BLUEDART

Blue Dart Express share price & financials

Price
₹4,968.8
Market cap
₹12.1k Cr
Sector
Services
Calls analysed
6
Latest concall · Q1 FY27 · call held 05 Aug 2026

Blue Dart Express Limited Q1 FY27

Revenue from Operations ₹1,658 cr +15%Profit After Tax ₹87 cr

What went well

  • Revenue from operations increased by 15% YoY to ₹1,658 crores, demonstrating strong top-line growth.
  • Profit after tax stood at ₹87 crores, reflecting disciplined execution and operational resilience.
  • Total tonnage reached 364,430 tons, with overall volume growth of 7%, indicating healthy demand.

What to watch

  • E-commerce growth on a value basis (around 10%) was relatively lower than the underlying industry growth, raising questions about market share.
  • Competitive intensity in the e-commerce segment makes price increases challenging, despite Blue Dart being a premium player.
Read the full call →

What Blue Dart Express Limited does

Blue Dart operates an integrated air and ground express distribution network across India, moving documents, parcels and freight for B2B and B2C customers through its own fleet of Boeing freighter aircraft combined with a leased/rented truck and last-mile vehicle fleet (asset-light on ground assets). It earns fee-for-service revenue on shipments carried by air express, ground/surface express and eCommerce logistics, and extends its reach to over 220 countries and territories through its parent DHL's global network. The company also runs ground handling and reverse-pickup/COD services for eCommerce sellers, and has begun piloting drone-based last-mile delivery.

Locations covered
56,400+
Facilities (pan-India)
2,760+
Owned aircraft fleet
6 Boeing 757-200 and 2 Boeing 737-800 (8 aircraft)
Ground fleet
33,000+ vehicles, including 600+ e-vehicles
Employees
Over 14,600
National offices
2,284
Founded 1983Headquarters Blue Dart Center, Sahar Airport Road, Andheri (East), Mumbai, India Company website

Guidance record · Q1 FY27

what the last two calls moved 9 tracked 2 delivered 2 missed 5 open
  • General Price Increase (GPI) delivered said Q2 FY26 Promised: GPI would come in from January, the coming year Q1 FY27: Historical promise, already achieved. Q1 results confirm positive impact from pricing actions taken.
  • Q4 FY25 Margins missed said Q3 FY25 Promised: in the Q4, it's the GPI that should help us to retain the margins Q1 FY27: Historical promise, no new information.
  • Ground Segment Volume Growth on track said Q3 FY25 Promised: our outlook is that the ground will grow in a double digit versus air Q1 FY27: Ground B2B revenue grew 14% YoY. Ground volume grew 9% YoY, significantly outpacing air volume growth of 2.6%.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.0%, net profit up 79.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,448 1,512 1,417 1,442 1,549 +7%1,616 +7%1,533 +8%1,658 +15%
EBITDA218 239 213 196 252 +16%281 +18%222 +4%261 +33%
Net profit63 81 55 49 81 +29%68 −16%49 −11%88 +80%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −15.7% 1Y

₹4.5k₹5.0k₹5.5k₹6.0k₹6.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 3 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 13 May 2026Q1 FY27 — 5 Aug 2026

1Y: ₹5,732.5 on 10 Sept 2025 → ₹4,830.9. High ₹6,694 (30 Oct 2025), low ₹4,647.4 (8 Jun 2026).

How the price took the results

close before → close after

Q1 FY27
−1.3%
5 Aug
Q4 FY26
−1.3%
13 May
Q3 FY26
−0.4%
9 Feb
Q2 FY26
−3.1%
3 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 5.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 15.5%.

Year endingFY23FY24FY25FY26
Revenue₹5.2k Cr₹5.3k Cr₹5.7k Cr₹6.1k Cr
Operating profit₹937 Cr₹853 Cr₹872 Cr₹951 Cr
Operating margin18.1%16.2%15.2%15.5%
Interest₹67 Cr₹78 Cr₹83 Cr₹87 Cr
Depreciation₹394 Cr₹434 Cr₹484 Cr₹537 Cr
Net profit₹371 Cr₹301 Cr₹252 Cr₹247 Cr
Net margin7.2%5.7%4.4%4.0%
Cash from operations₹717 Cr₹847 Cr₹735 Cr₹810 Cr
Free cash flow₹147 Cr₹585 Cr₹488 Cr₹498 Cr
ROCE26.0%19.0%16.0%17.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹24 Cr₹24 Cr₹24 Cr₹24 Cr₹24 Cr₹24 Cr
Reserves₹568 Cr₹848 Cr₹1.2k Cr₹1.3k Cr₹1.6k Cr₹1.8k Cr
Borrowings₹1.5k Cr₹1.1k Cr₹1.1k Cr₹1.1k Cr₹1.1k Cr₹1.1k Cr
Other liabilities₹783 Cr₹891 Cr₹923 Cr₹1.0k Cr₹1.1k Cr₹1.2k Cr
Total liabilities₹2.9k Cr₹2.8k Cr₹3.2k Cr₹3.5k Cr₹3.8k Cr₹4.1k Cr
Fixed assets₹1.6k Cr₹1.4k Cr₹1.4k Cr₹1.8k Cr₹1.9k Cr₹2.0k Cr
Capital work in progress₹7 Cr₹69 Cr₹439 Cr₹74 Cr₹35 Cr₹27 Cr
Investments₹150 Cr₹207 Cr₹171 Cr₹307 Cr₹351 Cr₹413 Cr
Other assets₹1.2k Cr₹1.1k Cr₹1.2k Cr₹1.3k Cr₹1.5k Cr₹1.7k Cr
Total assets₹2.9k Cr₹2.8k Cr₹3.2k Cr₹3.5k Cr₹3.8k Cr₹4.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −2.18 pp while DIIs added +1.43 pp. The shareholder count grew 22% to 37,650.

Promoters
75.0%
FIIs
3.4%
DIIs
14.5%
Public
7.2%

Since Jun 2025

  • FIIs −2.18 pp
  • DIIs +1.43 pp
  • Public +0.73 pp

How it drifted, 12 quarters

Over this window DIIs went from 11.8% to 14.5% — +2.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 4.7%, DIIs 11.8%, Public 8.5%.Dec '23: Promoters 75.0%, FIIs 5.3%, DIIs 11.8%, Public 7.9%.Mar '24: Promoters 75.0%, FIIs 5.4%, DIIs 11.7%, Public 7.9%.Jun '24: Promoters 75.0%, FIIs 5.4%, DIIs 12.7%, Public 7.0%.Sep '24: Promoters 75.0%, FIIs 5.5%, DIIs 12.9%, Public 6.6%.Dec '24: Promoters 75.0%, FIIs 6.0%, DIIs 12.5%, Public 6.5%.Mar '25: Promoters 75.0%, FIIs 5.5%, DIIs 13.0%, Public 6.5%.Jun '25: Promoters 75.0%, FIIs 5.5%, DIIs 13.0%, Public 6.4%.Sep '25: Promoters 75.0%, FIIs 5.0%, DIIs 13.1%, Public 6.8%.Dec '25: Promoters 75.0%, FIIs 4.1%, DIIs 13.6%, Public 7.3%.Mar '26: Promoters 75.0%, FIIs 3.4%, DIIs 14.5%, Public 7.0%.Jun '26: Promoters 75.0%, FIIs 3.4%, DIIs 14.5%, Public 7.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Blue Dart Express Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
DHL Express (Singapore) Pte Ltd 75.00%unchanged
HDFC Small Cap Fund Mutual fund8.48%+0.86 pp
ICICI Prudential Life Insurance Company Limited Insurer2.21%unchanged
Kotak Small Cap Fund Mutual fund1.86%unchanged
Bright Star Investments 1.19%unchanged
Canara Robeco Mutual Fund A/C Canara Robeco Large And Mid Cap Fund Mutual fund1.02%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BLUEDART

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹1.0k Cr
15 schemes
Biggest holder
HDFC Small Cap Fund
₹522 Cr · 1.3% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹522 Crheld
HDFC Hybrid Equity Fund HDFC Mutual Fund₹133 Crheld
HDFC Balanced Advantage Fund HDFC Mutual Fund₹117 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹52 Crheld
HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund₹52 Crheld
HDFC Manufacturing Fund HDFC Mutual Fund₹42 Crheld
HDFC Dividend Yield Fund HDFC Mutual Fund₹34 Crheld
HDFC Transportation and Logistics Fund HDFC Mutual Fund₹26 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +169 shares (+0.0%)

Funds are sitting on
-20%
vs est. average cost
Held by funds
₹1.0k Cr
15 schemes · ≈ 8.1% of the company
Biggest holder
HDFC Small Cap Fund
₹522 Cr · 1.3% of that fund
Longest holder
Nippon India Nifty Smallcap 250 Index Fund
2y 6m · since Mar '24

Shares held by these funds +1858%

Aug '23 19.79 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹4831, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~-13%. At that growth it is worth ₹618 — downside of 87%.

Growth the price implies
25.8% a year
for 7 years, fading to 4%
It has actually compounded at
-12.7% a year
net profit, FY23–FY26 · EPS -12.6%
The gap
0.4 pp
-87% downside if it only repeats history
Price today ₹4,830.9 Value at the reference growth ₹617.54

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Blue Dart Express Limited

Guides on how to read this kind of business and the numbers that matter.