General Updates

Date: October 30, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, 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: Letter to Shareholders on financial results for the quarter and half year ended September 30, 2026 Dear Sir/ Madam, Please find enclosed herewith the letter to shareholders dated October 30, 2026 on the financial results for the quarter and half year ended September 30, 2026, in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This disclosure will also be hosted on the Company’s website at www.delhivery.com as per the provisions of the SEBI Listing Regulations. You are requested to take this on record. Thank you. Yours sincerely, For Delhivery Limited Madhulika Rawat Company Secretary & Compliance Officer Membership No: F8765 Encl.: As above Dear Shareholders, We are pleased to present our Q2FY27 results. Overall volume and revenue momentum remained steady through the start of the annual festive period. We carried 325mn Express shipments (+32.1% YoY) and 545K MT of PTL freight (+14.2% YoY) in Q2FY27. Revenue from services stood at Rs.3,066 Cr (+19.8% YoY) and profitability improved sequentially, with Adjusted EBITDA at Rs.123 Cr (4.0% margin), growth of 62% QoQ and 48% YoY. Reported EBITDA stood at Rs.205 Cr (6.7% margin) and consolidated PAT at Rs.41 Cr (1.3% margin). Despite a volatile macro environment due to rising fuel prices, labour availability issues and multiple statutory changes - including the new labour code, revision in minimum wages, scheduled introduction of MDR on UPI payments and revision in EPFO ceiling - overall service levels across our network have been maintained at their highest levels this year, compared to any festive season, while simultaneously improving profitability. We continue to invest in technology capabilities to improve demand shaping for profitability and reliability, enhance infrastructure productivity, reduce dependence on labour in under-the-roof operations and simplify customer experience. Some of our early investments in AI capabilities are beginning to bear fruit, reflecting in faster development cycles, improved sales productivity and customer onboarding, faster resolution of claims and disputes and fraud detection. Delhivery Maps has delivered ~$1M of internal savings and now includes 13 new APIs that enable a wide range of location intelligence based use cases for enterprise customers across banking/financial services, e-commerce, field operations and logistics. Delhivery Labs has also commenced production of customized autonomous mobile robots for in-facility movement. We have also begun testing proprietary robotics systems across under-the-roof operations, in partnership with global leaders in the physical AI domain. Our new businesses are ramping up faster than originally planned. Delhivery Local is now live across 8 cities and is on track to exceed our previously guided annual revenue run rate of Rs. 250 Cr by Q4FY27, along with improved contribution margins. Financial Services has also begun early monetisation of our vendor ecosystem, and is developing co-lending partnerships with an objective to broaden financial access for our vendor partners through an asset-light approach. Capital expenditure stood at 4.8% of revenue in H1FY27, well on track to stabilize within our overall guidance of <5% of revenue. Net working capital position at 5 days as of Sep’26 has also improved materially versus 11 days as of Mar’26. We also continue to maintain a strong cash balance of Rs.4,676 Cr as of quarter end. Having navigated a complex environment, we remain confident that our momentum and investments will enable us to deliver sustained service excellence alongside improvements in revenue and profitability. As always, we remain committed to being patient, disciplined and thoughtful stewards of your capital and thank you for your continued trust and support. 325 Mn 545K MT ₹3,066 Cr Express parcel shipments PTL freight tonnage Revenue from services YoY: 32.1% / QoQ: 0.8% YoY: 14.2% / QoQ: 0.7% YoY: 19.8% / QoQ: 4.6% ₹123 Cr / 4.0% ₹205 Cr / 6.7% ₹41 Cr / 1.3% Adj. EBITDA / Adj. EBITDA margin EBITDA / EBITDA margin PAT / PAT margin Q2FY26: ₹83 Cr / 3.3% Q2FY26: ₹68 Cr / 2.7% Q2FY26: (₹51 Cr) / (1.9%) Q1FY27: ₹76 Cr / 2.6% Q1FY27: ₹142 Cr / 4.9% Q1FY27: ₹32 Cr / 1.0% Note - (1) PAT for Q2FY26 & Q1FY27 excluding impact of Ecom Express acquisition was ₹59 Cr and ₹62 Cr respectively We have addressed key questions about operational and financial performance in Q2FY27 and future outlook below. 1. Express volume growth at 32% YoY is at the higher end of the guidance previously given for full year FY27. With part of the festive season already done, what are the expectations for the rest of FY27? Express volumes grew 32% YoY in Q2FY27 and 43% YoY in H1FY27, reflecting continued market share gains and the strength of our value proposition across a broad and diversified customer base. While it remains early to comment on the remainder of Q3FY27, October volumes have exceeded our initial expectations, providing an encouraging start to Q3. Looking ahead, we are focused on four key initiatives to sustain growth through the rest of FY27 and beyond : ● Expanding geographic reach of our same-day and next-day delivery network to enhance service levels for clients and consumers ● Deepening adoption of our integrated fulfillment offering, combining warehousing and transportation services for vertical e-commerce customers - further enhancing same-day and next-day delivery ● Broadening our aggregator and franchise partner programs ● Enabling new products and value added services in Delhivery One and Delhivery Direct to drive acquisition of SME and micro-SME customers and consumers 2. Express and PTL realizations improved by 4.1% and 5.6% QoQ, respectively. What has driven this increase? Higher realizations in Express and PTL were mainly driven by implementation of fuel-linked price increases triggered on account of diesel-rate increases which happened in Q1FY27. We have also successfully concluded price revisions to cover for minimum wage inflation in several states in previous quarters. Of the PTL yield improvement of ~65p (QoQ), a lesser portion has been driven by fuel linked price revisions and a significant remainder by new customer acquisition, proactive repricing measures taken across existing customer base and improving customer and shipment profile in the network. Consistent application of pricing power resulting from the leadership position we have achieved in the industry will continue to be a key driver of margin expansion going forward as we continue to build a fast and reliable network. 3. With a dynamic macro environment, what is the expected outlook for Service EBITDA margins for Express and PTL businesses for the rest of FY27? We expect Service EBITDA margins for both Express and PTL to continue to expand through Q3FY27, driven by pricing revisions and higher network utilization. Q4FY27 is expected to be a peak quarter for our PTL business, which will continue to enable high network utilization. Accordingly, we expect Express to end FY27 in the 16-18% Service EBITDA margin range while PTL margins should expand to 15%+ by exit FY27. 4. Supply Chain Services (SCS) and Full Truckload (FTL) have improved margins QoQ. What is driving that? SCS profitability experienced a temporary dip in Q1FY27 due to inflation in fuel and labor costs and initial build-up costs during the launch phase of new contracts. Price revisions have been completed in Q2FY27 and new operations have also been stabilized, resulting in business profitability returning to expected levels. Further profitability growth is expected to come through ongoing transportation-mix optimization and optimal freight procurement driven by our agen [Showing first 8,000 characters — download PDF for full document]