Blue Dart Express Limited (BLUEDART)
₹4,215.30 -2.35% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Blue Dart's revenue was ₹1,658 Cr (+15.0% year on year, +8.1% on the previous quarter), and net profit ₹88.5 Cr (+81.2% year on year); the operating margin was 15.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,658 | +15.0% | +8.1% |
| Operating profit | ₹261 | +33.5% | +17.7% |
| Net profit | ₹88.5 | +81.2% | +80.6% |
| EPS (₹) | 37.29 | +81.2% | +81.1% |
| Operating margin | 15.8% | — | — |
BLUEDART delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 40.56% of the BLUEDART shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.37%. That is close to its usual level.
Delivery in the last 5 sessions: 61.4% · 49.7% · 72.2% · 48.5% · 40.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Blue Dart Express Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India confirms that all securities received for dematerialisation were processed and confirmed within mandated timelines. This is a standard quarterly regulatory submission with no impact on business operations or financials.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Filing acknowledged to BSE (526612) and NSE (BLUEDART) on October 20, 2026
Blue Dart Express has announced the superannuation of Mr. Tushar Gunderia as Head (Legal & Compliance) & Company Secretary after a 28-year tenure, stepping down effective October 9, 2026. He will serve as 'Corporate Affairs and Legal Counsel' until December 31, 2026, to facilitate a smooth transition. Mr. Rabindra Purohit has been appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026. This administrative leadership transition carries no operational or financial disruption to the courier company.
- Mr. Tushar Gunderia ceases as Head (Legal & Compliance) & Company Secretary w.e.f. October 9, 2026, following 28 years with Blue Dart.
- Mr. Gunderia will continue as Corporate Affairs and Legal Counsel until superannuation on December 31, 2026 (early by approx. 2.5 months).
- Mr. Rabindra Purohit appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026.
- Incoming KMP brings around 25 years of experience across legal, secretarial, and compliance functions, having previously worked at Deepak Fertilisers and NIVEA India.
Blue Dart Express has announced the superannuation of Mr. Tushar Gunderia as Head (Legal & Compliance) & Company Secretary after a 28-year tenure, stepping down effective October 9, 2026. He will serve as 'Corporate Affairs and Legal Counsel' until December 31, 2026, to facilitate a smooth transition. Mr. Rabindra Purohit has been appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026. This administrative leadership transition carries no operational or financial disruption to the courier company.
- Mr. Tushar Gunderia ceases as Head (Legal & Compliance) & Company Secretary w.e.f. October 9, 2026, following 28 years with Blue Dart.
- Mr. Gunderia will continue as Corporate Affairs and Legal Counsel until superannuation on December 31, 2026 (early by approx. 2.5 months).
- Mr. Rabindra Purohit appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026.
- Incoming KMP brings around 25 years of experience across legal, secretarial, and compliance functions, having previously worked at Deepak Fertilisers and NIVEA India.
Blue Dart Express has signed a Memorandum of Understanding (MoU) with India Post to expand its parcel delivery network across Tier III and Tier IV towns and remote areas. The partnership leverages India Post's last-mile delivery network to complement Blue Dart's existing reach of over 56,400 locations. The rollout will be implemented in a phased manner to serve growing demand from SMEs and e-commerce sellers. Financial terms and capital outlays were not disclosed in the filing.
- MoU signed with India Post on October 9, 2026, to expand delivery coverage into Tier III and Tier IV towns.
- Complements Blue Dart's current footprint covering over 56,400 locations in India.
- Implementation will be carried out in a phased manner.
- Financial investment and commercial terms: not disclosed.
Blue Dart Express has announced the superannuation of Mr. Tushar Gunderia as Head (Legal & Compliance) & Company Secretary after a 28-year tenure, stepping down effective October 9, 2026. He will serve as 'Corporate Affairs and Legal Counsel' until December 31, 2026, to facilitate a smooth transition. Mr. Rabindra Purohit has been appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026. This administrative leadership transition carries no operational or financial disruption to the courier company.
- Mr. Tushar Gunderia ceases as Head (Legal & Compliance) & Company Secretary w.e.f. October 9, 2026, following 28 years with Blue Dart.
- Mr. Gunderia will continue as Corporate Affairs and Legal Counsel until superannuation on December 31, 2026 (early by approx. 2.5 months).
- Mr. Rabindra Purohit appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026.
- Incoming KMP brings around 25 years of experience across legal, secretarial, and compliance functions, having previously worked at Deepak Fertilisers and NIVEA India.
Blue Dart Express has announced the superannuation of Mr. Tushar Gunderia as Head (Legal & Compliance) & Company Secretary after a 28-year tenure, stepping down effective October 9, 2026. He will serve as 'Corporate Affairs and Legal Counsel' until December 31, 2026, to facilitate a smooth transition. Mr. Rabindra Purohit has been appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026. This administrative leadership transition carries no operational or financial disruption to the courier company.
- Mr. Tushar Gunderia ceases as Head (Legal & Compliance) & Company Secretary w.e.f. October 9, 2026, following 28 years with Blue Dart.
- Mr. Gunderia will continue as Corporate Affairs and Legal Counsel until superannuation on December 31, 2026 (early by approx. 2.5 months).
- Mr. Rabindra Purohit appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026.
- Incoming KMP brings around 25 years of experience across legal, secretarial, and compliance functions, having previously worked at Deepak Fertilisers and NIVEA India.
Blue Dart Express has announced the superannuation of Mr. Tushar Gunderia as Head (Legal & Compliance) & Company Secretary after a 28-year tenure, stepping down effective October 9, 2026. He will serve as 'Corporate Affairs and Legal Counsel' until December 31, 2026, to facilitate a smooth transition. Mr. Rabindra Purohit has been appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026. This administrative leadership transition carries no operational or financial disruption to the courier company.
- Mr. Tushar Gunderia ceases as Head (Legal & Compliance) & Company Secretary w.e.f. October 9, 2026, following 28 years with Blue Dart.
- Mr. Gunderia will continue as Corporate Affairs and Legal Counsel until superannuation on December 31, 2026 (early by approx. 2.5 months).
- Mr. Rabindra Purohit appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026.
- Incoming KMP brings around 25 years of experience across legal, secretarial, and compliance functions, having previously worked at Deepak Fertilisers and NIVEA India.
Blue Dart Express has announced the superannuation of Mr. Tushar Gunderia as Head (Legal & Compliance) & Company Secretary after a 28-year tenure, stepping down effective October 9, 2026. He will serve as 'Corporate Affairs and Legal Counsel' until December 31, 2026, to facilitate a smooth transition. Mr. Rabindra Purohit has been appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026. This administrative leadership transition carries no operational or financial disruption to the courier company.
- Mr. Tushar Gunderia ceases as Head (Legal & Compliance) & Company Secretary w.e.f. October 9, 2026, following 28 years with Blue Dart.
- Mr. Gunderia will continue as Corporate Affairs and Legal Counsel until superannuation on December 31, 2026 (early by approx. 2.5 months).
- Mr. Rabindra Purohit appointed as Vice President, Legal, Compliance & Company Secretary and KMP effective October 10, 2026.
- Incoming KMP brings around 25 years of experience across legal, secretarial, and compliance functions, having previously worked at Deepak Fertilisers and NIVEA India.
Blue Dart Express has signed a Memorandum of Understanding (MoU) with the National Capital Region Transport Corporation (NCRTC) to explore freight movement on the 82 km Delhi-Ghaziabad-Meerut Namo Bharat corridor. The partnership will evaluate operational feasibility, parcel volumes, station infrastructure, and commercial terms to integrate regional rail into Blue Dart's network. Commercial value and financial commitments were not disclosed, and the MoU is exploratory in nature.
- MoU signed with NCRTC to evaluate parcel transit across the 82 km regional rail corridor
- Focuses on connecting major hubs including Sarai Kale Khan and Anand Vihar stations
- Commercial terms and financial commitments not disclosed
- Aims to supplement existing ground network spanning 56,400+ locations
Blue Dart Express Limited announced that its wholly-owned subsidiary, Blue Dart Aviation Limited, received a Show Cause Notice (SCN) from the Joint Commissioner, Central GST, Chennai South Commissionerate on September 30, 2026. The SCN proposes an aggregate tax demand of ₹27,09,70,969 along with applicable interest and penalties for FY 2022-23 and FY 2023-24. The demand represents approximately 9.4% of Blue Dart's TTM PAT of ₹287 Cr. The matter is currently at the show-cause stage, and the subsidiary plans to furnish a formal legal response.
- Total proposed tax demand of ₹27,09,70,969 along with applicable interest and penalty
- Demand split: ₹21,72,60,034 for FY 2022-23 and ₹5,37,10,935 for FY 2023-24
- Issued under Section 73 of the CGST/TNGST Act, 2017 to subsidiary Blue Dart Aviation Limited
- Pertains to alleged short payment of tax in GSTR-3B and ITC reconciliation differences
Blue Dart Express has announced an annual General Price Increase (GPI) ranging from 9% to 12% across its domestic portfolio, effective January 1, 2027. The increase is intended to offset rising labor, utility, and inflationary costs while funding investments in infrastructure and technology. Customers signing up between October 1 and December 31, 2026, will be exempt from this hike. The move is aligned with management's ongoing strategy to protect operating margins (TTM OPM: 13.1%) amid cost pressures.
- General Price Increase (GPI) of 9% to 12% announced across the domestic portfolio
- Effective date set for January 1, 2027
- New customers onboarding between October 1 and December 31, 2026, are exempted from the hike
- Price adjustment aims to offset rising labor, utility, and operational inflationary costs
Blue Dart Express Limited announced several board-level leadership changes following its board meeting on September 23, 2026. The Board approved the Postal Ballot Notice to seek shareholder approval for appointing Mr. R. S. Subramanian as Managing Director. Additionally, Mr. Sebastian Paeßens was appointed Non-Executive Chairman effective September 26, 2026, while Mr. Charles Simon Dobbie resigned to ensure regulatory compliance regarding board composition. Independent Director Ms. Kavita Nair also completes her tenure on September 25, 2026, triggering committee reconstitutions.
- Board approved Postal Ballot Notice for appointing Mr. R. S. Subramanian as Managing Director
- Mr. Sebastian Paeßens appointed Non-Executive Chairman effective September 26, 2026
- Independent Director Ms. Kavita Nair's second term completes close of business September 25, 2026
- Non-Executive Director Charles Simon Dobbie resigned effective close of business September 25, 2026 to maintain board compliance
Blue Dart Express Limited announced several board-level leadership changes following its board meeting on September 23, 2026. The Board approved the Postal Ballot Notice to seek shareholder approval for appointing Mr. R. S. Subramanian as Managing Director. Additionally, Mr. Sebastian Paeßens was appointed Non-Executive Chairman effective September 26, 2026, while Mr. Charles Simon Dobbie resigned to ensure regulatory compliance regarding board composition. Independent Director Ms. Kavita Nair also completes her tenure on September 25, 2026, triggering committee reconstitutions.
- Board approved Postal Ballot Notice for appointing Mr. R. S. Subramanian as Managing Director
- Mr. Sebastian Paeßens appointed Non-Executive Chairman effective September 26, 2026
- Independent Director Ms. Kavita Nair's second term completes close of business September 25, 2026
- Non-Executive Director Charles Simon Dobbie resigned effective close of business September 25, 2026 to maintain board compliance
Blue Dart Express announced several board leadership changes approved during its meeting on September 23, 2026. The company approved a postal ballot notice to seek shareholder approval for the appointment of Mr. R. S. Subramanian as Managing Director. Additionally, Mr. Sebastian Paeßens has been appointed Non-Executive Chairman effective September 26, 2026, while Non-Executive Director Charles Simon Dobbie resigned to ensure regulatory board composition compliance. Board committees were also reconstituted following the completion of Independent Director Kavita Nair's tenure on September 25, 2026.
- Postal Ballot approved for appointing Mr. R. S. Subramanian as Managing Director
- Mr. Sebastian Paeßens appointed as Non-Executive Chairman effective September 26, 2026
- Independent Director Ms. Kavita Nair's tenure concludes at the close of business hours on September 25, 2026
- Mr. Charles Simon Dobbie resigned as Non-Executive Director effective September 25, 2026 for regulatory compliance
- Reconstitution of Audit, NRC, Risk Management, CSR, and Stakeholders Relationship Committees effective September 26, 2026
Blue Dart Express announced several board leadership changes approved during its meeting on September 23, 2026. The company approved a postal ballot notice to seek shareholder approval for the appointment of Mr. R. S. Subramanian as Managing Director. Additionally, Mr. Sebastian Paeßens has been appointed Non-Executive Chairman effective September 26, 2026, while Non-Executive Director Charles Simon Dobbie resigned to ensure regulatory board composition compliance. Board committees were also reconstituted following the completion of Independent Director Kavita Nair's tenure on September 25, 2026.
- Postal Ballot approved for appointing Mr. R. S. Subramanian as Managing Director
- Mr. Sebastian Paeßens appointed as Non-Executive Chairman effective September 26, 2026
- Independent Director Ms. Kavita Nair's tenure concludes at the close of business hours on September 25, 2026
- Mr. Charles Simon Dobbie resigned as Non-Executive Director effective September 25, 2026 for regulatory compliance
- Reconstitution of Audit, NRC, Risk Management, CSR, and Stakeholders Relationship Committees effective September 26, 2026
Financial Performance
Revenue Growth by Segment
Standalone revenue grew 8.6% YoY to INR 5,720.18 Cr in FY25. In Q2 FY26, shipment count grew 10% and tonnage grew 5.9% YoY, indicating faster growth in the lighter e-commerce segment.
Geographic Revenue Split
Primarily domestic-focused with 3,766.92 Lakhs domestic shipments vs 5.72 Lakhs international shipments in FY25, representing over 99.8% of total shipment volume from the Indian market.
Profitability Margins
Standalone Net Profit Margin was 4.22% in FY25, down from 5.48% in FY24. Q2 FY26 Standalone Net Margin improved to 5.07% (INR 79.5 Cr) due to yield management and cost control.
EBITDA Margin
Standalone EBITDA margin was 9.9% (INR 573.9 Cr) in FY25, down 110 bps from 11.0% in FY24. Consolidated EBITDA margin for Q2 FY26 was 15.56% (INR 226.7 Cr).
Capital Expenditure
Operating Cash Flow (OCF) of INR 582.7 Cr in FY25 supported growth investments. Capex has historically ranged from INR 100 Cr to INR 500 Cr annually for aircraft and facility expansion.
Credit Rating & Borrowing
ICRA rated with robust debt protection metrics: Total Debt/OPBITDA of 1.2x and Interest Coverage of 14.4x in FY23. The company maintains a debt-free structure except for lease liabilities and group debt.
Operational Drivers
Raw Materials
Jet Fuel (ATF) is the primary cost driver, representing a significant portion of operating expenses. Fuel price spikes in FY23 caused margins to drop 420 bps from 22.8% to 18.6%.
Capacity Expansion
Current fleet includes 8 aircraft (6 Boeing 757-200 and 2 Boeing 737-800). Ground network includes 2,760+ facilities and 33,000+ vehicles.
Raw Material Costs
Fuel procurement costs are highly sensitive; inability to pass on 100% of fuel hikes to customers directly impacts margins, as seen in the FY23 margin compression.
Manufacturing Efficiency
Facilities are optimally utilized during peak times (evenings/mornings for ground, nights for air). Q2 FY26 saw 106.28 million shipments and 3,63,974 tons handled.
Logistics & Distribution
Distribution network covers 56,400+ locations across India, providing a key competitive differentiator in service reliability.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
Expanding ground express (surface) segment, strengthening e-commerce small package delivery, and utilizing the new Digital Account Opening platform to onboard SMEs in under 10 minutes.
Products & Services
Air Integrated Express, Ground Express, E-commerce delivery, International shipping, and Slotted deliveries.
Brand Portfolio
Blue Dart, Blue Dart Aviation, DHL (parent brand).
New Products/Services
Digital Account Opening platform for instant business onboarding and Green Integrated Ground Lab at Pataudi.
Market Expansion
Targeting deeper penetration in Tier II and III cities through a network of 56,400+ locations.
Market Share & Ranking
Market leader in India for Express & Parcels Delivery.
Strategic Alliances
75% owned by DHL (DP-DHL Group), providing global reach and financial backing.
External Factors
Industry Trends
Shift toward multi-modal connectivity via Gati Shakti and National Logistics Policy; e-commerce continues to disrupt traditional mail requirements.
Competitive Landscape
Intensely competitive and fragmented ground express segment; technology-led disruptions from new-age logistics players.
Competitive Moat
Durable advantage through a dedicated air fleet of 8 aircraft and a massive ground network of 56,400+ locations, which is difficult for competitors to replicate.
Macro Economic Sensitivity
Highly sensitive to GDP growth; World Bank projects India's growth at 6.5% for FY26, which acts as a tailwind for shipment volumes.
Consumer Behavior
Shift toward lighter e-commerce shipments and demand for real-time visibility and slotted deliveries.
Geopolitical Risks
Global economic volatility impacts international shipment volumes and fuel prices.
Regulatory & Governance
Industry Regulations
Adherence to Gati Shakti Master Plan and National Logistics Policy for seamless multi-modal movement.
Environmental Compliance
Alignment with ESG journey; investment in green technology-enabled infrastructure at the Pataudi hub.
Taxation Policy Impact
Standalone tax expense of INR 91.2 Cr in FY25; effective tax rate is approximately 27%.
Risk Analysis
Key Uncertainties
Economic downturns could reduce shipment volumes by 5-10%, significantly impacting profitability due to high fixed costs of aircraft and facilities.
Geographic Concentration Risk
100% of the core network is concentrated in India, covering 56,400+ locations.
Third Party Dependencies
Reliance on rental providers for trucks and facilities under an asset-light model.
Technology Obsolescence Risk
Traditional mail decline in BFSI segment; mitigated by aggressive digitization and e-commerce focus.
Credit & Counterparty Risk
Robust receivables quality supported by efficient working capital management and zero external debt.
