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Blue Dart Express Ltd
NSE: BLUEDART BSE: 526612 INE233B01017 Services Transport Services 🔎 Screen
NIFTY 500 Smallcap 250
₹12,076 Cr
Market Cap
42.0
P/E
2.17
PEG
16.6%
ROCE
16.8%
ROE
0.64
D/E
15.7%
OPM
-27.7%
% from 52W High
47
α RS
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📈 Price History
Ratio Health
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About

Blue Dart Express Limited, incorporated in 1988, is involved in transportation and door-to-door distribution of time-sensitive shipments, through an integrated ground and air transportation network. The company is regarded as South Asia’s leading courier and integrated air express package distribution company.

✓ Strengths 2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 18.3%
  • Company has been maintaining a healthy dividend payout of 22.4%
! Concerns

No concerns data yet.

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3-Statement Financial Model
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Strong quarter on a weak base — revenue grew ~15% YoY, consolidated PAT jumped ~81% YoY and margins expanded, but earnings quality and the multi-year margin trend remain concerns. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹1,657.7 Cr
+15.0% YoY vs ₹1,441.9 Cr (Q1 FY26)
EBITDA Margin
16.5%
Consolidated; +~238 bps YoY (16.53% vs 14.15%)
PAT
₹88.5 Cr
Consolidated; +81.4% YoY vs ₹48.8 Cr
Key Metric
₹37.29
Consolidated EPS vs ₹20.58 in Q1 FY26; +81.2% YoY
What Went Right
  • Revenue from operations grew 15.0% YoY to ₹1,657.7 Cr from ₹1,441.9 Cr.
  • Consolidated EBITDA rose 34.6% YoY to ₹276.6 Cr (₹205.5 Cr in Q1 FY26); margin improved to 16.53% from 14.15%.
  • Consolidated PAT increased 81.4% YoY to ₹88.5 Cr from ₹48.8 Cr; EPS rose to ₹37.29 from ₹20.58.
  • Standalone EBITDA margin recovered to 11.44% from 8.26% in Q1 FY26, showing operating leverage after a weak prior-year base.
  • Balance sheet remains debt-free; Board recommended ₹25/share dividend for FY26 (subject to shareholder approval).
What to Watch
  • Q1 FY26 was an unusually weak base (standalone EBITDA margin only 8.26%, PAT ₹46.9 Cr), so double-digit YoY growth flatters the current quarter.
  • The structural margin downtrend is unresolved: standalone EBITDA margin for FY26 was 9.7%, down from 9.9% in FY25 and far below FY22's 15.7%.
  • Consolidated EBITDA margin (16.53%) is significantly higher than standalone (11.44%), and no subsidiary or segment split is provided — the source of the beat is not transparent.
  • No Q1 volume, yield, or shipment/tonnage data was disclosed; FY26 full-year volumes (404 million shipments, 1.439 million tonnes) are not enough to judge growth quality.
  • No numeric FY27 revenue, margin, or capex guidance was provided — only qualitative strategy statements.
Management Guidance
  • Medium-term operational target: increase pin-code coverage and footprint to cover 98% of the country's GDP.
Investor Lens
Q1 is a genuine recovery print, but it must be read against a weak base: revenue +15.0% YoY and consolidated PAT +81.4% YoY are encouraging, yet standalone FY26 EBITDA margin of 9.7% remains far below the FY22 peak of 15.7%. The thesis is therefore intact on demand and balance sheet strength but still unproven on durable margin repair. The zero-debt balance sheet, DHL parentage and ₹25 dividend provide downside support, while the absence of Q1 volume/yield data and a subsidiary-level split keeps earnings quality opaque. Watch whether standalone EBITDA margin can hold above 12% in Q2, whether volume growth builds on FY26's 404 million shipments, and any recurrence of labour-code or exceptional costs.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG PAT jumps 79.6% YoY to ₹88 Cr; strong revenue growth
Revenue
Revenue grew 15.0% YoY to ₹1,658 Cr and rose 8.2% sequentially, reflecting healthy express logistics volumes. The double-digit topline growth suggests broad-based demand across B2B and B2C segments.
Profitability
Net profit surged 79.6% YoY and QoQ to ₹88 Cr, with EPS at ₹37.29 versus ₹20.58 in the year-ago quarter. Operating profit also rose 33.2% YoY, outpacing revenue growth.
Margins
Operating margin improved to 16% from 14% YoY and QoQ, driven by operating leverage and cost efficiencies. The 200 bps margin expansion was the key earnings driver this quarter.
Key Risks
Valuation is rich at a PE of 49.41, leaving little room for misses. High depreciation (₹137 Cr) and interest cost (₹21 Cr) weigh on net income. Any slowdown in e-commerce volumes or higher fuel costs could pressure margins.
Outlook
Continued e-commerce penetration and express logistics demand should support topline growth. Margin sustainability will depend on volume momentum and cost discipline, given the company's fixed-cost-heavy model.
Generated by AI · Jun 2026 results · Not investment advice
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