Delhivery Limited · NSE:DELHIVERY

Delhivery — Q2 FY26 Earnings Presentation

21 slides from Delhivery's earnings presentation, Nov 5, 2025

  1. Slide 1: Investor Presentation Filing Letter to BSE and NSE

    Date: November 05, 2025 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers, Limited Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 India Bandra (E), Mumbai – 400 051 India Scrip Code: 543529 Symbol: DELHIVERY Sub: Investor Presentation for the

  2. Slide 2: Earnings Presentation Q2 FY26

    Earnings Presentation Q2 FY26

  3. Slide 3: Safe harbour and disclaimer

    Safe harbour and disclaimer This Presentation is prepared by Delhivery Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any particular person and nothing in it shall be construed as an invitation, offer, solicitation, r

  4. Slide 4: Strong start to the festive season

    Strong start to the festive season 3

  5. Slide 5: Financial highlights

    Financial highlights(1) Q2 FY26 H1 FY26 ₹2,546 Cr ₹150 Cr / 5.9% ₹4,840 Cr ₹299 Cr / 6.2% Revenue from services EBITDA / margin Revenue from services EBITDA / margin YoY: 16.3% / QoQ: 11.0% Q2 FY25: ₹57 Cr / 2.6% YoY: 11.0% H1 FY25: ₹154 Cr / 3.5% Q1 FY26: ₹149 Cr / 6.5% 246 Mn 477K Tons 453 Mn 935K

  6. Slide 6: Key operational metrics

    Key operational metrics As of end of / for the period Q2 FY25 Q1 FY26 Q2 FY26 Pin-code(1) 18,775 18,857 18,830 Countries and territories served(2) 220+ 220+ 220+ No. of Active Customers(3) 38,044 43,022 48,442 Infrastructure (in million sq ft.) 19.48 20.36 22.05(4) Gateways 119 119 123 Automated sor

  7. Slide 7: Q2 FY26 performance

    Q2 FY26 performance Revenue from services(1) Express Parcel revenue Express Parcel shipments (₹ Cr) YoY: 16% (₹ Cr) YoY: 24% (Mn) YoY: 32% QoQ: 11% QoQ: 15% QoQ: 18% 2,546 246 1% 1,611 1,403 208 2,294 7% 1,298 185 2,190 0% 0% 6% 9% 9% 6% 7% 21% 22% 22% Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26

  8. Slide 8: Q2 FY26 performance

    Q2 FY26 performance Revenue from services(1) Supply Chain Services revenue FTL Service revenue (₹ Cr) YoY: 16% (₹ Cr) (₹ Cr) YoY: (5%) YoY: (14%) QoQ: 11% QoQ: (17%) 2,546 QoQ: 1% 1% 197 205 2,294 7% 170 158 2,190 0% 148 150 0% 6% 9% 9% 6% 7% 21% 22% 22% Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY

  9. Slide 9: Service line-wise profitability

    Service line-wise profitability ₹ Cr Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 FY24 FY25 H1 FY26 Revenue from services(1) 1,930 1,942 2,194 2,076 2,172 2,190 2,378 2,191 2,290 2,536 8,142 8,931 4,826 Total service EBITDA 196 201 306 238 258 203 256 271 298 334 9

  10. Slide 10: Profit after tax

    Profit after tax(1) (₹ Cr) (89) (103) 12 (69) 54 10 25 73 91 59 (249) 162 150 3.8% 3.1% 3.0% 2.4% 2.2% 1.7% 1.0% 0.5% 0.4% -3.1% -2.9% -4.4% -5.0% (1) (2) (1) Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 FY24 FY25 H1 FY26 FY24 FY25(2) FY26 (1) Excluding impact of E

  11. Slide 11: Update on Ecom Express acquisition

    Update on Ecom Express acquisition • Acquisition completed on July 18th, 2025; financial consolidation effective from this date Transaction • Final purchase consideration post adjustments as per transaction terms: ₹1,369 Cr • Volume manifestation at Ecom ceased during Q1 FY26; non-express businesses

  12. Slide 12: Continued improvement in working capital position

    Continued improvement in working capital position Net Working Capital (Days) 48 37 38 27 22 21 16 88 77 74 (1) 62 (1) (1) 59 57 (1) 53 40 39 37 35 37 36 37 Mar '21 Mar '22 Mar '23 Mar '24 Sep '24 Mar '25 Sep '25 Receivable days Payable days Net Working Capital Days (Receivable days – Payable days) N

  13. Slide 13: Reducing capex intensity

    Reducing capex intensity 9.0% 7.5% 7.2% 6.8% 7.8% 7.4% 5.2% 6.6% 5.1% 1.6% 0.5% 0.4% 1.1% 0.6% 1.1% 1.7% 0.5% 1.6% 3.5% 1.9% 1.3% 2.8% 0.4% 0.5% 2.0% 2.0% 1.7% 1.1% 1.2% 2.1% 1.9% 1.3% 1.2% 1.0% 1.7% 1.4% 2.7% 1.7% 0.8% 0.6% 1.0% 0.2% 1.2% 2.3% 1.8% 2.1% 1.9% 2.1% 1.9% 1.2% 1.2% 1.4% 0.1% 0.2% (1) (

  14. Slide 14: Appendix

    Appendix 13

  15. Slide 15: Quarterly financial performance

    Quarterly financial performance Q2 FY26 ₹ Cr Q2 FY25 Q1 FY26 Q2 FY26 (mgmt. QoQ%(2) YoY%(2) estimates)(1) Income Revenue from services 2,190 2,294 2,559 2,546 11.0% 16.3% Other income 120 130 92 92 -29.2% -23.0% Total income 2,309 2,424 2,652 2,638 8.9% 14.3% Expense Total freight, handling and serv

  16. Slide 16: Improvements in cost structure

    Improvements in cost structure Q2 FY26 ₹ Cr Q2 FY25 Q1 FY26 Q2FY26 (mgmt. FY24 FY25 estimates)(1) Freight, Handling and Servicing Costs(2) 1,638 1,638 1,843 1,814 5,971 6,535 % of Revenue from services 74.8% 71.4% 72.0% 71.2% 73.3% 73.2% Line haul expenses 720 684 715 712 2,684 2,888 % of revenue 32

  17. Slide 17: Adjusted EBITDA bridge

    Adjusted EBITDA bridge ₹ Cr Q2 FY25 Q1 FY26 Q2 FY26 FY24 FY25 H1 FY26 Remarks Total revenue from services 2,190 2,294 2,559 8,142 8,932 4,853 Less: Freight, handling and 1,638 1,638 1,843 5,971 6,535 3,481 servicing costs Less: Employee benefit 349 353 426 1,437 1,376 778 expenses Less: Other expens

  18. Slide 18: Consolidated Balance Sheet

    Consolidated Balance Sheet Total cash balance: ₹ 4,223 Cr Equity and Liabilities (₹ Cr) Mar ‘25 Sep ‘25 Assets (₹ Cr) Mar ‘25 Sep ‘25 Total equity 9,432 9,529 Non – current assets Non – current liabilities Non – current cash equivalents(1) 1,433 1,351 Borrowings 2 20 Property, plant and equipment (i

  19. Slide 19: Consolidated Cash flow summary

    Consolidated Cash flow summary ₹ Cr FY25 H1 FY26 Net cash from / (used in) operating activities 567 215 Cash generated from / (used in) operations 593 273 Cash operating profit / (loss) before working capital changes 617 373 Changes in net assets(1) (25) (100) Income taxes (paid) / refund (25) (58)

  20. Slide 20: Employee Stock Options

    Employee Stock Options(1) ESOP split Estimated P&L charge (non-cash) for ESOPs already granted % of shares Total outstanding on a fully Cost of Cost of time-based diluted basis ₹ Cr performance-based options(4) options(5) ESOPs granted, of which Vested (unexercised) 47,12,062 0.6% FY26 98 12 Unveste

  21. Slide 21: For any queries, please write to us at ir@delhivery.com

    For any queries, please write to us at ir@delhivery.com

Delhivery — Q2 FY26 Earnings Presentation on 6ix