Delhivery Limited returned to profit for the quarter ended Sept. 30, 2026, as parcel growth lifted revenue and reported EBITDA nearly tripled, while adjusted EBITDA rose at a slower pace.
Revenue from operations climbed 19.8% to ₹30.66 billion from ₹25.59 billion a year earlier. Consolidated net profit was ₹406.4 million, compared with a ₹504.9 million loss in the same quarter last year. The board approved the unaudited results Friday, Oct. 30, the company said in its filing.
Reported EBITDA reached ₹2.05 billion, up from ₹680 million, and its margin increased to 6.7% from 2.7%. Adjusted EBITDA rose 48% to ₹1.23 billion from ₹830 million, with its margin widening to 4% from 3.3%, according to the shareholder letter.
Delhivery said Express parcel shipments advanced 32.1% to 325 million. Part Truckload (PTL) freight volume rose 14.2% to 545,000 metric tonnes.
The prior-year profit comparison carries a caveat tied to the Ecom Express acquisition. Delhivery said profit after tax in Q2 FY26 would have been ₹590 million without the acquisition’s effects; the reported result was a ₹504.9 million loss.
The company attributed higher realizations in Express and PTL partly to fuel-linked price increases after diesel rates rose in Q1 FY27. It also cited earlier price revisions intended to cover minimum-wage inflation in several states, along with rising fuel prices, labor availability issues and statutory changes as operating pressures. Delhivery said network service levels were at their highest this year compared with previous festive seasons.
In its shareholder letter, Delhivery said, “October volumes have exceeded our initial expectations, providing an encouraging start to Q3.” It expects Express service EBITDA margins to reach 16% to 18% by FY27 year-end and PTL margins to exceed 15%. The company expects both service margins to expand through Q3, citing price revisions and higher network utilization.
