Blue Dart Express (526612) Q2 25/26 earnings summary

Executive summary

• Revenue from operations for Q2 FY2026 was ₹154,933 lakhs, up from ₹144,192 lakhs in Q1 FY2026 and ₹144,846 lakhs in Q2 FY2025, with net profit at ₹8,138 lakhs for Q2 FY2026.

• Maintains market leadership in India's express and parcels delivery sector, with a strategic focus on sustainable growth in B2B express and eCommerce segments.

• Integrated air and ground network covers 56,400+ locations, supported by a fleet of 6 Boeing 757-200 and 2 Boeing 737-800 aircraft.

• Recognized for high service reliability, best-in-class technology, and a zero-debt financial structure.

• The group operates a single segment: integrated air and ground transportation and distribution, with all revenue generated in India.

Financial highlights

• H1 FY2026 consolidated income was ₹301,070 lakhs, up from ₹280,892 lakhs in H1 FY2025, with consolidated profit before tax at ₹17,523 lakhs.

• FY2024-25 standalone revenue reached ₹57,202 million, with EBITDA of ₹5,739 million and EBT of ₹3,359 million.

• Consolidated EBITDA margin for FY2024-25 was 15.87%, with EAT of ₹2,524 million and EPS of ₹106.38.

• Quarterly revenue for the period ended 30th September 2025 was INR 15,493 million, with profit after tax at INR 795 million.

• Dividend of ₹25 per share paid for both FY2024-25 and FY2023-24, following a ₹30 per share dividend in FY2022-23.

Outlook and guidance

• Focus on expanding pin code coverage to 98% of India's GDP and leveraging air capacities for domestic and international charters.

• Strategic initiatives include strengthening eCommerce, SME, and MSME segments, and increasing automation and digitalization.

• Management expects margin levels to be sustainable if the favorable customer and product mix continues.

• CapEx is expected to remain in the INR 2.5–2.6 billion range, with no significant increases planned unless new opportunities arise.

• Long-term strategies emphasize leadership in both air and ground express, infrastructure investment, and ESG alignment.