BLUE DART EXPRESS LTD

Operates an integrated air and ground express delivery network across India, moving 1.44 million tons of cargo across 404 million shipments in FY26. The air express business (around 60% of revenue) runs on a fleet that is two-thirds own aircraft and one-third commercial belly space, with pallet utilization at about 85%, serving time-sensitive shipments. Ground express has grown to about 40% of revenue (up from roughly 30% a few quarters ago), handling heavier shipments and surface-level e-commerce deliveries, and the air-ground service gap has narrowed to 24-48 hours. Customers split roughly 70% business-to-business and 30% business-to-consumer e-commerce; the January general price increase was implemented at better than 4% blended, though a mix shift toward heavier shipments has compressed per-kg realizations. The largest cost line is materials and bought transport at 58.1% of revenue, followed by employee costs at 17.0% and depreciation at 8.7%. Annual aircraft maintenance capex runs ₹100-150 crore for the existing fleet, with FY27 capex focused on automation and IT rather than expansion.