NSE: BLUEDART · BSE: 526612
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 32,380 | 26.0 | 2.48 | 13.7 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,606 | 305.6 | 2.95 | 29.2 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,061 | 106.0 | 9.78 | 67.7 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD ◆ | 10,021 | 34.9 | 5.64 | 10.5 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,519 | 14.2 | 2.50 | 11.8 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,874 | 75.6 | 2.36 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,688 | 17.6 | 4.10 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,309 | 116.4 | 3.59 | 11.0 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.9 | 15.6 | 41 of 51 | 20% |
| P/B | 5.6 | 1.5 | 37 of 40 | 8% |
| ROCE | 13.4 | 7.7 | 11 of 55 | 82% |
| ROE | 13.9 | 6.0 | 8 of 40 | 82% |
| Debt / Equity | 0.1 | 0.3 | 13 of 40 | 69% |
| 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 | 10021 | 119 | 4 of 56 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Postal ballot for R. S. Subramanian as Managing Director | management changes | high | — | — |
| 26 Oct 2026 · Blue Dart launches cross-border parcel service for India-to-US shipments | business updates | medium | — | — |
| 20 Oct 2026 · Share transfer and dematerialisation confirmation for September 2026 quarter | compliance | minimal | — | — |
| 9 Oct 2026 · Blue Dart ties up with India Post for Tier III-IV delivery | strategic transactions | high | — | — |
| 9 Oct 2026 · Blue Dart changes KMP, Gunderia exits CS role, Purohit appointed | management changes | medium | — | — |
| 9 Oct 2026 · Blue Dart: Gunderia steps down as Company Secretary, Purohit takes over | management changes | medium | — | — |
| 9 Oct 2026 · Blue Dart: Company Secretary change - Gunderia retires, Purohit appointed | management changes | medium | — | — |
| 9 Oct 2026 · Blue Dart Express: Company Secretary change, new VP Legal appointed | management changes | high | — | — |
| 6 Oct 2026 · Blue Dart and NCRTC sign MoU to explore parcel delivery on Namo Bharat corridor | compliance | low | — | — |
| 1 Oct 2026 · Blue Dart subsidiary gets GST show cause notice for Rs 27.10 crore demand | regulatory legal | high | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.