Delhivery revenue up 27.8%, profit falls 64.8% in Q1

Delhivery reported Rs 2,931 crore in operating revenue for Q1 FY27, up 27.8% from Rs 2,294 crore a year earlier. Profit fell 64.8% to Rs 32 crore from Rs 91 crore. The Entrackr headline rounds that decline to 65%; the figure in the body is 64.8%. Total income, including other income, was Rs 3,045 crore, up 25.6% from Rs 2,424 crore.

Costs are where the quarter turned. Total expenses rose 29.4% to Rs 3,012 crore, outpacing the 27.8% revenue growth. Freight handling and servicing, the largest line at 71.45% of total expenses, rose 31.4% to Rs 2,152 crore. Employee benefits rose 21.9% to Rs 429 crore. Depreciation rose 28.6% to Rs 189 crore. Other expenses rose 33.5% to Rs 207 crore. Finance costs stayed flat at Rs 34 crore.

Other income fell 12.3% to Rs 114 crore from Rs 130 crore. Sequentially, operating revenue grew 2.8% over Q4 FY26 while profit dropped 55.9% from Rs 72.40 crore. The stock traded at Rs 473.30, valuing Delhivery at Rs 35,198 crore. The report carries no segment revenue split, no EBITDA and no per shipment yield, so unit economics cannot be derived from these numbers.

For a D2C brand, the number to watch is not the profit line. It is the gap between freight cost growth of 31.4% and revenue growth of 27.8%. A carrier absorbing cost faster than it books revenue is a carrier that has not yet repriced. That repricing tends to arrive at contract renewal, not in the quarter the cost is incurred.

The second signal is the shrinking other income. Last year Rs 130 crore of it cushioned a thinner operating result. At Rs 114 crore it does less of that work, which means reported profit now tracks operations more closely than it did. Brands negotiating rates over the next two quarters should assume the carrier has less room to hold price, and should lock terms early rather than wait for the market to settle.