Blue Dart Express Ltd logo

Blue Dart Express Ltd

BLUEDART NSE

Key Fundamentals

MicrocapLogistics Solution ProviderLogistics & Cargo
Market Cap
₹12,106 Cr
Volatility
Moderate
P/E Ratio
42.04
EBITDA
₹907 Cr
Return on Equity
16.19%
Debt to Equity
0.64
Book Value
₹748.76
EPS
₹123.54
52W High
₹7,036
52W Low
₹4,628.5

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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40 extracted metrics + investor summaries across FY10–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

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%

Growth Rate

Revenue Growth
6.57% ↘
Net Income Growth
-2.68% ↘
Cash Flow Change
-13.18% ↘
ROE
-26.48% ↘
ROCE
-23.35% ↘
EBITDA Margin (Avg.)
-7.62% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 6d ago
AI opinion · based on fundamentals
Risk medium

Blue Dart Express is India's premium express logistics player with a market cap of ~Rs 12,195 crore, trading at a PE of 42.9x. The company holds an estimated 45%+ share of the organised air express market and reported FY25 revenue of Rs 5,720 crore (up 8.6% YoY), though profit after tax declined to Rs 252 crore from Rs 289 crore in FY24, with EPS falling from Rs 32.78 to Rs 23.24.

Bull Case 8
  • Dominant position in India's organised air express market with an estimated 45%+ market share, serving 56,400+ locations with dedicated Boeing cargo aircraft
  • Consistent 3-year ROE of 18.3% and 5-year ROE of 25%, demonstrating strong capital efficiency over sustained periods
  • FY25 revenue grew 8.6% YoY to Rs 5,720 crore, and FY26 revenue reached Rs 6,141 crore (7.3% growth), showing steady top-line momentum
  • TTM profit growth of 31% indicates a strong recovery trajectory after a period of margin compression
  • DHL parentage provides global network access, operational expertise, and brand credibility in the premium logistics segment
  • India's e-commerce and B2B logistics market is consolidating — Blue Dart is positioned as one of three dominant players alongside Delhivery and Shadowfax, reducing long-term competitive intensity
  • Compounded sales CAGR of 13% over 5 years reflects structural volume growth in India's express logistics sector
  • Healthy dividend payout of 22.4% provides income visibility with a current yield of 0.48%
Bear Case 8
  • PE of 42.9x is elevated for a logistics company that delivered only 4% compounded profit CAGR over 10 years, implying rich expectations built into the price
  • FY25 EPS declined sharply to Rs 23.24 from Rs 32.78 in FY24, a 29% drop despite revenue growth — indicating significant margin pressure
  • Stock price CAGR has been negative at -12% over 1 year, -6% over 3 years, and -1% over 5 and 10 years, reflecting persistent underperformance versus broader markets
  • 3-year compounded profit CAGR of -8% shows that profitability gains have been inconsistent and difficult to sustain
  • Price-to-book of 6.94x is high for a capital-intensive logistics business, leaving limited margin of safety
  • Intense competition from well-funded players like Delhivery (which acquired Ecom Express for Rs 1,407 crore) and aggressive pricing pressure in the e-commerce logistics segment
  • Blue Dart handles only ~8% of India's e-commerce shipments as of 2024, limiting its participation in the fastest-growing volume segment where it is priced 30-50% above competitors
  • Dividend yield of just 0.48% offers minimal income cushion for investors holding through periods of capital depreciation

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 7d ago
Headwinds 1
  • ₹37.56 Cr GST demand notice Jul 23

    Blue Dart received a show cause notice from GST authorities for alleged excess ITC availment for FY23. Total demand including tax, interest, and penalty exceeds ₹37 crore.

Neutral 1
  • Q1FY27 earnings call Aug 5 Aug 1

    Blue Dart will host its Q1FY27 earnings call on August 5, 2026 at 3:00 PM IST, managed by Motilal Oswal Financial Services.

TL;DR: Blue Dart faces a regulatory headwind with a ₹37.56 crore GST demand notice for FY23, though such notices are common and often contested successfully. No recent positive catalysts are visible in the news flow. The upcoming Q1FY27 earnings call on Aug 5 will be the next key event to assess operational momentum and margin trajectory.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
1,047
1,102
1,170
1,097
1,141
1,230
1,272
1,204
1,246
1,297
1,335
1,311
1,396
Operating Profit
191
223
213
226
202
218
239
213
196
252
281
222
261
OPM %
15%
17%
15%
17%
15%
15%
16%
15%
14%
16%
17%
14%
16%
Other Income
10
5
24
11
9
9
12
12
10
10
-33
12
15
Interest
19
20
20
19
21
21
21
20
19
22
24
22
21
Depreciation
99
111
111
113
118
121
121
124
121
131
145
140
137
PBT
82
98
108
105
72
85
109
81
66
109
79
73
119
Tax %
26%
25%
17%
26%
26%
26%
26%
32%
26%
26%
14%
33%
26%
Net Profit
61
73
89
78
53
63
81
55
49
81
68
49
88
EPS in Rs
25.83
30.79
37.46
32.78
22.51
26.48
34.14
23.24
20.58
34.3
28.8
20.59
37.29
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,272
2,563
2,690
2,799
3,174
3,175
3,288
4,410
5,172
5,268
5,720
6,141
6,357
Expenses
2,048
2,157
2,348
2,447
2,888
2,701
2,602
3,410
4,235
4,415
4,844
5,190
5,340
Operating Profit
224
406
342
352
286
475
686
1,000
938
853
876
951
1,016
OPM %
10%
16%
13%
13%
9%
15%
21%
23%
18%
16%
15%
15%
16%
Other Income
25
35
26
20
19
-49
-6
-5
32
51
38
-2
3
Interest
11
43
45
40
43
117
111
87
67
78
82
86
88
Depreciation
44
102
104
114
128
347
430
395
394
433
485
536
552
PBT
194
296
219
217
134
-39
140
512
508
393
347
327
380
Tax %
34%
33%
36%
33%
33%
7%
27%
25%
27%
23%
27%
24%
—
Net Profit
129
197
140
145
90
-42
102
382
371
301
252
247
287
EPS in Rs
54.51
82.95
58.93
60.99
37.83
-17.64
42.91
161
156
127
106
104
121
Div. Payout %
294%
36%
25%
21%
33%
0%
35%
37%
19%
20%
24%
24%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
24
24
24
24
24
24
24
24
24
24
24
24
Reserves
284
358
406
508
554
467
568
848
1,156
1,344
1,535
1,753
Borrowings
332
397
491
418
573
530
1,522
1,066
1,120
1,073
1,007
1,142
Other Liabilities
349
486
477
553
661
1,620
783
891
923
1,021
1,097
1,208
Total Liabilities
988
1,265
1,397
1,503
1,811
2,641
2,897
2,829
3,223
3,461
3,663
4,127
Fixed Assets
216
453
471
518
654
1,665
1,583
1,437
1,437
1,823
1,814
2,035
CWIP
25
21
67
99
91
18
7
69
439
74
77
27
Investments
26
0
0
0
0
0
150
207
171
307
386
413
Other Assets
721
790
860
885
1,066
958
1,158
1,115
1,176
1,257
1,386
1,652
Total Assets
988
1,265
1,397
1,503
1,811
2,641
2,897
2,829
3,223
3,461
3,663
4,127
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
153
361
225
317
243
364
750
860
717
847
735
810
Investing
32
-149
-228
-190
-280
-193
-529
11
-514
-375
-300
-315
Financing
-126
-95
-33
-152
79
-340
-235
-772
-291
-401
-434
-424
Net Cash Flow
60
118
-36
-25
42
-169
-14
99
-89
71
2
72
Free Cash Flow
94
252
57
119
-44
167
590
689
147
585
488
498
CFO/OP
102
116
91
114
113
90
113
100
93
107
94
98
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
47
41
49
55
56
61
57
48
45
46
50
55
Cash Conversion Cycle
47
41
49
55
56
61
57
48
45
46
50
55
Working Capital Days
8
0
-18
-17
-22
-37
-74
-49
-23
-47
-23
-11
ROCE %
32%
48%
31%
28%
17%
13%
17%
31%
26%
19%
16%
17%

Shareholding Pattern

As of Jun 2026
Promoters 75.00%
DIIs 14.47%
Public 4.36%
FIIs 3.35%
Others 2.82%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.40%
5.36%
5.45%
5.99%
5.46%
5.53%
5.04%
4.13%
3.42%
3.35%
DIIs
11.24%
10.12%
9.55%
9.15%
9.24%
9.28%
7.63%
8.45%
9.69%
10.82%
11.57%
11.60%
11.73%
12.65%
12.94%
12.50%
13.03%
13.04%
13.13%
13.61%
14.53%
14.47%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
6.61%
7.43%
7.64%
7.89%
7.86%
7.21%
7.27%
7.36%
6.69%
6.21%
5.27%
4.77%
4.62%
4.03%
3.76%
3.69%
3.69%
3.65%
3.99%
4.43%
4.22%
4.36%
Others
7.15%
7.45%
7.80%
7.96%
7.90%
8.50%
10.09%
9.18%
8.63%
7.97%
8.16%
8.64%
3.26%
2.95%
2.85%
2.82%
2.81%
2.78%
2.83%
2.82%
2.82%
2.82%
No. of Shareholders
22,220
33,548
32,450
30,608
29,768
29,449
34,404
36,628
36,656
36,840
35,019
29,294
34,031
29,994
30,301
30,925
29,904
30,906
34,123
37,308
35,375
37,650

Documents

1
Concall - Jun 2017 Jun 2017
2
Concall - Sep 2017 Sep 2017
3
Concall - Nov 2017 Nov 2017
4
Concall - Aug 2018 Aug 2018
5
Concall - Jan 2019 Jan 2019

Frequently Asked Questions about Blue Dart Express Ltd

What does Blue Dart Express Ltd do?
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 distrib...
Where is Blue Dart Express Ltd (BLUEDART) listed?
Blue Dart Express Ltd is listed on the Indian stock exchanges. It is listed on NSE: BLUEDART and BSE: 526612. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Blue Dart Express Ltd belong to?
Blue Dart Express Ltd operates in the Logistics & Cargo sector within the Logistics Solution Provider industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Blue Dart Express Ltd?
Blue Dart Express Ltd has a market capitalisation of approximately ₹12105.99 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Blue Dart Express Ltd?
The Price-to-Earnings (PE) ratio of Blue Dart Express Ltd is 42.04. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Blue Dart Express Ltd?
Over the past 52 weeks, Blue Dart Express Ltd has traded between a low of ₹4,628.5 and a high of ₹7,036. This range helps investors understand the stock's price volatility and recent trading levels.
Does Blue Dart Express Ltd pay dividends?
Yes, Blue Dart Express Ltd has a dividend yield of 0.49%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Blue Dart Express Ltd?
Blue Dart Express Ltd has a Return on Equity (ROE) of 16.19%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Blue Dart Express Ltd on Tapetide?
On Tapetide, you can view Blue Dart Express Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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. [1]

Website bluedart.com
CEO Mr. Balfour Manuel
Employees 12,703
Listed 2002-12-12
Face Value ₹ 10
Issued Size 2,37,27,934

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