1. Opening Hook
Remember when logistics used to be boring spreadsheets and trucks? Delhivery just turned it into a Marvel sequel — “The Integration Strikes Back.” With Ecom Express now under its belt and festive season madness fueling volumes, the company is moving more parcels than Gen Z moves through dating apps. But here’s the kicker — it’s finally making real money while doing it. Sahil Barua and team claim it’s “operational stability,” but you can smell the flex.Keep reading — the numbers start to sound like punchlines later.
2. At a Glance
- Revenue ₹2,546 Cr (+16% YoY):Growth couriered faster than your Amazon One-Day order.
- EBITDA ₹150 Cr (vs ₹57 Cr):CFO swears it’s not accounting yoga.
- PAT ₹59 Cr (vs ₹10 Cr):Profits finally found their delivery address.
- Margins 5.9%:Even fuel prices couldn’t deflate this ride.
- Cash ₹4,200 Cr:Enough to buy every toll booth between Delhi and Chennai.
- Express Shipments 246 Mn (+32.5% YoY):When Delhivery says “high volume,” they mean it literally.
3. Management’s Key Commentary
Sahil Barua:“We completed Ecom Express integration with operational stability.”(Translation: For once, an Indian merger didn’t look like a WhatsApp family group argument.)
Vani Venkatesh:“EBITDA margins jumped from 2.2% to 5.9%.”(She’s basically saying, ‘We finally found the profit switch.’)
Barua:“We’re within our ₹300 Cr integration cost envelope.”(A rare case where management didn’t tear the envelope.)
Vani:“Supply Chain Services margins grew from -4.4% to +12.8%.”(Somewhere, their warehouse managers are doing a victory dance.)
Barua:“Express margins can go beyond 18%.”(If logistics had a gym, Delhivery’s margins just bulked up.)
Vivek Pabari:“Working capital is now under 20 days.”(Basically, customers are paying before the parcels even reach them 😏)
Barua:“We hit 7.2 million shipments in a single day.”(Meanwhile, half of India couldn’t even find their Swiggy rider.)
4. Numbers Decoded
| Metric | Q2FY26 | YoY Change | Comment |
|---|---|---|---|
| Revenue from Services | ₹2,546 Cr | +16% | Growth without sorcery |
| Express Shipments | 246 Mn | +32.5% | Ecom + Festive = fireworks |
| EBITDA | ₹150 Cr | 3x | Margins no longer an endangered species |
| PAT | ₹59 Cr | +490% | Finally cashing the cheque |
| EBITDA Margin | 5.9% | +370 bps | “Efficiency unlocked” mode on |
| PTL Volume | 477K Tons | +12% | Steady truckloads |
| Supply Chain Revenue | ₹170 Cr | -14% | Voluntary diet plan for profits |
| Supply Chain Margin | 12.8% | +1,720 bps | Transformation goals achieved |
➡ Profitability up, integration costs down, and working capital leaner than a startup founder’s wallet.
5. Analyst Questions
BofA:“Why aren’t express margins higher post-acquisition?”Barua:“We’re holding back generosity — let others sweat first.”
Morgan Stanley:“Will PTL hit 20% growth?”Barua:“Yes, unless GST gremlins come back.”
Macquarie:“Does 7.2M parcels/day mean idle capacity?”Barua:“No, just Monday trauma — Sundays are lazy too.”
Bank of India Analysts:“Employee cost up ₹40 Cr — sustainable?”CFO:“Nah, those riders don’t stay peak forever.”
Retail Investors (mentally):“So…profit delivery on time?”Team:“Package arriving ahead of schedule.”
6. Guidance & Outlook
Management’s vibe:“Q3 is our Super Bowl.”
- Expect festive overflow to lift express volumes further.
- Integration
