Blue Dart Express Ltd.
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ABOUT
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company is almost debt free
- Company has delivered good profit growth of 20.0% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 24.8%
- Latest quarter profit grew 84.7% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.66x)
CONS
- Stock is trading at 6.2x its book value
- Operating margins have contracted to 9.3% from 13.2%
- Growth is decelerating - 3Y profit CAGR (-13.2%) trails the 5Y trend (20.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BLUEDART | 4926.95 | 40.73 | 11690.63 | 0.51 | 88.49 | 81.22 | 1657.72 | 14.97 | 22.08 | 15.76 |
| VLEGOV | 10.32 | 0.00 | 111.92 | 0.00 | -0.57 | -183.19 | 0.65 | -92.12 | -197.78 | -87.98 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,238 | 1,324 | 1,383 | 1,323 | 1,343 | 1,448 | 1,512 | 1,417 | 1,442 | 1,549 | 1,616 | 1,533 | 1,658 | |
| 1,124 | 1,194 | 1,249 | 1,183 | 1,233 | 1,327 | 1,365 | 1,299 | 1,342 | 1,392 | 1,426 | 1,409 | 1,563 | |
| Operating Profit | 113 | 130 | 134 | 139 | 109 | 122 | 146 | 118 | 100 | 157 | 190 | 125 | 94 |
| OPM % | 9.16% | 9.85% | 9.71% | 10.54% | 8.15% | 8.41% | 9.67% | 8.33% | 6.95% | 10.15% | 11.76% | 8.13% | 5.70% |
| 16 | 15 | 23 | 18 | 19 | 19 | 20 | 21 | 21 | 19 | -25 | 18 | 22 | |
| Interest | 5 | 5 | 5 | 5 | 7 | 7 | 7 | 8 | 7 | 11 | 13 | 12 | 11 |
| Depreciation | 44 | 46 | 47 | 50 | 52 | 52 | 52 | 53 | 50 | 59 | 71 | 66 | 65 |
| Profit before Tax | 80 | 95 | 105 | 102 | 69 | 82 | 106 | 78 | 63 | 107 | 81 | 65 | 116 |
| Tax % | 25.44% | 25.15% | 22.35% | 25.72% | 25.65% | 25.86% | 25.62% | 31.98% | 25.72% | 25.42% | 13.57% | 33.24% | 25.53% |
| Net Profit | 60 | 71 | 82 | 76 | 52 | 61 | 79 | 53 | 47 | 80 | 70 | 43 | 87 |
| 25.18 | 30.04 | 34.37 | 32.06 | 21.72 | 25.60 | 33.35 | 22.43 | 19.78 | 33.50 | 29.52 | 18.22 | 36.53 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,681 | 2,791 | 3,165 | 3,166 | 3,280 | 4,409 | 5,172 | 5,268 | 5,720 | 6,141 | 6,357 | |
| 2,416 | 2,531 | 2,994 | 2,979 | 2,903 | 3,705 | 4,540 | 4,750 | 5,225 | 5,569 | 5,790 | |
| Operating Profit | 264 | 259 | 172 | 188 | 377 | 704 | 632 | 517 | 496 | 572 | 566 |
| OPM % | 9.86% | 9.29% | 5.43% | 5.92% | 11.48% | 15.96% | 12.22% | 9.82% | 8.66% | 9.32% | 8.91% |
| 28 | 23 | 20 | -50 | -13 | -7 | 51 | 72 | 78 | 33 | 34 | |
| Interest | 31 | 26 | 15 | 32 | 32 | 24 | 17 | 19 | 29 | 42 | 46 |
| Depreciation | 44 | 45 | 48 | 153 | 201 | 169 | 167 | 187 | 209 | 247 | 261 |
| Profit before Tax | 217 | 212 | 128 | -47 | 131 | 504 | 499 | 383 | 336 | 316 | 369 |
| Tax % | 35.70% | 32.90% | 31.75% | 18.88% | 26.51% | 25.24% | 26.53% | 24.60% | 27.17% | 24.04% | 24.22% |
| Net Profit | 140 | 142 | 88 | -38 | 96 | 376 | 366 | 289 | 245 | 240 | 279 |
| EPS | 58.82 | 59.89 | 36.92 | -16.14 | 40.59 | 158.65 | 154.43 | 121.64 | 103.09 | 101.01 | — |
| Dividend Payout % | 25.50% | 20.87% | 33.86% | 0.00% | 36.96% | 37.82% | 19.43% | 20.55% | 24.25% | 24.75% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 13%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 2%
- 5 Years:
- 20%
- 3 Years:
- -13%
STOCK PRICE CAGR
- 10 Years:
- -1%
- 5 Years:
- -5%
- 3 Years:
- -9%
- 1 Year:
- -15%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 26%
- 3 Years:
- 17%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| 498 | 597 | 641 | 560 | 655 | 931 | 1,236 | 1,413 | 1,596 | 1,803 | |
| 332 | 166 | 146 | 252 | 212 | 145 | 152 | 165 | 240 | 425 | |
| Trade Payables | 222 | 296 | 379 | 391 | 513 | 588 | 550 | 561 | 712 | 742 |
| 728 | 767 | 840 | 983 | 1,116 | 1,155 | 1,011 | 1,143 | 1,280 | 1,428 | |
| Total Liabilities | 1,804 | 1,850 | 2,030 | 2,210 | 2,520 | 2,842 | 2,974 | 3,305 | 3,852 | 4,422 |
| 234 | 219 | 247 | 562 | 494 | 432 | 483 | 541 | 612 | 879 | |
| Capital Work in Progress | 3 | 7 | 8 | 2 | 1 | 0 | 2 | 2 | 3 | 0 |
| 144 | 144 | 144 | 144 | 294 | 351 | 315 | 451 | 530 | 557 | |
| 6 | 4 | 6 | 4 | 6 | 7 | 8 | 9 | 9 | 9 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 668 | 785 | 916 | |
| Cash & Bank | 255 | 227 | 267 | 99 | 308 | 183 | 95 | 166 | 165 | 236 |
| 1,162 | 1,248 | 1,359 | 1,400 | 1,417 | 1,868 | 2,072 | 1,468 | 1,748 | 1,826 | |
| Total Assets | 1,804 | 1,850 | 2,030 | 2,210 | 2,520 | 2,842 | 2,974 | 3,305 | 3,852 | 4,422 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 224 | 282 | 222 | 149 | 476 | 709 | 458 | 446 | 489 | 347 | |
| Cash from Investing | -58 | -5 | -46 | -39 | -394 | -112 | -217 | -133 | -267 | -18 |
| Cash from Financing | -117 | -235 | -71 | -222 | -70 | -371 | -190 | -242 | -222 | -258 |
| -32 | -30 | 40 | -168 | -15 | 100 | -88 | 71 | -0 | 71 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-29 - Blue Dart Express Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-28 - The Business Responsibility and Sustainability Report of the Company for the financial year 2025-26, is attached.
2026-08-28 - Blue Dart Express Limited has informed the Exchange about General Updates
2026-08-28 - Blue Dart Express Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
2026-08-11 - Blue Dart Express Limited has informed the Exchange regarding a press release dated August 11, 2026, titled "Press Release announcing 'Rakhi Express Offers' on Domestic and International Shipments".
2026-08-08 - Blue Dart Express Limited has informed the Exchange about Transcript
2026-08-05 - Blue Dart Express Limited has informed the Exchange about Link of Recording
2026-08-04 - Blue Dart Express Limited has informed the Exchange about Investor Presentation
2026-08-01 - Blue Dart Express Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for BLUEDART
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