Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹12,992Cr
Rev Gr TTM
Revenue Growth TTM
7.09%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

BLUEDART
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 4.3 | -4.3 | -0.1 | 3.4 | 8.7 | 8.5 | 9.4 | 9.3 | 7.1 | 7.4 | 7.0 | 6.9 |
| 1,017 | 1,047 | 1,102 | 1,170 | 1,097 | 1,141 | 1,230 | 1,272 | 1,204 | 1,246 | 1,297 | 1,335 |
Operating Profit Operating ProfitCr |
| 16.4 | 15.4 | 16.8 | 15.4 | 17.1 | 15.1 | 15.1 | 15.8 | 15.0 | 13.6 | 16.3 | 17.4 |
Other Income Other IncomeCr | 9 | 10 | 5 | 24 | 11 | 9 | 9 | 12 | 12 | 10 | 10 | -33 |
Interest Expense Interest ExpenseCr | 15 | 19 | 20 | 20 | 19 | 21 | 21 | 21 | 20 | 19 | 22 | 24 |
Depreciation DepreciationCr | 96 | 99 | 111 | 111 | 113 | 118 | 121 | 121 | 124 | 121 | 131 | 145 |
| 97 | 82 | 98 | 108 | 105 | 72 | 85 | 109 | 81 | 66 | 109 | 79 |
| 27 | 21 | 25 | 19 | 27 | 19 | 22 | 28 | 26 | 17 | 28 | 11 |
|
Growth YoY PAT Growth YoY% | -49.3 | -48.4 | -22.0 | 0.3 | 12.0 | -12.8 | -14.0 | -8.9 | -29.1 | -8.6 | 29.5 | -15.7 |
| 5.7 | 5.0 | 5.5 | 6.4 | 5.9 | 4.0 | 4.3 | 5.4 | 3.9 | 3.4 | 5.3 | 4.2 |
| 29.3 | 25.8 | 30.8 | 37.5 | 32.8 | 22.5 | 26.5 | 34.1 | 23.2 | 20.6 | 34.3 | 28.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 12.8 | 4.9 | 4.1 | 13.4 | 0.0 | 3.6 | 34.1 | 17.3 | 1.9 | 8.6 | 5.3 |
| 2,048 | 2,157 | 2,348 | 2,448 | 2,889 | 2,701 | 2,602 | 3,411 | 4,235 | 4,415 | 4,848 | 5,083 |
Operating Profit Operating ProfitCr |
| 9.9 | 15.8 | 12.7 | 12.6 | 9.0 | 14.9 | 20.9 | 22.7 | 18.1 | 16.2 | 15.3 | 15.6 |
Other Income Other IncomeCr | 25 | 35 | 26 | 21 | 19 | -49 | -6 | -5 | 32 | 51 | 42 | -2 |
Interest Expense Interest ExpenseCr | 11 | 43 | 45 | 41 | 43 | 117 | 111 | 87 | 67 | 78 | 82 | 84 |
Depreciation DepreciationCr | 44 | 102 | 104 | 114 | 128 | 347 | 430 | 395 | 394 | 433 | 485 | 521 |
| 194 | 296 | 219 | 217 | 134 | -39 | 140 | 512 | 508 | 393 | 347 | 335 |
| 67 | 99 | 79 | 72 | 44 | 3 | 38 | 130 | 138 | 92 | 95 | 82 |
|
| | 54.8 | -28.9 | 3.5 | -38.0 | -146.6 | 343.2 | 275.4 | -3.1 | -18.8 | -16.1 | 0.5 |
| 5.6 | 7.7 | 5.2 | 5.2 | 2.8 | -1.3 | 3.1 | 8.7 | 7.2 | 5.7 | 4.4 | 4.2 |
| 54.5 | 83.0 | 58.9 | 61.0 | 37.8 | -17.6 | 42.9 | 161.1 | 156.2 | 126.9 | 106.4 | 106.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| 284 | 358 | 406 | 508 | 554 | 467 | 568 | 848 | 1,156 | 1,344 | 1,535 | 1,608 |
Current Liabilities Current LiabilitiesCr | 324 | 390 | 617 | 641 | 787 | 944 | 1,291 | 1,273 | 1,116 | 1,491 | 1,318 | 1,352 |
Non Current Liabilities Non Current LiabilitiesCr | 357 | 497 | 353 | 329 | 447 | 1,206 | 1,015 | 684 | 928 | 603 | 786 | 837 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 537 | 680 | 737 | 740 | 863 | 721 | 1,080 | 1,076 | 1,060 | 1,286 | 1,503 | 1,581 |
Non Current Assets Non Current AssetsCr | 451 | 589 | 661 | 763 | 948 | 1,919 | 1,817 | 1,752 | 2,163 | 2,175 | 2,159 | 2,240 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 153 | 361 | 225 | 317 | 243 | 364 | 750 | 860 | 717 | 847 | 735 |
Investing Cash Flow Investing Cash FlowCr | 32 | -149 | -228 | -190 | -280 | -193 | -529 | 11 | -514 | -375 | -300 |
Financing Cash Flow Financing Cash FlowCr | -126 | -95 | -33 | -152 | 79 | -340 | -235 | -772 | -291 | -401 | -434 |
|
Free Cash Flow Free Cash FlowCr | 109 | 246 | 102 | 119 | -44 | 167 | 590 | 689 | 147 | 585 | 488 |
| 120.7 | 183.4 | 160.9 | 218.8 | 271.1 | -869.8 | 736.8 | 224.9 | 193.4 | 281.3 | 291.2 |
CFO To EBITDA CFO To EBITDA% | 68.4 | 88.9 | 65.8 | 90.2 | 85.2 | 76.8 | 109.3 | 86.0 | 76.5 | 99.3 | 84.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 17,255 | 14,395 | 12,285 | 8,963 | 8,502 | 5,157 | 13,230 | 16,239 | 14,722 | 14,665 | 14,579 |
Price To Earnings Price To Earnings | 334.9 | 73.2 | 88.0 | 62.0 | 94.8 | 0.0 | 130.1 | 42.5 | 39.8 | 48.8 | 57.8 |
Price To Sales Price To Sales | 7.6 | 5.6 | 4.6 | 3.2 | 2.7 | 1.6 | 4.0 | 3.7 | 2.9 | 2.8 | 2.5 |
Price To Book Price To Book | 56.2 | 37.7 | 28.6 | 16.9 | 14.7 | 10.5 | 22.4 | 18.6 | 12.5 | 10.7 | 9.4 |
| 77.7 | 35.7 | 36.6 | 26.0 | 30.6 | 11.5 | 21.0 | 17.1 | 16.8 | 18.3 | 17.7 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 9.9 | 15.8 | 12.7 | 12.6 | 9.0 | 14.9 | 20.9 | 22.7 | 18.1 | 16.2 | 15.3 |
| 5.6 | 7.7 | 5.2 | 5.2 | 2.8 | -1.3 | 3.1 | 8.7 | 7.2 | 5.7 | 4.4 |
| 32.1 | 43.6 | 28.9 | 27.4 | 16.5 | 8.7 | 11.9 | 30.9 | 25.0 | 19.3 | 16.7 |
| 41.4 | 51.5 | 32.6 | 27.2 | 15.5 | -8.5 | 17.2 | 43.8 | 31.4 | 22.0 | 16.2 |
| 12.9 | 15.5 | 10.0 | 9.6 | 5.0 | -1.6 | 3.5 | 13.5 | 11.5 | 8.7 | 6.9 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Blue Dart Express Ltd. is South Asia’s premier express air and integrated transportation and distribution company, providing secure, reliable, and time-definite logistics solutions across India and internationally. With a presence in over **56,400 locations in India**, and access to a **global network spanning over 220 countries and territories** via its integration with **DHL eCommerce Solutions** under the **DPDHL Group**, Blue Dart holds a dominant position in both the domestic and cross-border logistics sectors.
Founded in 1983 as a partnership firm, the company transitioned into a limited company and was listed on Indian stock exchanges in 1994. Since its acquisition by **DP-DHL in 2005**, which currently holds a **75% stake**, Blue Dart has evolved into a strategic growth engine for the DPDHL Group in India, particularly in the fast-expanding e-commerce logistics market.
---
### **Core Strengths & Network Capabilities**
- **Dedicated Air & Ground Fleet:**
Blue Dart owns and operates:
- **6 Boeing 757-200** and **2 Boeing 737-800 freighter aircraft**, delivering **over 500 tonnes of cargo per night**.
- A ground network of **over 12,000 vehicles**, including **549 electric vehicles (EVs)**, supporting sustainable last-mile delivery.
- Over **2,284 facilities** across India, including India’s largest low-emission **Integrated Operating Facility in Bijwasan, New Delhi**.
- **India’s Longest-Serving Private Cargo Airline:**
Blue Dart Aviation Ltd. (BDAL), the company’s wholly-owned subsidiary, is **India’s only scheduled domestic cargo airline**, with **28 years of continuous operations**. BDAL operates self-sustaining aviation infrastructure, including **bonded warehouses, ground handling, and in-house maintenance**.
- **Nationwide Coverage & Remote Reach:**
Blue Dart provides extensive service penetration across **Tier-II, III, and IV towns**, covering **99% of India’s GDP**-generating areas. It continues to expand into emerging markets in regions such as **Northeast India**, where it established a **new operational gateway in Guwahati**.
---
### **Service Portfolio**
Blue Dart offers a **comprehensive suite of integrated logistics solutions**, tailored for diverse industries and customer segments:
#### **Core Services:**
1. **Air Express:** Time-definite delivery with solutions like *Domestic Priority 1030/1200* and *Dart Apex 1200*.
2. **Ground Express:** Scalable, cost-efficient surface delivery with products like *Dart Surfaceline*, *Dart Plus*, and *eCommerce Lite Surface*.
3. **Freight Forwarding & Charter Services:** Full truckload, speed trucking, and charter operations for high-volume or urgent shipments.
4. **Supply Chain & Customs Clearance:** End-to-end supply chain management and seamless international customs facilitation.
#### **Industry-Specific Solutions:**
- **Life Sciences & Healthcare:**
- **Temperature Controlled Logistics (TCL)** with **8 pharma-grade conditioning rooms** in major cities.
- **Med-Express Consortium** — launched under the Government of India’s **'Medicine from the Sky'** initiative — uses **drones** to deliver medical supplies (up to 5kg) to remote areas in partnership with **Telangana Govt, Ministry of Civil Aviation, NITI Aayog, and WEF**.
- **Automotive & BFSI:** Secure, high-value shipments with specialized handling and documentation.
- **Consumer Electronics & E-commerce:** Slotted deliveries, reverse logistics with **exchange capability**, and **16+ digital payment options** (UPI, wallets, cards, COD).
---
### **Technological Innovation & Digital Transformation**
Blue Dart is driving a **"Technology Led Transformation"**, investing in digital infrastructure, automation, and AI to enhance efficiency, visibility, and customer experience.
**Key Digital Initiatives:**
- **Digital Account Opening (DAO):** A **10-minute, 5-step self-onboarding platform** for businesses, integrating profile creation, KYC, Aadhaar-based e-signing, and prepaid card activation.
- **Digital Prepaid Card (DPC):** Enables real-time payment, instant recharge, OTP security, and no minimum balance for seamless shipping.
- **Unified Shipping API & API Gateway:** Allows **seamless integration** with ERP, order, and warehouse management systems for MSMEs and enterprises.
- **Real-Time Visibility:** 24x7 tracking via **'My Blue Dart' mobile app**, dynamic re-routing, and **Control Tower** for operational oversight.
- **AI & Data Analytics:** AI-powered route optimization, demand forecasting, and **generative AI** exploration for enhanced decision-making.
- **Contactless Delivery & Digital Payments:** Fully digital collections (100% post-pandemic) via UPI, QR codes, and handheld POS systems.
---
### **Strategic Growth Focus**
- **E-commerce Enablement:**
Blue Dart is a **preferred logistics partner for e-commerce**, supporting both **B2B (73% of FY24-25 revenue)** and **B2C (27%)** segments with **reverse pickup**, **slotted deliveries**, **Sunday/holiday operations**, and **digital parcel lockers** in partnership with **India Post**.
- **SME & MSME Empowerment:**
Dedicated teams offer **customized logistics plans** and **early access to tools**, enabling small businesses to scale nationally and globally.
- **Asset-Light, Scalable Model:**
Blue Dart follows an **asset-light strategy**, leasing trucks and facilities while focusing on **proprietary air fleet**, **technology**, and **operational control**.
- **Expansion Initiatives:**
- Added **40+ new retail stores, franchisees, and sales associates** (Jun 2024).
- Launched **Blue Dart Affiliate Program (BDAP)** (Dec 2024) to onboard tech partners and expand ecosystem reach.
- **Sustainability Leadership:**
- India’s **largest low-emission logistics hub** in Bijwasan, powered by **solar energy**.
- Fleet of **549 EVs**, investments in **renewable-powered warehousing**, and **carbon-neutral logistics** initiatives.
---
### **Financial Performance & Market Position**
- **FY 2024–25 (ending March 31, 2025):**
- **Operating Income:** ₹572,018 crores
- **Net Profit After Tax:** ₹24,463 crores
- **Domestic Shipments Handled:** **376.69 million**
- **International Shipments:** **572,000**
- **Total Cargo Weight:** **1.34 million tonnes**
- **Recognition:**
- Named **‘India’s Top Value Creator 2024’** in the **Transport & Logistics** sector.
- Recognized as a **Superbrand**, **Most Trusted Brand**, and **Great Place to Work** for over a decade.
- Maintains a **net service level of 99.96%**, reflecting high reliability and on-time delivery performance.
---
### **Leadership & Governance**
- **MD & CEO:** **Balfour Manuel** (since May 2019), leading a **customer-centric, innovation-driven strategy**.
- **MD, Blue Dart Aviation Ltd.:** **Tulsi Nowlakha Mirchandaney**, overseeing flight operations, security, and engineering.
- **Board Structure:** Strategic collaboration with **DHL Group** through the **India Steering Committee**, maximizing synergies in infrastructure and service delivery.