Blue Dart Margin Trend — Quarter by Quarter

Blue Dart's EBITDA margin moved from 15.0% in Q1 FY25 to 14.0% in Q4 FY26 across 8 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q4 FY26	14.0%	—
Q3 FY26	17.0%	—
Q2 FY26	16.0%	—
Q1 FY26	14.0%	-48 bps
Q4 FY25	15.0%	—
Q3 FY25	16.0%	—
Q2 FY25	15.0%	—
Q1 FY25	15.0%	—

What management said about ebitda margin

Q4 FY26 · No specific margin guidance but focus on yearly profitability

Management declined to give a specific margin target, stating focus is on optimizing capacity and pricing to protect annual profitability.

Q3 FY26 · Medium-term margin target of 12-13%

Management aims to achieve EBITDA margins of 12-13% in the medium to long term, similar to post-COVID levels, through operational improvements.

Q2 FY26 · Margins to improve from current levels

Management stated all efforts will be to improve margins from the current PBT margin of ~7%, driven by yield improvement and cost rationalization, not operating leverage.

Q1 FY26 · Margin improvement targeted

Management aims to improve margins from current levels, leveraging peak season volumes and operational efficiency.

Q1 FY26 · Focus on service differentiation without sacrificing profitability

Blue Dart will prioritize service quality over volume growth to protect margins, especially in surface segment.

Q4 FY25 · Margin improvement from current levels

Management stated they will work towards improving EBITDA margin from the current 8.3% level, driven by better yield realization and cost optimization.

Q4 FY25 · Continued investment in facility consolidation and automation

New integrated facilities with auto sorters are planned in West and South India, largely through leased assets, expected to improve margins over time.

Q3 FY25 · Price hike of 9-12% effective January 2025

Blue Dart implemented a general price increase of 9-12% from January 2025, expected to support Q4 margins.

Q3 FY25 · EBIT margin target of 8-9% remains aspirational

Management reiterated the EBIT margin target of 8-9% but clarified it is not a formal guidance.

Q2 FY25 · PBT margin target of ~8% for FY25

Management expects to achieve budgeted PBT margin of around 8% for the full year, aided by festive season and improved utilization.

Q1 FY25 · Margin improvement of 2-3% from current levels

Management expects margins to improve by 2-3% from current levels, driven by festive season demand and better utilization.