Letter to shareholder on Financial Results for the quarter ended June 30, 2026

Date: August 08, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 051, India Mumbai – 400 001, India Symbol: DELHIVERY Scrip Code: 543529 Sub: Letter to Shareholders on financial results for the quarter ended June 30, 2026 Dear Sir/ Madam, Please find enclosed herewith the letter to shareholders dated August 08, 2026 on the financial results for the quarter ended June 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 results for Q1FY27. We continued to see strong volume and revenue growth momentum in Q1. Our network carried 322 million express shipments (+55.2% YoY) and 542K MT of PTL freight (+18.4% YoY). Overall revenue from services stood at Rs.2,931 Cr (+27.8% YoY) with Adjusted EBITDA of Rs.76 Cr (2.6% margin), reported EBITDA of Rs.156 Cr (5.3% margin) and PAT of Rs.62 Cr prior to integration costs. We maintained heightened focus in Q1 on maintaining stable network service quality in the face of a challenging external environment owing to labour availability, seasonal factors, geopolitical factors leading to an increase in fuel, a key input cost, and statutory changes to labour codes. Prioritizing forward investments in additional labour and supervisory capacity and careful network expansion enabled us to sustain strong topline growth across our transportation business, reaffirming the confidence our clients place in Delhivery as their preferred supply chain partner. We continue to enhance strategic technology and engineering capabilities to improve operational precision, profitability and customer experience. We continue to refine our demand-shaping and dynamic load management capabilities, launching AI-powered capabilities for customer support, to enable clients to reduce return rates and manage claims. To de-risk from labour availability challenges and increasing labour costs we continue to develop and deploy customized automation systems (ASRS, AMRs, pallet shuttles) across transportation and fulfillment operations. We have also launched Delhivery Maps, to convert proprietary GIS data into new revenue streams. Together, we believe these investments position us well to deliver sustained performance in an evolving and complex operating environment. Capital expenditure for the quarter stood at 3.1% of revenue, well within our overall guidance of capex stabilizing at <4.5% of revenues. Net working capital position also remained at 9 days. Our overall cash position continues to be robust with cash balance as of quarter end being at Rs.4,677 Cr as compared to Rs.4,555 Cr last quarter. As things stand we expect the environment ahead to improve and anticipate continued growth and improvements in profitability and cash flow. We remain steadfast in our commitment to delivering service excellence, powered by investments in automation, technology and people. We remain on track to deliver our long-term growth and profitability targets and thank you for your continued trust and support. 322 Mn 542K MT ₹2,931 Cr Express parcel shipments PTL freight tonnage Revenue from services YoY: 55.2% / QoQ: 5.2% YoY: 18.4% / QoQ: (1.4%) YoY: 27.8% / QoQ: 2.9% ₹76 Cr / 2.6% ₹156 Cr / 5.3% ₹62 Cr / 2.0% Adj. EBITDA(1) / Adj. EBITDA margin EBITDA(1) / EBITDA margin PAT(1) / PAT margin Q1FY26: ₹75 Cr / 3.3% Q1FY26: ₹149 Cr / 6.5% Q1FY26: ₹ 91 Cr / 3.8% Q4FY26: ₹151 Cr / 5.3% Q4FY26: ₹231 Cr / 8.1% Q4FY26: ₹ 87 Cr / 3.0% Note - (1) Excludes impact of Ecom integration costs and exceptional items We have addressed key questions about operational and financial performance in Q1FY27 and future outlook below. 1. Express and PTL volumes have both shown strong YoY growth and consistent quarterly growth. What are the growth expectations for the rest of FY27? The growth in our transportation volumes reflects sustained market share gains and strong customer demand for our services. Express volumes grew 55% YoY in Q1FY27 through share gain with existing customers as well as new customer additions across D2C, SME and consumer segments. We anticipate this healthy momentum to continue and expect overall Express volume growth for FY27 to be in the range of 20-30%. PTL volumes grew 18% YoY with revenue growth of 24% YoY in Q1FY27. Our investment in expanding the geographic spread of our business development teams has increased the pace of new client addition, apart from growth from existing customers. We remain confident of delivering our overall target of 18-22% volume growth for FY27 with continued improvements in yield as well. 2. Given the challenging external environment what is the overall outlook for margins in FY27? Our business has an underlying seasonality in margins with H1 margins typically being lower than H2. Q1 environment was particularly challenging owing to volatile labour availability owing to elections and climate disruptions, geopolitical uncertainty and statutory changes to labour codes, requiring us to take heightened measures to support network service quality in the form of buffer staff and network capacity. This increase in cost will be absorbed with revenue growth through the rest of FY27. Increase in fuel costs following the rise in global crude prices during Q1 translated into higher petrol and diesel prices and cost of crude-related consumables. Our customer contracts provide for fuel cost pass-through mechanisms and have been activated. Some of these contractual revisions have a time lag of 1 month and will reflect fully in Q2FY27. Revision of statutory minimum wages across 4 key states - Haryana, Karnataka, Uttar Pradesh and Punjab - also led to a meaningful increase in labour costs across the network and at our key operating facilities at Tauru (Haryana) and Hoskote (Karnataka). We began revising pricing across client contracts in response to this increased input cost and expect this to continue through Q2FY27. Overall, despite these cost headwinds overall Service EBITDA remained healthy YoY at 13.1% in Q1FY27 vs 13.0% in Q1FY26, and we anticipate no change to our medium and long-term margin expansion trajectory. 3. How effectively has the fuel pass-through mechanism been implemented? What is the expected impact of fuel inflation in the coming quarters? Elevated fuel prices had a direct inflationary impact on petrol and diesel prices, raising transportation costs across our network. Higher crude prices also drove up the cost of certain consumables used in our operations. Our contracts with clients have in-built price revision mechanisms linked to changes in fuel prices. These contractual adjustments are based on monthly average fuel prices and therefore full revenue benefits come in with a time lag of up to 1 month, resulting in a temporary adverse mismatch between fuel cost and revenue during periods of rapid fuel price movements. In an environment where fuel prices decline, the contractual mechanism creates a temporary beneficial mismatch between fuel cost and revenue. We also continue to accelerate the introduction of electric vehicles across our network. We have partnered with multiple automotive OEMs with a plan to introduce 5,000+ electric cargo vehicles in FY27. 4. Are there any additional integration costs related to the acquisition of Ecom Express that are expected during FY27? We completed the acquisition of Ecom Express in July 2025 and have incurred total integration costs of Rs.165 Cr since the completion of the acquisition. This is significantly lower than our original guidance of Rs [Showing first 8,000 characters — download PDF for full document]