Blue Dart Express Ltd

₹ 5,538 -0.51%

28 Oct - close price

About

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]

Key Points

History
In FY2005, DHL Express Singapore Pte Ltd. (a 100% subsidiary of Deutsche Post AG, or DP DHL) acquired an 81% stake in BDEL from its erstwhile promoters - Mr. Clyde Cooper, Mr. Tushar Jani, and Mr. Khushroo Dubash, and other shareholders. In November 2012, to meet the SEBI’s requirements for promoter holding in public listed companies, DP DHL reduced its shareholding to 75% through an offer for sale (OFS). ^[1]

Website BSE NSE

Market Cap ₹ 13,140 Cr.
Current Price ₹ 5,538
High / Low ₹ 8,304 / 5,365
Stock P/E 50.8
Book Value ₹ 713
Dividend Yield 0.45 %
ROCE 18.6 %
ROE 15.0 %
Face Value ₹ 10.0

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Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 21.6%
Company has been maintaining a healthy dividend payout of 22.8%

Cons

Stock is trading at 7.77 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Services Services Transport Services Logistics Solution Provider

Part of BSE 500 Nifty 500 BSE SmallCap BSE Allcap BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market BSE Services Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	1,325	1,337	1,217	1,238	1,324	1,383	1,323	1,343	1,448	1,512	1,417	1,442	1,549
	1,163	1,186	1,088	1,124	1,194	1,249	1,183	1,233	1,327	1,365	1,299	1,342	1,392
Operating Profit	163	151	128	113	130	134	139	109	122	146	118	100	157
OPM %	12%	11%	11%	9%	10%	10%	11%	8%	8%	10%	8%	7%	10%
	12	14	14	16	15	23	18	19	19	20	21	21	19
Interest	4	4	4	5	5	5	5	7	7	7	8	7	11
Depreciation	42	41	44	44	46	47	50	52	52	52	53	50	59
Profit before tax	129	119	94	80	95	105	102	69	82	106	78	63	107
Tax %	29%	27%	26%	25%	25%	22%	26%	26%	26%	26%	32%	26%	25%
	92	87	70	60	71	82	76	52	61	79	53	47	80
EPS in Rs	38.78	36.64	29.64	25.18	30.04	34.37	32.05	21.72	25.61	33.34	22.43	19.78	33.50
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,933	2,268	2,552	2,681	2,791	3,165	3,166	3,280	4,409	5,172	5,268	5,720	5,920
	1,762	2,045	2,221	2,416	2,531	2,992	2,978	2,903	3,705	4,540	4,750	5,221	5,399
Operating Profit	171	224	331	264	260	174	188	377	704	632	517	499	522
OPM %	9%	10%	13%	10%	9%	5%	6%	11%	16%	12%	10%	9%	9%
	44	24	31	28	23	18	-50	-13	-7	51	72	75	80
Interest	0	11	31	31	26	15	32	32	24	17	19	29	33
Depreciation	27	44	40	44	45	48	153	201	169	167	187	209	215
Profit before tax	187	194	290	217	212	128	-47	131	504	499	383	336	354
Tax %	34%	34%	34%	36%	33%	32%	-19%	27%	25%	27%	25%	27%
	124	127	190	140	142	88	-38	96	376	366	289	245	259
EPS in Rs	52.43	53.46	80.07	58.82	59.89	36.92	-16.14	40.59	158.65	154.43	121.65	103.10	109.05
Dividend Payout %	96%	300%	38%	26%	21%	34%	0%	37%	38%	19%	25%	24%

Compounded Sales Growth
10 Years:	10%
5 Years:	13%
3 Years:	9%
TTM:	8%

Compounded Profit Growth
10 Years:	6%
5 Years:	55%
3 Years:	-17%
TTM:	-4%

Stock Price CAGR
10 Years:	-3%
5 Years:	8%
3 Years:	-11%
1 Year:	-28%

Return on Equity
10 Years:	24%
5 Years:	25%
3 Years:	22%
Last Year:	15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	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	24	24	24	24	24	24	24	24	24	24	24	24	24
Reserves	612	273	447	498	597	641	560	655	931	1,237	1,415	1,600	1,668
	0	332	332	332	166	146	75	431	248	260	279	348	469
	295	345	351	398	439	559	903	726	830	813	857	1,060	1,039
Total Liabilities	931	974	1,154	1,252	1,226	1,370	1,561	1,837	2,034	2,333	2,575	3,031	3,200
	228	215	243	234	219	247	562	494	432	483	541	612	732
CWIP	8	25	21	33	47	46	4	3	19	26	2	3	15
Investments	20	20	73	144	144	144	144	294	351	315	451	530	495
	675	714	817	840	816	933	851	1,045	1,232	1,510	1,580	1,886	1,957
Total Assets	931	974	1,154	1,252	1,226	1,370	1,561	1,837	2,034	2,333	2,575	3,031	3,200

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	120	153	271	143	210	157	94	449	583	319	446	489
	43	32	-61	-58	-5	-46	-39	-394	-112	-217	-133	-267
	-294	-126	-89	-117	-235	-71	-222	-70	-371	-190	-242	-222
Net Cash Flow	-131	60	121	-32	-30	40	-168	-15	100	-88	71	-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	50	47	42	49	55	56	60	57	48	45	46	50
Inventory Days
Days Payable
Cash Conversion Cycle	50	47	42	49	55	56	60	57	48	45	46	50
Working Capital Days	13	8	10	-9	-4	-9	-16	-41	-25	-14	-13	-13
ROCE %	29%	32%	45%	30%	29%	18%	7%	21%	48%	37%	24%	19%

Shareholding Pattern

Numbers in percentages

3 Recently

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
	5.08%	4.85%	4.24%	4.73%	5.29%	5.40%	5.37%	5.46%	5.98%	5.46%	5.53%	5.04%
	8.45%	9.86%	11.10%	11.76%	11.76%	11.73%	12.65%	12.94%	12.49%	13.04%	13.04%	13.13%
	11.45%	10.29%	9.64%	8.50%	7.94%	7.88%	6.98%	6.60%	6.50%	6.49%	6.44%	6.82%
No. of Shareholders	36,628	36,656	36,840	35,019	29,294	34,031	29,994	30,301	30,925	29,904	30,906	34,123

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
	6.51%	6.68%	4.50%	2.68%	1.97%	3.25%	4.85%	5.40%	5.46%	5.04%
	6.65%	5.90%	5.22%	10.87%	11.31%	9.51%	9.86%	11.73%	13.04%	13.13%
	11.84%	12.42%	15.28%	11.45%	11.72%	12.24%	10.29%	7.88%	6.49%	6.82%
No. of Shareholders	19,308	16,787	17,042	16,867	22,222	29,768	36,656	34,031	29,904	34,123

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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