General Updates

Press Release - Q2FY27 - Express shipments 325mn +32.1% y-y; PTL freight 545K MT +14.2% y-y; Revenue Rs.3,066 Cr +19.8% y-y - Adjusted EBITDA Rs.123 Cr (4.0% margin), +62% q-o-q, +48% y-y; Reported EBITDA Rs.205 Cr (6.7% margin); PAT Rs.41 Cr (1.3% margin) - FY27 Express volume growth strong; October volumes exceed expectations; focus on network expansion and new services - Service EBITDA margins expected to expand: Express 16-18%, PTL 15%+ by FY27 exit - Capex at 4.8% of revenue in H1FY27; net working capital improved to 5 days; strong cash balance Rs.4,676 Cr - New businesses ramping faster: Delhivery Local ARR to exceed Rs.280 Cr by Q4FY27; Financial Services and International growing - AI and automation investments improving productivity and cost efficiency; physical autonomous systems deployment underway