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Blue Dart Express

BLUEDART NSE
₹4,437.80 No trade today
P/E
36.68
View as Markdown
MCP
Close 4 Nov 2026 ₹4,437.80 −1,893.20 −29.9% 1Y
Start ₹6,331.00

Key Fundamentals

MicrocapTransport ServicesServices

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
15.80%
Debt to Equity
0.64
EPS (TTM)
₹120.98
Book Value
₹748.76
Market Cap
—
P/E (TTM)
36.68
P/B
5.93
ROE
15.70%
Dividend Yield
0.57%
EBITDA
₹993 Cr
52W High
₹6,434.50
52W Low
₹4,141.00
Volume
0

Peer Comparison

Services › Logistics & Cargo › Logistics Solution Provider

Blue Dart Express peer comparison
Container Corporation of India
₹425.1026.08₹32,864 Cr2.420.84%9.81%12.60%₹9,085 Cr₹1,248 Cr
Delhivery
₹418.00331.75₹31,669 Cr3.190.00%−0.21%1.01%₹11,145 Cr₹94 Cr
Shadowfax Technologies
₹279.5074.53₹16,409 Cr8.690.00%10.70%10.30%₹4,608 Cr₹172 Cr
Blue Dart Express (this company)
₹4,437.8036.68₹10,508 Cr5.930.57%15.70%15.80%₹6,357 Cr₹286 Cr
Transport Corporation of India
₹864.1014.52₹6,695 Cr2.331.15%19.20%19.40%₹5,026 Cr₹461 Cr
VRL Logistics
₹331.2021.69₹5,356 Cr5.071.69%21.70%18.30%₹3,356 Cr₹268 Cr
TVS Supply Chain Solutions
₹116.6579.90₹5,056 Cr2.530.00%9.70%10.10%₹11,746 Cr₹67 Cr
Median 7 companies₹418.0036.68₹10,508 Cr3.190.57%10.70%12.60%₹6,357 Cr₹268 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

50 Average

Data confidence 100/100

Category scores

Quality
82
Strong
Returns, margins, earnings quality 22% weight
Valuation
34
Poor
Cheap vs sector & own history 24% weight
Growth
48
Average
Sales & profit trajectory 9% weight
Financial Health
41
Weak
Solvency, leverage, coverage 9% weight
Momentum
29
Poor
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 22.4%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsBullish153
Moving AveragesStrong Bearish604

Key readings

RSI (14)
48.64
Neutral
MACD (12,26,9)
−99.24
Bullish
SMA (50)
4,666.71
Bearish
SMA (200)
5,053.36
Bearish

As of

Analyst Rating

Based on 6 analysts
BUY83%

5 of 6 analysts rate Buy, 0 Hold, 1 Sell.

As of

BUY
5
83%
HOLD
0
0%
SELL
1
17%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.13%
5Y+13.31%
3Y+5.89%
1Y+7.36%
TTM+9.23%

Net profit

Net profit growth by window
10Y+2.29%
5Y+19.35%
3Y−12.68%
1Y−1.98%
TTM+15.32%

Operating cash flow

Operating cash flow growth by window
10Y+8.42%
5Y+1.55%
3Y+4.15%
1Y+10.20%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.35 pp
5Y−5.37 pp
3Y−2.65 pp
1Y+0.18 pp
TTM+1.10 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,690 Cr
Mar 2018₹2,799 Cr
Mar 2019₹3,174 Cr
Mar 2020₹3,175 Cr
Mar 2021₹3,288 Cr
Mar 2022₹4,410 Cr
Mar 2023₹5,172 Cr
Mar 2024₹5,268 Cr
Mar 2025₹5,720 Cr
Mar 2026₹6,141 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹140 Cr
Mar 2018₹145 Cr
Mar 2019₹90.00 Cr
Mar 2020−₹42.00 Cr
Mar 2021₹102 Cr
Mar 2022₹382 Cr
Mar 2023₹371 Cr
Mar 2024₹301 Cr
Mar 2025₹252 Cr
Mar 2026₹247 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹267 Cr −3.4% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 11 Aug 2026
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 7
  • 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
  • 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

85d ago

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.

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.

Quarterly Results

₹ Cr
BLUEDART quarterly results, ₹ crore
Particulars 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 (₹)
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

Profit & Loss

₹ Cr
BLUEDART profit and loss, annual, ₹ crore
Particulars 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 (₹)
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%
—

Balance Sheet

₹ Cr
BLUEDART balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
BLUEDART cash flow, annual, ₹ crore
Particulars 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

Ratios

BLUEDART financial ratios, annual
Particulars 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
−35
ROCE %
32%
48%
31%
28%
17%
13%
17%
31%
26%
19%
16%
16%

Insights

Beta

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

Log in to view Blue Dart Express insights

62 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 75.00%
  • DIIs 14.30%
  • Public 4.52%
  • FIIs 3.30%
  • Others 2.87%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Blue Dart Express

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.
Where is Blue Dart Express Ltd (BLUEDART) listed?
Blue Dart Express Ltd trades as BLUEDART on the NSE and under code 526612 on the BSE.
Which sector does Blue Dart Express Ltd belong to?
Blue Dart Express Ltd is classified under the Logistics & Cargo sector, in the Logistics Solution Provider industry.
What is the PE ratio of Blue Dart Express Ltd?
Blue Dart Express Ltd trades at a PE ratio of 36.68 as of 4 Nov 2026, on earnings per share of ₹120.98, against a book value of ₹748.76 per share.
What is the 52-week high and low of Blue Dart Express Ltd?
Over the last 52 weeks Blue Dart Express Ltd has traded between ₹4,141 and ₹6,434.5 as of 4 Nov 2026.
Does Blue Dart Express Ltd pay dividends?
Blue Dart Express Ltd has a dividend yield of 0.57%.
What is the Return on Equity (ROE) of Blue Dart Express Ltd?
Blue Dart Express Ltd reported a return on equity of 15.70%. Its debt-to-equity ratio is 0.64.

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.

Website bluedart.com
CEO Mr. Balfour Manuel
Employees 12,703
Listed 12 Dec 2002
Face Value ₹10

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