India · Delayed Price · Currency is INR Blue Dart Express Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 7% year-over-year to INR 6,141 crore, driven by e-commerce and B2B surface solutions. EBITDA margins fluctuated but annual targets remain around 15%. Major CapEx focused on aircraft maintenance and ground infrastructure, with ground segment share rising.
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Revenue grew 7% YoY to INR 16,161 million with profit after tax at INR 700 million, driven by strong e-commerce and ground segment growth. Margins improved due to festive season volumes, and capacity utilization remains high. E-commerce now contributes 31% of revenue.
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Revenue for the quarter ended 30th September 2025 was INR 15,493 million, with profit after tax at INR 795 million. B2C revenue grew 18% year-over-year, driven by strong e-commerce and ground shipments, while margins improved due to yield and cost actions.
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Revenue grew to INR 14,419 million with profit after tax at INR 469 million, driven by strong B2C growth of 20.2% and stable B2B performance. Margins declined due to changes in customer and product mix, but capacity utilization and operational efficiency remain high.
Fiscal Year 2025
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Revenue and profit grew year-over-year, with Q4 margins impacted by higher fixed costs and seasonality. B2B and B2C volumes both rose 11% for the year, and freighter utilization reached optimal levels. Ongoing investments in automation and facilities are expected to support future margin improvement.
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Q3 FY24 saw 9.3% revenue growth and strong volume gains, with festive demand and improved fleet utilization boosting margins. CapEx was focused on infrastructure, with only 50% of the annual budget spent so far. Management remains cautious, targeting consistent, profitable growth.
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Q2 FY24 saw profit after tax of INR 608 million and revenue of INR 14,485 million, with 96.6 million shipments. Margins declined year-over-year due to a shift toward surface business and investments, but improved aircraft utilization and festive demand are expected to support margin recovery.
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Q1 FY25 saw 6.7% revenue growth and strong volume gains, but margins declined due to higher costs from new investments and a shift toward surface business. Management expects margin improvement as utilization rises, especially during the festive season.