Transcript of Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026

Date: November 5, 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 Bandra (E), Mumbai – 400 051 India India Scrip Code: 543529 Symbol: DELHIVERY Sub: Transcript of Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026 Dear Sir, This is in continuation to our earlier letter dated October 30, 2026, regarding audio recording of the Earnings Conference Call held on October 30, 2026, at 06:00 P.M. (IST) on the performance of the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026. Please find attached herewith the transcript of the above Earnings Conference Call. The above disclosure is also being uploaded on the website of the Company at www.delhivery.com. You are requested to take the same on your record. Thank you. Yours sincerely, For Delhivery Limited Madhulika Rawat Company Secretary & Compliance Officer Membership No: F 8765 Encl: As above Delhivery Limited - Q2FY27 Earnings Conference Call October 30, 2026 Management: Mr. Sahil Barua, MD and Chief Executive Officer Ms. Vani Venkatesh, Deputy CEO Mr. Vivek Pabari, Chief Financial Officer Mr. Varun Bakshi, Chief Sales Officer Mr. Navneet Kumar, Head of Supply Chain Solutions Moderator: Mr. Dhruv Jain, Ambit Capital Dhruv Jain : Good evening everyone. Welcome to the Q2FY27 earnings call of Delhivery Limited hosted by Ambit Capital. Before we start, Delhivery would like to point out that some of the statements made in today's call may be forward looking in nature and a disclaimer to this effect has been included in the earnings presentation shared with you earlier. Kindly note that this call is meant for investors and analysts only. If there are representatives from the media, they are requested to kindly drop off this call immediately. To discuss the result, we are pleased to welcome Mr. Sahil Barua-MD and CEO, Ms. Vani Venkatesh-Deputy CEO, Mr. Vivek Babari-Chief Financial Officer, Mr. Varun Bakshi-Chief Sales Officer and Mr. Navneet Kumar-Head of Supply Chain Solutions. As a reminder, all participants' lines will be in listen mode only and participants can use the hand raise feature to ask any questions post the opening remarks. Now, I will invite Mr. Sahil Barua to take us through the highlights of the quarter and post which we will open the floor for Q&A. Thanks and over to you, Sahil. Sahil Barua : Good evening, everyone. Thank you for joining us this Friday evening and Dhruv and Ambit team, thank you for hosting us this evening. As usual, a quick summary of the quarter and then we will jump straight to Q&A. Broad summary is it has been a very satisfactory quarter. As you are aware, quarter one was a slightly challenging quarter with the volatile macro environment. But quarter two has gone more or less to plan. We have had a record quarter in terms of volumes, revenues and overall business profitability. Our express business delivered 325 million shipments in Q2FY27. So, we are up about 32% YoY. The PTL business delivered 545K metric tonnes of freight, up about 14.2% YoY. Overall revenue from services for the company crossed Rs. 3,000 Cr for the first time at Rs. 3,066 Cr for Q2FY27, which is up 20% YoY. Adjusted EBITDA came in at Rs. 123 Cr or 4% of revenue with PAT of Rs. 41 Cr. The company also continues to be extremely well capitalised with Rs. 4,676 Cr of cash on the balance sheet. Many of the improvements that we have been driving over several quarters, which is in terms of managing capital intensity, improving net working capital position of the business, and also some of our sustained investments in new businesses and frontier areas in AI engineering and technology are also beginning to play out. We have released most of this information as part of our shareholder's letter, which is now publicly available. So, with that, I will pause here. Our presentation is also up, but happy to take questions as they come up. Dhruv, over to you. Dhruv Jain : Thanks, Sahil. As a reminder, anyone who wishes to ask a question may use the raise hand feature and we will put you on. The first question is from Vijit Jain. Vijit, please go ahead. Sahil Barua : Hey, Vijit. Vijit Jain : Hi, can you hear me? Dhruv Jain : Yes, please go ahead. Vijit Jain : Yes, sorry. I was just congratulating you, but my question is on Express Parcel. You have said before that growth in FY27 would be in the 20-30% range, probably mid, even upper end of that. Sitting where you are right now, just wanted to know, are you closer to that upper end still? That's my first question. And I then wanted to follow up on a couple of things. Sahil Barua : Vijit, why don't you go through with all your questions and I'll take them all at the same time. Vijit Jain : Yeah, sure. My second question was your investments that you've mentioned here, shifting focus on more automation, ASRS, etc. When you compare all of these new investment areas in core business to things like 40 feet trucks and automated sorters that you've done before, those obviously paid off in pretty significant ways. How does this compare in terms of potential scale? And then, similarly, on the revenue side, I wanted to understand, if I look at some of these new initiatives, same day, next day expansion, Delhivery Direct, and financial services, so on, how would you scale them in terms of opportunity that you see in each of these? So, those are my questions. Thank you. Sahil Barua : Sure. Thanks, Vijit. Let me go through these as quickly as I can. So, volumes, as you can see, have been growing over 30% YoY. As things stand, the month of October has also been a pretty good month for us. And we're ahead of where we actually expected to be as of this month. Now, what's surprising, I had spoken about this in Q1 is that despite a fairly volatile macro environment, volumes have broadly held up. And so, as things stand, I don't really see any reason for us to revise our estimate of growth. In fact, we are at the moment, beyond the upper end of the 20-30% that we had guided at the start of the year. So, it looks like we should easily be. The worst case should be that we would be at the upper end of that. So, I think it's going to turn out to be a reasonable year from a volume standpoint. But again, frankly, US midterm elections are on Tuesday. So, let's see how things go. To your second question, let me answer your third question first, and then come to the second one, which was on automation which was a slightly more nuanced question. On the revenue side, same day, next day delivery, I've spoken about this in the past, our volumes in this segment are actually pretty significant. The only reason we don't disclose or talk about the same day, next day, beyond a certain point is because when you compare the same day, next day volumes to the overall massive scale that the business has, it doesn't look as large. But suffice to say, our same day, next day business is easily north of a couple of hundred crores in overall revenues. What we do also is not just the pure transportation of same day, next day services, it's also, in some senses, a part of our supply chain services business, because we also provide integrated fulfillment solutions to vertical brands. So, it's a pretty meaningful business overall. But, let me just say, were we to split it out, this business would probably look like a Rs. 300, 400, 500 Cr business, all things put together. But, we don't disclose it largely because it's fundamentally running on the same network and part of a much larger express network. We will continue to invest in building out more of these fulfilment centres. We have several across all of maybe the top 15 major cities. So, continuing to expand that footprint, continuing to grow the client base over there is obviously a priority. Comi [Showing first 8,000 characters — download PDF for full document]