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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹11152 Cr.
Stock P/E
44.2
P/B
6.3
Current Price
₹4700.1
Book Value
₹ 748.8
Face Value
10
52W High
₹7079
52W Low
₹ 4669
Dividend Yield
0.53%

Blue Dart Express Overview

Business

Blue Dart Express Ltd. is India's leading express logistics company, offering integrated air and ground express distribution services. Its core business model revolves around time-definite delivery of parcels, documents, and freight across India and internationally. The company generates revenue by charging for these express delivery services, as well as value-added services like freight forwarding, customs clearance, and supply chain solutions. It serves a wide range of customers, including e-commerce, manufacturing, banking, automotive, and healthcare sectors.

Revenue Mix

Blue Dart primarily operates within the express logistics segment. Its services can be broadly categorized into:

Domestic Priority: Time-definite air and ground express services for documents and parcels within India.

International Priority: Global express services through its alliance with DHL Express.

Ground Express (Dart Surfaceline): Cost-effective, surface-based distribution for heavier and less time-sensitive shipments.

Supply Chain Solutions: Customized logistics solutions including warehousing, inventory management, and distribution.

Special Services: Value-added services like cash on delivery, freight on value, and regulatory clearances.

While specific revenue percentages for each sub-segment are not publicly detailed consistently, domestic express delivery forms the largest portion of its revenue.

Industry

The Indian logistics industry is highly competitive, comprising organized players, unorganized local couriers, and the India Post. Blue Dart operates in the premium, time-definite express logistics segment, differentiating itself through reliability, speed, and service quality. It holds a strong position as a market leader in the organized express segment, often catering to businesses and consumers who prioritize speed and reliability. Its strategic alliance with DHL Express provides a significant competitive edge for international shipments, placing it above most domestic-only competitors in global reach. Key competitors include FedEx, Gati-KWE, Delhivery, DTDC, and Ecom Express.

MOAT

Extensive Network: Blue Dart possesses India's most extensive express logistics network, integrating air and ground capabilities across over 36,000 locations. Its dedicated aviation infrastructure (Blue Dart Aviation) provides a critical advantage for time-definite deliveries.

Brand Reputation: It has a strong brand image built over decades for reliability, quality, and customer service, especially in the premium express segment.

Global Connectivity: The majority stake held by DHL Express (Singapore) Pte. Ltd. grants Blue Dart unparalleled access to DHL's global network and operational best practices, critical for international freight and parcels.

Technology & Infrastructure: Continuous investment in technology for tracking, automation, and operational efficiency, alongside a robust physical infrastructure of warehouses, hubs, and vehicles.

Operational Excellence: Demonstrated capability in handling complex logistics challenges and maintaining service levels.

Growth Drivers

E-commerce Boom: Continued robust growth in online retail in India drives substantial demand for express parcel delivery services.

Growing Indian Economy: Expansion of manufacturing, trade, and consumption increases the need for efficient logistics.

Infrastructure Development: Improvements in road, rail, and air cargo infrastructure facilitate faster and more cost-effective logistics operations.

Formalization of Logistics Sector: Implementation of GST and other regulatory changes benefit organized players like Blue Dart over the unorganized sector.

Tier 2/3 City Penetration: Increasing internet penetration and consumer demand in smaller cities and towns expands the serviceable market.

Global Trade & Supply Chains: Growing international trade and complex global supply chains increase demand for reliable international logistics services.

Risks

Intense Competition: The logistics sector is highly competitive, with both established players and new-age, tech-enabled logistics companies putting pressure on pricing and market share.

Fuel Price Volatility: Fuel costs constitute a significant portion of operating expenses; sharp increases can compress margins.

Economic Slowdown: A slowdown in economic activity, consumer spending, or industrial production can directly impact parcel and freight volumes.

Regulatory Changes: Adverse changes in taxation, labor laws, aviation policies, or trade regulations could impact operations and profitability.

Technological Disruption: Failure to keep pace with technological advancements in logistics automation, data analytics, and last-mile delivery could erode competitive advantage.

Labor Costs: Increasing labor costs for delivery personnel and logistics staff can impact profitability.

Management & Ownership

Blue Dart Express Ltd. is a professionally managed company. Its ultimate parent company is Deutsche Post DHL Group, which holds a majority stake (approximately 75%) through its subsidiary DHL Express (Singapore) Pte. Ltd. This ownership structure implies strong corporate governance, access to global best practices, and strategic alignment with one of the world's largest logistics companies. The management team typically comprises experienced professionals from the logistics and express delivery industry.

Outlook

Blue Dart is well-positioned to capitalize on India's burgeoning logistics market, driven by the e-commerce boom and economic growth. Its strong brand, extensive network, dedicated aviation fleet, and strategic backing from DHL provide a solid foundation for growth, especially in the premium and international express segments. However, the company faces persistent challenges from intense competition, rising operating costs (fuel, labor), and the need for continuous investment in technology and infrastructure. Its ability to maintain service quality and operational efficiency while navigating price pressures and evolving customer expectations will be key to sustaining its market leadership.

Blue Dart Express Share Price

Live · BSE / NSE · Inception: 1991
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Blue Dart Express Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 1383 1323 1343 1448 1512 1417 1442 1549 1616 1533
Other Income 24 11 9 9 12 12 10 10 10 12
Total Income 1407 1334 1352 1457 1524 1430 1452 1559 1627 1545
Total Expenditure 1170 1097 1141 1230 1272 1204 1246 1297 1335 1311
Operating Profit 238 237 211 227 251 225 205 262 291 234
Interest 20 19 21 21 21 20 19 22 24 22
Depreciation 111 113 118 121 121 124 121 131 145 140
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -44 -0
Profit Before Tax 108 105 72 85 109 81 66 109 79 73
Provision for Tax 19 27 19 22 28 26 17 28 11 24
Profit After Tax 89 78 53 63 81 55 49 81 68 49
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 89 78 53 63 81 55 49 81 68 49
Adjusted Earnings Per Share 37.5 32.8 22.5 26.5 34.1 23.2 20.6 34.3 28.8 20.6

Blue Dart Express Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 2272 2563 2690 2799 3174 3175 3288 4410 5172 5268 5720 6140
Other Income 25 35 26 21 21 16 23 31 32 53 42 42
Total Income 2297 2598 2716 2820 3195 3191 3311 4442 5205 5321 5762 6183
Total Expenditure 2048 2157 2348 2448 2890 2701 2605 3411 4235 4417 4848 5189
Operating Profit 249 441 368 372 305 490 707 1031 970 904 915 992
Interest 11 43 45 41 43 117 111 87 67 78 82 87
Depreciation 44 102 104 114 128 347 430 395 394 433 485 537
Exceptional Income / Expenses 0 0 0 0 0 -64 -26 -36 0 0 0 -44
Profit Before Tax 194 296 219 217 134 -39 140 512 508 393 347 327
Provision for Tax 67 99 79 72 44 3 38 130 138 92 95 80
Profit After Tax 127 197 140 145 90 -42 102 382 371 301 252 247
Adjustments 2 -1 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 129 196 140 145 90 -42 102 382 371 301 252 247
Adjusted Earnings Per Share 54.5 82.7 58.9 61 37.8 -17.6 42.9 161.1 156.1 126.8 106.4 104.3

Blue Dart Express Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 307 382 429 532 578 491 592 872 1180 1367 1559
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 332 392 310 309 425 410 245 0 250 0 200
Other Non-Current Liabilities 403 582 605 657 698 1473 1484 1525 1291 1277 1354
Total Current Liabilities 324 390 617 641 787 944 1291 1273 1116 1491 1318
Total Liabilities 1366 1746 1961 2139 2488 3317 3611 3670 3836 4136 4431
Fixed Assets 216 453 471 518 654 1665 1583 1437 1437 1823 1814
Other Non-Current Assets 614 613 753 881 970 931 948 1157 1339 1027 1114
Total Current Assets 537 680 737 740 863 721 1080 1076 1060 1286 1503
Total Assets 1366 1746 1961 2139 2488 3317 3611 3670 3836 4136 4431

Blue Dart Express Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 106 167 284 249 224 266 98 84 183 94 165
Cash Flow from Operating Activities 153 361 225 317 243 364 750 860 717 847 735
Cash Flow from Investing Activities 32 -149 -228 -190 -280 -193 -529 11 -514 -375 -300
Cash Flow from Financing Activities -126 -95 -33 -152 79 -340 -235 -772 -291 -401 -434
Net Cash Inflow / Outflow 60 118 -36 -25 42 -169 -14 99 -89 71 2
Closing Cash & Cash Equivalent 166 284 249 224 266 98 84 183 94 165 166

Blue Dart Express Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 54.5 82.69 58.93 60.98 37.83 -17.64 42.9 161.07 156.14 126.85 106.37
CEPS(Rs) 71.97 125.95 102.65 109.21 91.72 128.73 224.11 327.68 322.38 309.26 310.73
DPS(Rs) 20 30 15 12.5 12.5 0 15 60 30 25 25
Book NAV/Share(Rs) 129.47 160.92 180.97 224.1 243.44 206.83 249.44 367.35 496.8 575 655.28
Core EBITDA Margin(%) 9.87 15.85 12.71 12.53 8.94 14.92 20.78 22.66 18.12 16.15 15.25
EBIT Margin(%) 9.03 13.23 9.82 9.2 5.57 2.46 7.63 13.59 11.12 8.94 7.51
Pre Tax Margin(%) 8.54 11.54 8.15 7.75 4.22 -1.23 4.25 11.62 9.83 7.45 6.07
PAT Margin (%) 5.6 7.68 5.2 5.17 2.83 -1.32 3.1 8.67 7.16 5.71 4.41
Cash Profit Margin (%) 7.52 11.66 9.06 9.26 6.85 9.62 16.17 17.63 14.79 13.93 12.89
ROA(%) 9.74 12.65 7.54 7.06 3.88 -1.44 2.94 10.5 9.87 7.55 5.89
ROE(%) 26.77 57.13 34.47 30.11 16.18 -7.84 18.81 52.23 36.14 23.67 17.29
ROCE(%) 32.01 47.85 31.15 27.59 16.86 7.21 22.71 53.06 45.98 30.85 25.41
Receivable days 44.79 41.42 44.2 51.04 52.49 58.57 58.06 45.43 42.93 45.28 46.47
Inventory Days 0.54 1.78 3.1 3 2.72 3.05 3.26 2.76 2.62 3.16 3.3
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 133.42 73.36 87.85 61.94 94.71 0 129.95 42.49 39.73 48.72 57.76
Price/Book(x) 56.16 37.7 28.61 16.85 14.72 10.51 22.35 18.63 12.49 10.75 9.38
Dividend Yield(%) 0.28 0.49 0.29 0.33 0.35 0 0.27 0.88 0.48 0.4 0.41
EV/Net Sales(x) 7.67 5.66 4.65 3.27 2.77 1.76 4.11 3.69 2.88 2.8 2.55
EV/Core EBITDA(x) 70 32.88 34.02 24.6 28.89 11.41 19.13 15.77 15.34 16.33 15.98
Net Sales Growth(%) 17.23 12.8 4.94 4.08 13.4 0.02 3.56 34.13 17.27 1.85 8.59
EBIT Growth(%) 11.24 65.13 -22.07 -2.51 -31.34 -55.74 220.39 139 -4.04 -18.14 -8.74
PAT Growth(%) 5.09 54.76 -28.95 3.48 -37.97 -146.64 343.22 275.41 -3.06 -18.76 -16.14
EPS Growth(%) 5.49 51.73 -28.74 3.48 -37.97 -146.64 343.22 275.42 -3.06 -18.76 -16.14
Debt/Equity(x) 1.08 1.04 1.14 0.78 0.99 1.08 1.01 0.23 0.21 0.19 0.13
Current Ratio(x) 1.66 1.74 1.2 1.15 1.1 0.76 0.84 0.85 0.95 0.86 1.14
Quick Ratio(x) 1.65 1.69 1.16 1.12 1.06 0.74 0.81 0.82 0.92 0.83 1.1
Interest Cover(x) 18.31 7.86 5.87 6.36 4.14 0.67 2.26 6.89 8.6 6.03 5.21
Total Debt/Mcap(x) 0.02 0.03 0.04 0.05 0.07 0.1 0.05 0.01 0.02 0.02 0.01

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +9% +9% +12% +10%
Operating Profit CAGR +1% -4% +13% +14%
PAT CAGR -16% -13% +7%
Share Price CAGR -28% -9% -5% -2%
ROE Average +17% +26% +30% +28%
ROCE Average +25% +34% +36% +31%

Blue Dart Express Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 75 %
FII 3.42 %
DII (MF + Insurance) 14.53 %
Public (retail) 25 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 75757575757575757575
FII 5.295.45.365.455.995.465.535.044.133.42
DII 11.7711.7312.6512.9412.513.0313.0413.1313.6114.53
Public 25252525252525252525
Others 0000000000
Total 100100100100100100100100100100

Blue Dart Express Peer Comparison

Courier Services Edit Columns

Blue Dart Express Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Blue Dart Express Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 26%
  • Company is almost debt free.

Cons

  • Stock is trading at 6.3 times its book value.
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