Larsen & Toubro Ltd.
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Research updated
Blue Dart Express Ltd.
NSE: BLUEDARTIndustrialsIntegrated Freight & Logistics
- Last close
- ₹4,390.90
- Day change
- −₹76.60 (−1.71%)vs
- Market cap
- ₹10,419 crIndian rupees
- Research updated
- 1 report
About Blue Dart Express
Blue Dart Express Ltd. is a renowned logistics company operating across India, specializing in domestic courier delivery services. As a leader in the express logistics industry, its primary function is to facilitate rapid and reliable package shipments and specialized packaging solutions. Blue Dart serves a wide array of sectors, including e-commerce, pharmaceuticals, banking, and automotive, ensuring timely and safe delivery of critical documents and parcels. The company is notable for its extensive network of service centers, warehouses, and state-of-the-art tracking systems, which enhance operational efficiency and customer satisfaction. Employing a dedicated fleet of cargo aircraft and surface vehicles, Blue Dart ensures optimal service reach across the country. With a robust presence and strategic partnership with global logistics giant DHL, Blue Dart Express Ltd. plays a crucial role in connecting businesses and individuals alike, driving economic connectivity and growth through its advanced logistical solutions. Its commitment to quality and customer-centric services underscores its importance in the Indian logistics market.
- Sector
- Industrials
- Industry
- Integrated Freight & Logistics
- Listing
- NSE: BLUEDART
- Employees
- 13,251
- Headquarters
- Mumbai, India
- ISIN
- INE233B01017
- Website
- bluedart.com
Public research · Report of
Business model & financial foundation
Blue Dart Express (NSE: BLUEDART), Express courier and integrated air/ground package distribution: revenue of ₹6,141 crore in FY26 (+7.4% on FY25), an EBITDA margin of 16.2%, net profit of ₹247.4 crore and net debt of ₹614.1 crore.
- Revenue, FY26 (₹ crore)
- 6,141
- consolidated
- Revenue growth, FY26
- +7.4%
- on FY25
- EBITDA margin, FY26
- 16.2%
- EBITDA (Company Gross Profit (EBIDTA), includes other income) / revenue
- Net profit, FY26 (₹ crore)
- 247.4
- to owners
- Return on equity, FY26
- 14.8%
- on average equity
- Net debt, FY26 (₹ crore)
- 614.1
- Net debt including leases, MF liquidity; excludes customer cash
- Market capitalisation (₹ crore)
- 11,509
- at the close of 17 Oct 2026
Company profile
Blue Dart provides time-definite courier and integrated express air and ground transportation/distribution primarily within India. Captive wholly-owned aviation subsidiary provides dedicated aircraft capacity; DHL links extend international distribution. Group reports a single integrated transportation/distribution segment and no single customer above 10% of revenue.
| Item | Value |
|---|---|
| Legal name | Blue Dart Express Limited |
| Exchange and ticker | NSE: BLUEDART; BSE: 526612 |
| ISIN | INE233B01017 |
| CIN | L61074MH1991PLC061074 |
| Sector | Transportation and logistics |
| Industry | Express courier and integrated air/ground package distribution |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022-07-27) |
| Market capitalisation | ₹11,509 crore (17 Oct 2026) |
| Shares outstanding | 2.37 crore shares (FY26) |
| Price | ₹4,391 (close, 17 Oct 2026) |
| 52-week range | ₹4,346 - ₹7,036 (to 17 Oct 2026) |
| Website | https://www.bluedart.com |
Corporate structure and shareholding
Parent: DHL Express (Singapore) Pte. Limited.
| Entity | Holding | Business |
|---|---|---|
| Blue Dart Aviation Limited | 100% | Captive aircraft cargo transportation and aircraft maintenance; CIN U35303MH1994PLC078691. |
| Concorde Air Logistics Limited | 100% | Clearing and forwarding of time-sensitive shipments; commercial airlift services. |
Ultimate parent Deutsche Post AG, Germany. Direct parent holds 17,795,950 shares / 75.00% (31 Mar 2026). Only these two subsidiaries; no associate/JV in consolidated accounts. No FY24-FY26 scope change found.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.04% | 4.13% | 3.42% | 3.35% |
| Domestic institutions | 13.13% | 13.61% | 14.54% | 14.47% |
| of which mutual funds | 9.33% | 10.06% | 10.91% | 11.79% |
| Retail | 3.99% | 4.43% | 4.22% | 4.36% |
| Other | 2.83% | 2.82% | 2.82% | 2.82% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Blue Dart Express (NSE: BLUEDART, BSE 526612) sells time-definite courier and express distribution across 56,400+ locations, roughly 60% of revenue in air (time-definite) products and 40% ground, and about 70% B2B / 30% B2C. Its wholly owned Blue Dart Aviation runs six B757-200 and two B737 freighters (500+ tonnes a night); Concorde Air Logistics handles clearing. DHL Express (Singapore) owns 75.00% with nothing pledged. The group reports one segment. Pricing combines an annual general price increase (headline 9-12%, netting about 4-5% after negotiation) with a monthly domestic fuel surcharge (78% Apr-26 to 120% Oct-26) and a diesel surcharge on surface (52% from Jul-26). Freight, handling and servicing costs are 58% of revenue and staff 17%; the network is largely fixed cost, so margin depends on volume density. Company EBITDA includes other income (FY26 992.49cr); operating EBITDA excluding it was 950.57cr.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Integrated air and ground transportation and distribution | 6,141 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Delhivery | Parcel/e-commerce express and part-truckload network; closest diversified delivery competitor. |
| TCI Express | B2B surface express network; closest listed express specialist. |
| Transport Corporation of India | Integrated multimodal freight and supply-chain logistics. |
| VRL Logistics | Owned-fleet road transport and LTL network; asset-intensity benchmark. |
| Allcargo Logistics | Freight/logistics group; broad comparator, scope affected by restructurings. |
| TVS Supply Chain Solutions | Contract logistics and freight-network services; adjacent service economics. |
| Mahindra Logistics | Contract logistics, last-mile and express exposure; adjacent network economics. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,410 | 5,172 | 5,268 | 5,720 | 6,141 |
| Cost of revenue (vendor classification) * | 3,390 | 4,162 | 4,308 | 4,806 | 5,073 |
| Other operating costs (vendor classification) * | 317.2 | 327.5 | 412.0 | 586.8 | 488.8 |
| EBITDA (vendor classification) * | 1,027 | 955.9 | 888.9 | 914.6 | 968.7 |
| Profit before finance cost and exceptional, includes other income | 599.3 | 575.1 | 470.8 | 429.6 | 456.4 |
| Finance costs | 87.0 | 66.9 | 78.1 | 82.4 | 85.6 |
| Profit before tax | 512.3 | 508.2 | 392.7 | 347.2 | 326.8 |
| Total tax expense | 130.1 | 137.7 | 91.7 | 94.8 | 79.4 |
| Consolidated profit for year | 382.2 | 370.5 | 301.0 | 252.4 | 247.4 |
| Diluted EPS (₹) | 161.1 | 156.2 | 126.9 | 106.4 | 104.3 |
| Employee benefits expense | 907.1 | 968.1 | 1,043 | ||
| Other operating expenses | 475.9 | 527.0 | 579.4 | ||
| Company Gross Profit (EBIDTA), includes other income | 903.6 | 914.6 | 992.5 | ||
| Other income | 50.8 | 42.0 | 41.9 | ||
| Depreciation and amortisation, includes ROU | 432.9 | 484.9 | 536.1 | ||
| Exceptional items (signed expense negative) | 0.00 | 0.00 | -44.0 | ||
| Profit before exceptional items and tax | 392.7 | 347.2 | 370.8 | ||
| Current tax, before earlier-year adjustment | 97.0 | 89.3 | 96.0 | ||
| Earlier-year tax adjustment (credit negative) | -9.06 | 4.83 | -14.9 | ||
| Deferred tax (credit negative) | 3.78 | 0.73 | -1.75 | ||
| Profit attributable to owners | 301.0 | 252.4 | 247.4 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Associate / JV share of profits | 0.00 | 0.00 | 0.00 | ||
| Domestic network operating costs (subset freight) | 1,845 | 2,075 | 2,284 | ||
| International servicing charges (subset freight) | 200.8 | 189.3 | 205.7 | ||
| Commercial airlift charges (subset freight) | 250.0 | 248.9 | 270.5 | ||
| Handling/clearing charges (subset freight) | 171.9 | 209.6 | 242.2 | ||
| Aircraft fuel (subset freight) | 378.0 | 416.2 | 359.4 | ||
| Navigation charges (subset freight) | 46.2 | 58.3 | 67.4 | ||
| Engineering maintenance (subset freight) | 21.7 | 35.0 | 28.5 | ||
| Salaries/bonus/compensated absences (subset employee) | 770.0 | 825.4 | 877.8 | ||
| PF/other fund contributions (subset employee) | 50.5 | 51.7 | 54.1 | ||
| Normal gratuity (subset employee; exceptional separate) | 13.8 | 17.3 | 19.8 | ||
| Staff welfare (subset employee) | 72.7 | 73.7 | 90.8 | ||
| Term loan interest (subset finance) | 20.5 | 19.8 | 15.1 | ||
| Lease interest (subset finance) | 57.6 | 62.5 | 70.1 | ||
| Rent (subset other expenses) | 52.3 | 63.6 | 63.8 | ||
| Office expenses (subset other expenses) | 64.6 | 85.1 | 104.5 | ||
| Security expenses (subset other expenses) | 57.1 | 65.0 | 74.2 | ||
| Repairs and maintenance (subset other expenses) | 137.1 | 142.2 | 144.8 | ||
| FX transaction loss (subset other expenses) | 3.16 | 5.42 | 19.5 | ||
| CSR cost (subset other expenses) | 7.79 | 9.43 | 8.31 | ||
| Doubtful debt provision (subset other expenses) | 6.32 | 2.27 | 4.50 | ||
| Freight, handling and servicing costs (cogs) | 3,032 | 3,353 | 3,568 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 872.0 | 1,180 | 1,367 | 1,559 | 1,777 |
| Interest-bearing loans excluding leases | 1,067 | 1,121 | 254.7 | 200.0 | 200.0 |
| Reported cash and cash equivalents (includes customer COD) | 182.6 | 93.8 | 164.6 | 166.3 | 238.0 |
| Net trade receivables; excludes other financial receivables | 595.4 | 657.6 | 670.4 | 786.1 | 918.3 |
| Packing/stationery, consumables, spares and loose tools | 35.0 | 39.4 | 51.8 | 51.5 | 55.9 |
| Trade payables including related parties | 579.9 | 585.1 | 607.3 | 684.5 | 755.5 |
| Property plant and equipment net, excluding ROU/intangibles | 174.9 | 193.6 | 1,047 | 1,071 | 1,194 |
| Capital work in progress excluding intangible development | 54.7 | 423.2 | 73.5 | 76.6 | 26.9 |
| Total assets | 2,829 | 3,223 | 3,461 | 3,663 | 4,127 |
| Current borrowings | 254.7 | 0.00 | 200.0 | ||
| Non-current borrowings | 0.00 | 200.0 | 0.00 | ||
| Total lease liabilities: current plus non-current | 818.3 | 807.0 | 941.9 | ||
| Current lease liabilities | 217.8 | 225.3 | 285.8 | ||
| Non-current lease liabilities | 600.5 | 581.7 | 656.1 | ||
| Cash held on behalf of COD customers | 51.6 | 81.3 | 122.8 | ||
| Other bank balances (not all freely available) | 1.63 | 0.99 | 0.98 | ||
| Current liquid/overnight mutual fund investments | 307.3 | 385.8 | 412.6 | ||
| Net debt including leases, MF liquidity; excludes customer cash | 652.7 | 536.2 | 614.1 | ||
| Net debt excluding leases; liquidity and COD adjusted | -165.6 | -270.8 | -327.8 | ||
| Right-of-use assets net | 706.2 | 685.7 | 802.0 | ||
| Payables towards customer Cash on Delivery shipments | 138.9 | 201.9 | 231.4 | ||
| Other current financial liabilities incl COD, capital creditors, deposits | 217.7 | 230.1 | 259.6 | ||
| Other intangible assets excluding development | 69.4 | 57.3 | 39.9 | ||
| Intangible assets under development | 0.40 | 0.36 | 0.00 | ||
| Payables to micro/small enterprises | 31.9 | 52.4 | 66.9 | ||
| Payables to other creditors | 575.4 | 632.1 | 688.5 | ||
| DHL Logistics term loan, BDAL | 250.0 | 200.0 | 200.0 | ||
| Bank overdraft repayable on demand | 4.69 | 0.00 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash generated from operating activities after tax | 537.8 | 475.4 | 846.7 | 735.1 | 810.3 |
| Free cash flow (vendor definition) * | 685.2 | 145.4 | 579.2 | 481.2 | 495.6 |
| Dividends paid (outflow negative) | -94.9 | -83.1 | -71.2 | -59.3 | -59.3 |
| PPE and intangible purchases including CWIP (cash outflow negative) | -170.5 | -570.0 | -267.5 | -253.9 | -314.7 |
| Lease principal paid (outflow negative) | -230.3 | -238.4 | -278.5 | ||
| Lease interest paid (outflow negative) | -57.6 | -62.5 | -70.1 | ||
| Non-lease interest paid (outflow negative) | -20.1 | -18.8 | -15.7 | ||
| Borrowing proceeds less repayments / overdraft net | 4.69 | -54.7 | 0.00 | ||
| PPE / intangible sale proceeds | 6.23 | 6.57 | 2.39 | ||
| CFO less cash capex, before lease financing outflows | 579.2 | 481.2 | 495.6 | ||
| CFO less cash capex and lease principal/interest | 291.3 | 180.3 | 146.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 |
| Weighted average diluted equity shares | 2.37 | 2.37 | 2.37 | ||
| Operating EBITDA excluding other income | 852.8 | 872.6 | 950.6 | ||
| Reported CFO / PAT (x) | 2.81x | 2.91x | 3.28x | ||
| CFO / operating EBITDA (%) | 99.3% | 84.2% | 85.2% | ||
| CFO after lease payments / PAT (x) | 1.86x | 1.72x | 1.87x | ||
| FCF after leases / PAT (x) | 0.97x | 0.71x | 0.59x | ||
| Operating EBIT / total finance cost (x) | 5.38x | 4.71x | 4.84x | ||
| Company EBIT / total finance cost (x) | 6.03x | 5.21x | 5.33x | ||
| Operating EBIT after exceptional / finance cost | 5.38x | 4.71x | 4.33x | ||
| COD-adjusted net debt / operating EBITDA (x) | 0.77x | 0.61x | 0.65x | ||
| Cash excluding earmarked COD cash | 113.0 | 85.0 | 115.3 | ||
| Owned liquidity | n.r. | n.r. | 420.3 | 470.8 | 527.8 |
| Current carrying debt including leases | 472.5 | 225.3 | 485.8 | ||
| Owned liquidity / current carrying debt (x) | 0.89x | 2.09x | 1.09x | ||
| Owned liquidity less current carrying debt | -52.2 | 245.5 | 42.1 | ||
| Contingencies excluding intra-group comfort | 0.00 | 8.02 | 10.1 | ||
| Contingencies ex comfort / equity (%) | 0.0% | 0.5% | 0.6% | ||
| Headline contingencies including comfort / equity (%) | 6.4% | 5.8% | 5.0% | ||
| Intra-group comfort / equity, separate (%) | 6.4% | 5.3% | 4.4% | ||
| Net trade receivables YoY growth (%) | 17.3% | 16.8% | |||
| Revenue YoY growth (%) | 8.6% | 7.4% | |||
| Receivables growth minus revenue growth, pp (%) | 8.7% | 9.5% | |||
| DHL external-group sales/services / revenue (%) | 1.8% | ||||
| DHL purchases and services received / revenue (%) | 4.9% | ||||
| DHL lease charges / revenue (%) | 1.0% | ||||
| DHL operating purchases/services/lease/share cost % | 5.9% | ||||
| Closing net trade receivable days | 49 | 46 | 46 | 50 | 55 |
| Trade working capital | 50.5 | 111.9 | 114.9 | 153.1 | 218.7 |
| Right-of-use asset depreciation | 238.8 | 250.9 | 284.6 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,448 | 1,512 | 1,417 | 1,442 | 1,549 | 1,616 | 1,533 | 1,658 |
| Cost of revenue (vendor classification) * | 1,220 | 1,252 | 1,194 | 1,218 | 1,347 | 1,301 | 1,381 | |
| Other operating costs (vendor classification) * | 131.7 | 141.5 | 134.4 | 149.1 | 133.3 | 150.4 | 152.7 | |
| EBITDA (vendor classification) * | 105.7 | 129.9 | 101.1 | 84.5 | 146.7 | 94.2 | 139.6 | |
| Profit before finance and exceptional, includes other income | 105.7 | 129.9 | 101.1 | 84.5 | 131.0 | 146.7 | 94.2 | 139.6 |
| Finance costs (including lease interest) | 20.8 | 20.6 | 20.0 | 18.6 | 21.7 | 23.8 | 21.5 | 20.6 |
| Profit before tax | 84.9 | 109.3 | 81.0 | 65.9 | 109.3 | 79.0 | 72.5 | 119.0 |
| Total tax expense | 22.1 | 28.3 | 25.9 | 17.1 | 27.9 | 10.7 | 23.7 | 30.6 |
| Net profit for period | 62.8 | 81.0 | 55.2 | 48.8 | 81.4 | 68.3 | 48.9 | 88.5 |
| Diluted EPS (not annualised) (₹) | 26.49 | 34.14 | 23.24 | 20.58 | 34.30 | 28.79 | 20.59 | 37.29 |
| Freight, handling and servicing costs | 851.3 | 889.8 | 830.1 | 836.4 | 883.5 | 943.5 | 904.9 | 966.1 |
| Employee benefits expense | 247.4 | 241.1 | 239.7 | 260.8 | 267.3 | 258.3 | 256.1 | 277.8 |
| Other expenses | 131.7 | 141.5 | 134.4 | 149.1 | 146.5 | 133.3 | 150.4 | 152.7 |
| Other income | 8.67 | 12.0 | 12.3 | 9.86 | 9.59 | 10.5 | 12.0 | 15.4 |
| Depreciation and amortisation | 121.0 | 121.3 | 124.3 | 120.9 | 130.5 | 144.8 | 139.8 | 137.0 |
| Company-defined EBITDA incl. other income (before exceptional) | 226.7 | 251.2 | 225.4 | 205.5 | 261.6 | 291.4 | 234.0 | 276.6 |
| Exceptional items (signed: charges negative) | n.d. | 0.00 | 0.00 | 0.00 | 0.00 | -43.9 | -0.13 | 0.00 |
| Non-controlling interests (wholly owned subsidiaries) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Share of associates/JVs (none in consolidation scope) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| PAT attributable to owners (wholly owned group) | 62.8 | 81.0 | 55.2 | 48.8 | 81.4 | 68.3 | 48.9 | 88.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 34.1% | 17.3% | 1.8% | 8.6% | 7.4% |
| EBITDA margin | 17.2% | 16.0% | 16.2% | ||
| Net margin | 5.7% | 4.4% | 4.0% | ||
| Return on equity | 23.6% | 17.3% | 14.8% | ||
| Return on capital employed | 29.6% | 27.1% | 24.0% | 25.4% | 24.4% |
| Return on assets | 9.0% | 7.1% | 6.4% | ||
| Net debt (₹ crore) | 652.7 | 536.2 | 614.1 | ||
| Net debt / EBITDA | 0.72x | 0.59x | 0.62x | ||
| Interest cover | 6.89x | 8.60x | 6.03x | 5.21x | 5.33x |
| Asset turnover | 1.54x | 1.71x | 1.58x | 1.61x | 1.58x |
| Receivable days | 49 | 46 | 46 | 50 | 55 |
| Inventory days (on revenue) | 3 | 3 | 4 | 3 | 3 |
| Payable days (on revenue) | 48 | 41 | 42 | 44 | 45 |
| Cash conversion | 2.81x | 2.91x | 3.28x | ||
| Capex intensity | 3.9% | 11.0% | 5.1% | 4.4% | 5.1% |
| Free cash flow (₹ crore) | 367.4 | -94.6 | 579.2 | 481.2 | 495.6 |
| Dividend payout | 23.6% | 23.5% | 24.0% | ||
| EPS, diluted (₹) | 161.1 | 156.2 | 126.9 | 106.4 | 104.3 |
| Book value per share (₹) | 367.5 | 497.1 | 576.2 | 657.0 | 748.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company Gross Profit (EBIDTA), includes other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases, MF liquidity; excludes customer cash; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company Gross Profit (EBIDTA), includes other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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