DELHIVERY · Services
Delhivery Ltd. reported revenue of ₹2,805 cr for October to December 2025, +18.0% on the year and +9.6% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹9,850 cr, +11.7% on the four before.
Operating profit (EBITDA) was ₹209 cr, a margin of 7.5%, +325 bps on the year and +479 bps on the quarter. It is the widest margin of the last 8 quarters (range 2.2% to 7.5%). Operating costs grew +14.0% against revenue growth of +18.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹40.0 cr, +60.0% on the year and — on the quarter, with earnings per share of ₹0.53. Profit over the last four quarters totals ₹154 cr, +633.3% on the four before.
On earnings per share of ₹2.05 over the last four quarters, the stock at ₹406.75 trades at 198.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 141% of profit before tax, against 413% a year earlier.
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹37.0 cr; tax −₹3.0 cr, a credit.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,942 cr | ₹2,194 cr | ₹2,076 cr | ₹2,172 cr | ₹2,190 cr | ₹2,378 cr | ₹2,192 cr | ₹2,294 cr | ₹2,559 cr | ₹2,805 cr | ₹2,850 cr | ₹2,931 cr |
| YoY | — | — | — | +13% | +13% | +8% | +6% | +6% | +17% | +18% | +30% | +28% |
| EBITDA margin | −0.8% | 4.8% | 2.2% | 4.4% | 2.3% | 4.2% | 5.4% | 6.1% | 2.7% | 7.5% | 7.5% | 4.7% |
| Other income, % of PBT | — | 535% | — | 198% | 1,333% | 413% | 179% | 144% | — | 141% | 104% | 380% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 50% | — | −3% | −18% | −5% | −1% | −2% | — | −8% | −8% | −5% |
| Net profit | −₹103 cr | ₹12.0 cr | −₹68.0 cr | ₹54.0 cr | ₹10.0 cr | ₹25.0 cr | ₹73.0 cr | ₹91.0 cr | −₹50.0 cr | ₹40.0 cr | ₹72.0 cr | ₹32.0 cr |
| YoY | — | — | — | — | — | +108% | — | +69% | −600% | +60% | −1% | −65% |
| Core profit YoY | — | — | — | — | — | — | — | — | — | — | — | — |
| EPS | −₹1.40 | ₹0.16 | −₹0.93 | ₹0.74 | ₹0.14 | ₹0.34 | ₹0.97 | ₹1.22 | −₹0.67 | ₹0.53 | ₹0.97 | ₹0.43 |
| Flags | · | 1 | · | 3 | 4 | 4 | 3 | 2 | 1 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Delhivery Ltd. reported revenue of ₹2,805 cr (+18.0% on the year) and net profit of ₹40.0 cr (+60.0% on the year) for October to December 2025.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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