adjusted EBITDA of ₹123 crore, up 48%, at a 4% margin against 3.3%. Reported EBITDA was ₹205 crore, a 6.7% margin against 2.7%. The ₹82 crore gap between the two is not itemised in either report, and with integration costs at nil it cannot be those costs. The company's filing would show what is being adjusted out.

Revenue per parcel is falling

Express parcel shipments were 325 million, up 32.1%, and express revenue was ₹1,961 crore, up 21.7%, per Inc42. Dividing revenue by shipments gives about ₹60.3 a parcel. Working back from the growth rates, the year-ago figure is about ₹65.5, so revenue per parcel fell roughly 8%. These are derived numbers, not company disclosures.

Part-truckload revenue was ₹672 crore, up 23.1%, on 5.45 lakh metric tonnes, up 14.2%, so revenue per tonne rose. The two businesses are moving in opposite directions on price.

Costs and what management says next

Freight, handling and servicing costs were ₹2,195 crore, up 19.1% and 70.97% of total expenses, according to Entrackr. Employee costs were ₹446 crore, up 4.7%, well below revenue growth. Total expenses rose 14.2% to ₹3,093 crore, against revenue growth of 19.8%, which is where the margin came from.

Inc42 reports guidance of a 16% to 18% EBITDA margin for express and above 15% for part-truckload by the end of FY27. Against a 4% adjusted group margin this quarter, that is a large step. It also reports a plan to deploy 100 self-developed autonomous pallet vehicles by Q4 FY27, and that the board approved up to ₹36 crore of equity in Delhivery Fintech Distribution.

Shares closed 3.02% lower at ₹386 on the BSE, Inc42 reports. Entrackr puts market capitalisation at ₹29,831 crore, about 2.4 times this quarter's operating revenue annualised to ₹12,264 crore. Comparable results from listed new-age companies include Meesho's Q2 loss, and the market's reaction to a listing can be seen in Zetwerk's debut.

The next test is Q3 FY27, the first full quarter with no integration costs on either side of the comparison.