Blue Dart Express Ltd(BLUEDART)

NSE: BLUEDARTBSE: 526612

₹ 4,216.2-2.37%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 10,004 crWebsite: www.bluedart.comUpdated: 24 Oct 2026

About

Blue Dart Express is South Asia's premier air-integrated express logistics company and India's market leader in premium express logistics, operating since 1983. The company is the only express logistics operator in India with its own fleet of scheduled Boeing freighter aircraft. It reported FY26 revenue of ₹6140.88 crore.^[1][2]

Service mix and revenue split

Air products accounted for 60% of consolidated revenue and ground products 40% in Q1 FY27, with ground's share having risen from ~30 - 32% a few quarters prior.^[3]
B2B revenue was 70% and B2C 30% of consolidated revenue in Q1 FY27, a mix broadly stable over the preceding year.^[3]
E-commerce revenue was approximately 30% of consolidated revenue in Q2 FY26; BFSI documents declined to 10 - 15% of domestic revenue by Q1 FY27, from ~25 - 30% a few years prior.^[4]

Products and services

Domestic portfolio spans time-definite air products (Domestic Priority 1030, Domestic Priority 1200, DP-Dox, DP Parcel, Air Express Package) and surface products (Surface B2B, eCom Air, eCom Lite Surface, eCom Surface).^[1]
Also offers Temperature Controlled Logistics and drone-based medical delivery under 'Medicine from the Sky' via the Blue Dart Med-Express Consortium, with drones carrying payloads up to 5 kg.^[1]
Only express logistics operator in India operating its own fleet of scheduled Boeing 757-200 and 737 freighter aircraft.^[1]
Net service level across services is maintained at 92.1% (FY26 annual report).^[1]

Network and operating capacity

Domestic network spans over 56,400 locations served through 2,492 national offices and facilities as of FY26.^[1]
Blue Dart Aviation's six Boeing 757-200 and two Boeing 737 freighters have payload capacity of over 500 tonnes per night, supported by more than 33,000 vehicles (FY26).^[1]
Daily air cargo capacity is approximately 560 tonnes per day; belly cargo on passenger airlines contributes 30 - 40% of overall air load monthly (Q1 FY27).^[4]
Freighter pallet utilisation held at 85 - 90% in Q1 FY27; core commercial sectors run at 90 - 95% utilisation, with about two-thirds of air volumes on own aircraft.^[3]

Key operating volumes

Total tonnage in Q1 FY27 was 364,430 tonnes (+7% YoY); shipments were 96.15 million (+~2% YoY), indicating a shift toward heavier parcels.^[3]
FY26 full-year tonnage was approximately 1,439,000 tonnes (+7.1% YoY) on 403.98 million shipments.^[5]
Ground volume grew ~9% YoY and air volume ~2.6% YoY in Q1 FY27; in FY26, air product volume grew +8.8% and ground +6.9%.^[3]
E-com light surface shipments grew ~26% YoY and surface B2B shipments ~22% YoY in Q3 FY26.^[6]
Ground e-commerce revenue grew ~30% YoY in Q2 FY26 and more than 10% YoY in Q1 FY27; e-commerce shipments exceeded 50 million in Q1 FY27.^[4]

Customers and reach

Serves e-commerce, automotive, BFSI, consumer electronics, pharmaceuticals and medical devices customers, plus SMEs and MSMEs, from start-ups to large multinationals.^[1]
Estimated 3PL e-commerce market share of ~12 - 13% in Q1 FY27; management positions the company as a niche/premium player.^[3]
International reach covers more than 220 countries and territories through Group Company DHL.^[1]

Hub expansion and capex

A green integrated hub at Pataudi, Haryana was operationalised in FY26, consolidating multiple prior facilities and designed to handle up to ~9 years of growth on that lane.^[5]
Hub consolidation and expansion in Bangalore, Chennai and Mumbai are planned, expected a few quarters beyond FY27.^[3]
FY26 consolidated capex was ~₹360 cr, of which ~₹200 cr related to aircraft engine and maintenance checks; standalone capex ~₹120 cr; ROU/leased asset additions ~₹400 cr.^[5]
Standalone capex is expected at ₹100 - 150 cr per year in FY27, covering IT, ground facilities and routine renewal.^[3]

Pricing mechanism

Annual General Price Increase of 4 - 5% is the baseline; the January 2026 GPI was implemented at 9 - 12% at individual customer level.^[3]
Fuel and currency surcharge mechanisms are designed to largely neutralise ATF cost and currency volatility.^[5]

Recent developments

Signed an MoU with India Post in October 2026 to extend delivery reach into Tier III and Tier IV towns.^[7]
Rabindra Purohit appointed Vice President, Legal, Compliance & Company Secretary effective 10 October 2026, succeeding Tushar Gunderia, who resigned after 28 years.^[8]
Launched the Digital Account Opening platform, letting businesses onboard and start shipping within 10 minutes.^[1]
ISO 14001:2015 certification was extended in 2025 to all regions' service centres and hubs; ISO 27001:2022 certification was also pursued in 2025.^[1]
The FY26 annual report cites removal of the ₹10 lakh per-consignment value cap on courier exports and customs duty exemption on aviation components as policy changes affecting express logistics.^[1]
CFO Sudha Pai resigned effective April 30, 2025; Sagar Patil was named interim CFO.^[9]

Market Cap

₹10,004 Cr

High / Low

₹7,030 / 4,180

Stock P/E

34.9

Price / Book

5.6

Book Value

₹749

EPS

₹104.3

No. of Shares

2.37 Cr

ROCE

18.4%

ROE

14.8%

OPM

7.4%

Debt / Equity

0.11

Sales

₹6,141 Cr

Net Profit

₹247 Cr

Promoter holding

75.0%

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