Delhivery Q1 FY27 Results (NSE: DELHIVERY)
Signal: Steady quarter
The read
The trajectory is mixed: revenue growth accelerated to +27.8% YoY and exceeded the recent Q1FY26 growth rate of +5.6%, but profit conversion sharply deteriorated, with profit before associate contribution, exceptional items and tax down 65.8% YoY to ₹332.43 million as freight costs grew 31.4%; the ₹1,141.13 million other-income contribution makes the ₹319.06 million PAT lower quality than the headline revenue growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,930.73 Cr | +27.8% | +2.8% |
| Net profit | ₹31.91 Cr | -64.9% | |
| EPS | ₹0.43 | -64.8% |
P&L walk
Revenue increased to ₹29,307.30 million, +27.8% YoY and +2.8% QoQ, but freight costs rose faster at +31.4% YoY; profit before associate contribution, exceptional items and tax fell to ₹332.43 million, -65.8% YoY, while a ₹29.97 million associate loss and ₹1,141.13 million other income shaped the ₹319.06 million PAT.
Segments
There is no reported segment table; the material divergence is between standalone profit before exceptional items and tax of ₹781.99 million and consolidated profit before exceptional items and tax of ₹302.46 million, reflecting subsidiary and associate drag.
Key positives
- Revenue from operations reached ₹29,307.30 million, +27.8% YoY, accelerating materially from Q1FY26’s +5.6% growth.
- Employee benefits expense rose 21.6% YoY to ₹4,289.64 million, 6.2 percentage points slower than revenue growth.
- Finance costs declined 0.6% YoY to ₹337.90 million despite revenue growth.
- The group is funding a wholly owned NBFC subsidiary with investment of up to ₹500 million, expanding beyond core logistics into financial services.
Key concerns
- Freight, handling and servicing costs rose 31.4% YoY to ₹21,521.62 million, outpacing revenue growth by 3.6 percentage points and weakening operating conversion.
- Profit before share of associate, exceptional items and tax fell 65.8% YoY to ₹332.43 million despite 27.8% revenue growth.
- The associate swung from a ₹94.72 million profit in Q4FY26 to a ₹29.97 million loss in Q1FY27, creating a ₹124.69 million sequential drag.
- Consolidated PAT of ₹319.06 million was supported by other income of ₹1,141.13 million, which was more than 3.4 times profit before associate contribution, exceptional items and tax.
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