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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Air Express (60%), Ground Express (40%). Asset-heavy, integrated air-and-ground express logistics with own freighter fleet
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,410 | 5,172 | 5,268 | 5,720 | 6,141 |
| EBITDA (ex other income) | 964 | 937 | 853 | 873 | 907 |
| margin % | 21.9 | 18.1 | 16.2 | 15.3 | 14.8 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 161.08 | 156.16 | 126.86 | 106.38 | 104.26 |
| ROE % · ROCE % | 43.8 · 38.5 | 31.4 · 27.3 | 22.0 · 23.9 | 16.2 · 18.3 | 13.9 · 16.9 |
| Debt / equity (x) | 0.23 | 0.21 | 0.19 | 0.13 | 0.11 |
| Cash from operations | 860 | 717 | 847 | 735 | 810 |
| Capex | 0 | (571) | (268) | (254) | (315) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,448 | 1,512 | 1,417 | 1,442 | 1,549 | 1,616 | 1,533 | 1,658 |
| Profit before tax | 85 | 109 | 81 | 66 | 109 | 79 | 73 | 119 |
| Net profit | 63 | 81 | 55 | 49 | 81 | 68 | 49 | 88 |
| EPS (₹) | 26.49 | 34.14 | 23.24 | 20.58 | 34.30 | 28.79 | 20.59 | 37.29 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 38,024 | 30.5 | 2.91 | 16.2 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 32,882 | 351.3 | 3.39 | 33.6 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 14,920 | 92.7 | 8.55 | 59.0 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD ◆ | 11,490 | 40.0 | 6.47 | 12.1 | 13.9 | 13.4 | 13.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Blue Dart fixes Sep 15, 2026 as record date for Rs 25 dividend | corporate actions | high | — | — |
| 29 Aug 2026 · Blue Dart 35th AGM on Sept 22, 2026; Rs 25 dividend, record date Sept 15 | compliance | minimal | — | — |
| 28 Aug 2026 · 35th AGM on Sept 22, 2026 via VC; FY26 Annual Report link shared | compliance | minimal | — | — |
| 28 Aug 2026 · Blue Dart files BRSR for FY 2025-26 under SEBI norms | compliance | low | — | — |
| 28 Aug 2026 · 35th AGM on September 22, 2026 at 12 noon via video conference | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Blue Dart 35th AGM notice and FY26 annual report filed | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Blue Dart launches Rakhi Express festive shipping offers | compliance | low | — | — |
| 8 Aug 2026 · Blue Dart Q1 FY26 earnings call transcript filed with exchanges | investor communications | medium | — | — |
| 5 Aug 2026 · Blue Dart shares link to Q1 FY27 earnings call audio recording | investor communications | low | — | — |
| 4 Aug 2026 · Blue Dart files July 2026 investor presentation; FY26 revenue at Rs 61,409 mn | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 16.7 |
| TRANSPORT CORPN OF INDIA | 6,587 | 14.4 | 2.53 | 11.9 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 5,770 | 89.5 | 2.80 | 7.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 5,044 | 18.9 | 4.41 | — | 20.7 | 14.5 | — | 21.9 |
| Afcom Holdings Limited | 4,284 | 22.2 | 9.38 | — | 26.7 | 20.2 | — | 41.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.0 | 15.7 | 45 of 54 | 17% |
| P/B | 6.5 | 1.6 | 37 of 40 | 8% |
| ROCE | 13.4 | 6.8 | 11 of 56 | 82% |
| ROE | 13.9 | 5.7 | 8 of 42 | 83% |
| Debt / Equity | 0.1 | 0.2 | 15 of 42 | 66% |
| EBITDA margin | 16.7 | 8.7 | 13 of 43 | 71% |
| Revenue growth | 15.0 | 9.5 | 19 of 42 | 56% |
| Profit growth | 81.2 | 22.5 | 8 of 35 | 79% |
| Market cap | 11490 | 123 | 4 of 56 | 95% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
