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Swing Capital

Blue Dart Express Ltd

NSE: BLUEDART BSE: 526612Logistics

Blue Dart Express Limited, incorporated in 1988, is involved in transportation and door-to-door distribution of time-sensitive shipments, through an integrated ground and air transportation network. The company is regarded as South Asia’s leading courier and integrated air express package distribution company. [1]

₹4,907
52W: ₹4683 — ₹7225
PE 42.7 · Book ₹772 · +536% vs book
Market Cap₹11,644 Cr
Stock P/E42.7Price to Earnings
ROCE18.4%Return on Capital
ROE15.8%Return on Equity
Div. Yield0.49%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 24.6%

Shareholding Pattern

Promoters75%
FIIs3.42%
DIIs14.54%
Public7.04%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters75%75%75%75%75%75%75%75%
FIIs5.37%5.46%▲0.15.98%▲0.55.46%▼0.55.53%▲0.15.04%▼0.54.14%▼0.93.42%▼0.7
DIIs12.65%12.94%▲0.312.49%▼0.413.04%▲0.513.04%13.13%▲0.113.62%▲0.514.54%▲0.9
Public6.98%6.6%▼0.46.5%▼0.16.49%▼0.06.44%▼0.06.82%▲0.47.26%▲0.47.04%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,3831,3231,3431,4481,5121,4171,4421,5491,6161,533
Expenses1,2491,1831,2331,3271,3651,2991,3421,3921,4261,409
Operating Profit134139109122146118100157190125
OPM %10%11%8%8%10%8%7%10%12%8%
Net Profit82765261795347807043
EPS ₹34.3732.0521.7225.6133.3422.4319.7833.529.5218.21

AI Insights

Revenue Trend

Mar 2026 revenue at ₹6,141Cr, up 7.4% YoY. OPM at 9%.

Debt Position

Borrowings at ₹579Cr. Debt-to-equity ratio: 0.32x. Healthy balance sheet.

Institutional Flow

DIIs: 14.54% (+3.44pp change). FIIs: 3.42% (-0.82pp change). Promoters hold 75%.

Margin & Efficiency

ROCE declining from 32% (Mar 2015) to 18% (Mar 2026). Working capital days: 16.

Valuation

PE 42.7x with 18.4% ROCE. Price is 536% above book value of ₹772. Dividend yield: 0.49%.

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