Delhivery returns to profit, but other income exceeds pre-tax profit
Revenue grew 19.81% YoY as expenses rose 14.87%, lifting operating margin by 4.02 percentage points; a tax benefit also supported net profit.
Filed 30 Oct 2026, 16:39 IST · after market close · Delhivery Ltd (DELHIVERY)
Key takeaways
- Consolidated operating profit rose +200.54% YoY as revenue grew +19.81% while expenses grew +14.87%, lifting operating margin by 4.02 percentage points.
- Net profit was Rs 40.64 cr, but other income equalled 168.30% of pre-tax profit and a -4.22% tax rate aided the result.
- Operating margin at 6.68% remained 14.82 percentage points below the 21.50% median of 25 reported Services peers.
Price around the results
Revenue growth outpaced expense growth
Delhivery reported consolidated revenue growth of +19.81% YoY, while expenses grew +14.87%. That operating leverage lifted operating profit by +200.54% and widened operating margin by 4.02 percentage points to 6.68%. Interest expense fell -12.45%, partly offsetting the +10.88% rise in depreciation.
Reported profit had a significant non-operating contribution
Depreciation of Rs 197.49 cr and interest of Rs 34.02 cr reduced operating profit of Rs 204.88 cr to pre-tax profit of Rs 38.99 cr. Other income of Rs 65.62 cr was 168.30% of pre-tax profit, making it a significant contributor to the reported result. The -4.22% tax rate also aided net profit, with the tax rate changing by -9.35 percentage points YoY.
Margin recovered YoY but remains below recent highs
Operating margin improved from 2.66% in Q2FY26, but the 6.68% reported in Q2FY27 was below 7.44% in Q3FY26 and 7.52% in Q4FY26. The margin also remained 14.82 percentage points below the 21.50% median for 25 Services peers that have reported the quarter; Delhivery ranked 8th from the bottom.
Market reaction will follow the post-close filing
The results were filed after market close, so there is no current market reaction to assess. After its last 8 results, the stock rose 3 times and fell 5 times, with a median absolute move of 4.20%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | YoY |
|---|---|---|
| Revenue | ₹3,066 cr | +19.81% |
| Other income | ₹66 cr | -31.35% |
| Expenses | ₹2,862 cr | +14.87% |
| Operating profit | ₹205 cr | +200.54% |
| Operating margin (%) | 6.68% | — |
| Interest | ₹34 cr | -12.45% |
| Depreciation | ₹197 cr | +10.88% |
| Profit before tax | ₹39 cr | — |
| Tax | ₹-2 cr | +39.56% |
| Net profit | ₹41 cr | — |
| EPS (₹) | ₹0.54 | — |
Operating margin of 6.68% compares with a Services sector median of 21.50% across 25 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 6.68% after reaching 7.52% in Q4FY26.
- Whether expense growth remains below the +19.81% revenue growth rate.
- Other income's share of pre-tax profit versus 168.30% this quarter.