As per the attachment.
BLUEDART · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Blue Dart Express reported FY2026 revenue of INR 6,141 crores (7% YoY growth) with PAT of INR 240 crores. Q4 revenue stood at INR 1,533 crores with PAT of INR 43 crores, though PBT before exceptional items dropped ~17% YoY. Tonnage grew 7% to 1.44 million tons with 404 million parcels handled. Revenue mix is 60% air and 40% ground, with B2B at 70% and B2C (e-commerce) at 30%. Ground grew 6.9% while air grew 8.8% in FY2026. The company implemented a general price increase (GPI) from January with implementation better than 3-4%, helping offset inflation. EBITDA margins have ranged between 13.5%-17.5% over the last 4 quarters. Freighter utilization remains at ~85%. Consolidated capex was INR 360 crores (INR 200 crores for aircraft maintenance, INR 120 crores standalone). ATF price increases are largely neutralized through fuel surcharge mechanisms. Management noted the company focuses on balancing volume growth with profitability, especially as ground (lower margin but growth engine) share increases.
The shift toward higher ground share (40% from ~30% earlier) is a structural headwind for margins, as ground has lower realization per kg and higher variable costs. The CFO declined to provide guidance on when PBT margins would return to the 7-8% target range, indicating near-term margin pressure persists.