Blue Dart Express Limited (BLUEDART) AI Stock Analysis

• Market Cap: ₹128.05B
• Dividend Yield: 0.46%
• Average Volume (3M): 23.76K
• Price to Earnings (P/E): 47.9
• Beta (1Y): 0.85
• Revenue Growth: 7.70%
• EPS Growth: -5.85%
• Country: IN
• Employees: 12,541
• Sector: Services
• Sector Strength: N/A
• Industry: Integrated Freight & Logistics
• EPS (TTM): 29.50
• Shares Outstanding: 23,727,934
• 10 Day Avg. Volume: 4,181
• 30 Day Avg. Volume: 23,762
• PEG Ratio: -3.62
• Price to Book (P/B): 9.46
• Price to Sales (P/S): 2.58
• P/FCF Ratio: 30.64
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 142.77
• Revenue Forecast (FY): ₹61.72B

• Rating: 68 Neutral
• Price Target: ₹5,882.00 ▲(5.74% Upside)
• Action: Reiterated Date: 11/15/25
• Date: Action: Reiterated 11/15/25

Blue Dart Express Limited's overall stock score is driven by strong financial performance, particularly in revenue growth and cash flow management. However, the high P/E ratio and low dividend yield suggest valuation concerns. Technical indicators show neutral momentum, with no strong buy or sell signals.

Positive Factors

Revenue growth with stable gross margins

Sustained top-line expansion alongside stable gross margins indicates durable demand for time-definite logistics and pricing power from network scale. This combination supports reinvestment in hubs and fleets and underpins service-level competitiveness over the next several quarters.

Strong cash generation and cash conversion

Consistent operating cash conversion and multi‑billion free cash flow provide durable funding for capex, maintenance of sorting and delivery assets, and working capital. Reliable cash generation reduces refinancing risk and supports operational continuity and strategic investments.

Large network scale and DHL strategic link

Extensive domestic infrastructure plus an association with DHL forms a structural competitive advantage: faster cross-border capability, interline access and brand reliability. This structural network moat supports premium, time‑definite services across industries long term.

Negative Factors

Declining net income

Falling net income despite revenue growth signals margin pressure or rising operating/financial costs that erode profitability. If persistent, this reduces retained earnings available for reinvestment, dividends or debt reduction, challenging long‑term earnings stability.

Moderate remaining leverage

While leverage has improved, a 0.65 D/E indicates material debt on the balance sheet for a capital‑intensive logistics operator. Continued leverage exposes the company to interest cost variability and could limit flexibility for large fleet or network investments during cyclical downturns.

Negative EPS growth trend

A declining EPS trend points to pressure on per‑share profitability which can constrain management’s ability to fund growth from earnings or raise payout levels. Persisting EPS contraction may also signal operational inefficiencies or incremental cost creep needing structural fixes.

Blue Dart Express Limited Business Overview & Revenue Model

Company Description

Blue Dart Express Limited provides courier and express services. It provides day-definite and time-definite delivery schedules across air and ground network under the Domestic Priority, Dart Apex, Dart Surfaceline, and Dart Plus names; door-to-door ground distribution service to approximately 35,000 locations for shipments weighing 10 kgs and above under the Dart Surfaceline name; and industry-specific services. The company also offers air freight services between the airports of Kolkata, Delhi, Mumbai, Bangalore, Chennai, Hyderabad, and Ahmedabad; air and ground express packaging services under the Smart Box name; wood-free palletized packaging; shipment for freight of 50kg, 75kg, or above 100kg; door-to-door express deliveries for documents and packages; international services; and temperature controlled logistics solutions, as well as operates domestic express airline charter. Its infrastructure includes a fleet of 6 Boeing 757-200 freighters with a capacity of approximately 500 tonnes per night; and a flotilla of approximately 12,000 vehicles and 2,347 facilities. The company was founded in 1983 and is based in Mumbai, India. Blue Dart Express Limited is a subsidiary of DHL Express (Singapore) Pte. Ltd.

How the Company Makes Money

Blue Dart primarily makes money by charging customers for transportation and delivery services across its express logistics network. Its key revenue streams generally include: (1) Domestic express services—fees for time-definite pickup, sorting, line-haul, and last-mile delivery of documents and parcels within India, with pricing influenced by shipment weight/volume, distance/zone, service level (e.g., next-day/priority versus economy), and value-added options such as proof of delivery or special handling. (2) International express and cross-border services—revenue from handling export/import express shipments, typically including pickup and delivery charges and, where applicable, facilitation services tied to international movement (customs duties/taxes are generally collected on behalf of authorities and are not the company’s revenue). (3) Logistics and supply-chain solutions—income from warehousing, freight forwarding or air/ground freight-related logistics, distribution, and other customized business logistics arrangements, billed via contract rates or activity-based pricing. (4) Value-added and ancillary services—charges for services such as cash-on-delivery/collection services (where offered), reverse logistics/returns handling (notably for e-commerce), insurance/declared-value related service fees, special packaging, temperature-sensitive handling (where offered), and other premium service features. A significant factor supporting earnings is Blue Dart’s network scale and infrastructure (sorting hubs, aircraft/line-haul capacity, delivery fleet, and service centers), which enable premium pricing for time-definite reliability and high service levels. Another important factor is its strategic relationship with DHL (Blue Dart is associated with DHL Express), which supports international connectivity and cross-border express capabilities through access to global networks, operational standards, and interline arrangements; specific commercial terms of these arrangements are not publicly detailed here and are therefore null.

Blue Dart Express Limited Financial Statement Overview

Summary

Blue Dart Express Limited shows strong revenue growth and operational efficiency, with stable margins and effective cash flow management. However, declining net income and moderate debt levels are areas for improvement. Continued focus on profitability and debt reduction is crucial for sustaining financial health.

Income Statement

Blue Dart Express Limited has shown a strong revenue growth trajectory, with revenue increasing from 44.10 billion in 2022 to 57.20 billion in 2025. The gross profit margin is relatively stable at around 16-18%. However, there has been a notable decline in net income from 3.82 billion in 2022 to 2.52 billion in 2025, impacting the net profit margin. The EBIT and EBITDA margins remain consistent, indicating operational efficiency. The company needs to address the declining net income to maintain financial health.

Balance Sheet

The balance sheet reveals a stable equity position, with stockholders' equity increasing from 8.72 billion in 2022 to 15.59 billion in 2025. The debt-to-equity ratio has improved but remains a potential risk, decreasing from 1.22 in 2022 to 0.65 in 2025. The equity ratio has increased, reflecting a stronger asset base. The company has made progress in reducing debt, but it must continue to monitor leverage to ensure long-term stability.

Cash Flow

Blue Dart Express Limited has demonstrated strong cash flow generation, with free cash flow growing from 6.85 billion in 2022 to 4.81 billion in 2025, despite a dip in 2023. The operating cash flow to net income ratio suggests effective cash conversion, while the free cash flow to net income ratio indicates strong cash flow relative to profitability. The company is managing capital expenditures effectively, supporting a positive cash flow outlook.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	58.19B	57.20B	52.68B	51.72B	44.10B	32.88B
Gross Profit	9.35B	9.15B	9.60B	10.11B	10.21B	5.30B
EBITDA	9.92B	9.15B	9.04B	9.70B	9.95B	6.81B
Net Income	2.48B	2.52B	3.01B	3.71B	3.82B	1.02B
Balance Sheet
Total Assets	0.00	36.63B	34.61B	32.23B	28.29B	28.97B
Cash, Cash Equivalents and Short-Term Investments	5.57B	5.52B	4.72B	2.65B	3.94B	4.86B
Total Debt	0.00	10.07B	10.74B	11.21B	10.67B	15.22B
Total Liabilities	-15.59B	21.04B	20.94B	20.43B	19.57B	23.05B
Stockholders Equity	15.59B	15.59B	13.67B	11.80B	8.72B	5.92B
Cash Flow
Free Cash Flow	0.00	4.81B	5.79B	1.45B	6.85B	5.90B
Operating Cash Flow	0.00	7.35B	8.47B	7.17B	8.60B	7.50B
Investing Cash Flow	0.00	-3.00B	-3.75B	-5.14B	113.10M	-5.29B
Financing Cash Flow	0.00	-4.34B	-4.01B	-2.91B	-7.72B	-2.35B

Blue Dart Express Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5562.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BLUEDART, the sentiment is Negative. The current price of 5562.65 is below the 20-day moving average (MA) of 5612.59, above the 50-day MA of 5556.27, and below the 200-day MA of 5899.46, indicating a bearish trend. The MACD of -66.01 indicates Positive momentum. The RSI at 39.68 is Neutral, neither overbought nor oversold. The STOCH value of 27.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BLUEDART.

Blue Dart Express Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TCI	70 Outperform	₹76.75B	18.01	―	0.94%	9.97%	16.28%
BLUEDART	68 Neutral	₹128.05B	47.93	―	0.46%	7.70%	-5.85%
TCIEXP	63 Neutral	₹19.36B	25.07	―	1.37%	-2.79%	-26.28%
MAHLOG	60 Neutral	₹39.31B	239.85	―	0.69%	11.82%	28.42%
ALLCARGO	57 Neutral	₹11.79B	―	―	19.52%	-15.70%	-343.97%
DELHIVERY	57 Neutral	₹312.62B	190.69	―	―	9.17%	1685.95%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%