BLUEDART
Large CapBlue Dart Express Limited
Services
Blue Dart Express is India's market leader in express air and integrated transportation and distribution. It operates an unparalleled integrated air and ground network, including 6 Boeing 757-200 and 2 Boeing 737-800 aircraft, covering 56,400+ locations. DHL Group holds 75% shares.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -11% YoY · margin compression · Rev +8% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,533 Cr | +8.2% | -5.1% |
| EBITDA | ₹222 Cr | +4.2% | -21.0% |
| Operating margin | 14.0% | -100 bps | -300 bps |
| PAT | ₹49 Cr | -10.9% | -27.9% |
| PAT margin | 3.2% | -68 bps | -101 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated Revenue from operations for FY2025-26 grew to INR 61,409 mn (YoY +7.35%). Consolidated EBITDA margin was 16.05% for FY2025-26, up from 15.87% YoY. Q4 FY2025-26 consolidated EBITDA margin was 15.14%, down from 15.77% YoY and 17.92% QoQ.
The company maintains market leadership and consistent annual growth. Strategic investments in network and technology are ongoing. However, Q4 FY2025-26 consolidated EBITDA margin declined YoY and QoQ, and an exceptional item impacted EBT, warranting close monitoring of profitability trends.
Market Leadership in B2B Express & eCommerce
Sustainable growth momentum, unique position for B2B express & eCommerce.
Investments in Infrastructure & Technology
Investments in building a robust infrastructure to meet increasing demands. AI/ML solutions, automation, digital solutions, and drone-based last-mile deliveries.
Focus on SME & MSME Segments
Increasing customer count and business from the SME's & MSME's base with a dedicated customer-centric team.
Enhanced Ground Product for eCommerce
Blue Line competitive pricing & transit time, real-time tracking, slotted deliveries, extended reach, reverse pickup/exchange, COD/POS capabilities.
Government Focus on Logistics
Gati Shakti Master Plan, National Logistics Policy, eCommerce Policy, Dedicated Freight Corridors, and improved road infrastructure.
Make in India Initiative
Government initiative to promote manufacturing and assembly in India, potentially increasing logistics demand.
Digital Commerce Expansion
Acceleration of eCommerce and more demand for last-mile solutions, supported by Open Network for Digital Commerce (ONDC).
Technology Adoption
Accelerating impact of process technology and automation, including AI/ML, digital solutions, and drone deliveries.
West Asia Crisis Impact
Disrupted energy supply chains (crude oil, natural gas, fertilisers) due to production, storage, and transport constraints, causing supply shortages and higher prices.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing underlying growth and performance against similar periods, given potential seasonality in express logistics. QoQ is important to track sequential momentum, utilization, and the immediate impact of operational changes or market shifts.
Total Shipments (FY2025-26)
404 Million shipments.
Total Tonnage (FY2025-26)
1,439 thousand tonnes.
Locations Covered
56,400+ Locations covered.
EBITDA Margin (Consolidated FY2025-26)
16.05% for FY2025-26, up from 15.87% in FY2024-25.
Maintain Market Leadership
Aim to achieve and maintain leadership status and pole position in both Air and Ground express segments.
Expand Pin Code Coverage
Increase pin code coverage and footprint to cover 98% of Country's GDP.
Enhance Digital Interface & Automation
Improve digital interface with all stakeholders and increase automation levels across processes.
Focus on E-tailing Profitability
Strengthen the e-tailing segment's profitability.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 15.14% (Q4 FY2025-26) | Sustained improvement in sequential and YoY margins, especially after the Q4 decline. |
| Consolidated EBT Margin | 4.69% (Q4 FY2025-26, after exceptional item) | Recovery in EBT margins, monitoring the impact of any future exceptional items or labor code adjustments. |
| Revenue Growth | 7.35% YoY (FY2025-26) | Continued healthy revenue growth, particularly from SME/MSME and e-tailing segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -9.1% / mo · near 52W low
Technical chart
BLUEDARTdaily · 5Y-22.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 33. Wait for confirmation.
- SMA20 falling (~12.6% over last month) — short-term momentum negative.
- RSI(14) at 33 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.5%.
- Piotroski is strong at 8/9.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -26.0%.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 70th percentile of the scored universe and 76th percentile within Services. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 1/4 latest quarters had positive YoY PAT growth.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 76th pctile, median 66 · Large: 47th pctile, median 74
103 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.5%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 39.30
- P/B
- 6.20
- EV/EBITDA
- 8.18
- Market Cap
- 11025.00Cr
Profitability
- ROE
- 16.80%
- ROCE
- 16.60%
- ROA
- 5.98%
- Dividend Y
- 0.54%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- -8.00%
Balance Sheet
- Debt/Equity
- 0.64
- Interest Coverage
- 11.06×
- Altman Z
- 5.81
- Book Value
- 749.00
Cash Flow
- FCF Yield
- 4.49%
- FCF Positive Y
- 10/5
- OCF
- 810.00 Cr
- EPS TTM
- 104.26
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.