Courier Services · Founded 1991 · www.bluedart.com · BSE 526612 · NSE BLUE DART EX · ISIN INE233B01017
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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.
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| #(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 |
| #(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 |
| # | 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% | 0% | 7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -28% | -9% | -5% | -2% |
| ROE Average | 17% | 26% | 30% | 28% |
| ROCE Average | 25% | 34% | 36% | 31% |
| #(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 |
| #(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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 5.29 | 5.4 | 5.36 | 5.45 | 5.99 | 5.46 | 5.53 | 5.04 | 4.13 | 3.42 |
| DII | 11.77 | 11.73 | 12.65 | 12.94 | 12.5 | 13.03 | 13.04 | 13.13 | 13.61 | 14.53 |
| Public | 7.94 | 7.88 | 6.99 | 6.61 | 6.52 | 6.5 | 6.44 | 6.82 | 7.25 | 7.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 |
| FII | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.13 | 0.13 | 0.12 | 0.1 | 0.08 |
| DII | 0.28 | 0.28 | 0.3 | 0.31 | 0.3 | 0.31 | 0.31 | 0.31 | 0.32 | 0.34 |
| Public | 0.19 | 0.19 | 0.17 | 0.16 | 0.15 | 0.15 | 0.15 | 0.16 | 0.17 | 0.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 |
| # | 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% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 5.29 | 5.4 | 5.36 | 5.45 | 5.99 | 5.46 | 5.53 | 5.04 | 4.13 | 3.42 |
| DII | 11.77 | 11.73 | 12.65 | 12.94 | 12.5 | 13.03 | 13.04 | 13.13 | 13.61 | 14.53 |
| Public | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 |
| FII | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.13 | 0.13 | 0.12 | 0.1 | 0.08 |
| DII | 0.28 | 0.28 | 0.3 | 0.31 | 0.3 | 0.31 | 0.31 | 0.31 | 0.32 | 0.34 |
| Public | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 | 2.37 |
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