Blue Dart Express Ltd
BLUEDARTBlue Dart Express Ltd is cheap for a reason. The P/E sits at the 12th percentile of its own range, and the quarters are still getting worse.
The sharpest disagreement: annual EPS moved −2.0% against a −28.1% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (81 weeks in) while the P/E sits at the 12th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −10.9% year on year, and 299% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Blue Dart Express Ltd trades at ₹4,926, in a downtrend and 81 weeks into that stage. That is −8.4% against its own 200-day average. It sits at 12% of a 52-week range of ₹4,700 to ₹6,572. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (15 weeks and counting).
Today the stock is in a downtrend — week 81 of stage 4, confirmed. At ₹4,926 it trades −8.4% versus its 200-day average and sits at 12% of its 52-week range (₹4,700–₹6,572).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −14% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (15 weeks and counting; last ahead the week of 2026-05-08) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 12th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Blue Dart Express Ltd trades at 41.6× P/E, near the bottom of its own range — cheaper only 12% of the time. Its long-run median P/E is 54.8×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 41.6× is near the bottom of its own range — cheaper only 12% of the time, against a long-run median of 54.8× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −2.0% against a −28.1% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −3.2%/yr price move, ~+19.4%/yr came from earnings growth and ~−22.6 pp from the multiple (compressing); over 10y, of the −2.0%/yr price move, ~+3.6%/yr came from earnings growth and ~−5.6 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Blue Dart Express Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −2.0% latest against −2.0% at its 12-quarter best), ROCE slipping at 17.3%. The read is built from 12 quarters across 4 curves, on full evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +7.4% | +5.9% | +13.3% | +9.1% |
| Profit | −2.0% | −12.7% | +19.3% | +2.3% |
| EPS | −2.0% | −12.6% | +19.4% | +2.3% |
| Share price | −28.1% | −12.7% | −3.2% | −2.0% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
43.4/100 — rank 12 of 18 in Logistics · 90% evidence confidence
Blue Dart Express Ltd scores 43.4 out of 100 against the 18 companies it is compared with in Logistics, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 14.1 + 16 + 6.6 + 6.7 = 43.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Blue Dart Express Ltd reported ₹1,533 Cr of revenue in the Mar 26 quarter, +8.2% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.1% a year. The last full year, FY26, came in at ₹6,141 Cr. The last four reported quarters add to ₹6,140 Cr.
Blue Dart Express Ltd reported ₹1,533 Cr of revenue in the Mar 26 quarter, +8.2% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.1% a year. The last full year, FY26, came in at ₹6,141 Cr. The last four reported quarters add to ₹6,140 Cr.
FY26 revenue came in at ₹6,141 Cr (+7.4% on the year), capping 10 years at 9.1% compound. The latest quarter (Mar 26) printed ₹1,533 Cr, +8.2% year on year — the 10th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +7.4% growth against the decade's 9.1% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +7.3% over the last 4 quarters against +8.0%/yr over the last 8 — stabilising; TTM profit −2.0% vs −9.4%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 14.0% this quarter (−1.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Blue Dart Express Ltd's operating margin is 14.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 23.0%. The current quarter sits inside that band.
Blue Dart Express Ltd's operating margin is 14.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 23.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 14.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–23.0%.
🚨 Why the margin moved: operating margin went −0.6 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins slipped — did that reach the bottom line? Next: profit −10.9% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Blue Dart Express Ltd earned ₹49.0 Cr of net profit in the Mar 26 quarter, −10.9% year on year. Full-year FY26 profit was ₹247 Cr. The 10-year compound rate is 2.3%. That is 3.2% of the quarter's revenue. The same quarter a year earlier earned ₹55.0 Cr.
Blue Dart Express Ltd earned ₹49.0 Cr of net profit in the Mar 26 quarter, −10.9% year on year. Full-year FY26 profit was ₹247 Cr. The 10-year compound rate is 2.3%. That is 3.2% of the quarter's revenue. The same quarter a year earlier earned ₹55.0 Cr.
Mar 26 profit was ₹49.0 Cr, −10.9% year on year. On the full year, FY26 printed ₹247 Cr (−2.0%), and the 10-year compound rate is 2.3%.
🚨 Why profit moved: revenue contributed +8.2% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit −1.4% vs revenue +7.4%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 299% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 299% of Blue Dart Express Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹810 Cr of operating cash against ₹247 Cr of profit. After ₹707 Cr of capital spending, ₹103 Cr was left as free cash.
FY26: operating cash of ₹810 Cr against reported profit of ₹247 Cr, leaving free cash of ₹103 Cr after ₹707 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 299% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 299%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
→ So follow the cash to where it goes. Next: a 55-day cycle and ₹1,640 Cr of building.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Blue Dart Express Ltd's cash conversion cycle runs 55 days in FY26, down from 57 days in FY21. Capital spending ran ₹1,640 Cr over the last 3 years. At FY26 sales of ₹6,141 Cr each day of that cycle holds about ₹16.8 Cr, so roughly ₹925 Cr sits inside the business at any moment.
FY26: debtors at 55 days (an asset-light business — no inventory to speak of) — for a full cycle of 55 days, tighter than FY21's 57.
In money terms: at FY26 sales of ₹6,141 Cr, each day of the cycle holds about ₹16.8 Cr — so the 55-day loop keeps roughly ₹925 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹1,640 Cr over the last 3 fiscal years against ₹1,454 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹27.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 17% and the ROIC − WACC spread is +2.0 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Blue Dart Express Ltd earns a ROCE of 17% in FY26. That is up from a trough of 13% in FY20. Return on invested capital clears the cost of that capital by +2.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 4.0% net margin on 1.49× asset turns.
FY26 ROCE is 17%, recovered from a FY20 trough of 13% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 4.0% net margin × 1.49× asset turns × 2.32× balance-sheet leverage ≈ 13.8% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 14.0% − 12.0% = a +2.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.64.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Blue Dart Express Ltd carries total debt of ₹1,142 Cr against shareholder equity of ₹1,777 Cr as of Mar 26, a debt-to-equity of 0.64. On the annual view that ratio went from 1.22 in FY22 to 0.64 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹1,142 Cr against shareholder equity of ₹1,777 Cr — a debt-to-equity of 0.64. On the annual view, debt-to-equity went from 1.22 (FY22) to 0.64 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 2.0 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 2.0 points of Blue Dart Express Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 3.4% of the company. Domestic institutions moved +1.8 points over the same window, to 14.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −2.0 points over 8 quarters to 3.4%; Domestic institutions: +1.8 points over 8 quarters to 14.5%; Promoters: +0.0 points over 8 quarters to 75.0%.
Why the register moved: rotation — foreign institutions −2.0 points against domestic institutions +1.8 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Blue Dart Express Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Blue Dart Express Ltd this page | 41.6× | ₹11,655 Cr | Mixed | |||
| Aegis Logistics Ltd | 54.5× | ₹47,371 Cr | Mixed | |||
| Container Corporation Of India Ltd | 29.3× | ₹36,371 Cr | Deteriorating | |||
| Shadowfax Technologies Ltd | 112.0× | ₹12,554 Cr | — | — | — | — |
| Blackbuck Ltd | 60.0× | ₹9,824 Cr | No read | |||
| Transport Corporation of India Ltd | 15.5× | ₹7,051 Cr | Consistent | |||
| Sindhu Trade Links Ltd | 65.6× | ₹3,770 Cr | No read | |||
| Gateway Distriparks Ltd | 10.9× | ₹2,817 Cr | Mixed | |||
| Reliance Industrial Infrastructure Ltd | 90.8× | ₹1,102 Cr | Deteriorating | |||
| Allcargo Gati Ltd(Merged) | 97.5× | ₹971 Cr | No read | |||
| JITF Infra Logistics Ltd | — | ₹939 Cr | No read | |||
| Western Carriers (India) Ltd | 23.6× | ₹917 Cr | Mixed | |||
| Ritco Logistics Ltd | 23.6× | ₹851 Cr | Mixed | |||
| Tejas Cargo India Ltd | 39.7× | ₹830 Cr | — | — | — | — |
| Sical Logistics Ltd | 596.0× | ₹774 Cr | No read | |||
| Allcargo Terminals Ltd | 13.6× | ₹609 Cr | Turning around | |||
| TransIndia Real Estate Ltd | 16.1× | ₹598 Cr | Mixed | |||
| S J Logistics (India) Ltd | 6.2× | ₹469 Cr | No read |
Frequently asked questions
What is Blue Dart Express Ltd's share price today?
Blue Dart Express Ltd trades at ₹4,926, −28.1% over the past year. The company is valued at ₹11,655 Cr. The stock sits at 12% of its 52-week range of ₹4,700–₹6,572, −8.4% versus its 200-day average. On the tape, the price is in a downtrend, 81 weeks in. — as of 24 July 2026.
What were Blue Dart Express Ltd's latest quarterly results?
Blue Dart Express Ltd reported revenue of ₹1,533 Cr and net profit of ₹49.0 Cr for the Mar 26 quarter. Revenue rose 8.2% and profit fell 10.9% year on year. Earnings per share were ₹20.59. The operating margin was 14.0%, 1.0 pp lower than a year earlier. — as of 24 July 2026.
What is Blue Dart Express Ltd's revenue?
Blue Dart Express Ltd reported revenue of ₹1,533 Cr in the Mar 26 quarter, +8.2% year on year. For the full FY26 fiscal year, revenue was ₹6,141 Cr (+7.4%). Over the last 10 years revenue compounded at 9.1% a year. — as of 24 July 2026.
What is Blue Dart Express Ltd's profit?
Blue Dart Express Ltd earned ₹49.0 Cr of net profit in the Mar 26 quarter, −10.9% year on year. Full-year FY26 profit was ₹247 Cr. The operating margin ran 14.0% in the latest quarter. — as of 24 July 2026.
What is Blue Dart Express Ltd's market cap?
Blue Dart Express Ltd's market capitalisation is ₹11,655 Cr at a share price of ₹4,926. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Blue Dart Express Ltd's P/E ratio?
Blue Dart Express Ltd trades at a P/E of 41.6×, at the 12th percentile of its own 10-year range, against a long-run median of 54.8×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Blue Dart Express Ltd pay a dividend?
Yes — Blue Dart Express Ltd's dividend payout was 24% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Blue Dart Express Ltd overvalued?
On its own history, Blue Dart Express Ltd looks cheap against its own history: its P/E of 41.6× has been cheaper only 12% of the time in 10 years (long-run median 54.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Blue Dart Express Ltd growing?
Not right now — Blue Dart Express Ltd's latest numbers are shrinking: latest-quarter revenue +8.2% year on year, profit −10.9%, and the margin −1.0 pp at 14.0%. The 10-year compound rates are 9.1% (revenue) and 2.3% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Blue Dart Express Ltd performing?
Blue Dart Express Ltd is in a downtrend, 81 weeks in. Its latest quarter's revenue rose 8.2% and profit fell 10.9% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 15 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Blue Dart Express Ltd in?
Deteriorating — profit and EPS growth are shrinking (profit growth −2.0% latest against −2.0% at its 12-quarter best), ROCE slipping at 17.3%. The read comes from the last 12 quarters of growth (revenue growth +7.3% latest, profit growth −2.0% latest, eps growth −2.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Blue Dart Express Ltd in an uptrend?
No — the price is in a downtrend (week 81 of stage 4), trading −8.4% versus its 200-day average and at 12% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Blue Dart Express Ltd beating the market?
Not lately — on a trailing-13-week view Blue Dart Express Ltd is currently behind the NIFTY 500 (15 weeks and counting; last ahead the week of 2026-05-08), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved −14% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will Blue Dart Express Ltd's share price go up?
This page publishes no price forecast for Blue Dart Express Ltd. What it measures instead: the share price is ₹4,926, the price is in a downtrend 81 weeks in. Its P/E of 41.6× sits at the 12th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Blue Dart Express Ltd?
Promoters hold 75.0% of Blue Dart Express Ltd, foreign institutions 3.4%, domestic institutions 14.5% and the public 7.2% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 2.0 points over 8 quarters. — as of 24 July 2026.
Does Blue Dart Express Ltd have too much debt?
It is moderate — Blue Dart Express Ltd's debt-to-equity is 0.64, and operating profit covers the interest bill 11×. FY26 borrowings were ₹1,142 Cr against equity of ₹1,777 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Blue Dart Express Ltd's capex?
Blue Dart Express Ltd spent ₹1,640 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹707 Cr, with ₹27.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Blue Dart Express Ltd's cash flow?
Blue Dart Express Ltd generated ₹810 Cr of operating cash flow in FY26 and ₹103 Cr of free cash flow after ₹707 Cr of capital spending. Reported profit that year was ₹247 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Blue Dart Express Ltd's profit real cash?
Yes — over the last 3 fiscal years, 299% of Blue Dart Express Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹810 Cr against reported profit of ₹247 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Blue Dart Express Ltd in its business cycle?
Blue Dart Express Ltd's FY26 operating margin was 15.0%, against a 13-year band of 9.0%–23.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Blue Dart Express Ltd story?
The sharpest disagreement: annual EPS moved −2.0% against a −28.1% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Blue Dart Express Ltd a stock worth studying right now?
This is not investment advice. The machine read: Blue Dart Express Ltd is cheap for a reason. The P/E sits at the 12th percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.