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Blue Dart Express Ltd

| Audited Standalone Q4 & FY26 Financial Results

BULLISH SENTIMENT

Report Source

⬤9th May 26

Summary : Blue Dart Express reported strong FY26 revenue growth driven by e-commerce and B2B, with an optimistic outlook despite regulatory challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone Total Expenses FY26: ₹5,46,260 lakhs.
  2. Consolidated Total Expenses FY26: ₹5,81,202 lakhs.
  3. Exceptional items (Labour Codes impact) FY26: ₹4,436 lakhs (Standalone).
  4. Exceptional items (Labour Codes impact) FY26: ₹4,403 lakhs (Consolidated).
  5. Standalone Revenue from Operations FY26: ₹6,14,088 lakhs.
  6. Consolidated Revenue from Operations FY26: ₹6,14,088 lakhs.
  7. Standalone Net Cash from Operations FY26: ₹34,681 lakhs.
  8. Consolidated Net Cash from Operations FY26: ₹81,025 lakhs.
  9. Standalone Net Cash Used in Investing FY26: (₹1,768) lakhs.
  10. Consolidated Net Cash Used in Investing FY26: (₹31,492) lakhs.
  11. Standalone Net Cash Used in Financing FY26: (₹25,812) lakhs.
  12. Consolidated Net Cash Used in Financing FY26: (₹42,365) lakhs.
  13. Standalone Total Assets FY26: ₹3,51,687 lakhs.
  14. Consolidated Total Assets FY26: ₹4,12,685 lakhs.
  15. Standalone Cash & Equivalents FY26: ₹23,491 lakhs.
  16. Consolidated Cash & Equivalents FY26: ₹23,800 lakhs.
  17. Standalone results for Blue Dart Express Limited.
  18. Consolidated results include Blue Dart Aviation and Concorde Air Logistics.
  19. Consolidated expenses are higher than standalone.
  20. Consolidated assets are higher than standalone.

Corporate Overview

  1. All assets and operations are domiciled in India.
  2. Serves over 56,400+ locations within India.
  3. Global network access through DHL (220+ countries).
  4. Global uncertainty, heightened geopolitical tensions, evolving market dynamics.
  5. Dynamic cost and regulatory environment.
  6. Implementation of new Labour Codes affecting costs.
  7. Part of DHL Group's DHL eCommerce division.
  8. Integrated air and ground transportation and distribution.
  9. Offers secure, reliable delivery to over 56,400+ locations in India.
  10. Part of DHL Group's DHL eCommerce division.
  11. Accesses global express and logistics network (220+ countries).
  12. Provides air express, freight forwarding, supply chain solutions.
  13. Optimistic about future outlook.
  14. Focused execution and resilient performance.
  15. Agile and customer-centric approach.
  16. Committed to enhancing and expanding solutions.
  17. Catering to changing customer expectations.
  18. Serves e-commerce, retail, SME, and enterprise segments.
  19. E-commerce and B2B surface express solutions.
  20. Caters to e-commerce, retail, SME, and enterprise segments.
  21. Strengthened integrated air and ground network.
  22. Dedicated air and ground capacity.
  23. Invest in network, digital capabilities, and service portfolio.
  24. Invest in network strength, technology, and sustainable logistics.

Risk Factors

  1. Global uncertainty and geopolitical tensions.
  2. Evolving market dynamics pose challenges.
  3. Dynamic cost and regulatory environment.
  4. New Labour Codes impact employee costs.

Key Drivers

  1. Strong revenue growth year-on-year.
  2. Sustained e-commerce and B2B momentum.
  3. Optimistic outlook on India's growth.
  4. Investing in network and digital capabilities.

Auditor’s Report

  1. Unmodified opinion on financial results.
  2. Financial statements give a true and fair view.

Board Commentary

  1. Recommended Rs. 25/- per equity share for FY26.
  2. Subject to approval at Annual General Meeting.
  3. Global uncertainty, geopolitical tensions, market dynamics.
  4. Dynamic cost and regulatory environment, new Labour Codes.
  5. Government notified four new Labour Codes (Nov 2025).
  6. Evaluated impact of Labour Codes on employee benefits.
  7. Recognized Rs. 4,436 lakhs as exceptional items due to Labour Codes.
  8. Plans to invest in network, digital capabilities, and service portfolio.

Corporate Governance

  1. Complied with ICAI Code of Ethics and independence requirements.
  2. Audit Committee reviewed and approved results.

Management Discussion & Analysis

Future Strategy

  1. Strengthen integrated air and ground network.
  2. Enhance operational efficiency and expand solutions.
  3. Adapt offerings to meet changing customer needs.
  4. Invest in network, digital capabilities, and service portfolio.

Industry Overview

  1. Continued growth in digital commerce.
  2. Rising demand for time-definite logistics solutions.

Macroeconomic Outlook

  1. India's expanding consumption base.
  2. Infrastructure development and digital adoption.
  3. Rising demand for time-definite logistics solutions.

Operational Focus Areas

  1. Compliance, employee welfare, productivity improvement, network efficiency.
  2. Protect service quality and customer commitments.
  3. Enhance solutions for relevance, accessibility, value.

Performance Drivers

  1. Sustained momentum in e-commerce and B2B surface solutions.
  2. Strong domestic consumption.
  3. Customer confidence and disciplined network execution.
  4. Sharp focus on operational efficiency.

Risk Control Measures

  1. Focused on compliance, employee welfare, productivity, network efficiency.
  2. Protecting service quality and customer commitments.
  3. Maintaining agility and customer-centricity.

Critical Risks

  1. Global uncertainty, geopolitical tensions, evolving market dynamics.
  2. Dynamic cost and regulatory environment.
  3. Impact of new Labour Codes on expenses.